It is very important to avoid FOMO during cryptocurrency trading

[BarryHoward 112]

It is very important to avoid FOMO during cryptocurrency trading

 

In the past four hours, the Bitcoin price increased by about 10% , but a lot of traders started trading Bitcoin without thinking, just because of the "Fear Of Missing Out (FOMO)" 

 

If you are one of those traders I advise you to manage your risk carefully and to create a good trading plan to protect you from entering trades at the wrong time. 

 

If you have another useful tip which will help cryptocurrency traders to avoid FOMO, then feel free to mention it in the comments.

[bitcoinb 1359]

33 minutes ago, BarryHoward said:

It is very important to avoid FOMO during cryptocurrency trading

@BarryHoward  I totally agree with you, FOMO is a common mistake made by inexperienced traders. Always buy a coin (or token) when the price goes dowwn, never after an increase !

[bentayebsalah 2280]

You should not deviate from the plan or strategy that you are working with, be satisfied with the profit you want to achieve, and not be greedy, nor do you feel fear during the price fluctuation.

[Shahud 1319]

as a human being everyone having emotions and i personally feel panic when my desired coin fluctuate in price .but after sometime i just make myslef realize to believe in my plans and strategies to get my desired goal from the coin

[koussai999 1986]

Certainly one of the most important basics of trading is not to enter a deal without a plan and also learn how to control feelings while doing trading and do not forget to have a strong risk management policy for the account

[Honny143 13612]

2 hours ago, Shahud said:

as a human being everyone having emotions and i personally feel panic when my desired coin fluctuate in price .but after sometime i just make myslef realize to believe in my plans and strategies to get my desired goal from the coin

Yes mate control emotions in trading is really great achievement, because in trading prices always fluctuates and some times prices goes dow, then our emotions out of control and we made mistakes but when control think be positive then we  applys good strategy.

[Jaysen0104 536]

On 4/23/2020 at 11:40 PM, BarryHoward said:

It is very important to avoid FOMO during cryptocurrency trading

 

In the past four hours, the Bitcoin price increased by about 10% , but a lot of traders started trading Bitcoin without thinking, just because of the "Fear Of Missing Out (FOMO)" 

 

If you are one of those traders I advise you to manage your risk carefully and to create a good trading plan to protect you from entering trades at the wrong time. 

 

If you have another useful tip which will help cryptocurrency traders to avoid FOMO, then feel free to mention it in the comments.

I also agree because some traders tend to go with the hype because of the little increase in the graph. But they didn't know if they patiently wait for the right time to trade there's a chance that they can earn bigger than price of little increase before.

[BTC Future 3946]

These fomo candles provide some opportunities. After reaching the top they will begin going down really fast, as the order book will be completely empty. Actually what happens is that either they will completely level back to where they begun (in case it was just a pump and dump) or in most cases they will go down back to 50-75% and bounce there. I've played many of these bounces and in most cases did profit. The bounce will mostly be similar to a dead cat bounce, only bought by traders and it won't reach back to the previous top. I'm usually selling after a profit level that depends on the original pump candle.

[Raqeebzy 6456]

On 4/23/2020 at 4:40 PM, BarryHoward said:

t is very important to avoid FOMO during cryptocurrency trading

I don't know what y'all might think about this but I think FOMO on some coin or token is actually a good thing. I have had many cases like this and it pays off at the end. No doubt, it should be avoided in some cases especially for pump and dump currencies. 

[malik6314193 5449]

First when i was new in trading i also did same mistake many many times. Whenever this kind of market take place, i jumped into to get profit but i loss my money. Now i always try to avoid such kinds of mistakes. 

[George10 9932]

As for me I think anyone can sell their bitcoins at any time whenever they feel to have made some profits when the price goes up because I believe everyone has a price target where they would want to take profit therefore, it's better to always aim on that when it's archived to avoid fear of losing out.

[Soaib khan 1035]

this is one of the difficult and challenging task because whenever we sit on the front of computer screen it looks like we should buy right now because it's price is increasing after buying that it's price starts decreasing 

[Calvinpriva 17296]

I think many traders have lost their money because of fear. You may lose all your money or you may lose opportunity when you will not be able to control yourself. Just learn how to read the market prices and it will build confidence in yourself.

[Jeet Narayan 1940]

Most of small traders are trapped in FOMO of market . We have to identify about FOMO and do better research then after only do trade in FOMO market . We have to maintain our risk management in that market .

[pablomarwan 3082]

The best advice for digital currencies is not to try to invest in them if they rise because you are sure that you entered in the wrong time. And if you will be confused about losing currencies, use the stop loss feature provided by most trading platforms, and vice versa also, I mean, specify the price at which you have to sell when the price of the currency rises.

[Raqeebzy 6456]

Contrary to the popular notion, FOMO is an investment strategy but due to misunderstanding and its misuse, it is view as a bad thing in trading.

Let me give you an instance, someone with no investment in BTC feared of missing out and decide to get some when Bitcoin passes the $10.600 and when it pumps, he makes profit. Isn't that a good thing??

All in all, FOMO shouldn't be regarded generally as a bad investment strategy.

[Whited35 15285]

Completely avoiding FOMO is almost impossible due to uncertainty of price and market condition of the must of cryptocurrency in my case however I try my best to minimize it while performing cryptocurrency tradings. I am preferring  some really working tips to avoid FOMO like, I make a strong trading strategy and diversify investment portfolio so that I might get profits from at least one chosen coin/token. 

[DiamondBit 720]

Fomo means few of miss in out, experienced traders know when coin are rising in price there are link to it to which you can still try to trade, by we know the more the price increase the riskier it becomes,  but fomo will still trade at anytime and they can lose. The is why ignorance is the key to fomo. 

[Yomose 3704]

On 7/15/2020 at 6:59 PM, sidalilaroma85 said:

To avoid such FOMO situation you have to learn the technical analyse because idlf The price bull run you have already the resistance and support afront you and you will know that the price Will stop when he touch this zones so that's my opinion

Not only learning technical analysis, you have to learn everything about cryptocurrencies, you can learn it slightly and later focus on training aspect, learning how to technically predict the later price of certain coins you chose. 

[felipe isaza 15]

Yes, of course, it should be avoided, although if you find a good entry point in any currency, it is better to take advantage and sell at a profit.

[satoshifactory 295]

Very true, you should not get carried away by emotions when trading, since normally we should have a clear entry and exit strategy, understand the possible scenarios that may happen, assume them and remain faithful to your strategy.

[eywizard 103]

Of course. The best thing to do when buying cryptocurrencies is to avoid feelings that lead you to do something that you are really not sure about. The FOMO is something that can lose you a lot of income! Beware of it!

[kabiroff 23]

Я думаю, что многие трейдеры потеряли свои деньги из-за страха. Вы можете потерять все свои деньги, или вы можете потерять возможность, когда вы не сможете контролировать себя. Просто научитесь читать рыночные цены, и это укрепит уверенность в себе.

[expert_para 80]

Especially in a new coin listing,there are serious Fomo movements in many exchanges.Later,while the price of the coin comes to the price it should be,the people who buy it high do a lot of damage.That's why this topic is very important.Do not enter a newly listed coin without a stop.

[mbohhe 51]

FOMO is a term created to help new people understand why you shouldn't be chasing pumps.

I think most people tend to ignore this, and the best way of learning is by losing some money.

We are an impatient specie that cannot wait to earn our first million bucks, and we think we are smarter than the rest.

This is why FOMO was talked about for so many years, and is still a thing.

You will find people who didn't take the lesson, and still FOMO into projects.

Defi is the target this year. Next year it might be a new thing. But the FOMO will continue to be there.

 

Will people ever learn? I think not. At least not untill they've tried to lose a good amount of money swing trading.