Don’t let cryptocurrency FOMO get you off the track: 6 tips to cope with the pressure

You’ve likely heard about FOMO before. If you let it take over you, this fear can result in serious mistakes, which is especially true in the world of crypto. FOMO, or the fear of missing out, is a real problem many people experience and can manifest in different ways. For instance, you may believe that everyone else is having fun while you’re missing something huge. In the crypto universe, this looks like you’re missing the boat on significant investments.

Table of Contents

Cryptocurrency FOMO is very serious, and dealing with it can be tricky because it gets you investing in scams and panic-selling when crypto dips. Investing should never be an emotional act. If it is, something is wrong and you must change it as soon as possible. Here is how to deal with cryptocurrency FOMO and stay focused on your primary investing goals.

Accept that there will be some loss

Here’s the thing: there will inevitably be some losses when it comes to crypto. Whether you want it or not, you will miss out on opportunities because that’s how the crypto industry works. No individual made a profit from investing in all opportunities out there.

Accepting this reality will save you a lot of negative feelings when there’s a loss. The key is to change your mindset and see crypto trading as a quest to determine the best strategies that help you win. When you look at things from this perspective, you no longer let FOMO stand in your way of achieving your crypto goals because you realize there’s still something you gain, which is experience.

Beware of FOMO-based scams

It’s not rocket science that people who deal with cryptocurrency FOMO are the best target for scammers. Unfortunately, it can be easy to fall into their trap when you’re an investor that doesn’t want to pass up a deal. Some people fall for scammers’ tactics repeatedly and never see their money returning to them. These scams can be convincing especially for crypto newbies who don’t know much about how blockchain works.

More often than not, scammers reach their goals by exploiting people’s fear of missing out. It’s crucial to be aware of these scams and not let FOMO take over you so that you can make rational choices when investing. You can protect yourself against fraud by researching cryptocurrencies and learning as much as possible about the subject.

Remember ‘what ifs’ do no good

People who are scared about missing ‘the next big thing’ are very hard on themselves if they don’t buy cryptocurrencies at a low price. They think over and over again that perhaps the opportunity could have made them rich. Consequently, they make different attempts to correct this mistake, which becomes a destructive pattern. To break this pattern, you should remember that you’re only wasting your time thinking about what could have happened. Early investors who made a fortune out of crypto mostly had a background in fintech, finance or programming. A few years ago, the stakes of becoming a millionaire while investing were actually very low.

Thus, it’s best to stop your mind from falling into the what-if spiral and educate yourself instead.

Don’t think about what could have been if you had taken an opportunity; instead, consider what you can do to increase your chances of winning in the future. Investing in crypto can be challenging, and learning about the cryptocurrency you want to trade is vital. For instance, you may choose Ethereum as your preferred option. If this is the case, you can check the ETH price in real-time to determine the actual state of this cryptocurrency in the market. Looking for Ethereum price USD is an essential part of investing, as you must evaluate every crypto before taking action. Failing is no longer a concern the moment you start educating yourself.

Think about all the significant losses in the crypto world

Everyone loves success stories – they are inspirational and encourage you to believe that you can achieve everything you set your mind on. But when it comes to crypto, it can be helpful to consider major losses too. Read about the cases when investors lost everything because of FOMO.

This research will likely be eye-opening and help you understand that it’s always best to act rationally when your money is involved. Some people successfully made a profit investing in crypto, but this is mainly because they didn’t allow their emotions to influence their investment decisions.

Learn from your mistakes

The crypto world is very volatile, but you shouldn’t let this discourage you because opportunities are out there – you just have to educate yourself properly and make the right decisions. If you’ve made a mistake in the past, accept it and do your best not to repeat it in the future. Losing a lot of money likely has to do with FOMO, so take a look at your history to understand how this fear influenced your investment choices.

As with any other deeply-rooted fear, cryptocurrency FOMO makes you act quickly and without thinking, leading to negative experiences. Unless you must run from a tiger, FOMO never helps you – it’s pretty much the opposite; taking actions based on your fears often worsens things.

Step aside for a while

This is one of the easiest ways you can reduce FOMO. If you’ve spent too much time focusing on crypto lately, it’s probably time to take a step back and do other exciting things. A mental detox will help you look at things from a clearer perspective and make better decisions later.

Remind yourself that life isn’t all about making money to ensure your future is bright. Instead, try to focus more on the present moment: do a workout, play a game or go on a trip with your friends. Slowing down will help you cope with the pressure that pushes you to act immediately and make all sorts of mistakes.

Final thoughts

If you’ve been in the crypto world for a while, you likely know that FOMO is very real. This fear of missing out can be so intense that it drives people to do really crazy things they may regret later.

Managing FOMO can be very challenging, but it is indeed possible. You must remind yourself that this fear won’t help you get anywhere – if anything, it will distract you from your goals and lead to irrational choices that have serious consequences. Educate yourself on the crypto industry as much as possible and plan your strategies wisely to invest successfully and avoid scams and mistakes.