How to avoid falling into a FOMO trap - page 3.

aomakun

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Quote from: Pffrt on November 14, 2019, 11:15:22 AM

I would like to share one type of mistake which newbie do mostly, thinking it as FOMO>
Some shitcoins are heavily manipulated and most of the times, a group of people pump it in a certain exchange. It's easy to recognize. Just visit the coinmarketcap and find out if the coin has same price at all the exchanges. If you see huge price different in several exchanges, it's certainly a pump and avoid the coin.

Fomo is usually made by a group, not the real results of the potential coins. the easiest thing might be like that but if you look deeper you should see the coin portfolio section because it will be seen when doing research

Crypto5060

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Once you learn to question everything to ascertain the underlying motive you will be less likely to fall into a fomo trap.

Obito

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All of those may apply but I usually stand at one mean to validate my unclear thoughts regarding what are the origin of this hype, is this real or not. I do a clear research regarding the gossips. And I ask my fellow friends who are crypto enthusiasts as well if they have heard about this certain news, is it even real, is it happening or not. If I validated it on my own hand with a connection of ideas of my friends and fellow crypto enthusiast then I maybe clear that I won't be falling at FOMO traps.

Pffrt

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I would like to share one type of mistake which newbie do mostly, thinking it as FOMO>
Some shitcoins are heavily manipulated and most of the times, a group of people pump it in a certain exchange. It's easy to recognize. Just visit the coinmarketcap and find out if the coin has same price at all the exchanges. If you see huge price different in several exchanges, it's certainly a pump and avoid the coin.

Kunotcoin

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To avoid a FOMO trap you should be act accordingly you must compare some of available data in the market, Sudden pump are just created by some whales to drive a particular coin or token and some of the people specially newbies are easily get attracted that's why they are easily trap in the web of FOMO. and when the percentage of target price was achieve massive dump will follow. that's the truth about FOMO.

JC btc

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Quote from: PuertoLibre on November 14, 2019, 09:24:13 AM

Watching the daily price movements on small timeframes will make you stressful and upset. Instead of staring at the screen, go to do another activity and learn to control your emotions under every kind of situation in the volatile crypto markets. The trading patterns repeat in all timeframes but only impatient people prefer to make small daily trades for boosting their profit.

Agree, I have learned my lesson from this and that is not all the time to watch over with the price, I would just rather invest in a stable coin such as Bitcoin and Ethereum rather than investing in altcoins thinking and hoping that they will make me rich someday but ended rekt, so we should all learned from those hype and manipulation from the team, let us obey our instinct sometimes and we can do right decision by doing research.

PuertoLibre

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Watching the daily price movements on small timeframes will make you stressful and upset. Instead of staring at the screen, go to do another activity and learn to control your emotions under every kind of situation in the volatile crypto markets. The trading patterns repeat in all timeframes but only impatient people prefer to make small daily trades for boosting their profit.

clickerz

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Quote from: vintages on November 14, 2019, 04:38:26 AM

It is simple and practical of avoiding falling into FOMO.
Simply, do not follow the trend but do your own things your own way. Being trendy or following the trend has made a lot of people to fall into the wrong direction.
And moreover, buy when the price is convenient for you and not when you see everyone rushing into it.

True, beware of hype. You can see this on the charts. I learned my lessons on this that until now I have tokens that have no value because of hype. Now, when its price already high I sell my positions and stop trading . I just observed what will happen and set a buy positions on its weekly low and wait.

ajiz138

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Quote from: the rise on November 14, 2019, 06:19:07 AM

Quote from: ajiz138 on November 14, 2019, 04:38:34 AM

It is true that people who have just joined the cryptocurrency world will usually be trapped in the FOMO condition that is used by others to get more benefits. The FOMO trap becomes a detrimental trap, because people will buy at very high prices, then prices will fall back to normal prices before FOMO. I myself have felt the trap of FOMO and from that moment I started to learn not to follow the FOMO trend.

FOMO which is always deliberately made including successfully taking new victims. but some will choose to study the pattern, if they see the price of a coin is already above 20% suddenly, they will understand that it is not normal and choose coins with accumulative movements only. It is better to look based on the chart period and hope that the coin you buy turns out to be the next FOMO team's choice

each coin can be read for its movements and most often coins whose volume is very low for 7 days.

You are right, every coin can be read its movements and must pay attention to the volume for 7 days. Signs of rising prices above 20% can be a reference if the coin is being targeted for FOMO. there are several groups that target FOMO for certain coins, this will benefit the group owner and the victims are people who join the group and follow the account owner's instructions. What can be done to avoid it like you said, Choose coins with accumulative movements only.

Golftech

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Quote from: vintages on November 14, 2019, 04:38:26 AM

It is simple and practical of avoiding falling into FOMO.
Simply, do not follow the trend but do your own things your own way. Being trendy or following the trend has made a lot of people to fall into wrong direction.
And moreover, buy when the price is convenient for you and not when you see everyone rushing into it.

Buy when you know that you are willing to take the risk and forget about the hype. Remember to keep yourself well aware to what the reason
behind of certain rise. Most of the time those who are rushing are the one who become victims of certain fomo's , people who forget about doing
proper research and blindly conclude to join the ride, remember that this market have volatile nature make sure that you are mentally ready.

tsaroz

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Don't watch the price movement too often. Let the price come to your rather than chasing the price. Set your buying and selling price for a coin and don't sell if you are in loss. If you are trading the top tier crypto, you need not worry about the price in long term. Just don't make a decision in panic and let your plan execute.

makolz26

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Quote from: the rise on November 14, 2019, 06:19:07 AM

Quote from: ajiz138 on November 14, 2019, 04:38:34 AM

It is true that people who have just joined the cryptocurrency world will usually be trapped in the FOMO condition that is used by others to get more benefits. The FOMO trap becomes a detrimental trap, because people will buy at very high prices, then prices will fall back to normal prices before FOMO. I myself have felt the trap of FOMO and from that moment I started to learn not to follow the FOMO trend.

FOMO which is always deliberately made including successfully taking new victims. but some will choose to study the pattern, if they see the price of a coin is already above 20% suddenly, they will understand that it is not normal and choose coins with accumulative movements only. It is better to look based on the chart period and hope that the coin you buy turns out to be the next FOMO team's choice

each coin can be read for its movements and most often coins whose volume is very low for 7 days.

There is always negative and positive in FOMO too, but most of the time it is becoming negative, as there are groups of people once they love this coin and they invested at dip price they will make FOMO over social media, over the community for them to attract members and when they have seen that the volume is increasing then that will be the time they will dump the price.

the rise

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Quote from: ajiz138 on November 14, 2019, 04:38:34 AM

It is true that people who have just joined the cryptocurrency world will usually be trapped in the FOMO condition that is used by others to get more benefits. The FOMO trap becomes a detrimental trap, because people will buy at very high prices, then prices will fall back to normal prices before FOMO. I myself have felt the trap of FOMO and from that moment I started to learn not to follow the FOMO trend.

FOMO which is always deliberately made including successfully taking new victims. but some will choose to study the pattern, if they see the price of a coin is already above 20% suddenly, they will understand that it is not normal and choose coins with accumulative movements only. It is better to look based on the chart period and hope that the coin you buy turns out to be the next FOMO team's choice

each coin can be read for its movements and most often coins whose volume is very low for 7 days.

fuer44

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FOMO is often thrown into new projects, and the criteria they often throw are prices and exchangers. they will say that prices will be very low and disappear, this will make project investors very worried even though the project manager has said everything will be okay. FOMO's goal is to want to take everything. and the next is the statement about the token that will not be released to the market exchange. it's clear that if the team works every day, then one day a token will be launched to the market exchange and this FOMO effort to influence the token holders immediately leaves their tokens or even sells them to certain people.

it is fitting that we think twice when hearing negative news from the project. let's see how the team works and everything will be fine. do not let FOMO make us fall into the wrong choice and regret.

comchien

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The only way to minimize FOMO is not to see strong growth in a short time that you plunge into it, the experience of follow-up research will limit that way. on it, be extremely cautious in short and medium term trading to reduce the amount of money you have lost when the situation becomes entangled.

BitHodler

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Quote from: Doranile432 on November 14, 2019, 05:07:40 AM

Fomo is not a trap, its presence can't be ignored when you are into crypto, it helps and sometimes it doesn't, this is where investors have to make a choice

It all depends on where you fomo in of course, but if we focus on the mass, they generally do fomo into the market when it has peaked out, so in that sense it can be seen as a trap, but one they fell into themselves.

I have always distanced myself from fomo buying, which is why I start accumulating when the price has gone down at least 50% from its high. I'll happily buy the price down once or twice a month to prepare for the next leg up.

Dollar cost averaging is the easiest way to position yourself into the market with little to no understanding of technical analysis. It's not as exciting as opening a large position in one go, but definitely less risky.

Doranile432

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Fomo is not a trap, its presence can't be ignored when you are into crypto, it helps and sometimes it doesn't, this is where investors have to make a choice

ajiz138

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It is true that people who have just joined the cryptocurrency world will usually be trapped in the FOMO condition that is used by others to get more benefits. The FOMO trap becomes a detrimental trap, because people will buy at very high prices, then prices will fall back to normal prices before FOMO. I myself have felt the trap of FOMO and from that moment I started to learn not to follow the FOMO trend.

vintages

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It is simple and practical of avoiding falling into FOMO.
Simply, do not follow the trend but do your own things your own way. Being trendy or following the trend has made a lot of people to fall into wrong direction.
And moreover, buy when the price is convenient for you and not when you see everyone rushing into it.

Getmon

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FOMO is sometimes more of a problem on the part of the person getting victimized. FOMO traps are everywhere. Now, take a look at yourself. Are you the kind of person that gets too super excited about hypes and marketing promotions? If you are, try to calm yourself down in the face of a market that is full of scam and FOMO traps. Do not instantly believe the words being released on social media sites and websites. They are almost always FOMO traps.

Topic: How to avoid falling into a FOMO trap - page 3. (Read 542 times)