Do you expect better, but then impulsively jump into things due to FOMO? - page 3.

Dr.Bitcoin_Strange

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Quote from: Hamza2424 on September 06, 2023, 01:24:35 AM

Well most of the FOMO is faced by the long-term investors because they mostly wait for the cheap shopping and whenever they see the market sentiments are being manipulated and they can really miss this price point they suddenly force themself to the market and this is where most of them lose, for the regular traders the FOMO can be termed as a hyped opportunity where mostly people use to follow and take instant trades in the most volatile pair to generate profits in the future market, this is where they lose.

In simple words, we can classify he FOMO for investors and traders. A trader needs to be more careful with risk management and FOMO while trading because on the investor end it can be handled.

You are right, you know, sometimes ago, there was this coin that was about to be listed on Binance exchange, but before they would list that coin, they decided to do a launch pad, and I had staked some fiatfor 30 days in order to receive that coin, but after the staking period was over and it was just a day for the coin to be listed, I decided to buy a lot of those coins because of the news that was released. According to the news, as soon as Binance lists the coin, it will spike from $2 to $10 and above. Mahn, this coin got listed at $2, but it was only able to reach $3–$4, although after some months, it still got to $8 and I sold earlier before then. Things never happened the way it was described on the news. Meanwhile, I just had some FOMO with that coin. I even felt that if the coin could give me x100 of my investment, then It's good, but I was disappointed. That is why I said FOMO can mislead some investors, mostly newbies.

Questat

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News is very influential and many people make wrong decisions from it. I understand why it happens because that is what happened to me before I learned how to control myself, honestly, it was really hard. Perhaps it was a big challenge for most because even old traders had sometimes gotten in trouble. This is why it was not easy to become a successful trader because it was not just all about strategies and plans, but also it requires controlling our emotions from these FOMO and fake news.

goinmerry

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Quote from: MarathonA on August 31, 2023, 08:49:39 AM

Hey all, I am new here: I've been reading a lot, and not posting much at first. You have a great place to learn at BCT. When trading crypto do you expect better, from yourself, but then impulsively jump into things due to FOMO? Has anyone reading this ever found a cure? How do you permanently change and naturally be patient? Thanks all.

Being under FOMO is just a typical thing to experience here in crypto. It's normal.

Not totally wrong to have a mindset and behavior like that as long as you know how to deal with the risks and you really understand what you are up to. How long have you been in crypto now? Experience will teach how to deal with FOMO and ways to manage it along the way. Others considered that emotion as a disadvantage when in fact, it can be an advantage if practiced right especially for experienced crypto-traders.

How to become patient? As I mentioned, experience is the key. Just build experience and later on, you will used to getting along with it. You don't need to rush everything. Just ride the wave as much as you can. On the way while you are in progress, you will automatically know what's the best thing to do depending on the market situation.

Hamza2424

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Quote from: Dr.Bitcoin_Strange on September 01, 2023, 12:33:41 PM

FOMO is one thing that causes some people to make mistakes while investing in crypto or trading. The remedy is that you should learn to exercise self-control and also do good research about the coin you want to trade. As a trader, you will need to learn how to analyse the market with some tech tools that can give you a predictable movement in the market, although they might not be very accurate but can help. While trading, you must not let your emotions guide you, but make sure you process your decisions very well before putting them into action.

Well most of the FOMO is faced by the long-term investors because they mostly wait for the cheap shopping and whenever they see the market sentiments are being manipulated and they can really miss this price point they suddenly force themself to the market and this is where most of them lose, for the regular traders the FOMO can be termed as a hyped opportunity where mostly people use to follow and take instant trades in the most volatile pair to generate profits in the future market, this is where they lose.

In simple words, we can classify he FOMO for investors and traders. A trader needs to be more careful with risk management and FOMO while trading because on the investor end it can be handled.

dunfida

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Quote from: tjtonmoy on September 04, 2023, 01:52:26 PM

Let go of your emotions while trading or learn to control them. It is hard not to get influenced by our emotions while trading, that's why we need to control them. FOMOs will always lead to wrong decisions if you are easily affected by emotions. It is a bit hard to do it but not impossible. Creating some self-rule and sticking to it no matter what will lead you to your desired goals.

First, learn to lose. If losses don't bother you, you won't be affected by emotions. Start low and try your best to make profits by sticking to your strategy. Never make decisions outside your strategy. Win or lose doesn't matter. And trade with money you can afford to lose. This is the best way to control emotion and not get influenced by FOMO.

Easy to say but its really that hard to be done specially when you are really just that starting up on which there's no way that you could really be able to control your emotions on the time that you had decided on dealing

with this market or space on which the volatility is really that on certain extent that you arent expecting to move that way in short time as possible where you cant really be able to compare into out with other markets that you do know and this what really makes interesting. We can really be able to see those long green candles in few seconds and seeing those red ones afterwards. If you arent really that good when it comes to emotion
handling then you would really be that prone or susceptible when it comes to impulsive decisions which might cause into losses.

Dont make yourself get dragged with some FOMO or FUD or else you would really be that making out mistakes on your trading positions or entries/exit. Well, this isnt something that could be teached into someone
but rather it would really be normally gained on the time that you do have that sufficient experience and engagement on the market by your own.

tjtonmoy

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Let go of your emotions while trading or learn to control them. It is hard not to get influenced by our emotions while trading, that's why we need to control them. FOMOs will always lead to wrong decisions if you are easily affected by emotions. It is a bit hard to do it but not impossible. Creating some self-rule and sticking to it no matter what will lead you to your desired goals.

First, learn to lose. If losses don't bother you, you won't be affected by emotions. Start low and try your best to make profits by sticking to your strategy. Never make decisions outside your strategy. Win or lose doesn't matter. And trade with money you can afford to lose. This is the best way to control emotion and not get influenced by FOMO.

tigerwood0432

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Quote from: MarathonA on August 31, 2023, 08:49:39 AM

Hey all, I am new here: I've been reading a lot, and not posting much at first. You have a great place to learn at BCT. When trading crypto do you expect better, from yourself, but then impulsively jump into things due to FOMO? Has anyone reading this ever found a cure? How do you permanently change and naturally be patient? Thanks all.

you cannot change your personality , but you can change your way of trading .

Put your buy orders , put your sell orders and stop watching the charts . Try to make automated trading.

libert19

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I have jumped impulsively a lot of times, somehow it's been good to me. Once I saw Bao named handle on Twitter, had a look around and instantly invested in it, in couple weeks it gave me 30x (It was somewhere around that), bear in mind it was bulls back then and also don't bother with this token now, I put $600 into their staking and it's like $4 now.

In my life, overall, holding onto coins has done me bad than impulsive jumps.

Latviand

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Quote from: MarathonA on August 31, 2023, 08:49:39 AM

When trading crypto do you expect better, from yourself, but then impulsively jump into things due to FOMO?

Yes, although the mistakes didn't cost me a lot so I'm not that mad about my decision.

Quote from: MarathonA on August 31, 2023, 08:49:39 AM

Has anyone reading this ever found a cure?

I don't think that there's a cure for that, it's a mindset thing and it's different for every person, remember that what works for me doesn't mean that it's going to work for you.

Quote from: MarathonA on August 31, 2023, 08:49:39 AM

How do you permanently change and naturally be patient?

Trying to change what you are for the better takes a long time, remember that you're breaking a lot of habits that you've been doing for how long you've lived, those habits won't die easily, discipline, resolve and will is going to be your weapon if you are determined to change as a person.

Viscore

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Quote from: MarathonA on August 31, 2023, 08:49:39 AM

Hey all, I am new here: I've been reading a lot, and not posting much at first. You have a great place to learn at BCT. When trading crypto do you expect better, from yourself, but then impulsively jump into things due to FOMO? Has anyone reading this ever found a cure? How do you permanently change and naturally be patient? Thanks all.

After i have made some several winnings in my first trades, I think I was better and then all of sudden decide to ride the FOMO and everything fall apart. That’s when I realized that FOMO is just another trap in the market that we should avoid. Otherwise, we will always miss opportunities and never get to success. If you don’t have the knowledge and wisdom when trading, probably you will end up riding the FOMO all the time.

Japinat

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Quote from: MarathonA on August 31, 2023, 08:49:39 AM

Hey all, I am new here: I've been reading a lot, and not posting much at first. You have a great place to learn at BCT. When trading crypto do you expect better, from yourself, but then impulsively jump into things due to FOMO? Has anyone reading this ever found a cure? How do you permanently change and naturally be patient? Thanks all.

Trading is always hard and therefore should be learned the hard way. While I naturally have experienced about FOMO, but it was only when I was still a beginner trader. I was actually impulsive and impatient at first. But experience taught me that FOMOing has nothing good to offer but only losses and mistakes. That’s when I started to stick on my trading goal, and become more focused and patient, and never fall into FOMO again.

xSkylarx

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Controlling emotions and having proper knowledge. The biggest reason why you impulsively follow FOMO is that you can't control your patience and are scared of it without any basis. Only the word or the text that you have read or even if it is really appealing, you need to have your own knowledge to verify it, because it doesn't mean that someone told you about it and you will then follow; it is better to verify it first. That is why having knowledge on it is also a must.

red4slash

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Quote from: mvdheuvel1983 on September 03, 2023, 03:04:39 AM

The importance of self-control in trading, cannot be over emphasized. It is the antidote for a range of emotions like the fear of missing out and greed which are very strong emotions that entices every trader. Those who succumb to it lure suffer its negative consequences.

When a newbie and a professional trader controls themselves, they are able to resist the temptation letting the fear of missing out dictate their action. Stay with your strategies as it will prevent potential losses that arise from excessive risk-taking.

Apart from money management, emotional management and risk management are fundamental to trading. We can trade with passionate emotions, but the results will also be risky compared to when we trade calmly. Moreover, we do something because of FOMO, it is absolutely not recommended in this trade. If so, we are relying on luck and what is closely related to luck is gambling.

It is better to do things for ourselves, meaning that whatever we do is based on what we see from the analysis. Even if we are wrong in analyzing it becomes an experience and lesson that can make us better in the future.

Mauser

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Quote from: MarathonA on August 31, 2023, 08:49:39 AM

Hey all, I am new here: I've been reading a lot, and not posting much at first. You have a great place to learn at BCT. When trading crypto do you expect better, from yourself, but then impulsively jump into things due to FOMO? Has anyone reading this ever found a cure? How do you permanently change and naturally be patient? Thanks all.

Not anymore, luckily I changed over the years and managed to become more patient. When I was younger I was always the first to get motivated to try something new, even if there was no real proof that it would work. Fomo is a serious problem because my brain would keep telling me that I need to jump on to that opportunity now, otherwise it's gone and I will be left behind. This was of course completely false and I should know better, but it's hard to resist such constant thinking. I am not really sure if got better to control my thoughts over the years or if I only grew out of the phase. Becoming older also means to become more relaxed and don't get irritated too quickly. So, at least for me there wasn't a cure that changed my behavior overnight. My recommendation would be to keep reminding yourself of the problem of FOMO and keep checking your behavior, to not give in to these sudden thoughts. Something that has helped me too was to focus on a more long term goal and not be to short term sighted.

irhact

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Quote from: MarathonA on August 31, 2023, 08:49:39 AM

Hey all, I am new here: I've been reading a lot, and not posting much at first. You have a great place to learn at BCT. When trading crypto do you expect better, from yourself, but then impulsively jump into things due to FOMO? Has anyone reading this ever found a cure? How do you permanently change and naturally be patient? Thanks all.

Don't let your emotions control you when trading or you'll make wrong decisions that will make you to lose that trade because of fear, as a trader you should keep your emotions under control always. Anything that makes you want to fomo is been caused by your emotions. Discipline and self control is needed to become a professional trader that'll be making money from trading. Every trader has those experience but they put them under control.

You can permanently changed by understanding what is needed to become a professional trader because if you keep letting your emotions control you, you won't be able to make money from trading as you'll always be scared of the market moving and panic by exiting the market.

mvdheuvel1983

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The importance of self-control in trading, cannot be over emphasized. It is the antidote for a range of emotions like the fear of missing out and greed which are very strong emotions that entices every trader. Those who succumb to it lure suffer its negative consequences.

When a newbie and a professional trader controls themselves, they are able to resist the temptation letting the fear of missing out dictate their action. Stay with your strategies as it will prevent potential losses that arise from excessive risk-taking.

Oilacris

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Quote from: lalabotax on September 02, 2023, 04:31:23 PM

Quote from: MarathonA on August 31, 2023, 08:49:39 AM

Hey all, I am new here: I've been reading a lot, and not posting much at first. You have a great place to learn at BCT. When trading crypto do you expect better, from yourself, but then impulsively jump into things due to FOMO? Has anyone reading this ever found a cure? How do you permanently change and naturally be patient? Thanks all.

I personally have never been interested in investing in hype coins or coins because of FOMO. Because I realized that it was not my passion and ability. Moreover, it is something that is really risky. And usually, when people suddenly choose coins because of FOMO, they may be driven by short desires due to various promotions and sweet promises from various influencers or media that exaggerate a project. So they end up jumping into coins because of FOMO. The danger here is that when they cannot manage themselves well and do so without sufficient knowledge and experience, then their risk of loss will be greater than the possibility of getting profits from this FOMO activity. This is even more dangerous, but sometimes someone doesn't realize it and even believes in the FOMO news.

But there's really a time that you do feel up that kind of regret on the time that you are seeing someone who had become a millionaire on just simply investing a few bucks? Yes, you are right and this one

is because of meme coins and some shit coins in the market on which you would really be that thinking about those probabilities and that what makes you interested on doing so.
This is why it would really be always better that you should really be that sensible on whatever things that you would be doing. Be realistic and not something that make you desperate.
Its not bad to invest on altcoins or memes as long you are aware onto yourself about the accompanied risks that lies ahead.

FOMO or FUD is really that common whenever talking or speaking about crypto market or with fiat/traditional ones which it is really that a very common scenario specially
when you are still that newbie on the time that you would be having that kind of approach towards the market when it comes into its movements
and behavior.

lalabotax

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Quote from: MarathonA on August 31, 2023, 08:49:39 AM

Hey all, I am new here: I've been reading a lot, and not posting much at first. You have a great place to learn at BCT. When trading crypto do you expect better, from yourself, but then impulsively jump into things due to FOMO? Has anyone reading this ever found a cure? How do you permanently change and naturally be patient? Thanks all.

I personally have never been interested in investing in hype coins or coins because of FOMO. Because I realized that it was not my passion and ability. Moreover, it is something that is really risky. And usually, when people suddenly choose coins because of FOMO, they may be driven by short desires due to various promotions and sweet promises from various influencers or media that exaggerate a project. So they end up jumping into coins because of FOMO. The danger here is that when they cannot manage themselves well and do so without sufficient knowledge and experience, then their risk of loss will be greater than the possibility of getting profits from this FOMO activity. This is even more dangerous, but sometimes someone doesn't realize it and even believes in the FOMO news.

Unbunplease

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Quote from: South Park on September 02, 2023, 03:36:22 PM

There are two ways to deal with this, the slow approach is that this will simply come to you with practice, now this means that sometimes you will feel the FOMO and take a dumb decision, however after this happens to you a few times you will learn to ignore those feelings as you know they will lead you to lose your money, the second approach is to have a trading strategy you have verified and backtested, this way when the market begins to go up very rapidly you will not enter it just because of the FOMO and instead you will wait until your strategy tells you it is the correct time to do it.

Another option is to use a certain percentage of your savings for FOMO. Money invested during FOMO is not always a bad investment. It's not uncommon to make a nice profit (if you're not the last buyer). Even in seemingly wrong decisions, there can be truth to them

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Quote from: MarathonA on August 31, 2023, 08:49:39 AM

Hey all, I am new here: I've been reading a lot, and not posting much at first. You have a great place to learn at BCT. When trading crypto do you expect better, from yourself, but then impulsively jump into things due to FOMO? Has anyone reading this ever found a cure? How do you permanently change and naturally be patient? Thanks all.

There are two ways to deal with this, the slow approach is that this will simply come to you with practice, now this means that sometimes you will feel the FOMO and take a dumb decision, however after this happens to you a few times you will learn to ignore those feelings as you know they will lead you to lose your money, the second approach is to have a trading strategy you have verified and backtested, this way when the market begins to go up very rapidly you will not enter it just because of the FOMO and instead you will wait until your strategy tells you it is the correct time to do it.

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