How to avoid falling into a FOMO trap

[panganib999]

That was a good point, but to avoid them it to control your own temper and have you own research and studies. our own knowledge and research will get us out of any loss.
Though i know we can't avoid them 100 percent, but still it will always depend on us on how we will entertain them, if we have no brain to use we will always get the bait.

The last say is still really on us, if we can control ourselves and think rationally, we can guarantee that 100% of not falling into this FOMO since FOMO is not only being encountered here in the cryptospace but even in the real world, out of jealousy and desire to be "IN", that thing that makes you say yes into outings, shopping and anyyjing about spending evwn though you can't afford it.

Once you learn to question everything to ascertain the underlying motive you will be less likely to fall into a fomo trap.

Yes to this, its the intention of what are the current trend that should also count as one to be considered so that you will know if you're gonna let yourself getbswayed bybut, which is in the first place you shouldn't, to be critical about where you are spending and what you will do with your coins.

[Oyimeelijah]

Most new traders are easy targets when it comes to falling into a FOMO trap. FOMO stands for “Fear of Missing Out” and usually occurs when there’s a lot of hype around a new project or a new development in an established project, that traders are scared of missing out on. But here’s the thing, giving into FOMO can actually be hugely detrimental to a crypto trader’s efforts. We’ll be looking at how to avoid falling into a FOMO trap, so that you can keep your trading efforts sustainable and avoid giving into hype. Here are 5 questions to ask yourself:

https://www.youtube.com/watch?v=dasfUZXrMqQ&feature=emb_title

1. Does this sound like paid hype?

The first question you need to ask yourself when you’re trying to avoid falling into a FOMO trap is: Does this sound like paid hype? Paid hype essentially means that a crypto influencer or other’s in the cryptosphere have been paid to hype up a particular project, usually without knowing whether or not it actually has a chance of being a success in the long run.

This can be particularly impactful on new traders, who often look to figures in the crypto industry to direct them towards sound and secure projects. Unfortunately, many people are in it for the money, and may promote a scam without much care. If you’re hearing about a project from an influencer, be sure to do your own research thoroughly before considering buying in. Doing your own research is vital to making a successful trade. And if something seems odd, definitely wait the FOMO out. 

2. Are there a lot of controversial statements being thrown around?

Maybe you’ve heard about a new platform and have done your own research, but there are a lot of conflicting and controversial statements being thrown around. Firstly, good for you for doing your own research. However, if opinions are generally conflicted about a coin or a project, it’s probably a good idea to wait a bit and see what happens.

Often, conflicting information is a sign that a project is unstable or too risky, and you’d be better off sitting it out. You can always buy in later if it seems like things are going well, but don’t give in to FOMO if you’re uncertain. Risky trading doesn’t make you a better trader, it is

far more beneficial to be cautious and to make the right decisions.

3. Who is the authority pushing this information, and can you trust them?

Do you know if the person or entity promoting a certain project is trustworthy? If you’re skeptical, you should probably stay away. Unfortunately, there are some individuals and authorities that use crypto and crypto trading to take advantage of people, especially people who are newer to trading. When you see someone pushing a particularly project, ask yourself whether or not they themselves are trustworthy, and whether the project that they’re promoting seems viable or realistic.

Ultimately, if neither seem legit, you should most likely stay far away. You can always keep an eye on the project and buy in at a later stage.

4. Has this been done before?

When looking into a project, you should definitely ask yourself, “Has this been done before?”. If the answer if yes, you would be better off avoiding the project altogether. Why? Well, it would make more sense to buy into the original project, than into a knock off. We’re not talking about something like a hard fork, because that’s a different situation entirely, but rather projects that seem eerily similar to other platforms that are operating under somewhat false pretenses. Those projects are most likely going to fail, as they don’t provide anything new to the cryptosphere.

5. Does this investment stretch beyond your financial means?

When you first start trading, it’s incredibly important that you evaluate how much you can afford to trade with, and start from there. If a project requires an investment that is outside the realm of affordability for you, it’s crucial that you don’t stretch yourself just to give in to FOMO. Rather wait and build yourself up to a point where you can comfortably make that investment, and then buy in. Giving into FOMO at a time when you cannot afford to can be especially disastrous.

So, how to avoid falling into a FOMO trap particularly when it comes to your finances? Wait it out.

https://www.youtube.com/watch?v=fh9Hfh2tzs4&feature=emb_title

Avoiding FOMO

Now that you know how to avoid falling into a FOMO trap, you’re prepared to take on the world of crypto trading. Bitcoin trading and altcoin trading can feel incredibly daunting to start, but once you’ve got the hang of it you’ll find yourself flying in no time.

If you’re new to crypto trading and want to learn the ropes in a safe and encouraging space, check out eToro, the world’s leading social trading platform.

Cryptoassets are volatile instruments which can fluctuate widely in a very short timeframe and therefore are not appropriate for all investors. Other than via CFDs, trading cryptoassets is unregulated and therefore is not supervised by any EU regulatory framework. Your capital is at risk.



https://www.etoro.com/blog/market-insights/how-to-avoid-falling-into-a-fomo-trap/

This is a very detailed write up and i was able to learn a thing or two from this post due to the fact that i have been a victim of fomo in the past. Its really sad to be used as a stepping stone to enriching someone's wallet. People fall for fomo because of the alluring benefits/rewards gotten from hitting the right project. My new principle and it works a lot for me. I only buy when others are rushing to sell and sell when others are rushing to buy. Try it and i am certain it will work for you too

[zhekinsp]

Its not simple as we thing,there is no definite practical way to avoid it completely but we can keep ourselves from these things for not getting trapped.Don't simply follow any news make your own analysis as well then decide based on two things.Sometimes FOMO can saves as well before falling into long bearish market so just accept the things after your decision no one has complete control on these things.

[xiboothrezi]

Usually, Fomo's traps always succeed in deceiving new investors or traders who don't understand cryptocurrency.  Panic due to unclear speculation on the basis of the analysis raises the fear of being left behind to get profit.  That is very fatal, especially when one determines a buy position when it is peaked and suddenly the price drops.  that's what often happens.  it is very important that every investor and trader has a concern to learn and understand the cryptocurrency ecosystem so that panic does not occur because you already have an analysis.

Its not simple as we thing,there is no definite practical way to avoid it completely but we can keep ourselves from these things for not getting trapped.Don't simply follow any news make your own analysis as well then decide based on two things.Sometimes FOMO can save as well before falling into the long bearish market so just accept the things after your decision no one has complete control on these things.

Right, this is not a simple thing.  need complex analysis, mental strength, and determination to maintain analysis. FOMO can also be an opportunity as you mentioned if we are able to analyze market movements and determine the exact buy and sell positions before the FOMO fades and prices fall further.

[beerlover]

Well, FOMO is not really a "trap" there is one thing in bitcoin world that I always trust and that is bitcoin will always go up, maybe not today, maybe it will be lower next year but in the end it will definitely be higher in the long run. Same goes for not that many coins, ethereum looks good, eos looks good, but tbf there are not that many.

So, if you want to pick a coin that you want to invest then you have to trust yourself and work hard and research hard of that coin and just trust the coin because some other people told you it is going to skyrocket. Other people who own that coin will always talk about it like it is the last coin that ever existed and will ever exist and it should be going to 100 billion dollars market cap real soon because they honestly believe that.

[TRONTON]

Fomo is based on the accumulation of basic price movements and everything is seen on chart charts and macd patterns. if this accumulation is related to the sentiments of many new traders who will open a position, then the percentage will move quickly to reach the point of resistance, this is a natural example of fomo.

There is indeed an unnatural phenomenon where sentiment starts with a bull trap, and then there are parties who post massively to many channels in the next hour, this is what we should avoid.

[supercanada1]

To avoid a FOMO trap you should be act accordingly you must compare some of available data in the market, Sudden pump are just created by some whales to drive a particular coin or token and some of the people specially newbies are easily get attracted that's why they are easily trap in the web of FOMO. and when the percentage of target price was achieve massive dump will follow. that's the truth about FOMO.

Some good research will definitely save the investor and indeed, owners have their own way to attract investors. Anyone with knowledge of digital coins wont be easy to fool. The problem is, mostly people join crypto currency out of craze and greed. This approach s not the right one. If they are not interested in reading abut new projects, then at least they should invest in the old ones like bitcoin or ethereum.

[chaoscoinz]

Most new traders are easy targets when it comes to falling into a FOMO trap. FOMO stands for “Fear of Missing Out” and usually occurs when there’s a lot of hype around a new project or a new development in an established project, that traders are scared of missing out on. But here’s the thing, giving into FOMO can actually be hugely detrimental to a crypto trader’s efforts. We’ll be looking at how to avoid falling into a FOMO trap, so that you can keep your trading efforts sustainable and avoid giving into hype. Here are 5 questions to ask yourself:

https://www.youtube.com/watch?v=dasfUZXrMqQ&feature=emb_title

1. Does this sound like paid hype?

The first question you need to ask yourself when you’re trying to avoid falling into a FOMO trap is: Does this sound like paid hype? Paid hype essentially means that a crypto influencer or other’s in the cryptosphere have been paid to hype up a particular project, usually without knowing whether or not it actually has a chance of being a success in the long run.

This can be particularly impactful on new traders, who often look to figures in the crypto industry to direct them towards sound and secure projects. Unfortunately, many people are in it for the money, and may promote a scam without much care. If you’re hearing about a project from an influencer, be sure to do your own research thoroughly before considering buying in. Doing your own research is vital to making a successful trade. And if something seems odd, definitely wait the FOMO out.  

2. Are there a lot of controversial statements being thrown around?

Maybe you’ve heard about a new platform and have done your own research, but there are a lot of conflicting and controversial statements being thrown around. Firstly, good for you for doing your own research. However, if opinions are generally conflicted about a coin or a project, it’s probably a good idea to wait a bit and see what happens.

Often, conflicting information is a sign that a project is unstable or too risky, and you’d be better off sitting it out. You can always buy in later if it seems like things are going well, but don’t give in to FOMO if you’re uncertain. Risky trading doesn’t make you a better trader, it is

far more beneficial to be cautious and to make the right decisions.

3. Who is the authority pushing this information, and can you trust them?

Do you know if the person or entity promoting a certain project is trustworthy? If you’re skeptical, you should probably stay away. Unfortunately, there are some individuals and authorities that use crypto and crypto trading to take advantage of people, especially people who are newer to trading. When you see someone pushing a particularly project, ask yourself whether or not they themselves are trustworthy, and whether the project that they’re promoting seems viable or realistic.

Ultimately, if neither seem legit, you should most likely stay far away. You can always keep an eye on the project and buy in at a later stage.

4. Has this been done before?

When looking into a project, you should definitely ask yourself, “Has this been done before?”. If the answer if yes, you would be better off avoiding the project altogether. Why? Well, it would make more sense to buy into the original project, than into a knock off. We’re not talking about something like a hard fork, because that’s a different situation entirely, but rather projects that seem eerily similar to other platforms that are operating under somewhat false pretenses. Those projects are most likely going to fail, as they don’t provide anything new to the cryptosphere.

5. Does this investment stretch beyond your financial means?

When you first start trading, it’s incredibly important that you evaluate how much you can afford to trade with, and start from there. If a project requires an investment that is outside the realm of affordability for you, it’s crucial that you don’t stretch yourself just to give in to FOMO. Rather wait and build yourself up to a point where you can comfortably make that investment, and then buy in. Giving into FOMO at a time when you cannot afford to can be especially disastrous.

So, how to avoid falling into a FOMO trap particularly when it comes to your finances? Wait it out.

https://www.youtube.com/watch?v=fh9Hfh2tzs4&feature=emb_title

Avoiding FOMO

Now that you know how to avoid falling into a FOMO trap, you’re prepared to take on the world of crypto trading. Bitcoin trading and altcoin trading can feel incredibly daunting to start, but once you’ve got the hang of it you’ll find yourself flying in no time.

If you’re new to crypto trading and want to learn the ropes in a safe and encouraging space, check out eToro, the world’s leading social trading platform.

Cryptoassets are volatile instruments which can fluctuate widely in a very short timeframe and therefore are not appropriate for all investors. Other than via CFDs, trading cryptoassets is unregulated and therefore is not supervised by any EU regulatory framework. Your capital is at risk.



https://www.etoro.com/blog/market-insights/how-to-avoid-falling-into-a-fomo-trap/

Fear of missing out is really an everyday occurrence for guys at the bottom trying to work there way up the investment ladder. Fear of missing out often grabs hold of me, till the pint where I don' think rationally and jump into a financial endeavor. It is always more important to practice ones Due Diligence and take the necessary time to plan out things accordingly and try to minimize any common mistakes one often pitfalls into!

[max6575]

improving level of consciousness as trader might works on customs with formal discussion as expecting use with returns of work of other trader as they might have with customs on expertise to returns of supports with signals as disposing of worse as waste to put on table as preparing option on position with the market of exchange.

[crazy-pilot]

Thank you for this information, it looks pretty cool, I think it will be useful to many beginners in the crypto. However, this information is not enough to start trading.

[poornamelessme]

I'm not sure it's even possible to avoid FOMO... it's just part of the game. The trick is figuring out how far along a pump is. For instance, those who had FOMO issues when BTC was on its previous run in 2017, saw it go from 1K to 5K and panicked and invested more than they should, did quite well so long as they sold at 20K. It's all about determining where the tops and bottoms are.

And of course that's close to impossible to do, but if you get semi-close, you'll be fine. A better way to phrase things is not to fall into the FOMO trap during a ridiculous situation, like a coin just increased 20x ... that's probably not the ideal time to make your entry point. It's useful to track where a coin pumped from, what the low point was, and then you know where whales gobbled up coins and how much profit they are making. If it's some insane amount, walk away. If it's early days still, it's something to consider (still no sure thing, but at least you have a fighting chance).

[Brunus]

The FOMO is a practically impossible trap to avoid, and it concerns all the sectors in which we are involved.
In a world bombarded with information like the current one, the fear of escaping that very important one is always lurking.
I have no other solutions than Zen meditation ...

[sana54210]

I think that a lot of things have change now since the moment people realized this too after the bull run of bitcoin that trapped people's money in the value of $19800 till date and they have not learnt, I have seen lots of events this year that was more than enough for people to fall for FOMO and yet they did not.

Let's take a look at when the Litecoin halving news started and the project team created lots of hype for it, it was really not the halving that was expected to make the value of Litecoin go up, but the FOMO that would have risen out of it, but when the halving came, people did not make much move about the project at all and the halving was a success without it having any effect on the value of the Litecoin.

This was the same way the bakkt news too broke out and despite the talks about it before it’s released and some people who were not willing to fall for FOMO anticipated that it could have effect but we still saw that nothing happened.

[gwaposakon]

FOMO trap mostly happens to new traders and investors. I think you can avoid the FOMO trap by focusing on having a long term plan for your crypto strategy and be carried right away by FOMOs. The more you become a good trader, the more confidence you have in sticking to your crypto strategy.

[Landak]

FOMO is the biggest nightmare for someone who follows crypto (trader/investor/bounty hunter)
newbie or pro, sometimes can not avoid FOMO, there is a desire to always follow and finally be trapped.
my own personal opinion, it's definitely hard to avoid that. BUT, there might be a right solution which is don't try follow and read the news about crypto and once bought to hold, target for high ambitions in the future (don't sold). it sounds funny but it's a bit effective haha

[doomistake]

Now that you know how to avoid falling into a FOMO trap, you’re prepared to take on the world of crypto trading. Bitcoin trading and altcoin trading can feel incredibly daunting to start, but once you’ve got the hang of it you’ll find yourself flying in no time.

This is obviously not quite true. Learning how to distinguish a FOMO and avoiding it is just one step. We all know there are more things to learn before we can really say that we are "prepared" to trade bitcoin and altcoins.

Agreed.

Other's might misunderstood OP's statement if he is not going to edit it out and change it to something more realistic. FOMO is just a way to make people rush their decisions on something, everyone would rattle, especially newbies if they've heard a bad news or a rumor that they should buy or else they are not going to make profits in the long term investment in cryptocurrency, or the other way around.

This also depends on how mentally strong a certain person is, or how knowledgeable he is for him not to be fooled by strangers who's spreading fake news.

[albrots]

FOMO traps must be avoided so they are not trapped in them. when an altcoin is always in the positive news and prices continue to rise until it reaches the highest price, many people who want to follow it and believe it will go higher, this is what should be avoided. This will make FOMO even worse. If there is already a FOMO and is stuck at a high price, then when the price is down people who buy at a high price will experience a big loss. This FOMO occurs because usually a controversial statement supporting FOMO can occur. We must be wise in responding to something and not just join in.

[satgoldan]

It’s very cool that you put together a few principles, but for me no principles were useful until I wrote them on a piece of paper and hung them in front of the monitor, when I want to buy some kind of asset, I immediately go over all the items that I have there are listed and make a decision, I did not upload them here since everyone has their own psychology and everyone needs to create rules specifically for their brain.

[Pearls Before Swine]

Uhh...one of the first things crypto traders need to do is control their emotions, with fear being one of the biggest.  Fear of missing out, fear of losing money, fear in general all can and have caused investors to lose money and it'll keep happening.

Fortunately the market right now isn't in a state where there *is* any FOMO, and I'd like to point out that because of that it might be a very good time to buy in, whether it's altcoins or bitcoin.  Next year with the halving and whatever else might be going on in crypto, bitcoin is looking like a screaming buy right now.  It seems stuck in a rut (as do many altcoins), which might be the brightest buy signal you could ever get.

[desticy]

This may not be enough, because when FOMO begins, you have very little time to think.
As a rule, everything happens very quickly, you see how the price is growing rapidly and everyone is screaming that it is time to buy.

Do you have time to think about these moments? In such moments, time flows very quickly, so all you can do is prepare for this event in advance.
The best method will be to study all past FOMO in order to understand their nature.

In this case, the chance that you will not fall into the trap and be able to play your cards as much as possible is much higher.