What is FOMO?
When crypto coins started to take place in the investment market, many new concepts entered our lives. One of these concepts is "FOMO". FOMO stands for "Fear Of Missing Out", which is a psychological concept. It is an emotion used for social media addicts and described as the most faced situation of our age. FOMO can be interpreted as being afraid of missing a development or being deprived of a situation. That's why people always want to keep their relationships updated. The concept is accepted as a psychological need because it is claimed to contribute to mental health. It is explained as the mentally attached to a situation and the feeling of relief from it.
Cryptocurrency and FOMO Relationship
In crypto money investments, the investor must make a rational decision. Investors can also shape their investments by acting with the FOMO impulse instead of making rational decisions. In the cryptocurrency market, this situation manifests itself as a fear of missing out on opportunities. This relationship, which can be described as not being aware of opportunities or not taking advantage of the opportunities that other investors benefit from, sometimes even makes the investor make wrong decisions. For this reason, making decisions with the FOMO effect is dangerous enough to cause extremely risky situations. Emotional decisions generally lie behind untimely investments.
Think now:
You sit at your computer towards evening. You are looking at cryptocurrency graphics and news. You notice BTC. It rose 11% that day. You say "well raised".
That night you sleep like a normal night, the next day, the market opens. You're looking at the chart of BTC out of curiosity, 3% above. "The movement seems to continue, you are buying a BTC". The price you get on that day: 12000 $
You hold it for about a week. When the price comes to $ 13500, “I made 12.5% profit, you sell because it may fall at any moment. You are happy. You won.
However, the days pass, while you are dealing with the market, you are looking at BTC on the one hand. The rise continues. It is rising almost every day. There are reports that "long term BTC should be bought". Everyone buys BTC. Everyone is talking about BTC.
You say "we left too early, everyone will be rich, I lost". This thought is starting to spoil your psychology, if one day BTC falls, you will calm down, but it is gaining 3% value every day.
It tells about the profit he makes, the money he earns to everyone around you. Your psychology is very bad. It is not possible to think healthy. You go and get all your money, $ 15000 of your assets, for fear of missing this big fish, BTC.
Then ? BTC, which gained value for a few more days, peaks at $ 15500. It bursts like a bubble and closes that week with $ 12000. Of course, you cannot sell $ 15500 because the psychology of "I missed the big fish" prevents you from making healthy decisions.
This is called FOMO, or "Fear of Missing Out". This is such a psychological phenomenon that it entered the Oxford Dictionary in 2013. Fear of "someone getting rich, I'm missing", "someone is living a great life on youtube, I'm crawling".
FOMO is capturing all your emotions, making you unreasonable and worrying, saying “I'm back, everybody bought BTC, people will be rich, I'm about to miss this opportunity” and you invest all your assets in a single cryptocurrency.
This phenomenon, which they call FOMO, is the biggest enemy of the investor.
**As I always said, listen to everyone, decide for yourself...
take care, see you... follow me ...**
