So, imagine: you are sitting in the kitchen, drinking coffee, opening a crypto group in Telegram, and suddenly... Boom! Everyone is saying that some coin is up 200% in an hour. Feeling excited? Sweaty palms, heart beats faster? Congratulations, you just met FOMO!
FOMO - what kind of beast is this?
FOMO (Fear of Missing Out) is the fear of missing out on something important, profitable, or exciting. In the crypto world, this means the fear of not having time to jump on the train called "the token that flies to the moon".
What does FOMO look like in crypto?
You see the post: "This coin is up 5000% in a day!".
You panic: "Everyone is already there, but what about me? In general, I will be left without millions!".
You buy a coin... but not at the same price that everyone before you bought at.
The coin falls. You look at your wallet and ask, "Why did I do that?"
FOMO Symptoms:
Frequent monitoring of price charts (even at 3 o'clock in the morning).
Obsessively checking Twitter, Reddit and Telegram for “signals”.
The feeling that you are the last person in the world who has not yet bought that gold coin.
Why is FOMO dangerous?
The crypto market loves newbies with FOMO — experienced traders profit from their emotions. Usually, when you "enter the peak" (because "how it grows!"), the big players are already selling.
How to deal with FOMO?
calm down No possibility is the last. There are always new opportunities in the market.
Do your own research. Don't buy just because "someone said so".
Plan. Determine how much you are willing to risk, and do not go beyond those limits.
Remind yourself, "Successful investing is a marathon, not a sprint."
Crypto is not only about fast money, but also about patience, strategy and... controlling FOMO! And remember, even if you miss a trend, there's always the next opportunity.
Now feel free to send this text to a friend who wanted to buy some coin when it was 0.70 and now at 0.30.