As most of you already know, FOMO stands for Fear Of Missing Out.
Let's take a concrete example: you open Coingecko and you see that Filecoin FIL made +26% in the last 24 hours.
You have two options:
- You buy it: why not, but as it has already increased by 128% over the last 7 days, maybe it will pull back as soon as you have bought it...
- You try to forget it: ok, why not, but if you check Coingecko tomorrow and you see that it has increased again by 25%, you will hate yourself
So, what can you do in such a case?
I have a simple option to propose: you always have a few unused coins, with almost no value, e.g. on Binance, right? You can simply convert that dust into BNB or any other exchange coin allowing you to do that (by the way, Binance is quite convenient for that), and, once you have converted it to 0.0x BNB i.e. a few USD, you can use those few dolls to buy your famous FOMO coin.
A few days later:
- If it has increased again, you can put a stop loss to convert it back to BNB in case of correction, and you will have earned some BNBs
- If it has pulled back, you can do the same operation again with your dust and get more of this FOMO coin, what will average the cost
The advantage of that way to proceed is:
- You will fix the FOMO issue, because you get at least a part of it, even if it is a small one... But small is beautiful, right?
- You take no risk at all, that's only some dust that you convert, and you can average the cost by doing it several times
By the way, I did that with Filecoin 1 hour ago by using my dust and it has already increased by 4% in that hour... I may take some more later on...