FOMO Syndrome And Its Effect On You!

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Many people might deny it but we've all had the FOMO syndrome at one point in time or even still do. The Fear Of Missing Out syndrome is one that runs among crypto traders and their closest crypto pas. In the crypto space the possibility of becoming a millionaire is quite high and it is one opportunity most people don't want to miss. This is why we join so many groups on WhatsApp and telegram to know the next big thing and when it to jump on its train. Today most of us own so many of these useless tokens as a result of this syndrome and while many have gotten the cure many might stay sick forever until the learn. FOMO syndrome has so many bad sides but for the article I'll be sticking to the most obvious.

Number is the bad decisions we make. I would liken FOMO syndrome to addiction, drug addicts would sell almost anything to get their next dose and sadly it applies to people with this syndrome. In a bid not to miss out on the next big thing victims sell most of their assests quickly to make enough to buy that coin without even realizing how bad of a decision they just made. A good example is that of those who sold their Ethereum or Litecoin to buy Doge coin because of the hype it enjoyed early this year due to Musk's heavy influence. Today Ethereum has passed 4k twice this year while Doge can't seem to climb up anywhere near its previous high. The rush clouds ones judgement at that time, making them take pretty bad steps which they eventually regret. Not only would you be accumulating useless coins but you would also be missing out on profits you would have made sticking to credible tokens.

Then they make huge losses. After buying, they start to stare at charts and news platforms for a possible break point that would never come. Days roll into weeks and weeks into months before they realize what a huge mistake they have made. The coin that was supposed to make them millionaires becomes junk that no one wants to buy or they have to sell for ridiculously low prices. Time that could have been spent monitoring more credible projects is wasted and the sad thing is that while money lost can be remade, time lost can't be regained.

This doesn't mean that this syndrome is totally bad but it all depends on how much influence you let it have on you. This syndrome shouldn't make you loose money and time or make bad decisions but rather give you hints about projects you should or shouldn't go into. The first thing one should do before letting FOMO get the best of you is to carry out your own research. Before you throw all your weight behind that coin or token make appropriate research, check it's whitepaper thoroughly for possible loop holes or fake agendas that might be hidden under too sweet promises. Who are their partners? What are their future plans and how exactly do they benefit the entire crypto space. This would help you weed out the fake from the real and save you time, money and headaches.

Also makes sure that your greed doesn't lead you. While some people are smart, their greed also gets the best of them. Don't try to reap where you didn't sow because it will protect you from scam projects and even if you do invest make sure it's an amount that wouldn't send you to the Intensive Care Unit if you happen to loose it. The crypto space can either br your treasure chest or your sink hole depending on how you approach it.