FOMO implies Fear of Missing Out. This is a serious issue when it comes to crypto trading and it has at least happened to you in crypto before because we all dont want to miss out and start regretting later. The crypto market remains young and unstable hence the price of most coins largely depends on how many people believe in their potential
How can you Identify FOMO
1. The first symptoms of FOMO is when you see so many people buying the coin and you start thinking all of them cannot be wrong. You also jump inside without doing any proper analysis
2. When you start saying to yourself you should have gussed the price would go up
3. When you start saying that there must be something about this coin that other people know and you dont know.
4. It would be silly not to try. Let’s see how much money I could make.
As you can see FOMO traders prefer to pursue the crowd rarther than sitting down and doing their own personal analysis of how far the coin can go.
In as much as the term "fear of missing out" FOMO is popularly used in crypto market, it is applicable in virtually every market as well investment options, no doubt FOMO is really a bad investment habbit and that's why majority of investors/traders run on losses because they seems to be investing when the market is green and the pump is in sight. I've always hold Warren Buffet's way thats say " Be fearful when others others are being greedy and be greedy when others a being fearful and this strategy has been working quite fine for me