Fighting your own FOMO - page 2. | Bitcointalksearch.org

gabmen

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Its not easy to fight with FOMO when bull market, because just like in 2017 alot of altcoin has been going up multiple times up to 50 times just in afew month. I think to minimize the risk we have to know how to minimize the risk when the market change to bearish, by use stop loss and trailing stop.

It's the same as keeping your panic in check. It's usually greed that fuels fomo and i think you just have to have a plan for your exit. A sell point that you can be comfortable with regardless if the price continues to pump. Many people find this extremely hard to practice though.

ShadowBits

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Quote from: Ahasca on September 23, 2018, 11:54:35 AM

Human nature is full of greed, and FOMO. Not just in trading but in life as well. And once you recognize it for your trading, you can recognize it in your day to day life as well, and fighting it can help you deal with every day situations with more rationality and logic.

What sort of psychological tricks do you use on yourself to combat your own FOMO? Do you still get your own FOMO hitting you when you see a coin blowing up all over the place?

Myself, I practice JiuJitsu as well have learned good meditation from a solid instructor, but the most help I have is from support from fellow traders in a good community. Hahaha like a support group!

Having FOMO isn't that bad if you were able to join in the ride in the right time and if you only guard your trade with that until things happens the wrong way.

Jating

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Quote from: otundebis on September 29, 2018, 10:53:56 AM

My first point of reaction is always from logic, I try to get as much Information as I can gather in a reasonable amount of time and make decisions based on fact and figure.

Well that should be everyone's concern, decision should be based from logic by looking at the facts and figures, however, human natures dictates that most of the time, people tend to be emotionally involved and as a result, we can't make the right judgement in reasonable amount of time.

Quote from: 3x2 on November 04, 2018, 04:20:17 AM

FOMO and FUD goes hands to hands. You cant control both at the same time, if one perishes then other will exists and vice versa.

Yes, they are part and parcel of this ecosystem. They goes hand to hand. For a average traders, its really hard to distinguish and fight them, unless you learn everything from experienced but it take years to be a seasoned trader.

tadpole_bitfrog

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Quote from: Ahasca on September 23, 2018, 11:54:35 AM

Human nature is full of greed, and FOMO. Not just in trading but in life as well. And once you recognize it for your trading, you can recognize it in your day to day life as well, and fighting it can help you deal with every day situations with more rationality and logic.

What sort of psychological tricks do you use on yourself to combat your own FOMO? Do you still get your own FOMO hitting you when you see a coin blowing up all over the place?

Myself, I practice JiuJitsu as well have learned good meditation from a solid instructor, but the most help I have is from support from fellow traders in a good community. Hahaha like a support group!

There is a kind of tricks that make me very steady, which is setting the investment rules. This rule is created by me and every time I invest, I always look at it and do not want to change the decision. This is a basic tip for you to control psychology better than ever. I learned from the stock market professionals.

3x2

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FOMO and FUD goes hands to hands. You cant control both at the same time, if one perishes then other will exists and vice versa.

enawati

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To fight with that natural emotion , i have to understanding price action of crypto and should be have diversify risk. The price of all crypto is always any the bottom and top price, its not all the times going up. I been 2 times loss money because FOMO and greedy, and i promise with my self , i will never do it again.

myfranco

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One must write its own manifesto. You will write everything you won't do and when you hesitate, you will check that paper. Every time you do want to do something you'll regret, you'll check that paper.

milewilda

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Quote from: rickadone on September 30, 2018, 01:36:11 PM

Quote from: Kemarit on September 25, 2018, 09:13:44 AM

I must admit that FOMO get under my skin when I started my trading years ago and its really hard to fought it. Some suggest that fight FOMO with FOMO or just stay cool and relax. Perhaps if you are really that long, you will really get a hold and ask yourself if you really wanted to jump it or its just FOMO alert and nothing more. Just take a good walk and I'm sure that your mind and body will be clear and can make the right decisions. I haven't try meditation though. Grin

Most times I believe the FOMO thing for most people is just something that results from the normal human nature to not want to miss an opportunity most especially when there is so much going on and not enabling them to think rightly.

However, the ability to be able to not be a part of FOMO is to always have the knowledge to invest and at least in some little way be able to trade the market. Yes, I would not say at some point for every trader during the stage of learning, they would not have ended up trying to join FOMO, but one thing is that as long as you are not able to get in early, it is better not to even get in at all.

Indeed, which its always been part of human nature to feel the urge on not to miss an opportunity since we know we are here to invest to earn profits and if we do see those opportunity we cant really or hardly resist not to FOMO. For people who do have the capability on using up the market specially to those whales and other big investors they do know on how people reacts when they do saw pumping prices.They do make use of such weakness of most investors which do ends up on being wrecked.

bearexin

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Quote from: figmentofmyass on September 25, 2018, 01:12:14 AM

Quote from: Ahasca on September 23, 2018, 11:54:35 AM

Human nature is full of greed, and FOMO. Not just in trading but in life as well. And once you recognize it for your trading, you can recognize it in your day to day life as well, and fighting it can help you deal with every day situations with more rationality and logic.

What sort of psychological tricks do you use on yourself to combat your own FOMO? Do you still get your own FOMO hitting you when you see a coin blowing up all over the place?

Myself, I practice JiuJitsu as well have learned good meditation from a solid instructor, but the most help I have is from support from fellow traders in a good community. Hahaha like a support group!

as the years go by, i just become more and more detached from my trades, which is great. i just look for my tried-and-true setups---it's pretty mechanical now, and that's on purpose. if a profitable setup isn't there, i don't take the trade. if it is, set stop loss and walk away. rinse, repeat.

having hard trading rules and sticking to them wasn't easy at first, but it gets easier over time. prior to trading, i played a lot of poker so i'm familiar with emotional "tilt" and the damage it can do to your bankroll. it's taken years of consciously striving to cut out emotion at the trading desk, and i still can't say i'm 100% free of fomo. every once in a while my bids get missed and i still chase, getting in some horrible r/r situation that usually ends badly. i don't think any trader is completely free of it.

Tried and true setups! That is always one thing that comes with experience over time and then you see yourself just confidently making market trading decisions without any stress at all. The issue why a lot of people FOMO is because they do not have any substantial strategy to build on and then even if they have, they usually do not take out their time to try it out and build confidence in using it over time, but as long as you are able to gain knowledge and a good strategy, FOMO will never be a thing at all.

rickadone

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Quote from: Kemarit on September 25, 2018, 09:13:44 AM

I must admit that FOMO get under my skin when I started my trading years ago and its really hard to fought it. Some suggest that fight FOMO with FOMO or just stay cool and relax. Perhaps if you are really that long, you will really get a hold and ask yourself if you really wanted to jump it or its just FOMO alert and nothing more. Just take a good walk and I'm sure that your mind and body will be clear and can make the right decisions. I haven't try meditation though. Grin

Most times I believe the FOMO thing for most people is just something that results from the normal human nature to not want to miss an opportunity most especially when there is so much going on and not enabling them to think rightly.

However, the ability to be able to not be a part of FOMO is to always have the knowledge to invest and at least in some little way be able to trade the market. Yes, I would not say at some point for every trader during the stage of learning, they would not have ended up trying to join FOMO, but one thing is that as long as you are not able to get in early, it is better not to even get in at all.

emberbekas

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FOMO is something that usually occur, both when I am on trading platform and when I am at gambling places. To prevent it from haunting my mind, I made several targets before trading or gambling. Targets are limits that I should not violate.

mikyadel

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i don't think meditation is the way to keep yourself from FOMO ! when i first started trading in cryptocurrency i felt in this trap a lot then after losing money i learned my lesson in the hard way . i think one have to lose to learn how to trade properly. Anyway FOMO is better than selling in loss as in the long term all alts are going up eventually and you will make profits no matter where you buy

Iykecollins

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FOMO can be a blessing and curse, the best way to approach a FOMO is to use a take profit plan and stop loss, if after entering the trading and coin continues to pump until profit, it is either better to sell or place a stop loss at a comfortable level below the current price at a comfortable profit level, always adjust upwards aside the coin pumps

TopT3ns

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Experience which can help me fight my own FOMO, when i keep lose because i got panic and FOMO come to me, i learn something that i must wait for right moment to trade and not only follow what market want me to do.

otundebis

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My first point of reaction is always from logic, I try to get as much Information as I can gather in a reasonable amount of time and make decisions based on fact and figure.

hiVe

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Your idea is so great! we must train both of our mind and body. we should do exercise such as GYM or Kungfu to make yourself strong. I believe it can make your mind is smarter to give the right choices

Kagamipo

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wow. i don't understand much . but i look so great. i wiil find more information about this

Catswold

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Look, in my opinion sometimes you get lucky for FOMOing, you buy something and it's going big or you join a project that is actually a good deal. But I wonder if that's good in the long run or just reinforcing bad behavior. Imho, try to stay away from it, be rational, and always have an WHY for what you're gonna do. Personally, FOMO hits me the most when I sell not when I buy. Every time I sell, I wish that coin will never go up because I KNOW, despite a solid why, a plan, and even a good profit, I'll feel stupid for selling early. But knowing is how you win the fight with FOMO. Expect it, laugh at it, move on

joey alexander

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FOMO Will make you do outrageously stupid things, like buying coins when they're pumping, investing in stupid projects that trolls call the NEXT BIG THING.Will convince you to hold on coins that are clearly done or even those who lost you money because maybe they'll be big again!Will blur your investment vision, pump adrenaline into your veins and transform you from a rational player into an emotional monkey...with funds! That's a dangerous monkey, fellas. One that is about to go broke.

fiomcorka

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Quote from: Rohtox on September 26, 2018, 02:57:05 AM

yes true fomo is bad indeed sometimes it is profitable but also at risk of loss because it is very risky when you see a high coin pump we definitely want to make a profit from it too but in reality most after we buy the price is a dump because everyone has got the profit and we get the loss

FOMO is always going to be bad but the crazy part to it is that it will never stop. FOMO has been a part of most market right from the onset and usually as long as there is a huge level of speculation in the market, it is always going to be something that would be hard not to expect.

Now, the only thing as a person is for you to at least know how to plan yourself in a market, have a strategy to be able to know when you should be getting in and getting out rather than participating in FOMO. There will always be room to buy low when price is showing some level of movement, but as long as you miss it, then just find another market you can opt into and hope for the best than jumping in front of a moving train.

Topic: Fighting your own FOMO - page 2. (Read 549 times)