Whenever someone shares their real life experience with others, it feels like as if we are living their words and actually going through those emotions and feelings of theirs. It's as if we are reliving those moments with them. This only happens if the discussed topic interests you! If it's not, than probably you are just wasting your time.
While my story is almost fresh and I tend to share with y'all! I suppose it is going to interest you since it's related to crypto and we all are in cryptosphere for some time. Also many of us are familiar with the term FOMO.
Fear of Missing Out (FOMO)
Fear of missing out, otherwise known as FOMO. This means that people are afraid to miss out on opportunities for fear of failing or making the wrong decision.
I have been through this phase countless times over the years. I must admit this feeling of anxiety, relentlessness, adrenaline rush and curiosity of being whether I will make it or not is sort of exciting. It is literally a feeling which someone can not feel unless you have been through this situation.
Being left out in crypto is a very common story for many for us. If you are in crypto for some time you must have witnessed this scenario. Where you had a news/idea about a crypto which has a potential gain after few days but due to several reasons you were not able to jump in on that crypto but later you saw that coin pumped restlessly and you end up scratching your head ! Let me know in the comment section, how many times you scratched your head 🗣️
Yesterday,the situation that I am going to describe was quite similar to the above condition. While, I got a news and I was pretty sure it will hold up. And if I dive into it, I will end up having profit in the long run. Without further delay, I was waiting for an opportunity to get in. But guess what, it was slowly starting to rise and I was just telling myself don't buy yet. It will come down. But I forgot if I have got the news than others have got the news as well and among them there will be few nobs who will just grab everything along the way. Thus the market will react and since people are just rushing into it the price was bound to follow the uptrend. And it did?
Now what happens?
This is where people starts to panic and FOMO finally rushes into our bloodstream. I tried to resist myself so hard with reasons and logic but after so many failed attempt finally I was not able to resist myself and I just gave up! I clicked the buy button and I started to scoop up what I was getting with the current market price. My mind played a very evil trick with me and it gave up logics which really made sense during those moments.
Image source
So, what happened within those few moments!!
I bought the token which I wanted to purchase at a much higher rate than I was expecting.
I fell prey to that particular situation.
I invested more than I was actually trying to invest.
I did not follow the rule
Let's breakdown the situation a little. Since I got the news about this crypto, I was laying out a plan of how will I execute the plan! Thus I accumulated my fund and I had my buy range selected. I gave myself some strong instructions that I will not bulge under any circumstances and I will just swoop in and get out as fast and easily as possible.
Nothing works as planned in crypto, just Adopt to the situation
Not only in the above situation,but in almost every situation of buying and selling in crypto it does not go as planned. So what can be done in order to not get over excited or also get out of the state of FOMO. Some of the tips that I try to remember and they have helped me In plenty of situation to overcome from this feeling FOMO
- Do I want it real bad?
- How far am I willing to go?
- Will I be able to recoup my investment back?
- For how long will I invest in here?
- Do not listen to illogical logics which are being made by your mind during that phase!
- Be determined!
- Don't be overwhelmed!
- Don't get too attached with the project!
If one takes care of these particular points, many would come out of FOMO and deal with the situation as calmly as possible.
Where was my mistake yesterday??
I wanted the token real bad. I was willing to go above and beyond to get hands on them. I was listening to all the illogical logics of my brain. As if it was talking with me. It was literally saying Rehan, you will not get the token in this price, it will start to rise in no time. As there were almost no sale order as well. So those logic started to make sense. And Bazingaaaa it got me there and I started to panic and I fell victim to FOMO once again.
Since I will be holding these tokens for long term, I am just planning to hold them and I will average them whenever I will get the chance. That way I will get to my original expected price and I will smile at the end. Need to do some extra tasks due to my mistake lol. But either way, I gained another experience in this situation. I will use this experience in my future for my favor. Let me know if you have faced any of this situation like me in the comment section below. I just want to know, there are others like me, I am not alone 😬✌️
Best regards
Rehan
Posted Using LeoFinance Beta
FOMO is a feeling I don't like experiencing but it's bound to happen at times. It always makes me nervous, scared of losing huge tokens, and leaves me confused😴😇. If the FOMO defeats me and I missed the tokens that I've been pursuing🏃, I become angry with myself and literally everything around me (including the lifeless ones) 😂😂😂.
Thanks for the tip @rehan12. I'm quite sure it will help me to overpower💪😅😅 FOMO anytime a similar condition likely happens.
lol Nkem going over the moon for FOMO. But yeah I hate it when it happens! But after some time when I start to think rationally I guess I get to become calm. So there's that!
Yea, rational thought 💭🤔👌
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