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Author Topic: How to avoid falling into a FOMO trap  (Read 277 times)

JVanLier

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How to avoid falling into a FOMO trap
« on: November 13, 2019, 12:55:12 PM »
Most new traders are easy targets when it comes to falling into a FOMO trap. FOMO stands for “Fear of Missing Out” and usually occurs when there’s a lot of hype around a new project or a new development in an established project, that traders are scared of missing out on. But here’s the thing, giving into FOMO can actually be hugely detrimental to a crypto trader’s efforts. We’ll be looking at how to avoid falling into a FOMO trap, so that you can keep your trading efforts sustainable and avoid giving into hype. Here are 5 questions to ask yourself:



1. Does this sound like paid hype?

The first question you need to ask yourself when you’re trying to avoid falling into a FOMO trap is: Does this sound like paid hype? Paid hype essentially means that a crypto influencer or other’s in the cryptosphere have been paid to hype up a particular project, usually without knowing whether or not it actually has a chance of being a success in the long run.

This can be particularly impactful on new traders, who often look to figures in the crypto industry to direct them towards sound and secure projects. Unfortunately, many people are in it for the money, and may promote a scam without much care. If you’re hearing about a project from an influencer, be sure to do your own research thoroughly before considering buying in. Doing your own research is vital to making a successful trade. And if something seems odd, definitely wait the FOMO out. 

2. Are there a lot of controversial statements being thrown around?

Maybe you’ve heard about a new platform and have done your own research, but there are a lot of conflicting and controversial statements being thrown around. Firstly, good for you for doing your own research. However, if opinions are generally conflicted about a coin or a project, it’s probably a good idea to wait a bit and see what happens.

Often, conflicting information is a sign that a project is unstable or too risky, and you’d be better off sitting it out. You can always buy in later if it seems like things are going well, but don’t give in to FOMO if you’re uncertain. Risky trading doesn’t make you a better trader, it is

far more beneficial to be cautious and to make the right decisions.

3. Who is the authority pushing this information, and can you trust them?

Do you know if the person or entity promoting a certain project is trustworthy? If you’re skeptical, you should probably stay away. Unfortunately, there are some individuals and authorities that use crypto and crypto trading to take advantage of people, especially people who are newer to trading. When you see someone pushing a particularly project, ask yourself whether or not they themselves are trustworthy, and whether the project that they’re promoting seems viable or realistic.

Ultimately, if neither seem legit, you should most likely stay far away. You can always keep an eye on the project and buy in at a later stage.

4. Has this been done before?

When looking into a project, you should definitely ask yourself, “Has this been done before?”. If the answer if yes, you would be better off avoiding the project altogether. Why? Well, it would make more sense to buy into the original project, than into a knock off. We’re not talking about something like a hard fork, because that’s a different situation entirely, but rather projects that seem eerily similar to other platforms that are operating under somewhat false pretenses. Those projects are most likely going to fail, as they don’t provide anything new to the cryptosphere.

5. Does this investment stretch beyond your financial means?

When you first start trading, it’s incredibly important that you evaluate how much you can afford to trade with, and start from there. If a project requires an investment that is outside the realm of affordability for you, it’s crucial that you don’t stretch yourself just to give in to FOMO. Rather wait and build yourself up to a point where you can comfortably make that investment, and then buy in. Giving into FOMO at a time when you cannot afford to can be especially disastrous.

So, how to avoid falling into a FOMO trap particularly when it comes to your finances? Wait it out.



Avoiding FOMO

Now that you know how to avoid falling into a FOMO trap, you’re prepared to take on the world of crypto trading. Bitcoin trading and altcoin trading can feel incredibly daunting to start, but once you’ve got the hang of it you’ll find yourself flying in no time.

If you’re new to crypto trading and want to learn the ropes in a safe and encouraging space, check out eToro, the world’s leading social trading platform.

Cryptoassets are volatile instruments which can fluctuate widely in a very short timeframe and therefore are not appropriate for all investors. Other than via CFDs, trading cryptoassets is unregulated and therefore is not supervised by any EU regulatory framework. Your capital is at risk.



https://www.etoro.com/blog/market-insights/how-to-avoid-falling-into-a-fomo-trap/

Delgboke

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Re: How to avoid falling into a FOMO trap
« Reply #1 on: November 13, 2019, 01:05:55 PM »
Thank you for this relevant information that you have shared to us all but one thing is certain in cryptocurrency trading is that people always want to buy a coin that's already traded with a good price value without knowing what will become of the coins in the future time weather the project will be successful, that's why some people are caught in a FOMO trap.
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Re: How to avoid falling into a FOMO trap
« Reply #2 on: December 07, 2019, 11:48:07 PM »
That's good information, mate. However, basically, we just need to be smarter and more careful in order to avoid Fomo Trap. Experienced people won't be trapped by Fomo or Hype. They must have some analysis or research to know deeply the coins.
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Borent

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Re: How to avoid falling into a FOMO trap
« Reply #3 on: December 28, 2019, 01:37:04 PM »
Earlier I met such schemes, but did not know that they are called FOMO. I think the surest way to not fall into this trap is to completely ignore all this hype around a new product / service, you need to invest only after some time.

jenica

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Re: How to avoid falling into a FOMO trap
« Reply #4 on: December 28, 2019, 02:27:03 PM »
We need to be vigilant in dealing with fumo, where it is a game of investors to make big profits, by making many people panic, but I really appreciate your information.
Good information

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Re: How to avoid falling into a FOMO trap
« Reply #5 on: December 31, 2019, 10:55:52 AM »
The best way is to follow your analysis, projections or gut feelings. There is too much noise outside, and we better avoid it if you want to stay away from FOMO.

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Re: How to avoid falling into a FOMO trap
« Reply #6 on: December 31, 2019, 03:23:20 PM »
People who often fall into fomo are often new and inexperienced. The best way to avoid fomo traps is to study and control greed.

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Re: How to avoid falling into a FOMO trap
« Reply #7 on: January 02, 2020, 02:57:49 PM »
The best way is to follow your analysis, projections or gut feelings. There is too much noise outside, and we better avoid it if you want to stay away from FOMO.

Gut feelings? Nope, I have better stay away from those. Our emotions influence gut feelings. And being emotional while buying/trading/investing is a FOMO in its finest form.

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Re: How to avoid falling into a FOMO trap
« Reply #8 on: January 03, 2020, 01:25:40 PM »
The best way is to follow your analysis, projections or gut feelings. There is too much noise outside, and we better avoid it if you want to stay away from FOMO.
It's a very good choice to avoid FOMO, but sometimes it's also very difficult to avoid FOMO, because it makes everyone tempted, So that makes traders trapped

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pushups44

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Re: How to avoid falling into a FOMO trap
« Reply #9 on: January 03, 2020, 02:02:05 PM »
I think one way to avoid FOMO is to dollar-cost average. That way, even if you fall into a FOMO trap, your cost basis will even out over time. It works for me!

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Re: How to avoid falling into a FOMO trap
« Reply #10 on: January 04, 2020, 12:48:01 PM »
I think one way to avoid FOMO is to dollar-cost average. That way, even if you fall into a FOMO trap, your cost basis will even out over time. It works for me!
It is very appropriate for you to think, assets that are trapped by Fomo will quickly diminish, so that will bring us down

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pushups44

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Re: How to avoid falling into a FOMO trap
« Reply #11 on: January 13, 2020, 09:46:15 AM »
I think one way to avoid FOMO is to dollar-cost average. That way, even if you fall into a FOMO trap, your cost basis will even out over time. It works for me!
It is very appropriate for you to think, assets that are trapped by Fomo will quickly diminish, so that will bring us down

Well, I have been into cryptocurrencies for at least three years, and I have found dollar-cost averaging to be effective long term. I suppose it won't work if you just dumped your life savings into BTC when it hit $20,000, but anyone who did that was an idiot. The devil is always in the details. Dollar-cost averaging smoothes out bad decisions in time. It's also a heuristic to avoid buying into a rally, since you've already been using bullets sporadically.

 

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