Fighting your own FOMO

[Ahasca]

Really grateful for the replies so far!  Keep them coming.  What about stories of you falling for fomo?  What about your success stories for resisting a fomo that Coin TANKED right after you decided not to buy?

For some clarity though, I want to share about mediation and how it helps fight FOMO. 
Meditation practice is something you work at, like trading, to attain different states of mind, and that requires work and practice.  The states of mind you experience are: Unsettled, Settled, Quiet, and Peaceful.

Unsettled is like your mind is doing whatever it wants, thinking, visualizing, spinning off unfocused.
Settled is like you've started watching a movie, or listening to some good music, it's just starting to slow, you'll get the occasional thought pop up(I gotta get gas in my car, I gotta do that thing later, etc.)
Quiet is like you're totally engaged in the movie and thoughts aren't interrupting you.
Peaceful is like you are totally in the zone while driving a long distance on a double highway, people pass you and you are unfazed, cruising at your speed.

When trading it'll do you no good to be unsettled, and unfocused, we can all agree on this!  Settled is better but you will be prone to distraction and your mind can control you, fomo can still happen.
Quiet is ideal, you are in control of your thoughts and they aren't spinning away with you.  Your focus on the trade is absolute and you can execute your trading plan without emotion creeping in as none of those imagination of lambo's or thoughts of utter ruin can mess with your plan. 

Peaceful, that's probably one you don't want to be in as you'd be totally detached from trading...as practicing peaceful mind requires contemplating non-permanence do become detached from everything.

Anyway, it's important to practice these in meditation so that you are familiar with the states of mind and how they feel, and can enter them when you begin your trading session.

That's just a bit of the meditation practice I mean!

Someone asked about the group of traders?  Well the bitcoin forums seem to be pretty good, but like a live chat is this discord group: https://discord.gg/xJmChfj

I used to be in a group of people that used to trade on the Cobinhood exchange strictly about the COB token and to see if we could see where it was headed for nice weekly swings, and we all made pretty good money that way (+3400% for myself!) but that exchange is brutally low volume now and terrible liquidity so we all just sort of drifted apart, but group support I found has been one of the most solid way to fight FOMO though, IMHO. 

[figmentofmyass]

Human nature is full of greed, and FOMO.  Not just in trading but in life as well.  And once you recognize it for your trading, you can recognize it in your day to day life as well, and fighting it can help you deal with every day situations with more rationality and logic.

What sort of psychological tricks do you use on yourself to combat your own FOMO?  Do you still get your own FOMO hitting you when you see a coin blowing up all over the place?

Myself, I practice JiuJitsu as well have learned good meditation from a solid instructor, but the most help I have is from support from fellow traders in a good community.  Hahaha like a support group!

as the years go by, i just become more and more detached from my trades, which is great. i just look for my tried-and-true setups---it's pretty mechanical now, and that's on purpose. if a profitable setup isn't there, i don't take the trade. if it is, set stop loss and walk away. rinse, repeat.

having hard trading rules and sticking to them wasn't easy at first, but it gets easier over time. prior to trading, i played a lot of poker so i'm familiar with emotional "tilt" and the damage it can do to your bankroll. it's taken years of consciously striving to cut out emotion at the trading desk, and i still can't say i'm 100% free of fomo. every once in a while my bids get missed and i still chase, getting in some horrible r/r situation that usually ends badly. i don't think any trader is completely free of it.

[Karlinz]

Sometimes FOMO can be a blessing but majority of the time, it could be a curse, the best strategy to FOMO is to quickly exit as soon as you make some profit, or to place a take profit order while a coin is moving when you are already in profit, else the result sometimes can be devastating, just like what ripples did last weekend, those that bought at 0.7$ will be crying to see a dump at 0.5

[wayancrypto]

FOMO ( Fear of missing out) actually natural emotion just the same like greedy. I been loss alot of money cause this emotion, and now i keep learn to manage this emotion in crypto trading. I think not only me Loss alot of money cause FOMO, but there are many newbies also the same thing. And to make profit consistently from crypto we should avoid and manage this emotion, just enough loss once times and will make money later by keep learn to manage this emotional.

[1Referee]

i don't think any trader is completely free of it.

It's next to imposible to overcome.

Everything looks easy during market phases where you are still somewhat in control, but as soon as you feel you are losing the control you had before, you'll dive into situation where you expose yourself to way more risk than what you are usually comfortable with. I still go through it after all the years, and I accept that it's part of being a human. We're not robots.

That unpredictability is what makes markets interesting enough for traders to bring in some liquidity, and that definitly applies to crypto. No way institutions aren't already involved to a lower degree. They love this shit, especially with how they are in a position to move crypto markets as well. The far majority of the trades happening nowadays reek of algorithmic intelligence instead of manual retail influences. There is too much respect for TA levels.

[pawanjain]

Human nature is full of greed, and FOMO.  Not just in trading but in life as well.  And once you recognize it for your trading, you can recognize it in your day to day life as well, and fighting it can help you deal with every day situations with more rationality and logic.

What sort of psychological tricks do you use on yourself to combat your own FOMO?  Do you still get your own FOMO hitting you when you see a coin blowing up all over the place?

Myself, I practice JiuJitsu as well have learned good meditation from a solid instructor, but the most help I have is from support from fellow traders in a good community.  Hahaha like a support group!

I believe that patience is the key to fight FOMO . Planning the trade well and investing in the right coin will help you in making the right investment and patience will ensure that you are getting a benefit out of your investment. So even if you bought at a little higher price be patient and wait for the investment to return a profit because it will eventually fluctuate lower and higher levels. If you wait, you might get an opportunity to sell at higher price but if you suffer from FOMO you will just end up selling in a loss.

[Kemarit]

I must admit that FOMO get under my skin when I started my trading years ago and its really hard to fought it. Some suggest that fight FOMO with FOMO or just stay cool and relax. Perhaps if you are really that long, you will really get a hold and ask yourself if you really wanted to jump it or its just FOMO alert and nothing more. Just take a good walk and I'm sure that your mind and body will be clear and can make the right decisions. I haven't try meditation though. 

[tosmartak]

Sometimes FOMO can be a blessing but majority of the time, it could be a curse, the best strategy to FOMO is to quickly exit as soon as you make some profit, or to place a take profit order while a coin is moving when you are already in profit, else the result sometimes can be devastating, just like what ripples did last weekend, those that bought at 0.7$ will be crying to see a dump at 0.5

FOMO is never a blessing except if you are at the receiving end after buying the dips. However, knowing when and where to get into a market is what is a blessing. As long as you are joining FOMO, then consider yourself jumping in front of a moving train and if you are not careful you will get squashed into pieces unless maybe you just ended up getting lucky. As long as you want to fight your own FOMO, you should be ready to learn how to make market decisions, and if you do not want to learn to trade, just buy the dips and hold. It is as simple as that.

[Rohtox]

yes true fomo is bad indeed sometimes it is profitable but also at risk of loss because it is very risky when you see a high coin pump we definitely want to make a profit from it too but in reality most after we buy the price is a dump because everyone has got the profit and we get the loss

[chocolah29]

It's next to imposible to overcome.

Let's be honest that even we said that we got rid of being a FOMO there's something inside us that we still feel being like this especially if we're waiting for some good pump and dump and so getting too agitated. Don't be pretentious anyway.

More likely, what we can do to cope is to divert our attention to some other things and refresh our mind from all of these crypto heart break and yeah some yoga sessions will do.

[Pamahaw]

Human nature is full of greed, and FOMO.  Not just in trading but in life as well.  And once you recognize it for your trading, you can recognize it in your day to day life as well, and fighting it can help you deal with every day situations with more rationality and logic.

Greed is normal to a person specially to those who have little to nothing in life, so if a opportunity may arise he will hang to it no matter what.

What sort of psychological tricks do you use on yourself to combat your own FOMO?  Do you still get your own FOMO hitting you when you see a coin blowing up all over the place?

When i have a FOMO, i usually make the breathing exercise to eliminate the stress and anxiety that occurs. Take a deep breath and breath out to relieve the stress.

[Guideare]

FOMO ( Fear of missing out) actually natural emotion just the same like greedy. I been loss alot of money cause this emotion, and now i keep learn to manage this emotion in crypto trading. I think not only me Loss alot of money cause FOMO, but there are many newbies also the same thing. And to make profit consistently from crypto we should avoid and manage this emotion, just enough loss once times and will make money later by keep learn to manage this emotional.

Asides greed, I would say the lack of knowledge and basis of being able to make quality decisions is one of the reasons why people join FOMO eventually. Over time, those who are smart enough tend to learn from experience and try to find a way to do it right eventually, while those who just want to keep being in their own ignorant state will keep doing the same thing over and over, while expecting different result.

The fact that people join FOMO shows their level of excitement and the possibilities of them making decisions ignorantly. Those who know will always know how to handle their greed based on their experience of the market.

[letecia012]

Wow meditation and jiu jetsu are some of your technique to counter FOMO? By how?  I mean how can you meditate properly if you saw your coin charts going up and up after you sold your coins? FOMO are common situation we saw when we trade specially for those coins that are being hype. For me I overcome FOMO in some situation by patiently studying the chart movement of a certain coin if I saw huge run up I sell cause I know there is also a some correction when there is a huge pump.

[darewaller]

Human nature is full of greed, and FOMO.  Not just in trading but in life as well.  And once you recognize it for your trading, you can recognize it in your day to day life as well, and fighting it can help you deal with every day situations with more rationality and logic.

What sort of psychological tricks do you use on yourself to combat your own FOMO?  Do you still get your own FOMO hitting you when you see a coin blowing up all over the place?

Myself, I practice JiuJitsu as well have learned good meditation from a solid instructor, but the most help I have is from support from fellow traders in a good community.  Hahaha like a support group!

I find that meditation part to be quite funny. How do you expect a grown ass man that has lots of duties to handle to sit around meditating just because they have FOMO (fear of missing out)? This is a kind of situation where you need understanding.

You just need to understand that this is not the end, there will still be another opportunity cause this type of opportunity does not come once. When you’re able understand that, then you will be able to control yourself.

[Strufmbae]

It needs practice,  discipline and of course information,  yoh cannot stop any people's greediness unless they are all bankrupt,  we have different strategy on how to control our portfolio and we need to integrate,  check everyday and supplement all the lackings we have, start daving and that's where your motivation become the foundation.

[krauzzer02]

Fomo is one of the worst enemies beside greediness, well meditation might help to calm your mind and rethink your actions, its like you are being angry and doing some pretty messed up actions to voice your emotion that you might regret when you get calmed, I think the meditation is most likely applicable to case when the price drops significantly and you want to hold your coins tight or when there are a massive fuds that can influence your panic attack.

[gabmen]

It needs practice,  discipline and of course information,  yoh cannot stop any people's greediness unless they are all bankrupt,  we have different strategy on how to control our portfolio and we need to integrate,  check everyday and supplement all the lackings we have, start daving and that's where your motivation become the foundation.

Well we have to understand as well what makes a coin move the way it does when it's going up. If there are no known news upcoming, probably it's being pumped by whales and it's quite dangerous to jump on an artificial uptrend. It won't hurt to do a little research.

[danherbias07]

It wont even bother you if you are just using enough money. I mean the excess money from all your savings.

Another trick will be experience. Once you go thru all this types of human error then discipline will come the next time you will at the same event of your trading sessions.

Greed comes to those who cannot be satisfied with the profit they already made. If you are in a third world country and using USD as a currency for trade, it will feel like a large profit even for just 100-1000 USD.  

Trade and forget. Do not get attached too much.

[isaac_clarke22]

Never meditated even a single minute, I never panicked anyway so it won't be an issue for me to get these fear from FOMOs. Just a side trader here looking for some rare good trades in the exchanges.
I wonder how those full-time traders feel after meditating so much, I mean not just the FOMO itself but the panicking of the fall of the market which is really common now especially when talking about cryptocurrency.

[lordmick]

Fear is the natural feeling of any person. It can not be completely ruled out, but you can learn to control it. You can only counter it by making sure that you make the right decision, but you always have a spare move just in case, for example, stop loss when you trading with cryptocurrencies.