DID YOU EVER FALL INTO THE FOMO TRAP? - page 2.

bakujo0817

member

Activity: 313

Merit: 11

Quote from: cryptohoodz on May 02, 2018, 11:07:49 AM

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 several times when i started on crypto investment without thinking when i see a massive pump i just panicking to buy but now i learn from my mistake before i buy a coin i usually read news first about the coin and studying the chart.

caisa88

full member

Activity: 406

Merit: 100

Yes, when i first started to invest in crypto i bought many coins because of FOMO. I was just seeing them rise and thought that it must be something special about that coin, but ussually it was just a pump and dump thing.

vapourminer

legendary

Activity: 4354

Merit: 3614

what is this "brake pedal" you speak of?

fomo (along with panic selling) is pretty much a right of passage in crypto.

i would wager most everyone on the forum has done one or the other (or both) at least once, and probably several times, in their crypto journey. i know i have.

takes a while to get a feel for whats real and whats not. patience is the key. risk tolerance is different for everyone. youll find a spot where youre comfortable.

filipeandre

jr. member

Activity: 196

Merit: 1

In the beginning yes. But you learn how to surpass FOMO with the experience.

kaloloy

full member

Activity: 238

Merit: 100

Quote from: minthit on May 03, 2018, 08:42:54 PM

I once did fall into FOMO trap and lesson was learnt in a hard way. Currently, the price is gaining for some reasons. I'm thinking about selling some especially when things settle because I doubt that it'll be FOMO. Even then, it's still difficult to decide at what price to sell.

That's it, the best reference when altcoins are surging or gained massive pump is when there's significant progress of their crypto projects or products in line with their road maps.
most of the new altcoins today are having their own crypto projects so if some altcoins are pumping with no reasons it might be pumped intentionally by some Pump&Dump groups and people lose their investments when they invest out of FOMO.

kaloloy

full member

Activity: 238

Merit: 100

Quote from: cryptohoodz on May 02, 2018, 11:07:49 AM

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?

In my personal experience, maybe some of the cases before I used to be trapped by FOMO but the problem is I don't have money, Bitcoin or Ethereum to invest on some altcoins that gained massive pump out of FOMOs.
this time, I should know that some altcoins do massive price value increase but we should be careful because in most cases, the group of Pump&Dumps are the responsible and people lost their assets out of FOMOs.

minthit

member

Activity: 327

Merit: 11

I once did fall into FOMO trap and lesson was learnt in a hard way. Currently, the price is gaining for some reasons. I'm thinking about selling some especially when things settle because I doubt that it'll be FOMO. Even then, it's still difficult to decide at what price to sell.

Noobaru

jr. member

Activity: 504

Merit: 3

Regarding trading, not yet. But regarding other crypto related things, definitely yes. I can't seem to stop thinking about the opportunities I missed, because I only got in the whole crypto scene a year ago. But it always calms me down to think about the opportunities that still lie ahead.

whofeelsitknowsit

member

Activity: 294

Merit: 10

Quote from: kenmobility on May 02, 2018, 12:38:40 PM

almost every crypto trader fall into the trap of FOMO, may be once or twice, the only way to avoid falling for this is by researching about any alt coin before buying it no matter how the price is pumping, because it's only shot coins that are being pumped and dumped like that easily

I'm not sure I agree. It's impossible to predict the market. As someone else noted, if you bought at the end of 2017, you were FOMO'd pretty much regardless of what you bought.

Devanomrz

member

Activity: 151

Merit: 10

Yeah
When i'm started about trading
I'm frequently FOMO
Always buying the flying coin
And then i'm realized that's a disservice
Now i don't easily got FOMO again
Check the chart and the news first
That's the tips

whofeelsitknowsit

member

Activity: 294

Merit: 10

Definitely - I was FOMO'd by Spectrecoin and Coss at year end. I've managed to cost average my Coss way down, but haven't bought more XSPEC on the way down.

kenmobility

jr. member

Activity: 142

Merit: 1

almost every crypto trader fall into the trap of FOMO, may be once or twice, the only way to avoid falling for this is by researching about any alt coin before buying it no matter how the price is pumping, because it's only shot coins that are being pumped and dumped like that easily

CryptoSheikh

jr. member

Activity: 168

Merit: 1

I don't know if you would consider it FOMO but when the bitcoin dropped to 7950$ first time after the bull run i bought and added some when it reached 9000$ then it dropped to 6k -_-

honghe99

member

Activity: 406

Merit: 10

Buy, sell and store real cryptocurrencies

Sorry, I don't understand what you are talking about fomo. Is it an ICO token or a coin. Can someone tell me what happened to fomo?
it seems to be a very famous thing that you all know it,I'm curious.

sourish

full member

Activity: 532

Merit: 114

FOMO is another aspect of addiction, and i dont think anyone in cryptosphere has been left untouched by it, maybe due to greed, anxiety, herd mentality, lack of maturity, rashness or just plain desperation.

btcblockchain

newbie

Activity: 252

Merit: 0

Yes I experienced in Ripple coin ripple has biggest Fomo in entire crypto industry ripple increase in value all of sudden at least 5 to 10 times in a week

crampus

member

Activity: 252

Merit: 10

I do not have similar feelings, maybe because I have this secondary income? If cryptography becomes the main income, then everything is possible.

reypinioco

member

Activity: 182

Merit: 19

Quote from: cryptohoodz on May 02, 2018, 11:07:49 AM

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?

Of course i was trapped twice,but that is when i am new to the market and it was the worst nightmare that i have faced of,i lose half of my investments but i managed to get it back thru investing to another altcoins.I have learned my lesson too hard which is why i am not going to make the same mistake.

shirackjs

sr. member

Activity: 812

Merit: 256

Honestly, I still fell for fomo after a few years in crypto. When coins’ prices are going up, you never know whether it is fomo or a real price rise.

Verde_Mantis

member

Activity: 336

Merit: 52

Quote from: cryptohoodz on May 02, 2018, 11:07:49 AM

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?

I think that sooner or later all the people who don't have any kind of financial background, including me of course, fall into FOMO. It's a new market, we always think it's gonna boom, we just buy.

Topic: DID YOU EVER FALL INTO THE FOMO TRAP? - page 2. (Read 282 times)