F - ear
O - f
M - issing
O - ut
This commonly happen to traders. FOMO is an acronym which they made. It means that during a hot trade you will be in panic mode and suddenly buy the coin which they announce that will pump. With that strategy, many traders lose profit.
Being hyped in trading causes you to FOMO. Wherein, we disregard the "Buy Low, Sell High" concept. It is still good if the trade is in SPOT (referring to Binance) because you can wait for the coin to pump before selling it though it will take time before it happens. But with FUTURES trading (referring to Binance), FOMO mostly result to money loss and worst liquidation.
But I'm not saying that FOMO is bad because I know a lot of traders who gets profit by it. Just trade the money you were afford to lose if that already happened. And yeah you're right, I'm one of the FOMOnatics that you were thinking. Since I'm still studying the concept of Technical Analysis, I oftentimes FOMO in SPOT trading so that I can still invest while learning.
So handle the trade wisely. There are still room for improvements and FOMO is either good or bad. FOMO depends on how you handle it since binance trading platform has many different coins to invest. Just what they were saying:
TAYOR! and DYOR!
T - rade
A - t
Y - our
O - wn
R - isk
D - o
Y - our
O - wn
R - esearch