Bitcoin Forum

FOMO = fear of missing out. An important rule you can read online is that you should never buy cryptos when the price is pumping very hard, because after all pumps the price goes down and corrects.
Sounds really rational and a smart thing to do.

However, I have to admit although I gained experience in crypto and made some decent profits, sometimes it's really difficult to resist buying a coin when it's really hyped and price goes though the roof!

Do you guys experience the same thing?

Several times and its without studying the charts and price history. When I read somewhere that price is going up and I saw a big green stick in in the chart I bought the coin right away and price slowly dropped. Later on I found out that the reason why the price suddenly shoot up is because it was listed on another exchange. Learned my lesson there and its costly.

Yes, I fell for FOMO when I first started in crypto. I heard lots of good news of a coin and got interested. The good news made me motivated and believe that the coin will bring me good profit. So I bought the coin quickly because price keep rising, the coin ended up dumping and I became a bag holder for a long time.

Everyone fell for FOMO at the end of last year, everyone in the media was reporting huge gains so everyone jumped in but then got burned during the correction. It will begin again now that crypto is pumping again so the FOMO factor is back

Everyone starting on crypto will fall for all the ups and downs of crypto space, It takes time to mature; understand the market and settle. Its a learning process.

I think every trader usually gets trapped due to fomo i also made few bad investments when i bought the peak due to fomo, now all those coins are down around 70%, i will hold and wait for next bull run and do not plan to sell them in loss.

Many times I did a regret because of this. And that was a mistake before. Of course, my eyes widened at the coins which I saw last time that almost reached the sky. But same thing goes to the other traders, I have been tempted before and bought some of my coins at a high price.

Well, we have learned from our experiences. Thus, I have gained some strategies now without that FOMO thing. :D

I think that sooner or later all the people who don't have any kind of financial background, including me of course, fall into FOMO. It's a new market, we always think it's gonna boom, we just buy.

Honestly, I still fell for fomo after a few years in crypto. When coins’ prices are going up, you never know whether it is fomo or a real price rise.

Of course i was trapped twice,but that is when i am new to the market and it was the worst nightmare that i have faced of,i lose half of my investments but i managed to get it back thru investing to another altcoins.I have learned my lesson too hard which is why i am not going to make the same mistake.

I do not have similar feelings, maybe because I have this secondary income? If cryptography becomes the main income, then everything is possible.

Yes I experienced in Ripple coin ripple has biggest Fomo in entire crypto industry  ripple increase in value all of sudden at least 5 to 10 times in a week

FOMO is another aspect of addiction, and i dont think anyone in cryptosphere has been left untouched by it, maybe due to greed, anxiety, herd mentality, lack of maturity, rashness or just plain desperation.

Sorry, I don't understand what you are talking about fomo. Is it an ICO token or a coin. Can someone tell me what happened to fomo?
it seems to be a very famous thing that you all know it,I'm curious.

I don't know if you would consider it FOMO but when the bitcoin dropped to 7950$ first time after the bull run i bought and added some when it reached 9000$ then it dropped to 6k -_-

almost every crypto trader fall into the trap of FOMO, may be once or twice,  the only way to avoid falling for this is by researching about any alt coin before buying it no matter how the price is pumping, because it's only shot coins that are being pumped and dumped like that easily

Definitely - I was FOMO'd by Spectrecoin and Coss at year end.  I've managed to cost average my Coss way down, but haven't bought more XSPEC on the way down.

Yeah
When i'm started about trading
I'm frequently FOMO
Always buying the flying coin
And then i'm realized that's a disservice
Now i don't easily got FOMO again
Check the chart and the news first
That's the tips

I'm not sure I agree.  It's impossible to predict the market.  As someone else noted, if you bought at the end of 2017, you were FOMO'd pretty much regardless of what you bought.

Regarding trading, not yet. But regarding other crypto related things, definitely yes. I can't seem to stop thinking about the opportunities I missed, because I only got in the whole crypto scene a year ago. But it always calms me down to think about the opportunities that still lie ahead.

I once did fall into FOMO trap and lesson was learnt in a hard way. Currently, the price is gaining for some reasons. I'm thinking about selling some especially when things settle because I doubt that it'll be FOMO. Even then, it's still difficult to decide at what price to sell.

In my personal experience, maybe some of the cases before I used to be trapped by FOMO but the problem is I don't have money, Bitcoin or Ethereum to invest on some altcoins that gained massive pump out of FOMOs.
this time, I should know that some altcoins do massive price value increase but we should be careful because in most cases, the group of Pump&Dumps are the responsible and people lost their assets out of FOMOs.

That's it, the best reference when altcoins are surging or gained massive pump is when there's significant progress of their crypto projects or products in line with their road maps.
most of the new altcoins today are having their own crypto projects so if some altcoins are pumping with no reasons it might be pumped intentionally by some Pump&Dump groups and people lose their investments when they invest out of FOMO.

In the beginning yes. But you learn how to surpass FOMO with the experience.

fomo (along with panic selling) is pretty much a right of passage in crypto.

i would wager most everyone on the forum has done one or the other (or both) at least once, and probably several times, in their crypto journey. i know i have.

takes a while to get a feel for whats real and whats not. patience is the key. risk tolerance is different for everyone. youll find a spot where youre comfortable.

Yes, when i first started to invest in crypto i bought many coins because of FOMO. I was just seeing them rise and thought that it must be something special about that coin, but ussually it was just a pump and dump thing.

yes several times when i started on crypto investment without thinking when i see a massive pump i just panicking to buy but now i learn from my mistake before i buy a coin i usually read news first about the coin and studying the chart.

FOMO can work at several ways :

1 you are scared to not take part in the next bitcoin

2 you got 81000000 dcn , like me , and FOMO says that there are a lot off tokens , fomo told me to sell a big part at 1 satoshi , 2 weeks later bitcoin was 2x price and dcn was at 40 satoshi, so lesson learned never sell your coins or tokens

At some point but luckily I did not invest a lot of money but during the last bull market I saw a lot of people who went in way more than they could afford and in a couple of months they are coins were worth half the value of what they were bought in january

I am in this market for a few years now and i wont just listen to anyone when it comes to investment, i will do my research and come to a conclusion before investing, when i came in the market it was difficult to understand what to invest as there were many coins and the hype sometimes get in the way, but i was lucky enough to invest when some of the major projects started like ETH Dash Monero etc and those investments were risky at that time but those gave me the best profits.

That is the reason we should learn from the previous experience. Everyone joining crypto will experience FOMO especially those new comers with less or no experience in reading the chart and understanding on how the market moves.

Yeah I did fell into fomo trap before especially when I was new and a more active day trader. I made losses and gains doing so. I am more of a holder now. It was a good experience.

yes, I experienced a fall with fomo, but still on other occasions I can still wake up to this time still survive. I thought it was a natural thing so I kept relaxing through it.

well I did it first time I have heard about cryptos and after boom all went down but It was my fault to buy at that price without real knowledge about cryptos so I think I have learned my lesson about fomo.

Some times the future will not stratight with your prediction, dude. I have sold my npxs for 8x above the ico price and it's so difficult to do. As long as you have been securing genereous profit for the next time to trade and i guess that's not a problem at all.

Haha. I still remember back those days that I have fall in this trap. I thought that I'm missing the party so that's why I don't care even the price was quite high and I can't read charts properly way back then but now it's all good that I've learned experience and lessons through it. Another thing is that I'm selling during the dip days because I thought it will fall forever so I'm sure that we all have mutual experiences about this matter. It's fun to remember but you have to learn from it.

FOMO is the term used to describe a scenario whereby one rushes to buy a mooning coin/token so as to make quick gains only for the price to dip after purchase. If the aim was met then it can't be termed FOMO but smart trading.
When I purchased ZCL at over  $160 with an expectation to sell at around $200 before the fork, I watched the price dip to the point I was forced to hodl, that's a FOMO trap and I fell hard.

Crypto trading is about money though so you have to know what you are doing or what you are about to do. No just because of some influence or pressure that you should ignore the risks of investing or anything to do with risking your own money.

Yes I often invest in some coins which were rising much faster and higher on bittrex and in that coins I also gain a high level but for the gaining of more higher I lost a good opportunity and the price started to decrease and I lost a good amount in that trap.

Yes a lot of beginners and newbies fall in FOMO, As of me i personally fall for it. Because of the eagerness to gain profit, afraid being behind the waves of th price hike, i bought some coin that pump hard but in the end i loose my investment because it hardly falls down. Sometimes Fomo isn’t that bad but you have to wisely deal with it.

I fell into FOMO not once when I first started out. What causes this is lack of orientation like a proper guide to crypto. When I was new, I felt everything that's up keeps being up little did I know most are pumps and when chased, one falls a thousand times.

Some people who bought in january may experience this situation. Maybe you are experienced for a long time and recognize if there are any abnormal fluctuations. But for many new people who come in, may not be aware of the situation except to see a very good opportunity to make a profit.

Indeed, many altcoins are now overhyped.
Most tokens have no value, so I don't like any tokens. , >:( >:(

Just like that, and it seems that desire that will make many people stuck in the game of speculators. But it may only happen to coins with a market cap that is still quite low.

In some cases it is difficult to tell the difference, but if we are really careful we may be able to take advantage of the situation with short-term transactions.

I think pump & dump is something that is planned with greatly organized and many parties involved. So maybe with enough knowledge we can recognize and avoid these traps.

That is a very plausible thought. The problem is that some coins actually dart when we think it's a trap pump, and I think it takes knowledge and experience to distinguish between them.