It's true FOMO can really cloud judgment people get caught up in the hype and buy at high prices without reviewing or managing risk often it ends up being a trap providing exit liquidity for early entrants experiencing FOMO and then panicking to sell at a loss is tough it can leave a lasting impact on psychology losing money that way teaches a hard lesson about the importance of discipline patience and sticking to a plan.
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And the psychological impact is not easy to eliminate, it will even affect a person's normal quality of life which in the end makes him experience excessive stress.
Not just an opinion, but it's a reality I've experienced as well.
Got a lot of losses due to too much FOMO which ultimately affected my mentality for losing a lot of money by selling at a loss price when panicking.
The initial goal is to take advantage of the hype moment to take advantage, but in the end it is just a waste of hard-earned money.