Do you know that guy who FOMOed in when Bitcoin hit $60k last year? That's the same guy who is now full of fear after he panic-sold his crypto. 

Don't be that guy. He is making himself poor and others rich.

Now is not the time to panic-sell. You have to stay cool, calm your tits, and plant some seeds.

The Crypto Degen

Everyone can invest in cryptocurrencies. You do not have to be a professional. This may be the reason, why there are a lot of Degen traders in crypto, greedy people hoping to get rich quickly. Those are the traders that get burned and lose a lot of money.

They are making those people rich who understood the crypto game and a huge part of this understanding is psychology and not the interpretation of trading charts. The money never disappears, it just goes into someone else's pocket.

FOMO means "Fear of Missing Out" and is very dangerous. At one point in a bull run, you get the feeling that prices only know one direction. Prices are going up and up and it feels as if it will never end. This is the perfect time to sell but this is also the time when all the degens are FOMOing in. There are a lot of them in every bull run. They are making the whales and big companies like Black Rock richer because they know the game and accumulate during bear markets, not during bull markets.

The degen FOMOs in to witness how prices go down as fast as they went up before. That's the time for the degen trader to panic and sell in fear as if the investment would go to zero. This is how you get poor.

You need to understand the crypto game, especially the psychology behind it because otherwise, you will lose it.

The Crypto Professional

Being a crypto professional isn't easy at all because, in the end, it is all about mastering your emotions. Basically, you have to do the opposite of what your emotions are telling you and this is hard, even for those who understood the crypto game.

When you have the euphoric feeling that the crypto prices are going up forever then don't buy more crypto. This feeling tells you that it is time to sell.

Then when everyone else is in fear because it seems like the crypto prices are going to zero then it is time to buy. 

Sounds easy but doing the opposite of what your feelings are telling you isn't easy at all. These feelings will come in every bull and every bear market. It is important that you interpret them in the right way. This is why investing is no easy task. Investing is hard mental work and not everyone can handle it. See, most people can not even handle a 10% inflation rate.

If you don't have any fiat to invest during a bear market then be active and try to earn as much crypto as you can or even better: Build and develop your own crypto project. Think big and then think bigger.

You can not only buy crypto at discount prices right now, but you can also earn it at good rates. Everything is better than just sitting together with the degen traders in a corner full of fear and doing nothing.

Later in the next bull run that will surely come, it will pay off. Think long-term and not short-term. Millionaires are made during bear markets and not during bull markets because this is the time to plant the seeds of success. 

My Final Words

This is my personal view of the current market situation and the general psychology of crypto trading. It is no investment advice. My intention in this post is to raise your awareness of the chances that Bear Markets like the current one are offering. My intention is not to replace your own research. 

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