From the earliest days of mankind, the need to find, store, and transfer value has been a challenging exercise. Even to this day, this continues to task the brightest minds in society. From violent takeovers to formalized barter systems, humans have come a long way in our methods of exchange in value. The more modern approach has been the usage of objects with intrinsic value such as fiat or paper money, but even that is starting to become a thing of the past. Today, we arrive at the doorstep of cryptocurrencies and blockchain technology and how they became one of the hottest topics since the “Dotcom Bubble”.
The markets are competitive, and any edge you have can be easily eaten up by making mistakes in your analysis. Here are a few of the most common mistakes that traders make and some suggestions on how to avoid them. Remember, trading is extremely risky, but there are things you can do to increase your odds of success. The best way to do this is to start by understanding the most common mistakes, what they are, how they happen, what you might be thinking when you make the mistake and build your system around avoiding it.
Today we’re going to talk about trader psychology and FOMO… that thing we dread but sometimes trade on anyway for reasons we can’t explain, only to realize it later. You know, that thing!