How to Deal with Cryptocurrency FOMO

FOMO (Fear of Missing Out) is one of the emotions that affects our daily lives. Whether we realize it or not, we often feel it on various occasions. For example, when a regular clothing store holds a warehouse washing event and a massive discount or your favorite watch brand releases the latest product. Fear of missing out on discounts or fear of missing out on this trend is a form of Fear of Missing Out.

Bad Impact Of FOMO

When you often feel afraid of being left behind, there are several impacts that can have a negative impact on your financial condition. You want to know ?

Bad Investment Decision

When going to invest, there are various considerations that you have to think about, starting from risk, liquidity and how the instrument will perform in the long term. However, many people then have to suffer losses because of their FOMO.

For example, there is a company whose IPO is anticipated for reasons of popularity. Offering a limited number of shares at a high enough price often makes people forget to do the analysis. In the end, they lost most of their invested money as the company's stock price plummeted just days after the IPO.

Spending Unnecessary Money

FOMO often triggers anxiety and worry that forces us to compete with colleagues around us. For example, when you see a close friend buying a new car, you feel you must have the same item because of your position in the company. Expenses caused by this fear of missing out can drain your savings or trap you in long-term debt. In the end, it is not only your finances that are threatened but also the calm and peace of life will also be lost

How to Deal with Cryptocurrency FOMO

Realize That Some Loss Is Inevitable

The funny thing about cryptocurrency FOMO is that there's a lot of truth to it. You will miss out on some opportunities to profit. That's just the nature of the game. No one, not even the Winklevoss twins, have managed to have pure profit just from investing in every single opportunity out there.

Your best bet is to think of cryptocurrency trading strategies as a quest to see how you can win and make investments that better your own lot in life. As long as you're gaining something, you shouldn't have to freak out over not gaining everything.

Realize That Cryptocurrency Is High Risk

Though the crypto market is definitely bullish, it's not all sunshine and daisies. There have been moments in crypto history where investors have lost all their wealth because they decided to jump in on the train at the wrong time.

FOMO is also pretty terrible when it comes to investing in ICOs that end up flopping. Cryptocurrency FOMO is real, but make sure you don't end up losing everything like some investors did.

Do Your Own Research

Do Your Own Research (DYOR) is a popular term within the cryptocurrency, blockchain and trading communities. It’s a gentle reminder to take charge of your own investment knowledge and decision-making.

This is especially important for newcomers, who are more prone to making mistakes – or being misled. Luckily, when it comes to cryptocurrency, there are plenty of resources to help you. That is why you shoulde do your own research

• How did the cryptocurrency develop and what are the plans for future development?
• Is the cryptocurrency truly ‘decentralised’?
• How reputable is the history of the team?
• Which exchanges offer your chosen cryptocurrency/cryptocurrencies?
• Does it solve a problem?
• How different is the cryptocurrency to its closest competitor?
• How big is the target market?
• Any legal barriers to entry?
• How is their marketing and social media presence?
• What are the key features of the cryptocurrency’s blockchain?
• How concrete is their roadmap?
• Look for any red flags – Google is your best friend!

Whilst there is a lot of excitement around cryptocurrency, knowledge is power. Invest the time in doing your own research before investing your money, and you’ll be more likely to achieve success within the cryptocurrency world in the long run.

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