Fighting your own FOMO - page 4. | Bitcointalksearch.org

Dreamchaser21

full member

Activity: 686

Merit: 108

Quote from: leonix007 on September 23, 2018, 10:21:17 PM

Learn it the hardway

Have bitten by the FOMO so many times

Hurts a lot dude, next trade will be more cautious

If I'd missed the bus, its fine, another train will pass

Don't think that its already a profits end, there will always be another ride

A fractal ride

I also fall on this trap because and lose a lot of money, that’s a costly mistake and I have to learn from that kind of experience. FOMO is not good in trading, its true that there will always a chance for everyone to ride on the next train, you just need to wait patiently and its worth the wait. Now that I’ve learned, I’m not trading anymore during the hype trend of any coin.

ShowOff

legendary

Activity: 2618

Merit: 1181

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!

For now i follow what my friend said, it is better to late jump to the train than loss. Even i only see some people take profit in trading when pump comes, it is ok for me because sometime when i see market, it already pumped hard

coinplus

legendary

Activity: 1386

Merit: 1058

FOMO is not a problem in crypto, considering the price always going up in the long term. The problem is with people having FUD and selling with loss.

The logical trading is putting money that you can lose and in the long term it will go up, if you need the money and cash out than there is a problem that you are going to deal with. If the money is not needed and you do not have to cash out in the end you always end up profiting.

There are really only a few people in crypto that lost money because they bought during December, everyone else in the world made a lot of profit but just because those who lost money we believe FUD more than FOMO.

damba_

jr. member

Activity: 150

Merit: 3

I also learned the hard way.
Invested a lot in FOMO and lost some of my investment.
After I made a few mistakes, I've learned my lesson so I invest much smarter now.

Knabu

jr. member

Activity: 56

Merit: 1

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!

Experience and obeying a solid strategy when tradeing anything has helped alot of people to get rid of the fomo and look at the trading opportunities through analytical view, rather than fomo-glasses.

Many people start their days meditating and clearing their mind before trading, which i'm sure is helpful.

Relaxing music calms people down and helps focusing.

Nahl

legendary

Activity: 1652

Merit: 1000

FOMO happened because people greed and indeed this can be minimize if we have more to control ourself but difficult to avoid it sometimes and i'm sure most of us has been victim from the FOMO itself however regarding your method to avoid FOMO is unique that from meditation it can makes our body relax and think well not use our emotions

CryptoAssasin

jr. member

Activity: 308

Merit: 4

MenaPay - Crypto made easier than cash

FOMO is one of the hardest thing to fight with specially when you are doing your trades and seeing a greener market makes your inner voice to buy those altcoin and join the waves. Unfortunately, most of my decisions lead me to failures and ended up loosing my funds in an instant. I already lost numerous times and my losses are bigger than my earnings. I already learned from those mistakes and only enters the market when it is in blood bath. Practicing your patience and observation really helps to fight FOMOs.

tomahawk9

hero member

Activity: 2086

Merit: 994

Cats on Mars

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

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?

I've learned over time not to give in to emotions, sometimes you learn how to do this the hard way, sometimes you just need to stay focus and act rationally even if it means missing out a great opportunity. Fortunately, this market is always testing your emotions so you can "practice" not letting your emotions dictate what you do in this market. For intance, XRP recently went up like crazy, a few years ago I would've FOMO bought during the uptrend, this time I made a rational decision of not buying during the spike and just wait until it cools down. Looks like I made a good choice given how the price has started to go down.

Experience will teach you not to let yout emotiones takeover your rational thinking, as times goes by you'll also learn to spot obvious pump and dumps which are the ones that get pumped all the time in order to attract to newcomers into FOMO buying.

BitHodler

legendary

Activity: 1526

Merit: 1179

I completely got rid of fomo by simply dollar cost averaging my entry points. If the price happens to go up, I'm automatically in the winning position. It's a simple yet very effective way to prepare for what has to come.

People getting triggered by fomo haven't bought in, and for that reason will always be subject to that specific aspect of the market. There is nothing that you can do against it other than making sure you're in before a rally starts.

If you think a certain coin has the potential to grow out to become a fundamental pillar of the crypto industry, keep buying whenever you have free to invest capital. That's what Warren Buffett does as well.

EXtremeAEX

hero member

Activity: 798

Merit: 503

At the beginning of my trader's way, I came across this obscure sensation. Later I learned that this feeling has a name - FOMO. The bottom line is that the fear of missing out makes people to make decisions based not on real, but on imaginary experience. Later, I made some conclusions for myself, which helped me get rid of FOMO.
1. It is necessary to recognize the fact that it is impossible to have all the coins, which in the future will bring mega profit. Realize that in reality we always miss something.
2. Try to let go of the situation: maybe all and the truth could be different, but I made my choice because its arranged me and this is comfortable. The surest way to be pleased with your life is to choose among the million possibilities of this world what pleases and pleases me.

Indrawan77

hero member

Activity: 1274

Merit: 516

I don't think meditation will help you from FOMO, to help you from FOMO, you need to have self control and always check the news before doing any action, with knowledge and good source of information, people won't be trap by FOMO, and having an experience will help you to stay calm

leonix007

sr. member

Activity: 1008

Merit: 297

Grow with community

Learn it the hardway

Have bitten by the FOMO so many times

Hurts a lot dude, next trade will be more cautious

If I'd missed the bus, its fine, another train will pass

Don't think that its already a profits end, there will always be another ride

A fractal ride

rodskee

full member

Activity: 2520

Merit: 204

Everyone of us has an own ideas and strategy how to fight their greed control theirself
And people herein crypto trading they know the right ti them how to earn profits by own knowledge
Specially the veterans un this world they know how to control themself to avoid losing
So ne need to discuss about the capability of people skill herein thrading

richminded

sr. member

Activity: 798

Merit: 268

We must fight for it, and we should not live with those kind of emotion in this market. Everyone feels like FOMO every time good coins pump, and we decide if we will buy or not, personally I stay away on the market every time good coins pump because I don’t want to feel like FOMO, I’m focus on my goal and that is for my long term goal.

Jannn

hero member

Activity: 1120

Merit: 502

I've had this more times than I can count, luckily for me usually when I go to purchase a cryptocurrency the value will start to drop as I'm in the purchase process, meaning I usually chicken out before I actually end up buying in. Of course, moments later after I just chickened out the price begins to rise and the FOMO begins again. This cycle usually repeats a few times and I never end up buying in. So here's my advice, don't buy in if you think it's FOMO, simple as that.

cryptocrusher

full member

Activity: 420

Merit: 136

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!

For me I think back to one simple thing and it's not to punish myself for missing out on such investment opportunities. I ask myself 'If I had of known that this coin would pump x% would I have bought it' and of course the answer is yes. I then remind myself with this that clearly then I did not know what would happen and I cannot be frustrated in myself for not having perfect foresight.

butka

full member

Activity: 434

Merit: 246

Meditation can help you calm yourself in general, but when you are trading at your computer it is of little help. Because it is hard to trade efficiently and maintain a meditative state of mind.

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

What sort of psychological tricks do you use on yourself to combat your own FOMO?

I just think of a good tennis player. After the point is over, a good tennis player is immediately focused on the next point. They forget what was a point ago, and what may come two points in the future. They are focused on the present.

I try to be like that. Not to think about past mistakes or lost trading opportunities. Just focused on the next move. If I miss it fine. If I get it right fine. Keep going.

Harlot

hero member

Activity: 1806

Merit: 672

Always think about your plan or vision you want to happen everytime you think of this sudden decisions. Always think if this scenario will be either good for you or will it destroy what you are hoping to achieve. I always do this when there is a certain hype or even a panic selling is happening as I know being carried by the wrong people will be bad for me in the long run and will most likely take a hit big with my capital. I think this strategy will work for almost everyone including the weak people.

Zipposs

newbie

Activity: 82

Merit: 0

What is that group of traders that you're talking about? Did you guys trade individually or like a group, tell me more about it.

Reid

hero member

Activity: 3052

Merit: 651

Wow meditation.
I dont really understand much of that kind of peaceful sitting and just thinking about nothing.

Okay. So I do believe I have controlled it already.
I have a different kind of way to think by now. I learned to go against the flow of everyone.
I am not saying I am a pessismist but this is the crypto world. In its market there is no accuracy to every speculation theh say.

So, I better get my own ideas and more often I argue with another predictiom which for me is healthy.

Topic: Fighting your own FOMO - page 4. (Read 550 times)