Why FOMO when a coin is pumping - page 8.

KaliLinux

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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

It is because up on till now, no one can really predict the market because if they do, they would have invested before the price starts to pump and also because, investors would believe that the price could continue upward and FOMO in when it might actually be that it is about to come down since most investors dont really invest for the long hodl but for the quick gains, this will surely happen.

Jackl87

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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

Well i think it's just in the human nature. If you see, that for example Ethereum is pumping like crazy and if you don't have any ethereum yourself yet then a lot of people are thinking: "Maybe it will pump even more, i want to be a part of this crazy bullrun" and buy into Ethereum too. What can happen by doing this of course is that they buy ETH for the highest possible price and then the coin starts dumping. It's not a secret, that you should not act out of emotions when you are trading but you need to stay calm and act in a objective way.

Stoicreddy

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All it takes is Patience.

I have read that people bought Doggy (DOGE) coin when it went up to $ 0.4 and it has came down to $0.2. Most of them would have sold it, at the time of writing this reply it is trading at $0.47.

People who waited patiently for the price to fall down when it went up to $ 0.4 are the ones who makes it, rest of them due to FOMO buy at the level $0.4 and waiting for the price to go up, they should have waited patiently for the price to fall down.

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

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

Of course they fomo with the idea that it could go off the charts. Fomo is something they don't want to left behind, it's common these days and majority ended up losing much more money. The term is quite harsh but they literally gambling a possible loss here. I'm not sure how to put it but there are some fomos that are good and bound to be succesful but that's limited of course.

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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.

For a newbie entering the market there will be some less experienced users who will buy coins when they go up. For those entering this market from a background of stock market trading will probably not make this mistake.

The common notion is that if its going up it is going to profit, so buy it - but buying point is important, which they forget. Bitcoin needs to be bought at low price if you want to profit in the long term. Altcoins will often pump way more than what is expected because they get pumped and dumped very quickly. These things are not known to any new trader and so I advice newbies to first do dummy trading before putting in their own capital.

Reid

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Simple. For a chance of a ride to the moon.
But sadly, most of it goes to hell. Grin

Riding the wave is a common thing to happen especially when you have the money ready to buy it.
One more good reason is you did profit from doing it in the past and you are just trying to repeat it.
Newbies though will have a hard time getting their courage to purchase in that position. Most of them will be veterans in the field of trading.
If there will be rookies, it's a possibility they were just dragged by the hype.

unusualfacts30

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When coin is pumping you don't know when pump is going to end this explains why everyone fomo during pump. You should always wait for the correction and try to steer away from buying at the top. Don't forget that crypto market never closes so you will not lose anything if you miss one pump and there will be ample of opportunities in the future.

bitkanu

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They wanna try to earn profit as much as they can. that's why they were risking themselves to buy the pumped coin or they will try to short the market. I think that they have agreed with the risk by buying when the pump was happening. They are thinking the price can grow even further and they were getting more into it.
Did you see doge? So many people think doge can grow to the $1 and they were joining when doge was reaching 40 cents.

Skinny48

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FOMO isn't entirely bad when we are in bull season, I've buy some coins at a high price this year and they still keep increasing, for example I bought Vechain at 0.10$ which many thoughts it's a high price already but now it's 0.21$ per VET, are you watching BNB and ETH now? All time high is been achieved

concept2

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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

It is because of greed. People cant stand watching coins increase because they fear to lose something. They are afraid that they miss the chance of being rich. That is why you see many coins increase significantly in a short time. Some of them are overvalued in the first place

iTradeChips

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Quote from: shinratensei_ on May 03, 2021, 07:31:27 PM

They didn't wanna miss the chance to take the opportunity to get profit by selling it at a higher price. that's why there are people FOMOing the tokens. There will always be winners and loosers and do you expect a lot of people to win the game? it will not happen for sure. They are FOMO caused by various reasons like a huge update that will come soon, listing on the major exchange site, or something else.
there must be a reason for those people why FOMO happened.

Definitely we have learned our lessons in FOMO, so now instead of buying at the high, we have to patiently wait for the bear season, where it is good to buy the coins. If you are going to be a day trader then you need to arm yourself with the skills in determining the next highs and lows for the next few minutes. You need to do all the manual checking and rechecking of the prices. Laziness is the enemy of a day trader. It will be hard. But you will succeed and no longer be able to experience FOMO.

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Because of lack of knowledge about the crypto market, so that many have become FOMOs, they think they should not miss the opportunity to make a profit. We should follow the latest crypto news to upgrade our knowledge so that don't get caught up with the hype.

Lizzylove1

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I FOMO on good projects and it has paid off 90% of the time. For example this project am wearing their signature, I have been researching about it since it was $0.8 and ever since I didn't quiet see any good price growth, this made me to keep it on watch list, later on I saw an announcement of the project here, I got interested, Well I told my community to buy when the price rose to $2, I just bought some at $1.83 and others at $6, it has since paid off and I don't intend to sell any since I am getting passive income like staking and farming. I only FOMO after research, so even it it goes below my entry price, I just hold. and watch it for long.

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Quote from: TravelMug on May 03, 2021, 09:12:13 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

Well that's basically was FOMO is, you don't want to miss the pump so obviously, you have to get it. The problem is that there are investors mostly newbies who think of entering even at the top, that's why they lost money because usually when the price is already hitting all time high, the next thing that follow is a huge dump.

We have seen this happen in the past, so it's really dangerous to FOMO, unless it is bitcoin and you are going to hold for a long time, but for altcoins? risk is higher.

We all don't want to miss out on a profit-making pump that is why many of us are going to chase profit to buy a coin that is rising without checking the chart. Its okay to chase the profit when you see the chart isn't over-bought yet. There is still money to make when you get in the right moment but when it had already touched the ATH of the day, its going to fall inevitably, and that what makes it not a good way to do it.

TravelMug

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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

Well that's basically was FOMO is, you don't want to miss the pump so obviously, you have to get it. The problem is that there are investors mostly newbies who think of entering even at the top, that's why they lost money because usually when the price is already hitting all time high, the next thing that follow is a huge dump.

We have seen this happen in the past, so it's really dangerous to FOMO, unless it is bitcoin and you are going to hold for a long time, but for altcoins? risk is higher.

iTradeChips

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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.

adekogbe

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It is really easy to Fomo into buying a cryptocurrency that is pumping hard if you dont have a solid knowledge of cryptocurrencies and how price moves.
These happens a lot with newbies or people who are previously unfamiliar with how price moves in the financial markets.
They see cryptos pumping and that is when it occurs to them to buy.
I always like to see a break of market structure on the charts on the weekly timeframe before i can decide to cash in
However i believe in long term holds so i don't fomo when im missing out and i don't panic when price is dumping

lalabotax

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Because most people are very interested and also tempted by the possibility of a large profit, with the lure of profits that will be obtained. This is usually they want instant and most of them are new members or those who are lazy to learn or at least analyze. This is so sad because many will feel sad and also mad because they get loss and their money is still on that tokens, whether the token price is dumping down enough

Bitcoinjheta

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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

Its a big mistake and hustle to know it afterward. Common reason why they fomo is they are wishing a bounce back of price like what happened when BTC drop to $50,000 and it rise up to $57,000 which lot of people think it will pump up again.

hatshepsut93

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Crypto is prone to huge upside movements, so it's easy to FOMO when you're hoping to see some quick 500% gains. But when the price is crashing, the chance of those gains is disappearing, so people dump to cut their losses. So, overall it's not a losing strategy as long as you time it correctly and get on the winning side more than on the losing side.

We're also having an altcoin season now, and many people think that a lot more coins are still waiting to be pumped in a way Doge or ETH did.

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