Before we get started, I want you to laugh a little. So first, click on the link below to watch the Youtube Video "Funny FOMO Guy".
Funny FOMO Guy Youtube Video Link: https://www.youtube.com/watch?v=WyF1huzLu3E
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You watched the Youtube video and laughed a lot, didn't you? That's what I wanted anyway. Laugh a little.😁Laughing relaxes people.😁
What Does FOMO Mean?
Global Encyclopedic Information Source Wikipedia: "FOMO: Fear of missing out is the fear of not knowing or missing out on news, developments, and information that occur in daily life. This type of phobia, which is usually associated with nomophobia, is defined as the fear that a person may miss a social interaction opportunity, a new experience, a memorable event, or a profitable investment."
What concerns us here is, of course, "the concern that one might miss out on a profitable investment."
What Does FOMO Mean in Cryptocurrency Exchanges?
FOMO FOMO is our sweet trouble FOMO. What did I do to buy and sell immediately? Why didn't I wait? Why did I hurry? Why did I rush and buy? Why did I sell at a loss out of fear?
Most of us have experienced these questions while buying and selling in cryptocurrency exchanges. I, who wrote this article, have experienced the fear of FOMO many times. No one is alone in this regard.
Studies show that those who trade in the stock exchange enter into unplanned stock or cryptocurrency purchases due to fear of missing the opportunity to rise, and as a result, 70% of them will fail.
It is wrong not to wait and take action immediately when buying and selling something in cryptocurrency exchanges. Rushing transactions end in disappointment. Major financial losses are experienced. So what can we do to avoid these losses and not have FOMO?
When investing in cryptocurrency exchanges, determine the buying and selling strategies that suit your personality. If you are a very panicky and hasty person, avoid hourly or daily transactions.
There are many trader options. There are many trader classes such as "Scalper" who trades on second or minute charts, "Day Trader" who trades on hourly charts, "Swing Trader" who trades on daily charts and finally "Position Trader" who trades on weekly or monthly charts.
If you are a person with FOMO, the right option for you is "Position Trader" It is the trader feature we call Medium-Long term. In other words, you should buy a cryptocurrency and hold it for a long time. For this, you should turn to mainstream cryptocurrencies such as Bitcoin. This decision will save you from financial losses to a great extent.
What Rules Should We Follow to Avoid FOMO in the Stock Exchange?
In order not to have FOMO in stock or cryptocurrency exchanges, you should follow some rules and draw a roadmap for yourself. So what are these rules?
Be Yourself: Because too much noise in the stock exchange is nothing but noise. Follow your rules and do not deviate from your roadmap.
Be Patient: Patience is the beginning of everything. Be calm and patient. Act according to your strategy and trader personality.
Create Portfolio Diversity: Always create portfolio diversity. Evaluate your money in many investment instruments such as Cryptocurrency, Gold, Silver, Platinum, Stocks, Funds, Houses, Lands, etc. This will save you from the feeling of FOMO. For a certain period of time, Cryptocurrencies may fall while Silver or Gold rises, or vice versa. Portfolio diversification will save you from FOMO.
Follow the Rules: Rules and rules are your only option. Follow the rules, life itself consists of rules.
Do not approach emotionally: The human brain is a whole formed by the combination of logic and emotions. If logic ends, half of the brain is finished. Acting only with emotions will cause great financial losses.
Set a goal: An investor without a goal is like a hunter shooting at a caravan. You will not achieve anything. Have a goal.
Do not be a dreamer: Opening a transaction on the stock exchanges is not dreaming while sleeping. This is a reality and if you are a dreamer, it will cause you great losses. Winning a lot in a short time is possible in games of chance, not in the stock exchange.
Do Not Take Excessive Risk: Set a Risk-Reward ratio for the transactions you open on the stock exchanges. Taking excessive risks can lead to major losses.
What is FOMO?
FOMO is people's fear of missing out on an opportunity or experience. This fear is usually triggered by posts and news on social media. The person is caught up in a great desire to do something in a hurry. Logic is out of the picture, and feelings of fear, panic, anxiety and rushing come into play.
FOMO is a common feeling, especially among younger generations. Social media can make people more prone to FOMO because it allows people to constantly follow the lives of others.
With the development of technology, the proliferation of social media platforms and rapid access to information and disinformation cause people to feel more anxious and worried. This is also called FOMO Syndrome.
Indeed, human psychology is both curious and hasty. That's why it is inevitable to FOMO in the stock markets in this way.
It is possible to recognize the negative effects of FOMO and develop strategies to cope with them.
FOMO is a common emotion in today's society. However, some precautions need to be taken to avoid the negative effects of FOMO. You must follow these precautions in your buying and selling transactions. If you do not, you will also be caught up in the FOMO wave.
What Behaviors Does FOMO Cause in People?
They become excessively addicted to social media.
They always try to be informed about current events.
They spend excessively to have what others have.
They make risky decisions, especially in investment decisions.
They think irrationally and make irrational decisions.
They are extremely hasty and want something to happen right away.
They enter a state of extreme fear or extreme happiness and make immediate purchases or sales.
They may experience major financial losses.
FOMO can negatively affect people's mental health. People may feel lonely, excluded or inadequate due to FOMO. FOMO can also cause people to develop psychological problems such as anxiety, stress and depression.
How to Avoid FOMO?
First of all, be dominant and secretive. Be carefree and don't worry about anything. No matter what happens in the market, it will not rise or fall forever. Therefore, you will never miss the train. That train will definitely come to the stop you are waiting for.
When buying or selling something, set a goal and don't jump in headlong. If someone says buy now or sell now, run away. Limit your social media use. Make connections in real life. Focus on yourself because other people's lives are none of your business.
This article could go on and on, but I'll be light-hearted and secretive about it.😁
I wish everyone a life without FOMO. Stay healthy.
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