The easiest way to stay poor is to expect quick riches.
I publish ideas about ATTITUDE and EXPECTATIONS and, in general, about the electrical activity taking place between our ears. If my thoughts make sense to you, consider following me, because I have found such ideas to be difficult to find on TV and perhaps you feel the same way. I just talk about "different stuff" because I believe "food for thought" is too often missing from our mental diet. I'm not a financial advisor and I don't give financial advice. I'm just an ordinary dude/human and my interest is in promoting thinking BEFORE doing, aka "Ready. Aim. Fire!"
Today I am writing a fictional story with the intention of making several points - one of them being about FOMO. I am considering multiple real people and combining multiple real experiences of those people in order to write the story. AEsop's fables were fictional, too, so chill out, haters.
OK. Here we go...
I'm a union steelworker in the US and some of us are intro crypto. During breaks we discuss crypto and of course we use mostly foul language and call each other idiots multiple times daily and for various reasons. However, we care deeply about each other's physical safety and we all "have our mutual backs." But I think "financial safety" is important, too.
Some of the guys have apps on their phones enabling them to buy and sell crypto with ease. I, personally, do NOT have such apps, and let me explain why.
You can see on this LTC chart the two giant candles from today that are the topic of this story. This all happened within a two-hour time period. The green candle spikes from about $173 to about $237 and then during the next hour the red candle dumps right back down to about $173.
So one of the guys likes Litecoin for whatever reason - why is irrelevant - and he checks it during every break. Today he checked during one break and saw that the price of LTC had been moving up - and FAST, dude - for the last half hour. He freaked out. LITECOIN'S MOVING MAN!!! LITECOIN'S MOVING!! So he took "FAST action, dude" and bought a hundred LTC with $22,500 and he was so freakin' happy with himself because he was gonna make "the big bucks" today.
Yeah. Not so fast there, sparky. We went back to work for a couple of hours and during the next break he grabbed his phone and "no more big bucks." What's up, brother? Hmm. The $22,500 was now $17,300. Wow! $5,200 pissed away before quitting time.
The story's over. But here are some important things to learn or consider from the story. And I list them in no particular order.
1. The digital asset market is INCREDIBLY volatile. That's both bad, and good, and something I continue to learn about so I can use the volatility and profit from it.
2. My buddy did not LOSE any real money today. He will only lose money if he sells at a loss. However... he must now WAIT - for who knows how long - until the LTC price comes back to $225 for him to just be back to where he started.
3. And how many opportunities will he MISS while he's waiting?
4. FOMO is, of course "Fear of Missing Out." It is also an "SFP," aka "Self-Fulfilling Prophesy." My buddy got excited, got FOMO, took emotional action without pausing for one moment to THINK and EVALUATE and DECIDE RATIONALLY before he "pulled the trigger," so to speak.
To summarize:
1. CALM DOWN!
2. There are a kazillion digital assets and a kazillion use cases and a kazillion freakin' amazing opportunities in this asset class. CALM DOWN! Take a deep breath.
3. We all want to "be a millionaire." And we all CAN do it. For real, man.
4. Think of it this way. I'm 350 pounds. I can jump and jump all day long, but I'm not gonna jump my fat a$$ onto a 20-foot high roof. However... I CAN go and grab myself a LADDER and I can step on ONE rung of the ladder and then another and another and next thing you know, I'm on the roof.
Attitude. Learning. Patience. Persistence. All rungs of the ladder. CALM DOWN! Take a deep breath. Get a ladder. YOU. CAN. DO. IT.
Wishing you much success,
Eric Clough
aka Pappy Eric, aka Pops
Today I am writing a fictional story with the intention of making several points - one of them being about FOMO. I am considering multiple real people and combining multiple real experiences of those people in order to write the story. AEsop's fables were fictional, too, so chill out, haters.
OK. Here we go...
I'm a union steelworker in the US and some of us are intro crypto. During breaks we discuss crypto and of course we use mostly foul language and call each other idiots multiple times daily and for various reasons. However, we care deeply about each other's physical safety and we all "have our mutual backs." But I think "financial safety" is important, too.
Some of the guys have apps on their phones enabling them to buy and sell crypto with ease. I, personally, do NOT have such apps, and let me explain why.
You can see on this LTC chart the two giant candles from today that are the topic of this story. This all happened within a two-hour time period. The green candle spikes from about $173 to about $237 and then during the next hour the red candle dumps right back down to about $173.
So one of the guys likes Litecoin for whatever reason - why is irrelevant - and he checks it during every break. Today he checked during one break and saw that the price of LTC had been moving up - and FAST, dude - for the last half hour. He freaked out. LITECOIN'S MOVING MAN!!! LITECOIN'S MOVING!! So he took "FAST action, dude" and bought a hundred LTC with $22,500 and he was so freakin' happy with himself because he was gonna make "the big bucks" today.
Yeah. Not so fast there, sparky. We went back to work for a couple of hours and during the next break he grabbed his phone and "no more big bucks." What's up, brother? Hmm. The $22,500 was now $17,300. Wow! $5,200 pissed away before quitting time.
The story's over. But here are some important things to learn or consider from the story. And I list them in no particular order.
1. The digital asset market is INCREDIBLY volatile. That's both bad, and good, and something I continue to learn about so I can use the volatility and profit from it.
2. My buddy did not LOSE any real money today. He will only lose money if he sells at a loss. However... he must now WAIT - for who knows how long - until the LTC price comes back to $225 for him to just be back to where he started.
3. And how many opportunities will he MISS while he's waiting?
4. FOMO is, of course "Fear of Missing Out." It is also an "SFP," aka "Self-Fulfilling Prophesy." My buddy got excited, got FOMO, took emotional action without pausing for one moment to THINK and EVALUATE and DECIDE RATIONALLY before he "pulled the trigger," so to speak.
To summarize:
1. CALM DOWN!
2. There are a kazillion digital assets and a kazillion use cases and a kazillion freakin' amazing opportunities in this asset class. CALM DOWN! Take a deep breath.
3. We all want to "be a millionaire." And we all CAN do it. For real, man.
4. Think of it this way. I'm 350 pounds. I can jump and jump all day long, but I'm not gonna jump my fat a$$ onto a 20-foot high roof. However... I CAN go and grab myself a LADDER and I can step on ONE rung of the ladder and then another and another and next thing you know, I'm on the roof.
Attitude. Learning. Patience. Persistence. All rungs of the ladder. CALM DOWN! Take a deep breath. Get a ladder. YOU. CAN. DO. IT.
Wishing you much success,
Eric Clough
aka Pappy Eric, aka Pops