In the crypto community, the word Fomo (fear of missing out) has become an intrinsic part of every investor or trader. When you go through the posts of Technical Analysts on social Media, the reactions from their followers speaks volume of how much ready they are to hump in at slightest rumor of any token price uptrend. This usually is way out of their own logical senses but as a result the emotions stemming the fomo effect.
This article is about concise and comprehensive way to deal with fomo phenomenon as an investor especially in the crypto market.
Meanwhile, let’s first take a little dive into the word “fomo”. The FOMO word has become so popular that it has graced the pages of the Merrian-Webster Dictionary. The dictionary defines fomo as: fear of not being included in something (such as an interesting or enjoyable activity) that others are experiencing. The word “fear” is the fundamental word in the acronym cum word and fear as we know describes an emotion, a negative emotion at that.
Franklin Roosevelts once said,
“We have nothing to fear but fear itself”.
Tiny Buddah also said,
“when we make decisions out of fear, we relinquish control over our lives and limit our potentials”.
Now, let’s look into how we can deal with this fear of missing out (fomo) as an investor especially in the cypto market.
- Start Early: Abraham Lincoln once said
“I will keep preparing myself because I know one day my chance will come”.Same word should hold true for any crypto investor who hopes to make huge profits from the market in the long run. Cryptocurrency market, though extremely volatile, is an investment vehicle that bears lot of fortunes for every investor irrespective of the time you choose to bring in your funds into the market. I began investing in the market during the late 2017 Bull Run and before March 2018 I was already counting my losses and so it went until I was almost depressed. But when I carried out deeper research about cryptocurrency, I started having a better understanding of the market’s modus operandi. I then made up my mind to still add more coins into my bag with some percentage of any money that comes into my hands. This I continued doing irrespective of the direction of the market price chart. Though I would advise you look for token that is yet to go into full blown bull market when you want to start investing in the market, but the truth still remains that as a long term investor, you're perpetually carving your to great profit in the crypto market. You just need to pay rapt attention to the market dynamics to know when to take profit. In crypto market, you can never go wrong with your invested fund. It will definitely give you a huge ROI in the long run. Buy some coins (of course with funds you can easily part with) from reputable and safe project with high market capitalization in coinmarket cap, and HODL it.
- Be Patient: As an investor, Patient should be your basic watch word. If you missed it today, you will definitely find another chance (even a better one most times) tomorrow. In fact I would consider Patience to be the antonym of fomo. Whenever you hear people screaming about an ICO or token rising to about 150%, at that moment you ought to take some patient pill and watch how things unfold.
- Go off Chart or Exchanges for a while: If you discover you can’t control your fomo emotion, please just go off the chart or your crypto exchanges for a while. In fact from personal experiences, I have always found out that whenever I take this action, I come back to meet a better price to enter the market and hit some profits than I have left it earlier.
- Look the other way: Gains or High ROI in the market must not be from Bitcoin or ethereum. There are also tens and hundreds of safe and reputable ICOs which you can invest in and make great profit. Go to exchanges like Binance and research on any of the ICOs. Bitcoin also started just same way they all are right now. You just need to take some patient pill and look towards long term ROI.
- Do Your Own Research (DYOR): Social media platforms like twitter has been main culprits in the heightening of the fomo effect among crypto investors. When I read comments from people reacting to the charts, interviews and comments from Technical Analysts, I easily feel their fomo emotion running down their veins. The end most times are traumatic. I will advice you carry out your own research, look through charts, read news outlets and understand market dynamics before investing not out of “fear” of missing out.
Summary: In summary, no time is too late to invest in the crypto market. Start with the little fund you can easily part with and hodl your coin bag for long term ROI. Never commit your funds in a particular token simply because the crowd is doing so. Do your own research (DYOR). Be patient and stay calm while you watch your investment bring you high returns.
I hope you’ve found one or two tips to use in the face of “fomo” from the post.
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