Guys what advice can you give to someone like me who always experiencing FOMO every time there is always a new coin or project that introduce in the market. Please advise me. Thanks.
Fomo was born in social media, and is when you feel like you’re being excluded from all the party and fun. Then you must check your social media all the time or you may miss that party, event, commentary, funny joke…
Funny is, jomo was created (also in social media) like as a response to fomo. Jomo means joy of missing out, and it means feeling good in abstaining from spending too much time online, following others, posting selfies and waiting for that twitter post. In return, choosing to spend more time in the offline world, paying more attention to your offline life and your health.
Ok now to the question, fomo in crypto basically means the emotion of the investor, who sees a crypto going up in value, and who doesn’t want to miss the opportunity to enter on the fun, even if you don’t know what you’re buying. It’s a real emotion, basically anxiety of missing on profits when you see a crypto asset going to the moon.
Very well said mate @gusbn . Thanks for your time and I really much appreciated your response. Now I know that FOMO is an emotion that can influence our decision making. And as such, emotion beats logic most often than not and controlling our emotion is the number skill that we should be mastered if we want to really earn big profits in crypto trading. We should not let FOMO affects our logical thinking. Thanks and God bless us all.
Wow !!! I love this kind question ,friend.
Insteresting!! I gained a lot, friend. Thanks
Fomo mostly leads to great loses, because of enterting marker after huge gains, when you shouldn’t enter
We all have that. And it has happened to us onetime.
FOMO can lead to both profits or losses… There are many factors to consider before entering a trade. Some of the things to consider includes:
- Time frame of your trade, are you day trading or you are investing for long term
- Risk and money management, never over leverage or risk money you cannot lose
- Do you know what you are buying?
Dont buy just because a trusted friend tells you to buy, do your own research and homework. Price doesnt go in a straight line, there will always be ups and downs.
Thanks bro for sharing your ideas and experiences. What you have shared to me will definitely help me to improve my trading skills and by taking into account some factors to consider before entering a trade will save me from FOMO feeling.
I learned from this post.
ALWAYS do some research before you buy the next hyped coin that is mooning! There are paid groups that will be shilling a coin that are already loaded and will be pumping and dumping on you. Do your research and if the project is legit, look for a good dip to buy.
Fomo is caused by emotion. It’s good to do your own research before you buy
What a great information!!!
I learned alot, thanks friend.
You are most welcome… I used to do badly with trading and incur lots of losses and have also spent a considerable amount of money learning from some so-called "pro-traders’ and it didnt really help me much either. Took me a while to understand what trading is all about and finally making consistent profits for over a year now. Crypto trading is great due to the volatility and traders strives on volatility… Learn to embrace it and take control of your emotions…
All the best!