Lesson 6๐
How โโto overcome FOMO?
Fear of missing out (FOMO) is a situation where we are afraid of missing an opportunity in the market which gives us the urgency to act hastily so that we have the potential to experience losses. So how can we avoid feelings of FOMO?
#1 Understand FOMO is just a feeling
As explained above, FOMO is just a feeling that can come and go. Understand that when we invest in the market, we do not use feelings but use logic. Just like feelings, FOMO will disappear by itself.
#2 Look at potential losses not just gains
The crypto market is a market that has very high volatility so that our exposure to losses is directly proportional to profits. Try to think again from a risk to reward perspective, whether the FOMO action you are going to take will have an impact on profits or losses.
#3 Avoid mental accounting
Discard thoughts and prejudices, "well if I enter this which has gone up 200% a week I have a profit of
#4 There is always a chance another day
The crypto market is a very dynamic market and new opportunities are always being born, new narratives and new tokens are being issued. Always think that sooner or later there will be a better opportunity so we don't need FOMO.
Hope it is useful!
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