FOMO: pros and cons.

in #advice7 years ago

Hello FOMO, my old friend
I've come to talk with you again
Because a vision softly creeping
Left its seeds while I was sleeping
And the vision that was planted in my brain
Still remains
...
.
That I am missing out...


Whoaw! How good is that song? Admit it, you're softly humming now.

So, F O M O. We all know this disease, monster and maybe...friend?!

CONS:

  • Will make you do outrageously stupid shit, like buying coins when they're pumping, investing in stupid projects that trolls call the NEXT BIG THING

  • Will convince you to hold on coins that are clearly done or even those who lost you money because maybe they'll be big again!

  • Will blur your investment vision, pump adrenaline into your veins and transform you from a rational player into an emotional monkey...with funds! That's a dangerous monkey, fellas. One that is about to go broke.

PROS?!

Are there really any?
Look, in my opinion sometimes you get lucky for FOMOing, you buy something and it's going big or you join a project that is actually a good deal. But I wonder if that's good in the long run or just reinforcing bad behavior. Imho, try to stay away from it, be rational, and always have an WHY for what you're gonna do. [ PRO ADVICE: a troll in trollbox advising on a coin IS NOT a good "why" ]

Personally, FOMO hits me the most when I sell not when I buy. Every time I sell, I wish that coin will never go up because I KNOW, despite a solid why, a plan, and even a good profit, I'll feel stupid for selling early. But knowing is how you win the fight with FOMO. Expect it, laugh at it, move on.

How about you, how are you fighting the FOMO?

Sort:  

I used to suffer greatly from #FOMO but over time I learned to control my emotions and now take a systematic approach to Crypto Currency buying. Buy when tokens are down and stay away from anything that is rising quickly. Red Candles are your friend, Green Candles are your enemy if you don't already own.

Any advice on learning crypto trading?

wish i had one for myself...do your research maybe?

The key is to not obsess over the markets every day IMO... good investment practice to only rebalance your portfolio every so often. Maybe more often with crypto than with regular investments.

yeah. crypto is so volatile...

Nice post! I'm too new to have an opinion yet. I fight FOMO a day at a time. : )

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