2023-01-10 13:04:43
How do you overcome the fear of foregone benefits (FOMO)?The market went "green" and crowds of traders driven by the fear of missing out on profits ran to drain their deposits.
FOMO (Fear Of Missing Out) is the belief that other people live better, happier, richer than you do. It is possible to live a quiet life, but as soon as you see how "everybody could", and you could not - FOMO knocks at the door.
In the market, FOMO occurs when you start comparing yourself with other people's successes: SOL grew without you, you missed the STEPN haip, you didn't get the Aptos airdrop, you didn't earn NFT during the haip, you sold early - all these are triggers for FOMO.
"Comparison is the thief of joy," - Theodore Roosevelt.
Fear of lost profits leads to stress, impulsive decisions, anxiety, low self-esteem, and trying to escape reality.
How do you solve a problem? Recognize that everyone experiences FOMO to one degree or another. The average trader, the seasoned investor, the channel admin, the CEO of a large fund. Everyone is afraid of missing out on something and it's eating them up inside.
Minimize triggers. Most FOMO is brought on by PnL screenshot chats with "everyone could" signatures and TickTock/Instagram with "successful traders". Don't get bogged down in social media, limit your chat room viewing, set limits.
Keep a journal. Keeping a journal can help you shift your focus from public approval to personal recognition of what makes your life great.
Spend more time in real life. Crypto is driving, but that doesn't negate the importance of meeting up with friends or those same cryptans. That way you sort of put yourself in the center of what's going on and don't experience FOMO.
Fighting FOMO is not a sprint, it's a marathon. You have to practice all the time, just like with sports. But you'll have more fun living.
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