Fear Of Missing Out (FOMO) - How to Deal with It in Crypto Market
For those who are new or not much established in the cryptocurrency market. Most of them suffer from the FOMO attacks. This happens whenever people discuss the success stories or the case study where someone literally become rich or managed to quit their job using the crypto investment.
What is Fear Of Missing Out (FOMO)? You can check out the definition here.
Everyday we see someone getting rich with NFT. We see someone making exit from the market after selling few stakes or tokens or project. We all get attracted to the news which shows some becoming financially independent after taking few actions.
Some of the most common thoughts that come into the minds of people are as follows:
- He/she must be lucky that they got rich overnight.
- He/she must have done this through some whale tip or insider tip.
- He/she must have scammed their way to the riches.
If you've have spent few months of your time into the cryptocurrency industry then you can realize that you don't have to be rich to get rich in crypto. Neither you have to get tip from whale (though it definitely helps and speeds up the process). You don't have to scam people to be rich.
What are some of the symptoms of FOMO?
You may notice a lot of symptoms in your thought process and action as you fall to the FOMO of the crypto industry. Some of the common symptoms that you would notice as are as follows.
- Investing into altcoins/shitcoins which work based on manipulation.
- Feeling bad about your own life, money when investments don't work.
- Feeling there is a secret that you need to know
A lot of people expect to get rich overnight based on their investment from certain coins. They invest into small coins in the hope of the riches overnight. And often for some that may work at the expense of the cyclical loss of other people.
Often some of the investments that you do in cryptocurrency follow very fundamental formula and you don't have to do much in order to succeed but just understand when to make exit from certain coin.
Keeping all of this aside, how do you deal with this fear of missing out in crypto? I am not professional psychologist nor I have any secret formula to solve this for each case.
Here are some of the things that I am doing.
Stake Coins for Certain Period and Forget about Them
There are some of the cryptocurrencies that offer the staking as it's part of their consensus. This way you can earn reward based on the pool of POS process. This is a good process to forget about market timing and volatality. If you invest into the right coin then staking can be a passive earner of sort.
Invest into Dividend based Tokens
Hive has plenty of HIVE or LEO generating projects where you can invest your amount which you can afford to lose. A lot of people are working on building enough corpus so that they can invest into such tokens and can get weekly rewards out of it. UTOPIS, EDS, BYT, INDEX, LBI, CL etc and many other hive tokens can do this for you.
Curation
When you can't do the curation yourself you can join in the curation trail. And this could also make you some HP in return which can be a good option for you to build out passively as you move ahead in your journey. I have learned about this recently but yet to try it out as my HP is low at the moment.
Avoid Coins below 10$
This choice is super personal. A lot of good coins exist below 10 dollar which includes some stablecoins. But any coin say doge or SHIBINU taking like years to reach 1 dollar then they are not worth it. Make sure to invest in Winner and those who are atleast above 10 dollar worth of market value. You may disagree and that's fine.
Keep Movement
Most of the time FOMO affects you because you are not doing anything that deserves rewards of some sort. This increases the desperate feeling in life. This applies in real life too as well as the financial side of the life. As long as you are doing some movement the negative thoughts don't have power over you. So keep some sort of the movement.
How do you handle FOMO in crypto investment?
Over to you, how do you handle the financial FOMO of any type. Do you have any process that works for you? Do you do anything different to avoid such FOMO creeps from putting you into depression?
Posted Using LeoFinance Beta