Post
Topic
Board Beginners & Help
Merits 1 from 1 user
Re: A Guide for Cryptocurrency Newbies for Overcoming FOMO
by
Frankolala
on 21/09/2023, 20:39:56 UTC
⭐ Merited by JayJuanGee (1)
Diversify Your Portfolio:
Diversification is a risk management strategy which can help you to reduce the impact of volatility on your investments. Don't put all your funds into a single cryptocurrency; instead of that you should spread your investments across multiple assets like different Alt-coins but do it after deep research so that you can diversify your portfolio very well. In this way, you can reduce the risk associated with any single alt-coin's price fluctuations and increase your portfolio.
When we mean diversify, the best way to diversify is not to diversify into the same kind of investment. Since you are already holding bitcoin, when you want to diversify, let it be on stock, bond, gold or real estate. If you are bitcoin holder and you diversify into altcoins, it means that you have made the wrong decision which might bring regrets to you.

Bitcoin is valueable than all the altcoins joined together athey are duplicate of bitcoin and no need to sell your bitcoin for altcoin.

Practice Patience:
Cryptocurrency markets can be highly speculative and driven by hype and most Probably some hypes came from our social media which can be fake most of the time. The main key to avoid FOMO to remain patient and avoid making sudden or aggressive decisions based on emotions. Successful investors often hold their assets through market fluctuations because they do FA and TA before taking any action and believing in the long-term potential of their investments.
All investment needs patience for notoring so that it can grow. I don't know why people think that bitcoin is different from other investment because they got the wrong information on bitcoin. Patience leads to success because it shows investment commitment.