Topic: DID YOU EVER FALL INTO THE FOMO TRAP? (Read 270 times)
That is a very plausible thought. The problem is that some coins actually dart when we think it's a trap pump, and I think it takes knowledge and experience to distinguish between them.
I think pump & dump is something that is planned with greatly organized and many parties involved. So maybe with enough knowledge we can recognize and avoid these traps.
In some cases it is difficult to tell the difference, but if we are really careful we may be able to take advantage of the situation with short-term transactions.
Just like that, and it seems that desire that will make many people stuck in the game of speculators. But it may only happen to coins with a market cap that is still quite low.
Indeed, many altcoins are now overhyped.
Most tokens have no value, so I don't like any tokens. ,
Most tokens have no value, so I don't like any tokens. ,
Some people who bought in january may experience this situation. Maybe you are experienced for a long time and recognize if there are any abnormal fluctuations. But for many new people who come in, may not be aware of the situation except to see a very good opportunity to make a profit.
I fell into FOMO not once when I first started out. What causes this is lack of orientation like a proper guide to crypto. When I was new, I felt everything that's up keeps being up little did I know most are pumps and when chased, one falls a thousand times.
Yes a lot of beginners and newbies fall in FOMO, As of me i personally fall for it. Because of the eagerness to gain profit, afraid being behind the waves of th price hike, i bought some coin that pump hard but in the end i loose my investment because it hardly falls down. Sometimes Fomo isn’t that bad but you have to wisely deal with it.
FOMO = fear of missing out. An important rule you can read online is that you should never buy cryptos when the price is pumping very hard, because after all pumps the price goes down and corrects.
Sounds really rational and a smart thing to do.
However, I have to admit although I gained experience in crypto and made some decent profits, sometimes it's really difficult to resist buying a coin when it's really hyped and price goes though the roof!
Do you guys experience the same thing?
Yes I often invest in some coins which were rising much faster and higher on bittrex and in that coins I also gain a high level but for the gaining of more higher I lost a good opportunity and the price started to decrease and I lost a good amount in that trap. Sounds really rational and a smart thing to do.
However, I have to admit although I gained experience in crypto and made some decent profits, sometimes it's really difficult to resist buying a coin when it's really hyped and price goes though the roof!
Do you guys experience the same thing?
Crypto trading is about money though so you have to know what you are doing or what you are about to do. No just because of some influence or pressure that you should ignore the risks of investing or anything to do with risking your own money.
FOMO is the term used to describe a scenario whereby one rushes to buy a mooning coin/token so as to make quick gains only for the price to dip after purchase. If the aim was met then it can't be termed FOMO but smart trading.
When I purchased ZCL at over $160 with an expectation to sell at around $200 before the fork, I watched the price dip to the point I was forced to hodl, that's a FOMO trap and I fell hard.
When I purchased ZCL at over $160 with an expectation to sell at around $200 before the fork, I watched the price dip to the point I was forced to hodl, that's a FOMO trap and I fell hard.
Haha. I still remember back those days that I have fall in this trap. I thought that I'm missing the party so that's why I don't care even the price was quite high and I can't read charts properly way back then but now it's all good that I've learned experience and lessons through it. Another thing is that I'm selling during the dip days because I thought it will fall forever so I'm sure that we all have mutual experiences about this matter. It's fun to remember but you have to learn from it.
FOMO can work at several ways :
1 you are scared to not take part in the next bitcoin
2 you got 81000000 dcn , like me , and FOMO says that there are a lot off tokens , fomo told me to sell a big part at 1 satoshi , 2 weeks later bitcoin was 2x price and dcn was at 40 satoshi, so lesson learned never sell your coins or tokens
Some times the future will not stratight with your prediction, dude. I have sold my npxs for 8x above the ico price and it's so difficult to do. As long as you have been securing genereous profit for the next time to trade and i guess that's not a problem at all. 1 you are scared to not take part in the next bitcoin
2 you got 81000000 dcn , like me , and FOMO says that there are a lot off tokens , fomo told me to sell a big part at 1 satoshi , 2 weeks later bitcoin was 2x price and dcn was at 40 satoshi, so lesson learned never sell your coins or tokens
well I did it first time I have heard about cryptos and after boom all went down but It was my fault to buy at that price without real knowledge about cryptos so I think I have learned my lesson about fomo.
yes, I experienced a fall with fomo, but still on other occasions I can still wake up to this time still survive. I thought it was a natural thing so I kept relaxing through it.
Yeah I did fell into fomo trap before especially when I was new and a more active day trader. I made losses and gains doing so. I am more of a holder now. It was a good experience.
FOMO = fear of missing out. An important rule you can read online is that you should never buy cryptos when the price is pumping very hard, because after all pumps the price goes down and corrects.
Sounds really rational and a smart thing to do.
However, I have to admit although I gained experience in crypto and made some decent profits, sometimes it's really difficult to resist buying a coin when it's really hyped and price goes though the roof!
Do you guys experience the same thing?
Sounds really rational and a smart thing to do.
However, I have to admit although I gained experience in crypto and made some decent profits, sometimes it's really difficult to resist buying a coin when it's really hyped and price goes though the roof!
Do you guys experience the same thing?
That is the reason we should learn from the previous experience. Everyone joining crypto will experience FOMO especially those new comers with less or no experience in reading the chart and understanding on how the market moves.
However, I have to admit although I gained experience in crypto and made some decent profits, sometimes it's really difficult to resist buying a coin when it's really hyped and price goes though the roof!
I am in this market for a few years now and i wont just listen to anyone when it comes to investment, i will do my research and come to a conclusion before investing, when i came in the market it was difficult to understand what to invest as there were many coins and the hype sometimes get in the way, but i was lucky enough to invest when some of the major projects started like ETH Dash Monero etc and those investments were risky at that time but those gave me the best profits.
At some point but luckily I did not invest a lot of money but during the last bull market I saw a lot of people who went in way more than they could afford and in a couple of months they are coins were worth half the value of what they were bought in january
FOMO can work at several ways :
1 you are scared to not take part in the next bitcoin
2 you got 81000000 dcn , like me , and FOMO says that there are a lot off tokens , fomo told me to sell a big part at 1 satoshi , 2 weeks later bitcoin was 2x price and dcn was at 40 satoshi, so lesson learned never sell your coins or tokens
1 you are scared to not take part in the next bitcoin
2 you got 81000000 dcn , like me , and FOMO says that there are a lot off tokens , fomo told me to sell a big part at 1 satoshi , 2 weeks later bitcoin was 2x price and dcn was at 40 satoshi, so lesson learned never sell your coins or tokens
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