How to stay safe from FOMO
Our curiosity and interest in a successful invention is sparked by a natural instinct in humans
Our curiosity and interest in a successful invention is sparked by a natural instinct in humans. Most people are unable to see through the lens of the visioner or creator, which is why they are not moved or concerned by their struggles. In turn, they keep them aloof, undermining the greatness of the inventor or their inventions.
Great minds like Nikola Tesla, Charles Babbage, and Michael Faraday possessed critical thinking skills and subsequently applied those skills to their witty inventions. This also applies to blockchain technology and crypto currencies.
Among the great developers are Satoshi Nakamoto and others who have used the Bitcoin blockchain to create other blockchain applications and to support crypto currencies for such blockchains. Therefore, when these crypto currencies first appeared many thought it was an impossible idea and called them bluffs for trying to change how money would be used.
Within a few years, blockchain technology and crypto currencies have become more popular and are becoming the global currency of choice for almost all nations as a means of payment and remittance for goods and services.
So what is FOMO?
FOMO in the context of Crypto is short for “Fear Of Missing Out”. FOMO is the feeling of anxiety or the idea that other people are sharing a positive or unique experience without you. FOMO may also refer to the feeling of fear and anxiety that you might be missing out on a potentially lucrative investment or trading opportunity. Selling at a higher price suddenly or purchasing securities in bulk at a lower price are both examples of circumstances in which a sale makes sense.
Quite often, it’s all about euphoria or fantasies when a new cryptocurrency enters the market. FOMO may also be justified during price fluctuations and ups and downs, which supposedly might represent good investment opportunities. Early investors tend to gain from these moves in market prices while late investors or observers dive in a little late in the race to gain from such moves.
There are indeed pros and cons associated with FOMOing into a particular trading opportunity which can come in as a great reward when it turns out positive and as great pain when it goes the other way around.
What can one do to avoid FOMO?
Humans traditionally use emotional judgments in making decisions, especially financial ones. Few people make sure that they conduct due diligence in their research to determine whether a particular trade in the crypto space is worth investing in or not. People would rather hear what others have to say regarding that coin or trade. With the more hype in the social media space, the greater the underlying interest in such projects and the greater the tendency for most investors to lose money on such trades.
We at Klever would never give you financial advice on what coins to trade but would as much as possible encourage you to do your own due diligence. Carry out extensive research about the coin or project you would like to invest in. Consider reading through news feeds from all our social media platforms to get the latest educational content and clarity when considering your investment approach.
On a final note, ensure you take away any form of emotion from these decisions, analyze the technical charts and use all the necessary fundamental analysis available to you before you decide which projects or tokens you wish to trade to avoid some level of losses attributed to FOMO.
It is a Klever thing to do
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