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Not A Good Time To FOMO Into Bitcoin

 
Not A Good Time To FOMO Into Bitcoin
Breaking News / Bitcoin / Analytics / BTCUSD

This is probably one of the worst times to FOMO into Bitcoin and I don’t mean just on the bullish side. We are currently at a point where based on the outlook of the S&P 500 (SPX) and that of indices like the Dollar Currency Index (DXY) and Shanghai Composite (SHCOMP), we can expect further upside near-term. That being said, Bitcoin has already filled the gap so what more are we looking forward to on the bullish side?

The vast majority of retail traders can’t help themselves but open one trade after another. It’s like an addition for most especially in the case of Bitcoin. The most successful traders don’t overtrade. Why? Because trading is all about risk and probability. Nobody knows where the market is going to head next, especially near-term. So, you wait for a good setup and you trade it. If you lose small and win big consistently, you are a winner.

Most traders that FOMO into the market don’t really think they can win big and lose small consistently. This is why they consider that one trade as their chance to achieve alpha. Unfortunately, that never ends well and most of you already know that from experience. The key to making good trades long-term is to have a sound understanding of probability and risk while setting realistic expectations. If you keep those in line and avoid the popular opinion, you will come out as a winner.

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