FOMO

in #litecoin6 years ago

What is FOMO? If you're new to cryptocurrency you made not know what this acronym stands for and what it means. If you been in cryptocurrency for a while you probably FOMO'd without even knowing what this term means. In a nutshell, FOMO stand for "Fear Of Missing Out". It's an emotional state of being where you make irrational actions based on irrational emotions that you'll missed out on higher price if you don't buy right now. In cryptocurrency, FOMO usually take place when you buy at a higher price than you normally would have. For example during a price increase, you're thinking if you don't get in right now, you'll miss out on the higher price gains. The exactly definition is as follows:

Typically, when you FOMO, you'll end up paying higher for the coin than the price then you would have bought when you are level headed. Based on personal experiences, once you FOMO, it's almost always the price drops after you buy in. There are situation where if you do FOMO and strategic your sells correctly you can come out on top. Through experience and have a few more trade under your belt, you can come ahead even if you FOMO. The key is to be patience and know that crypto is cyclic and that if you missed a price increase, there will surely another one within a few hours, if not days.

Remember, if you're sitting on the sideline with a wad of cash, don't worry, there's plenty of money to be made. Also note, you won't lose money unless you sell on price that's lower than what you originally bought in at. There'll be situation where you have to FOMO to keep the gains, just exercise proper caution and procedure confidence! Trade on!

The best way to resist FOMO is set a price that you like and you think is the best price to buy and forget it. Do something else to keep your mind from wandering back into the trading coins. The best is go to bed, if the FOMO is happening at night. A good night sleep does wonder for clear headed thinking.