FOMO In Crypto; How to identify It - page 2.

Mahanton

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Quote from: Japinat on June 29, 2020, 07:25:46 PM

I think when people are saying "HOLD", it sounds like a FOMO to me as when we are all holding the price will significantly rise if there's some hype.
Based on my experience in the last bull run which I believe there was a FOMO, I could have sold my altcoins with some good profit but I choose not to because of the word "HOLD", still I'm on "HODL" though I feel there's a very slim chance my holdings will recover.

Depending on the perception since we do have different approach into things. FOMO(Fear of missing out) do commonly happen when the market is rising in tremendous percentage in a short span of time.
Just like what happened with bitcoin is mooning in late 2017 where everything does really have the feeling on investing all they can since they do saw the market will really give out big profits to them but eventually those hopes been crushed when the market dumped or crashed hard to the floor which do make those people still holding nowadays or even sell out in loss earlier.

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I think when people are saying "HOLD", it sounds like a FOMO to me as when we are all holding the price will significantly rise if there's some hype.
Based on my experience in the last bull run which I believe there was a FOMO, I could have sold my altcoins with some good profit but I choose not to because of the word "HOLD", still I'm on "HODL" though I feel there's a very slim chance my holdings will recover.

Utoy101

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Quote from: hassancisse on June 13, 2020, 07:30:49 AM

As you can see FOMO traders prefer to pursue the crowd rarther than sitting down and doing their own personal analysis of how far the coin can go.

Fear of missing out (FOMO) is actually a trait that is common to everyone. FOMO often occurs when you invole in group of traders that dicuss about pricing of coins and when the force of FOMO stricks, a lot people often jump on the wagon without doing there due diligence and one thing i noticed about FOMO buying, traders do buy at the top when there's a FOMO and after a short period, the price will start falling

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Quote from: Shasha80 on June 22, 2020, 07:11:27 PM

In my opinion, identifying FOMO is seen when there are coins that are in high demand for no apparent reason, then many people buy
without do an analysis first. If FOMO happens it can be very dangerous, because there will be a bubble and this will make many investors
buy at the peak price. This FOMO often occurs in cryptocurrency, so before investing in cryptocurrency, there is a good thing do research
and analysis first.

Hardest part is that you cant make any analysis or research because having these FOMO situation is really unpredictable and you can only spot em out when the price is starting to cling up
on big percentages.

You cant have sufficient time if this one would be worth to join the wagon or not. All things are unpredictable thats why lots of people do get caught by Fomo and do end up on holding
their coins for too long.

Sometimes your guts do tell you that you shouldnt really make steps since the current price is already into is peak.

wozzek23

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Quote from: coinfinger on June 22, 2020, 04:34:29 PM

when you fear that you are missing out, you got it! Cheesy

. All jokes aside do not think that you are ever late, do not jump into anything because you fear that if you do not jump into it right now you are going to miss a lot of money.

Added to that usually the hype is created by social media so when you feel like you should invest into something but the only reason you feel is peer pressure or posts from social media then actually sit back and re-think that will help!

Quote from: coinfinger on June 22, 2020, 04:34:29 PM

The thing about investment is, there will be more opportunities in life, there will be plenty of times when you will make more money than you usually do, in everyone's life there is this period where you earn more money suddenly, could be gambling, could be luck, anything, and there are times when you do one good investment and one bad investment.

Very true because FOMO makes the mind think into a cycle that revolves around what if I don't invest and what if I invest but the truth is that there will be countless opportunities if even you don't flow with the FOMO and buy the coins.

Actually this all depends on mindset, a good mindset would always think like a trader and make value decisions while a over-excited mindset would be that of a gambler who just feels like, if he thinks Federer is gonna Wimbledon then he will just bet his house on it just because he doesn't want to miss out.

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Quote from: hassancisse on June 13, 2020, 07:30:49 AM

--snip--

As you can see FOMO traders prefer to pursue the crowd rarther than sitting down and doing their own personal analysis of how far the coin can go.

You literally can't do any personal analysis when it comes to fomo because you'll miss the opportunity. It gives you least time in order to see if the crowd is already buying it more and more or not. But the thing is, setting up a limit buy order or jumping in quickly are the major factors playing an important role here. Even if you hold patience and set up a limit buy, chances are you may get it filled with an immediate dump and see a good rise again while making some extra percentages rather than buying it quickly at its peak as you'll lose greatly in the end. Never go all in during fomo.

Shasha80

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In my opinion, identifying FOMO is seen when there are coins that are in high demand for no apparent reason, then many people buy
without do an analysis first. If FOMO happens it can be very dangerous, because there will be a bubble and this will make many investors
buy at the peak price. This FOMO often occurs in cryptocurrency, so before investing in cryptocurrency, there is a good thing do research
and analysis first.

coinfinger

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Well, when you fear that you are missing out, you got it! Cheesy

. All jokes aside do not think that you are ever late, do not jump into anything because you fear that if you do not jump into it right now you are going to miss a lot of money.

The thing about investment is, there will be more opportunities in life, there will be plenty of times when you will make more money than you usually do, in everyone's life there is this period where you earn more money suddenly, could be gambling, could be luck, anything, and there are times when you do one good investment and one bad investment. So just take your time, it will happen, you are not going to miss life just because you are not investing into that one thing you fear missing out, let that be and focus on something brand new and you will find it.

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Fomo can be seen from the trading volume on the coin,
if the volume looks a little and suddenly rises dramatically then it's FOMO

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Quote from: crzy on June 18, 2020, 08:44:40 PM

Quote from: durilup on June 18, 2020, 10:52:48 AM

I my opinion 'fear of missing out' starts when more and more influencers talk about cryptocurrencies on online streaming platforms such youtube,twitch etc.

The hype is very powerful and that can affects the emotion of every investors. If FOMO kicks you in, then it will be hard for you to get out of that trap. I experienced this one and the result is bad since I lost all my money because of FOMO and besides its not really good to buy during pump. Don't FOMO, just know when to buy and sell and you'll be good.

Indeed, for Fomo itself is very risky for people who really do not understand that ... there are some actual points that can be obtained for Fomo. we can get a moment for profit that is fast enough with the risk that we will get stuck at the peak price. but all can be done analysis and also correct management. during this time I can benefit from strong hype but also have experienced losses. such things are common in trading.

hassancisse

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Quote from: hassancisse on June 16, 2020, 05:24:05 AM

Quote from: Blue_oxen on June 16, 2020, 02:48:24 AM

Quote from: sujonali1819 on June 16, 2020, 02:22:26 AM

FOMO is the very risky word in the crypto trading. Most of the time FOMO will destroy your capital. Only very rear time FOMO can give you some profit if you will smart enough.

Fomo helps you to think all positive things before buying any coins. After buying the coins all thought start to going false. Thus some greedy people fall in fomo and loss the investment. To reduce fall in fomo you should do,

1. Always try to research ownself before starting trade
2. Don't follow any telegram or other social media signals.
3. Don’t follow if someone shill in the exchange chat box.

Furthermore, don't think that you gonna miss a chance to earn profits if you don't join! Trading with greedy and fear is not the goal that all traders wanna have! In general, developing your trading skills and controlling your emotions are the golden goals of every trader! Don't trade with emotions!

This is one reason i dont like jumping on a trades. It doesnt mean i wont make money from that particular crypto if i buy later. If i FOMO in im entering with greed. I like being patient its one of my best attribute as a trader

FOMO will not work always because we should always enter the market situation, cryptocurrency will not give profits on every order we place. Some time FOMO makes us hold some coin due to sudden drops in terms of their prices. So Patient will help us to make some decent profit through crypto.

Some coins dump and don’t even go back to the price you bought it anymore so it’s a very risky situation. When you’re buying a coin at its peak you should know you’re taking a risk

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Quote from: Oilacris on June 20, 2020, 07:54:08 PM

Quote from: Mpamaegbu on June 19, 2020, 02:10:01 AM

Quote from: bigcash2011 on June 13, 2020, 11:58:52 AM

FOMO is very bad if you enter late or near the peak of the price ...

Just like those who bought Ripple at ATH of $3+. I bet they still regret it till date because we don't know when or if Ripple will ever recover to that level again. Well, this isn't to take anything away from FOMO and the good side of it. I have been caught in it too, on the wrong side . But I think am wiser now unlike the newbie days. From hindsight I have come to know that the best move is - buy only into coins with utility even if they aren't hyped and be ready to sell off once other traders begin to rush in.

This doesnt only limit out with Ripple but in all coins that do reach up into their ATH wayback in 2017 and to those people who do bought coins into those peak times then

they do still end up on holding as of this moment or the worst they do panic sell and even repeat to buy on lower price but not actually on the bottom point which do end up

on the same scenario just because they do believe that they can retreive or break even on what they have lost.FOMO is hard to detect out since price can shoot up without stopping

into a known point thats why its wise to sell out when you are already on profits, dont ask for more!

This is a reason why you want to understand how trading works and not buy when price reaches the pick. Even when you know about trading there are some times your emotions come to play and you FOMO in. But nonetheless you need to understand how trading works

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Quote from: hassancisse on June 13, 2020, 07:30:49 AM

How can you Identify FOMO
1. The first symptoms of FOMO is when you see so many people buying the coin and you start thinking all of them cannot be wrong. You also jump inside without doing any proper analysis

This is not always a sign of FOMO. Sometimes stocks are popular due to something going on, like Tesla was because it was launching a new model.
You buing without proper analysis is not a sign of market fomo, but your own.

Quote

2. When you start saying to yourself you should have gussed the price would go up

This would mean that Bitcoin is in a constant state of FOMO Cheesy

Quote

3. When you start saying that there must be something about this coin that other people know and you dont know.

4. It would be silly not to try. Let’s see how much money I could make.

Again not market FOMO but your own.

Mpamaegbu

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Quote from: hassancisse on June 20, 2020, 07:38:03 PM

Quote from: Mpamaegbu on June 19, 2020, 02:10:01 AM

Quote from: bigcash2011 on June 13, 2020, 11:58:52 AM

Snip...

The famous bull run of 2017 I went into Verge and Tron at their peak and invested a lot I’m still trying to recover I’m waiting for them to even go back to the present price I bought as at that time I knew nothing about trading I just found out they were good project and bought them till it started dumping

Yes, they are good projects. Don't be dismayed. Keep holding them and don't sell off cheap as there is soon to be a turnaround for great coins like those. Remember, the halving of Bitcoin will cause price to appreciate for Bitcoin and once that's done, altcoins will also experience a great run. This year and next, expectedly from history, should be favourable years for the cryptocurrency industry.

Quote from: Oilacris on June 20, 2020, 07:54:08 PM

This doesnt only limit out with Ripple but in all coins that do reach up into their ATH wayback in 2017 and to those people who do bought coins into those peak times then

So true!

Quote from: Oilacris on June 20, 2020, 07:54:08 PM

... thats why its wise to sell out when you are already on profits, dont ask for more!

Lol... This is a difficult advice to stick to. The reason being that we may truly not know when it's too much to take profit.

target

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Quote from: Oilacris on June 20, 2020, 07:54:08 PM

Quote from: Mpamaegbu on June 19, 2020, 02:10:01 AM

Quote from: bigcash2011 on June 13, 2020, 11:58:52 AM

FOMO is very bad if you enter late or near the peak of the price ...

Just like those who bought Ripple at ATH of $3+. I bet they still regret it till date because we don't know when or if Ripple will ever recover to that level again. Well, this isn't to take anything away from FOMO and the good side of it. I have been caught in it too, on the wrong side . But I think am wiser now unlike the newbie days. From hindsight I have come to know that the best move is - buy only into coins with utility even if they aren't hyped and be ready to sell off once other traders begin to rush in.

This doesnt only limit out with Ripple but in all coins that do reach up into their ATH wayback in 2017 and to those people who do bought coins into those peak times then

they do still end up on holding as of this moment or the worst they do panic sell and even repeat to buy on lower price but not actually on the bottom point which do end up

on the same scenario just because they do believe that they can retreive or break even on what they have lost.FOMO is hard to detect out since price can shoot up without stopping

into a known point thats why its wise to sell out when you are already on profits, dont ask for more!

It can probably be seen where the peak is by watching the BTC/USD market itself. Once it's not trying to break another resistance for more than a week its a sign that the price could also drop. RSI overbought level will be seen.

Its harder to identify the peak of its price when its just recently listed to exchanges. And I think the FOMO for this COMPOUND coin is high and you can understand the reason behind its tech.

Oilacris

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Quote from: Mpamaegbu on June 19, 2020, 02:10:01 AM

Quote from: bigcash2011 on June 13, 2020, 11:58:52 AM

FOMO is very bad if you enter late or near the peak of the price ...

Just like those who bought Ripple at ATH of $3+. I bet they still regret it till date because we don't know when or if Ripple will ever recover to that level again. Well, this isn't to take anything away from FOMO and the good side of it. I have been caught in it too, on the wrong side . But I think am wiser now unlike the newbie days. From hindsight I have come to know that the best move is - buy only into coins with utility even if they aren't hyped and be ready to sell off once other traders begin to rush in.

This doesnt only limit out with Ripple but in all coins that do reach up into their ATH wayback in 2017 and to those people who do bought coins into those peak times then

they do still end up on holding as of this moment or the worst they do panic sell and even repeat to buy on lower price but not actually on the bottom point which do end up

on the same scenario just because they do believe that they can retreive or break even on what they have lost.FOMO is hard to detect out since price can shoot up without stopping

into a known point thats why its wise to sell out when you are already on profits, dont ask for more!

hassancisse

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Quote from: Twinkledoe on June 20, 2020, 07:41:50 PM

Quote from: hassancisse on June 20, 2020, 07:36:00 PM

These are some basic rules to follow again so as to avoid FOMO. Have experienced fomo before and till today have not gotten even the capital I invested back. I’m waiting for the coin to go back to the selling price

Do you still believe that it will go back to its price? Have you seen any movement on that coin or developments? If the dev already abandoned that coin, there's no miracle to revive it back. I had an experienced also with one coin, I bought it for about $300 at that time, but when it got listed, it went down fast, so I waited and waited and waited. Unfortunately, the exchange got hacked and now it is under Untracked listing in CMC. Not hoping that it will miraculously recover as no more updates from the team and all their links are already dead.

I believe in Tron and Verge I know they’ll perform perfectly well I want to buy more soon. It’s a good price to buy now

hassancisse

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Quote from: MCobian on June 18, 2020, 05:58:52 PM

I agree with the 4 points mentioned in the opening post about identifying FOMO, and sadly, I am among those who have
do it. Therefore, when trading we must be able to control emotions, so do not be influenced by others. Actually if we are
can be calm and not easily panic FOMO can be avoided, but sometimes human forget themselves.

Like especially in crypto trading you can escape fomo it was when I got into crypto at first It happened to me I’m still trying to recover from it

Twinkledoe

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Quote from: hassancisse on June 20, 2020, 07:36:00 PM

These are some basic rules to follow again so as to avoid FOMO. Have experienced fomo before and till today have not gotten even the capital I invested back. I’m waiting for the coin to go back to the selling price

Do you still believe that it will go back to its price? Have you seen any movement on that coin or developments? If the dev already abandoned that coin, there's no miracle to revive it back. I had an experienced also with one coin, I bought it for about $300 at that time, but when it got listed, it went down fast, so I waited and waited and waited. Unfortunately, the exchange got hacked and now it is under Untracked listing in CMC. Not hoping that it will miraculously recover as no more updates from the team and all their links are already dead.

hassancisse

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Quote from: Mpamaegbu on June 19, 2020, 02:10:01 AM

Quote from: bigcash2011 on June 13, 2020, 11:58:52 AM

FOMO is very bad if you enter late or near the peak of the price ...

Just like those who bought Ripple at ATH of $3+. I bet they still regret it till date because we don't know when or if Ripple will ever recover to that level again. Well, this isn't to take anything away from FOMO and the good side of it. I have been caught in it too, on the wrong side . But I think am wiser now unlike the newbie days. From hindsight I have come to know that the best move is - buy only into coins with utility even if they aren't hyped and be ready to sell off once other traders begin to rush in.

The famous bull run of 2017 I went into Verge and Tron at their peak and invested a lot I’m still trying to recover I’m waiting for them to even go back to the present price I bought as at that time I knew nothing about trading I just found out they were good project and bought them till it started dumping

Topic: FOMO In Crypto; How to identify It - page 2. (Read 891 times)