The crypto term FOMO stands for "Fear Of Missing Out". This feeling is familiar to every participant of the cryptocurrency market. Some of them feel only mild discomfort, while others make irrational decisions that lead to money losses.
In this article, let's analyze the FOMO phenomenon, what it is in trading, how it manifests itself and how to deal with foregone profits syndrome.
The term was introduced by psychologists and is used in different spheres of life. But with the popularization of the financial markets it has taken on new hues. The most striking example of FOMO in cryptocurrency is the events of December 2017:
This is one of FOMO in crypto manifestations. Bitcoin grew up, and many people tried to "jump on the latest bandwagon". Buying an asset with a price that has surpassed all-time highs by an order of magnitude is a high-risk decision. At any moment, the growth can be followed by a decline. We will have to sell at a loss, or wait for the price to return to its previous value for months or even years.
However, FOMO also has its effect on people who bought the asset when it was much cheaper than the current price points. Many of them do not sell the cryptocurrency, believing that the value can continue to rise. This may continue until the price collapses. After that, the person who was afraid of missing out on additional profits loses much more. He will now regret not selling the asset in time.
If you notice that you
So you're experiencing FOMO. To avoid getting into lost profits syndrome, keep in mind that:
Experienced members of the cryptocurrency community are well aware that FOMO is present both in trading (as they call frequent selling and buying of assets, i.e. speculation) and in long-term investments. You can't get rid of the syndrome completely, but you can control it.
For market participants for whom "FOMO" and "cryptocurrency" have become inseparable concepts, psychologists have prepared a number of recommendations. If you monitor currency rates, Telegram news channels from morning till night, and are looking too actively for new opportunities, try this:
A person who is used to feeling FOMO and watching the news 24 hours a day will have trouble changing his lifestyle. He will be constantly drawn to check balances and charts, read the news, and chat with other market participants. However, if you give it up gradually, and sometimes allow yourself a strictly limited time to satisfy these desires, over time the situation will improve.
To avoid experiencing FOMO, you need to buy cryptocurrency consciously. However, you also need to be conscious in choosing a platform to help you conduct transactions. By choosing an unreliable exchanger, you risk losing money.
But how do you find a reliable exchanger? One way is to trust only exchangers that have an official license, obtained after passing the tests of regulatory bodies. Broex is just that kind of exchanger.
The company that runs the exchanger is officially registered in Estonia. It passed all the stages of inspections, and received a license to conduct activities related to cryptocurrencies. This has made Broex a 100% legal exchanger. This means that there is not a single reason to doubt its reliability.
Broex is not only an exchanger, but also a custodial wallet. This means that you can trust the company to store your own cryptocurrency. You won't have to:
Once registered, you'll have a personal account where you can quickly buy and sell Bitcoin and other cryptocurrencies. Trust Broex to store them between transactions.
Another great feature is the availability of a mobile app. You don't have to use a PC every time you want to check your balance or make a transaction. Wherever you are - at work or at school, at home or on a walk - the main thing is to have a smartphone in your hands. This is enough to perform any action on your personal Broex account, as the app copies all the features of the website.
Broex also provides:
Sign up to buy and store cryptocurrency with Broex - it won't take more than a few minutes.