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All clothes that you buy should be the color of BMO's body. You will need a long-sleeve shirt for your arms, gloves for your hands, and pants for your legs. Buy white canvas shoes and paint them the same color that you chose for BMO's body. Observe BMO's mannerisms and catchphrases. Memorize your favorite lines and practice them constantly.
Cover the exposed parts of your body. Watch lots of episodes and video clips of Adventure Time that feature BMO. Talk like BMO. Wear your finished costume.