Maxi, hodler, fomoer or trader? What's your mindset like?
Hodlers can be found across all crypto ecosystems and are known to be the most resilient of the bunch. For new Bitcoiners, the dream behind hodling is to amass at least 1 BTC over time. Ultimately, through many halving cycles and the resultant scarcity, Bitcoin hodlers envision a future when their investments shell out a return unimaginable in a traditional fiat setting.
This dream seems more attainable for other cryptocurrencies considering that investors can accumulate a big bag of tokens using comparatively lower funds. Most Gen Z and a large subset of millennials prefer purchasing thousands of meme tokens in the hopes of hitting the jackpot during bull markets.Fomoers are a subset of investors that end up making the biggest mistakes in investing. Fomo stands for “fear of missing out,” implying a feeling of apprehension related to price movements.
By design, fomoers tend to react adversely to every market condition. When the price of cryptocurrencies goes up, these investors purchase more tokens hoping that the prices will continue to rise. However, this approach does not always yield fruitful results. As a result, they often end up buying the top and selling the bottom.To get out of this mindset, one needs to study the market extensively while putting aside the noise of misinformation.
Regardless of the prices going up or down, traders are ready to cash in on the market fluctuations by. The need for liquid tokens for trading requires traders to store a significant amount of their assets on crypto exchanges. However, the FTX fiasco of 2022 is a reminder that self-custody is the ideal way of storing cryptocurrencies.
In reality, every type of crypto holder can potentially make a lot of money buying and selling cryptocurrencies if they know the real strategy. Check out how
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