Why FOMO when a coin is pumping - page 7.

motun01

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Quote from: iTradeChips on May 03, 2021, 08:58:56 PM

My friends and I are always like that in the past. When ever these is a coin that we fancy on, we just talk about it but unfortunately we don't have the money to invest in. But the problem is once we have the money, it has already went so way up that we regret not having the money at the time. Many years later I already learned how to do day trading and I was able to earn everyday now. I am teaching my friend day trading as well, so that even if there is bull or bear at least they will earn.

I think learning day trading is a very good move in the crypto and other financial markets today
This is Because a lot of the concepts you learn from interpretation of charts, candlesticks and market structure will help you to frame a knowledge of how the price moves in the markets and help you avoid FOMO when a coin is pumping and also help you to make informed decisions when buying cryptos

TribalBob

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there are two possibilities when they buy, first they don't want to miss the ongoing bull run even if they get a profit that is not optimal like if they bought when the market was not yet rising
the two people are classified as people who have more money and deliberately buy tokens when Fomo
and ordinary people who join at this time people who are new to knowing and knowing crypto buy coins at fomo

Oasisman

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Quote from: motun01 on May 03, 2021, 07:14:47 PM

I always wonder why a lot of people fomo to buy a coin or token after the price has pumped. In this present bull run I've seen a lot of people FOMO and buy cryptos at a really high price and they quickly dump when they witness drawdowns.
Isn't that just hustling backwards?? Its almost like they are trying to loose money on purpose.
So i wonder why they FOMO to buy in the first place

Because they believe a shitcoin could make them rich over night, and that It would never stop pumping without going back down.
I have seen several new comers in crypto market who had enough hype that they actually bought alts at the current price thinking It could never go down. I suspect they'll dump it right away once it's corrected. They're the ones who's easily panicked, especially If they're holding a shitcoin lol.

yazher

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Quote from: motun01 on May 03, 2021, 07:14:47 PM

I always wonder why a lot of people fomo to buy a coin or token after the price has pumped. In this present bull run I've seen a lot of people FOMO and buy cryptos at a really high price and they quickly dump when they witness drawdowns.
Isn't that just hustling backwards?? Its almost like they are trying to loose money on purpose.
So i wonder why they FOMO to buy in the first place

That's their own way of investing and maybe they find some comfortable moves when the price will rise again. You just don't know but I think, they have their own strategies when the price is not looking good in the market. these people are not just here to throw their money, maybe they're having their own interpretation on how successfully invest in the current market situation. Because it is not possible for these guys to repeat the same mistakes all over again. there might be something fruitful behind this phenomenon and only those who are doing it knows how it works.

Cappex

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Quote from: motun01 on May 03, 2021, 07:14:47 PM

I always wonder why a lot of people fomo to buy a coin or token after the price has pumped. In this present bull run I've seen a lot of people FOMO and buy cryptos at a really high price and they quickly dump when they witness drawdowns.
Isn't that just hustling backwards?? Its almost like they are trying to loose money on purpose.
So i wonder why they FOMO to buy in the first place

because the nature of man is strange, you seem to miss a great opportunity and get on a moving train without knowing where it will take you and it is easy that the hype is ended.
people are also lazy and don't study, buythedip and sellthetip

tabas

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Quote from: CaVO32 on May 03, 2021, 07:39:21 PM

Quote from: tabas on May 03, 2021, 07:35:13 PM

Quote from: motun01 on May 03, 2021, 07:14:47 PM

I always wonder why a lot of people fomo to buy a coin or token after the price has pumped. In this present bull run I've seen a lot of people FOMO and buy cryptos at a really high price and they quickly dump when they witness drawdowns.
Isn't that just hustling backwards?? Its almost like they are trying to loose money on purpose.
So i wonder why they FOMO to buy in the first place

Yes, that's how you describe that hustle. At first, they have thought that the price would continuously going to increase and that's why in some reasons.
They are buying the coin that pumps in a thought that there will be another increase that will happen after they purchase. It's just the same as the other markets like in stocks.

And also because they are holders of that particular coin, why they try to increase its price by spreading FOMO feelers in the community. And for those who have no idea what's going on, some will ride the hype and usually it is already too late before they realized that they bought bag of worthless coins. So before convincing yourself in this kind of hype, make sure that you also dig some background of the coin. Because if it is empty, you can very well see it on their website.

DYOR is very important. If you don't do that, you'll be ending up buying those coins that have been hyped up and you'll believe that there's going to be something that awaits for that specific coin.
But in that manner, you'll be having a bad day because when they see that a pump happens, they'll be able to sell it at profit while leaving you new buyers of it.

irixo10

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To be frank, in this bull run I have seen a lot of people fomo into coins because it's pumping or because their friends shared their screenshot of their gains and so on. They do so without having a second thought on what if it downtrends and never reach their entry again, but no they just do it because they don't want to miss out. Also, to be frank, I think the only reason why people fomo is just not to miss out and nothing more, but yet they miss out on the profit in most cases and ends with losses.
Nevertheless, there are coins which people think they can fomo into because they will keep growing even if it dumps but in such instances it is quite better to wait for correction and entry, such coins are BNB and ETH.

junkerr

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Quote from: Fivestar4everMVP on May 04, 2021, 04:36:21 PM

FOMO have become one part of crypto which i dont think will vanish any time soon most especially, among the newbies, ive been there before and i know what it feel like, people always try to catch an already flying bird which is close to impossible, some are sometimes lucky by the way, but the fact remains that most the times, FOMOing into a coin always ends in losses and tears.
ive FOMOed into a coin several times when i was still new in this space, sometimes i was lucky to make small profit and most other times, i ended up getting burnt, one experience which i had and quit FOMing was with a coin called EMC2, i FOMOed into this coin with 1000 usd, the price continued to go up quite alright but after some hours, price started going down, in about 6 hours, whats left of my 1000 usd investment was just 290 usd, it was a very bad experience for me, i ended up selling at a great loss, since this incident, i stopped FOMOing.

The problem for new people is that they don't know when to quit their trade. Entering the hype and FOMO when prices go up will leave new traders and investors trapped in a correction.
I've seen a lot of people get consumed by the hype and FOMO.

Fivestar4everMVP

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FOMO have become one part of crypto which i dont think will vanish any time soon most especially, among the newbies, ive been there before and i know what it feel like, people always try to catch an already flying bird which is close to impossible, some are sometimes lucky by the way, but the fact remains that most the times, FOMOing into a coin always ends in losses and tears.
ive FOMOed into a coin several times when i was still new in this space, sometimes i was lucky to make small profit and most other times, i ended up getting burnt, one experience which i had and quit FOMing was with a coin called EMC2, i FOMOed into this coin with 1000 usd, the price continued to go up quite alright but after some hours, price started going down, in about 6 hours, whats left of my 1000 usd investment was just 290 usd, it was a very bad experience for me, i ended up selling at a great loss, since this incident, i stopped FOMOing.

xiboothrezi

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Quote from: motun01 on May 03, 2021, 07:14:47 PM

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Isn't that just hustling backwards?? Its almost like they are trying to loose money on purpose.
So i wonder why they FOMO to buy in the first place

greed is a human trait. when you see someone who gains, there must be people who feel jealous, so they want to get that profit too without considering the circumstances. so rush to join for fear of losing the moment. in fact, panic buy and panic sell like that is very bad, trading or investing just because of lust will not give a profit because common sense has been defeated. things like this are usually done by newbies who don't understand the cryptocurrency ecosystem, so they just join in, and want to profit instantly without doing analysis. Finally, it is often the loss of buying at the top and prices falling later.

agg2702

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There are several reasons in fact, one of them is that most of the people who are just starting to trade, in other words, can be said to be beginners who don't understand and immediately buy when the price is rising, especially for coins that are pumped.
besides that, there is also Fomo and even a lot of Fomo who don't want to miss the profit from there, so from that a lot of people buy even though the price has gone up too far in the hope that they can take advantage even if only a little. although a little dangerous but in fact most of them are like that

Febo

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Quote from: motun01 on May 03, 2021, 07:14:47 PM

I always wonder why a lot of people fomo to buy a coin or token after the price has pumped. In this present bull run I've seen a lot of people FOMO and buy cryptos at a really high price and they quickly dump when they witness drawdowns.
Isn't that just hustling backwards?? Its almost like they are trying to loose money on purpose.
So i wonder why they FOMO to buy in the first place

Because it is simply hard to buy when price is low or is losing value and it is hard to sell when price ids high or coin is gaining value. Best is to have a plan. To sell some % when price increase this much. Lets say 10% when price doubles. and buy 10% when price halve.

SarangWallet

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Quote from: motun01 on May 03, 2021, 07:14:47 PM

I always wonder why a lot of people fomo to buy a coin or token after the price has pumped. In this present bull run I've seen a lot of people FOMO and buy cryptos at a really high price and they quickly dump when they witness drawdowns.
Isn't that just hustling backwards?? Its almost like they are trying to loose money on purpose.
So i wonder why they FOMO to buy in the first place

I think this was due to panic. They tend to be attracted to any coin when the price increases, and resell when the price drops suddenly. So this is what causes someone to often lose in trading.

Traderbtcc

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It's simple, they don't want to miss out on the opportunity to make some profits, because they have it in mind that the coin will keep going up, which most times it always goes the other way round and they end up in losses, I don't know why so many people fomo into buying a cojn only when they see it mooning, some even buy at all time high and its really funny cause they can't make much profit buying at all time high, unlike buying when the coin dips.

danherbias07

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It's not easy when you see something you support before is going up while you regret it everyday because you sold early.
That's when FOMO happens. I think we have some people in the forum who experienced that because Bitcoin was the good example of it.
I am one of them. Sold it when I thought it was a good selling point but now I am still waiting for the buyback price.
This price now is just too expensive for me. I want to at least get near my sell point and I know there will be a time for that.
So emotionally, if you can control it then it's not FOMO. Yet. Cheesy

Luffygroove

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FOMO is an abbreviation of Fear of Missing Out. It's psychologically explained that people emotionally want to join the ruckus and hoping to gain some profits when more people buying. FOMO can also be a strategy for people who are doing pump and dump. They create hype to attract "naive" people to buy, after people buying at a high price, then they will dump it. These "naive" people will be scared to death and sold at a cheap price. People who already sold at a high price will fill their bags and if it's enough they'll pump it again and so on. In my opinion, these "naive" people are victims. So let's not be those "naive" people.

blue_nexus15

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Quote from: motun01 on May 03, 2021, 07:14:47 PM

I always wonder why a lot of people fomo to buy a coin or token after the price has pumped. In this present bull run I've seen a lot of people FOMO and buy cryptos at a really high price and they quickly dump when they witness drawdowns.
Isn't that just hustling backwards?? Its almost like they are trying to loose money on purpose.
So i wonder why they FOMO to buy in the first place

That is the reason, DYOR is always encouraged in any circumstances or problem. For me, FOMO is a trap, it is a double-edged sword.
If you don't see the problem, you will be lost in failure, panic. The charm of the community is just superficial, it will pull you by fascination.
Don't trust anyone and don't rush into it.

akirasendo17

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This mostly happens for people who are just weeks or months in trading even traders who are trading for a year fell for this, why? because as a trader or investors we want to take profit, for newbies they don't know what to do they just buy coins because they don't know the patterns their lack of experience put them in that situation, and even the experienced trader sometimes makes mistakes.

sulis sudibyo

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Quote from: motun01 on May 03, 2021, 07:14:47 PM

I always wonder why a lot of people fomo to buy a coin or token after the price has pumped. In this present bull run I've seen a lot of people FOMO and buy cryptos at a really high price and they quickly dump when they witness drawdowns.
Isn't that just hustling backwards?? Its almost like they are trying to loose money on purpose.
So i wonder why they FOMO to buy in the first place

because they want to make a profit but do not have the ability to analyze the market. they think it might be safe to buy at that time, but in fact they buy at the peak. FOMO occurs because they are impatient and inexperienced. I also used to get stuck in FOMO when the market was rallying. at the end I lost even though the market was bull.

xSkylarx

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Simple answer, people want to take the opportunity to earn from that hype. This often happens when coinbase announces that they are going to list a new crypto in few days. The coins suddenly pumps and many people are fomoing to that coin before it is listed on that platform. They don't consider the risk of buying at the peak price of it. For me there is nothing wrong with FOMO buying as long as you are early to buy when news or huge update of that coin is just announced. What I don't get is why some people still buy if the price has gone up more than 30% already.

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