Your experience with FOMO (fear of missing out)

metalglowd

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Quote from: jnns on April 22, 2018, 06:41:41 AM

Fear of missing out is familiar to many.
It is known from psychology that fear-based factors also affect people in the crypto market, emotions drive their choices more than intellect.

How have you dealt with FOMO?

yes, it ever happen to me, actually im miss of being FOMO Grin

first time i know bitcoin, it also introduce me with P&D system, free and paid channel really give a big seduce to join them

i ever FOMO to the coin that just being pumped, and after 15 minutes its dump again. but still i HOLD the coin, three weeks after that my alert on the phone give a signal that the coins is getting pumped again. and so i sell those coin all in. only 7% profits of those coin because of the FOMO really make me wake up that i will not do it anymore Embarrassed

jose111

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Quote from: jnns on April 22, 2018, 06:41:41 AM

Fear of missing out is familiar to many.
It is known from psychology that fear-based factors also affect people in the crypto market, emotions drive their choices more than intellect.

How have you dealt with FOMO?

Definitely, a lot of us experiencing fomo most specially the people that has doubt and curiosity to potential of crypto. What I mean is the true believer is not easily felt nervous and afraid immediately, a true believer needs more confident and believe. We couldn't scared or nervous in anything that possible to happen if we have faith and hoping that the system we're supporting will performing better again and it makes a way to reach it's highest peak so there is nothing to be worried about.

LogitechMouse

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FOMO has killed my investment especially in trading twice already. When I jumped in a coin and make a risky move, after a few hours it will drop and will not reach my buying price again. This FOMO has cut my funds into half already but instead of crying or saying "FUCK FUCK FUCK", I just think of another way to regain my lost funds. I don't panic but I think more because panic will give you NOTHING. Absolutely NOTHING/

letecia012

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Quote from: jnns on April 22, 2018, 06:41:41 AM

Fear of missing out is familiar to many.
It is known from psychology that fear-based factors also affect people in the crypto market, emotions drive their choices more than intellect.

How have you dealt with FOMO?

Its hard to say how i can overcome FOMO and emotion driven trading, Actuallu i just been a victim a week ago when market starts to go green and altcoins and bitcoin are continue to rise i though it would be the start of run up so i bought Cardano and nem but after i bought price was fall so i lost 10-15% in just1-3 days have no choice but to wait for anothee green market. its really hard to contol emotion when you are thinking of FOMO

Radientgurkin

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Quote from: Nilda on April 22, 2018, 08:41:27 PM

There’s no need for FOMO in bitcoins. Even if you missed the record highs late last year, you still can make up for it by investing right now. You only MISSED OUT if you totally didn’t go into cryptocurrency. Just don’t go borrowing money or selling anything valuable like your house just to be able to Keep Up With The Joneses.

Very good advice here. "Just don’t go borrowing money.."

Have read about people buying crypto on credit. That is a recipe for disaster. Don't do it.

entrepmind23

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Quote from: jnns on April 22, 2018, 06:41:41 AM

Fear of missing out is familiar to many.
It is known from psychology that fear-based factors also affect people in the crypto market, emotions drive their choices more than intellect.

How have you dealt with FOMO?

At first, you cannot avoid being FOMO'd because you just want to earn some profit and you can see that the price is increasing so you don't want to miss it out. You are still being controlled by your emotions when it comes to trading that's why more often than not you will lose because when others are already selling, you are already buying and would end up being dumped.

You can only deal with FOMO when you already have experience in the market. The important one is that you should have a trading plan knowing when to buy and sell so that you will not be controlled by emotion since you have a rational mind and firm with your decision not being affected by whatever is happening in the market.

Nilda

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Merit: 14

There’s no need for FOMO in bitcoins. Even if you missed the record highs late last year, you still can make up for it by investing right now. You only MISSED OUT if you totally didn’t go into cryptocurrency. Just don’t go borrowing money or selling anything valuable like your house just to be able to Keep Up With The Joneses.

Vannie12

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I agree. Emotions are very strong that it can conquer even the mind. This makes people jump into cryptos even the prices are very high then they are in stress when prices go down drastically. I feel bad for those who where affected.
I do not really have such problem like this. I wait patiently even though it is kinda boring this past few weeks. I don't know but I think it is because I already accomplished something within cryptos. It gives me a mind set that everything will be on it's way because I am holding few amounts. As a student, I am satisfied with what I have right now. Unlike those who really have nothing and just wanted to jump in.

BitcoinNewbie15

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Quote from: Radientgurkin on April 22, 2018, 07:16:02 AM

Quote from: jnns on April 22, 2018, 06:41:41 AM

Fear of missing out is familiar to many.
It is known from psychology that fear-based factors also affect people in the crypto market, emotions drive their choices more than intellect.

How have you dealt with FOMO?

Interesting thread.

It's very easy to get caught up in hype and FOMO.

In regards to dealing with it, I heard some good advice last year about altcoins which has saved me from alot of headache: If the coin has already done a huge exponential rise recently, you're already too late.
Summary: Never jump on after you see a big move. This would be based on emotion instead of strategy. Train yourself to not follow these urges.

This is the best advice. If the coin is up 10% - 20% don't buy. It has already risen, you are too late at this point. I have made many bad trades due to fomo, and have learned from them since. And I've done better because I have avoided it. Nearly every time i've fomo'd in, it would rise another 1% then drop at least 10%. Risk v Reward is not worth it.

patispace

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I already have enough time integrated into business related to trading, so I am used to deal in a fairly adequate way with everything that involves the control of emotions and the patience necessary to wait for the right moments to buy and sell.

Anyway my philosophy is that there are too many things to invest in to get good returns in this world. If I feel that something is too expensive to invest in, I have no problem in letting it go and looking for other investment options.

Veterock

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I try to say goodbye to my investments mentally and think with a cold head, it helps me))

Doge dealer

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this has come into play a lot in the past two weeks with the consistent increase in the pricing of bitcoins , its appears as if the price is going up to new levels and this has really sparked the fear of loosing out among people who would have been reminded of several instances where they lost out from not investing , December 2017 when prices rose to 20k is still very fresh in our minds.so this will push several persons into buying this time because they don't want to loose out this me as well.

BelieveInBTC

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I buy Bitcoin not because I am afraid that it will be too late for me in the future but because I am interested in it. I spend a lot of time on reading about Bitcoin. My family don't get it at all, they want me to help them but they are not really interested in it. I had a big problem when Bitcoin Cash price was increasing. I bought some of it and lost some money so I have a little experience with FOMO. Nothing to be ashamed of. Many people reacted the same as me.

richjohn

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To be honest, I mostly panic and end up with a panic attack. It becomes hard for me to take the eyes off the exchange portal. I keep refreshing it every other minute hoping the rate falls so that my guilt lessens a bit. I know it is little selfish on my part, but the anxiety gets so bad.
So, to calm my nerves, I invest a small amount, like 100$, so that I too feel a part of the pump and make little bit of money.
On the whole, the market has given me a lot of anxiety and that is why I have reduced my trading activity.

Jenn09

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i have many people known with that kind of strategies here in crypto world maybe they are not that knowledgeable and not that motivated that bitcoin or other tokens has a potentials to rise up soon because they only think foe short time investment not for long terms.

1020kingz

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Yes i experienced FOMO, i already bought bitcoin that i really think that has the potential to give me profit in the long run, but in the end i see some progress on the other alts like ripple and reddcoin, i sell it all and buy these two coins, and suddenly these two alts go down and i never recovered. To think about those experienced it really gives me a heart ache.

angelinedelatorre

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I also experience that when I am a newbie and I earn big but it resulted to lack of sleep and sickness. I promise to myself that my first priority is health. Health is more important than money so I balance my time and focus to the real world not much in computer and money.

Dudeperfect

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In my initial days of trading, I used to take trading decisions solely based on the green signals (which one should avoid) and free tips from exchange chatbox. In most of the cases, I lost my hundred percent of the capital just because I relied on the opinions of the people who were involved in pump and dump attempt. Every decision that I took during the pump and dump was completely against the demand of time but I was under the influence of fear of missing out. Fortunately, I never invested more than my lost bearing capacity and hence I was able to come up with a fresh capital every time.

squatz1

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Oh I've had so much of it, I bought bitcoin on the way up to 20000, thank god I sold around 20,000 made a small profit and then left. I was pretty happy with whatever I made, but if I had gotten too greedy I would have lost a shit ton of money. I've thankfully recovered from all of the times I bought due to fomo. I know many though haven't recovered from this and are still waiting for bitcoin to go back to 20k -- that would hurt a TON.

Tactical Genius

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i have experienced FOMO before and that was last december when everything was just sky rocketting,the fear was that by this time of the year most of the cryptos will be very expensive and so i had to join the train before missing out on it later.Thankfully,i didnt buy much at the peak else i would have run into massive losses.

Topic: Your experience with FOMO (fear of missing out) (Read 281 times)