Many of you have already heard this expression in multiple crypto forums but do you know what it really means, I will provide you with some explanations.
FOMO in reality is just an abreviation for "Fear Of Missing Out". This is almost a disease that most holders and traders have, myself included. When a price skyrockets you feel something inside that is saying that you will miss out massive earnings and you end up buying whatever it is and in most cases you end up losing money. This is not an exact science, you can FOMO and win but it takes a little bit of pure luck, that is what your betting your money in, not in projects but in pure luck.
When you feel this you must take a break to think if in the past you would buy that coin, what price in the past you were willing to pay and what is the price right now. If it all checks out and your plans were to buy this coin and you have been predicting a certain price for long enough maybe you should buy it, but if it is just instinct and a pure emotional decision you should avoid making that decision. Emotions are what makes Human beings lose money in this markets, if we where a pure AI machine with no emotions we would make the best decisions, most of the time, but as you can see from statistics most traders end up losing their money.
This bull runs tend to give major FOMO attacks in everyone, nobody is immune to it and certainly you have already felt it. The best thing to do is calming down, sit and think why you want to make that decision.
Don't lose your money to FOMO, there will always be big increases in prices and big dips, focus on your strategy and leave the FOMO behind you, you will see that you will make more money that way.
Best Regards
Cryptopeach
