Topic: Do you expect better, but then impulsively jump into things due to FOMO? - page 4. (Read 526 times)

Technically, trading with aim planned is the best and following that is the best practice because when things fall out of place, it's the same technicalities that will help you out but when you don't have a plan in trading, this is where problems start to  grow. When a trader set a trade after mapping out the trend using the trend line and studying the candle stick and then deviated from such plan, it can lead to what they don't expect. However, this is limited sometimes as plan of trade do change, like when the fundamentals change all of sudden especially when you don't expect it.

That been said but I haven't say the main points. Crypto is move by emotions rather than skills and that's what drive the price of coins; have you asked yourself why meme coins pump madly without anything valuable to show about this coins and tokens, they are hype products and the only thing you need with this coins is to hold instead of trading them, you will gain less when you trade them. This is why you sometimes see people abandoned trading when these give you profits you don't expect, imagine expecting a 10% increase and then you wake up at night only to see 200%, that's insane profits to make you change mind in your initial plan.

Bull run is another aspect that can change ones mind, literally coins pump more during this time with hype, this are one of the things that can make you abandoned trading and turn to full time holder because in trading, profits can be choppy but holding a coin is not stressful and you don't check for of your stop loss is triggered or not.

Self realization would always be coming up next and it would really be just that common sense on what you should gonna do next because its impossible that you wont really be able to make out some comparison
in between wrong and right decisions on various conditions or situations on which it would be that normal that you would be able to observe on which one is really that something beneficial for you and whats not.
Being into the condition on which you are still a newbie then it would be always having that common impression that dealing with this market is really just that easy peasy but on the time that you had stepped your foot
into this space then this is w here you would really be realizing that it wasnt really as simple as we have think of it.

When we are noob, then you would be having those thoughts on seeing price pumps and positive rallies which you would be thinking that reaching out peak would really be a long and vast one and since we are really just human beings then it would really be just that right that you will really be having that kind of impression that you should join in with the ride and go have that moon reaction.
Since you are lacking up knowledge and experience then it would really be so easy to alter out your emotion and make out that sudden changes on your investment position.

If you found yourself doing it wrong then you got the answer as well, stop it right then, huh?

When money is involved in things it can affect your decision-making abilities due to overwhelming your emotions on it so to stop it you should stop bothering the negative news or positive news which can result in FUD or FOMO and think damn straight from your point of your's so then you know what you need to do at that situation.

And stop worrying about missed opportunities cause nothing is gonna change what happened in the past so just keep focus on what is good for the future and start working on it.

Experience will tell it all. At first, it’s normal for us to jump into FOMO because we always want to take an edge on everything, not actually thinking that this FOMO will only lead us into more losses and frustrations. However, as time goes by, and as experience in the market has widen, you will eventually learn to adjust and be patient. You will realize that sticking to your goal is most important, than to divert things and suddenly jump into FOMO because of your uncontrollable fears and doubt.

FOMO happens to me when there is a lack of certainty, meaning that I am thinking about several things and I am not sure of the decision I made, or when I do not develop a specific strategy, and both things can be solved easily, as I can place a bot to trade with a strategy, and after that, if a loss occurs, I will not regret it, but as long as I prepare. Thinking about your investment or if you do not have a strategy and plan, FOMO will control your investment decisions, and then you will depend on luck for the success or failure of the plan.

If you don't want to be affected by FOMO, you are better off not entering the crypto market and only investing your money in Bitcoin. And in investing in Bitcoin, you use DCA so you won't be too affected by FOMO or anything that could make you worry.

But if you still want to trade, you must be able to manage your emotions so that they are not affected by any news that is released. There is no surefire cure, but you have to learn to be patient and keep learning more about trading. This is so that you can find out what is happening in the crypto market and not panic after reading outside news.

You only have to practice to avoid being affected and it takes time to master it. And it is with patience that you can manage your emotions and stay calm no matter what happens in the market so you can use the moment for your benefit.

Of course, you can't switch off the emotions, at least subliminally they are always there. But what works very well is not to be dependent on your own emotions. There are very good ways to do this, such as trading bots that execute your own strategy or a simple "stick to the plan", where you set yourself a plan and follow it 100%. The latter, of course, requires a lot of self-discipline ... which you have to have as a trader anyway.

I've experienced something like that. And well it's something that is hard to treat. Even when I studied trading psychology and such, it still didn't let me get away from it.

But as time goes by and the more I get involved in trading, I subconsciously become better at controlling my emotions in trading. Well now I can be more patient and avoid FOMO. And it seems that it's just experience that makes me better at trading.

That's right, in doing trading activity, an individual trader does not need to be emotional. That's why the problem is often with others who try; they only had a little idea of trading and thought they knew it. So, when something unexpected comes that doesn't complement the setup he did to make money, it is preceded by their emotionality.

Being emotional is part of human nature, it cannot be removed from our personality. All we need to do is use the right emotion that we will feel, so others say that as a reminder to newbies, be prudent, have self-discipline, and have self-control.

That awareness will grow and stick with you along with your trading experience. You can read various trading strategy sources, but experience can control your psychology better.
Try to be patient and consistent with the plan you have made, it doesn't seem difficult. but when you are inexperienced, panic can really mess things up. this is fairly normal, even experienced by most novice traders. The medicine is only within yourself, based on your ability and desire to correct mistakes in every trading experience you make.

There is no perfect trader, some might actually done the fomo act, even me when I am too excited about something I tend to fomo a lot and resulting to burn up instead. Thats how the market usually it pointed out on the opposite direction you expect and if you dont got patient youll definitely burn out and lose your position and sell into loss instead.

Honestly, it was hard to control our emotions, you can't do it instantly. But what I did is that I'll take trading seriously I need to be more cautious with my actions and the market response, it gradually changes until such time that I totally control my emotions. However, this would not give us assurance that we never fall into wrong decisions and make loss of money because whether we like it or not, this thing is going to happen to us. Which is why we don't leave confident and ready for the consequences.

Haha as a crypto Doctor OP, I want to recommend you to use more fresh water which will keep your Blood more rich with the hydro neutriants. Do daily 2 miles of walking daily in the early morning to have greater control over your Emotions (Kiding). Haha buddy there is nothing extraordinary needed to control your emotions you need to try to learn to be consistent with the market.

In order to increase your performance with the emotions in the market you need to follow two golden rules, one is never rush with Twitter and other crypto news because this is where most of the traders lose their patience, first of all, verify news even most of the time Cointelegraph and coindesk news are just piece of shit so how can you trust the celebrity you are following.

The second rule just follows the market principle to perform better, "Be fearful when everyone is greedy and be greedy when everyone is fearful."

IMO it will happen with time and few losses. though i feel its good to FOMO sometimes but in the wider picture u will face losses. do your research before entering a trade. the only thing which matters is to save your capital while trading. so all the best for your journey

Most of the people who started in trading most likely also experienced that kind of thing, for me it wasn't really permanently changed or cured when you feel FOMO. Cause you will always feel that when people around you are hyping on other coins which you really don't have any idea and knowledge about it. You will just control and resist the feeling  which in the long run you'll get used to it like it's part of your life in trading cause FOMO is always around in the crypto industry. You can't just take any hyped coins just focus on one where you have accumulate knowledge so when you do trade you'll feel much safer than a hyped one. It's like the heart vs the brain because your heart will say that people are gaining on that one coin but you will use your brain to handle the situation.

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.

Before I was but it wasn't so effective at all when you're like that.

Yup, you gotta learn with the losses that you'll make because of having that attitude towards the market.

Being patient is like you wanna avoid incurring losses and that's going to force you to be patient and be wiser with your trades.

When I was new to trading, this is what I have experienced. A lot of FOMO in my trades because I don't want miss an opportunity in trading that's why I immediately buy long even though the price was already high and sell short even though the price was already low. The main reason why I keep doing these before is because I don't have a trading plan. Don't rely on learnings from YouTube because you will having a hard to time to create an edge in trading. Not all the stuff in YouTube are true and most of them are incomplete information.

Experience would be the cure from real engagement on which this is something that you would inevitably be able to experience or gain on the time that you do engage on things.There's no one would really be able to

taught you about that but only yourself. It is really just that normal for a noob to have that kind of experience and everyone do able to experience that on the time that we are just starting or on the time that we
are dealing with things that we havent experienced before. Emotion is the main enemy that you would really be able to encounter but just been said that on the time that you would really be able to have that
experience then you would gradually be molding up yourself to be better since you've been wary on how things works and how things do behaves.It would really be that impossible that you wont really be
able to make out adjustments since you have already witnessed it on the past.

FOMO and FUD is something that very common which not only focusing on positive hype or movement in the market but also into other side of things on which it would really be
commonly be affecting your emotion which would lead into alteration of decisions.

Traders and cryptocurrency holders are not meant to be impulsive. All traders and holders must carefully and consciously be able to plan their next move whenever there is a new development. If you find out and observe from yourself that you sometimes get impulsive, you have to fight to gain control of this habit consciously so it does not lead you to making wrong choices in your trading. You may not be able to permanently change the habit of impulsiveness in all aspects of your life, but you can control it and eliminate it from affecting your trading.

Also when you realize that you are prone to impulsive decisions, learn not to take decisions in a hurry.