During a bull market, many people, including myself, fall into regrettable financial mistakes: we chase after strong-performing coins, buy things we do not fully understand, place trust in overly confident 'experts,' and sometimes, we become complacent with ourselves. The root cause? FOMO (Fear of Missing Out) – the fear of missing an opportunity.
But instead of being swept up in that emotional whirlwind, I choose a different approach: JOMO (Joy of Missing Out) – the joy of missing out. This is not only a way to protect my portfolio but also the key to maintaining calmness and clarity in my financial journey.
FOMO: The Enemy of Sound Decisions
In a bull market, FOMO easily manipulates your emotions. The regret of missing out on major opportunities in the past, especially when those around you seem to be 'winning big,' makes you prone to making hasty decisions.
The Trap of FOMO:
False confidence: Many new investors, after making profits in the early stages of a bull market, feel that they 'cannot lose.' They increase their investments or take greater risks without carefully considering the risks.
Chasing the crowd: FOMO makes you overlook the true value analysis of the assets. You buy at high prices just because you don't want to be 'left behind.'
I have experienced these feelings. In previous cycles, I made the mistake of investing without fully understanding the true value of the assets, and as a result, I paid a high price. This time, I realized that patience and clarity are more important than trying to seize every opportunity.
JOMO: The Joy of Missing Out
Instead of letting FOMO dominate, I choose to embrace JOMO – the joy of missing out. This is a way to keep myself from hasty decisions and remind myself that not every market situation requires participation.
The Benefits of JOMO:
Avoid hasty decisions: JOMO helps you avoid buying assets you do not truly understand, especially in a hot market.
Maintain your mindset: When you do not feel pressured to participate in every game, you will be less swayed by short-term market fluctuations.
Focus on long-term goals: Instead of chasing fleeting opportunities, JOMO allows you to dedicate time and resources to investments that align with your long-term strategy.
Important Reminder: Why Choose JOMO
Here are the reasons I remind myself during this phase – and perhaps they will be useful for you too:
Investing is not easy: Investing, especially in the cryptocurrency market, is not a game of chance. It requires knowledge, understanding, and risk management skills. Missing an opportunity does not mean failure; it is just a natural part of the investment journey.
No one is 100% right: Those who share about huge profits rarely talk about the losses they have incurred. Chasing after them often brings more risk than reward. Evaluate opportunities yourself rather than relying on someone else's confidence.
Don't let the feeling of missing out defeat you: Missing some opportunities does not mean you are failing. The market always brings new opportunities – if you are patient and well-prepared, the right opportunity will come to you at the right time.
How to Leverage JOMO in Investing
Selective investing: There is no need to seize every opportunity. Only invest in assets that you truly understand and believe in their long-term value.
Tightly manage risks: Do not bet everything on one asset or trend. Always have a well-allocated portfolio and keep some cash on hand to take advantage of opportunities when the market adjusts.
Learn to say 'no': Do not let pressure from the market or surrounding success stories force you to trade your clarity. Saying 'no' to FOMO is also a way to protect your investment gains.
Conclusion: Enjoy the Clarity in Investing
A bull market can excite you, but it is also full of risks. Remember that the goal is not to seize every opportunity but to build a sustainable investment strategy that aligns with long-term goals.
Embrace JOMO as a way to maintain your mindset, focus on what truly matters, and avoid getting swept up in emotional traps. Ultimately, patience and discipline will be the keys to your success.