• Mashum Mollah, CEO at Blogmanagement.io


• 28.11.2022 04:45 pm
#crypto

If you are someone just dipping your toes in the Cryptocurrency market, then brace yourself to be in utter confusion. Yes, you can gain the knowledge and even try to try demo paper Cryptocurrency trading, but it will never feel enough.

The trick is not to learn everything about Cryptocurrency under the book but to work past this confusion. Having your own strategy, learning some of the tricks, and believing in the trial and error method will take longer.

So, let us understand strategies to get rid of the FOMO.

What Is FOMO For Cryptocurrency

Fear Of Missing Out, also known as FOMO, is not a term exclusive to Cryptocurrency. In fact, it is something told by almost every social media fanatic. It is when you have this innate sense of being present everywhere that you will miss out on something important.

Now, Cryptocurrency and volatility are ringing this among almost every trader. They think missing out on one trading trend is a big opportunity missed. However, trading on every opportunity is also not a wise choice.

The wise choice would be to ensure you are not making any hasty decision because you are envious of someone else’s gain. There is a clear difference between learning and blindly following.

How To Not Have Fomo

If you are new to this, here are some of the common strategies you can choose to immune yourself from Crypto FOMO. Get your first Cryptocurrency account with the help of the crypto boom.

1. Do Not Give In To FUD

If FOMO is Fear Of Missing Out, FUD is Fear, Uncertainty, and Doubt. Now, let us first get one thing out of the way -

Any Cryptocurrency has a volatile touch to it. The reason why people are able to earn billions out of it is because of this trait, but this also means you can endure losses. Plus, many investors say that when the Crypto market is too stable, it is not a good thing, which means people are slowly moving to other currencies.

So, uncertainty, in a twisted way, is one of the good parts of Cryptocurrency. So, do not be afraid of that. Rather work around it, check how the prices rise and fall during high volatility, and plan your next move.

2. Have A Plan

One of the top reasons why young investors seem to make this mistake of FOMO is looking at Cryptocurrency as a gamble. Yes, it is volatile, but that is what makes it best for long-term investment.

So, you should start making long-term plans. Like studying the current market, and where you see yourself in the Crypto spectrum in the next two years.

Obviously, you cannot succeed in something like Cryptocurrecny if you do not take the risk. This, again, means calculative risks. When you invest for the first time, expect to lose all you are investing.

Other plans would include taking advice from experts in the field and then putting your knowledge into it.

3. Have Diversity In Investment

You must have heard the saying, ‘do not put all your eggs in one basket because when you do, the fear-inducing brain will increase FOMO. In the Crypto world, you will always be bombarded with rumors and anxious news.

If you are trading just through Cryptocurrency, and you suddenly hear that the market is going down, it is human nature to want to secure the only asset you have.

However, if you have a diversity in Cryptocurrency, even if you endure loss in one sector, you have something else to fall back to.

Plus, you are not investing a huge chunk of your money in one Cryptocurrency. With the volatile climate of such an investment, it is never a good choice.

Do Not Give Into FOMO!

We are not asking you to turn a blind eye to every piece of news you come across. We are not asking you to take risks. We suggest not doing something because an expert in the field did so.

Sometimes the Cryptocurrency market can be so unpredictable that something which might have a world for someone else might not work for you.

So, be wise, study the situation, and then ask yourself, ‘should I proceed.’