What is FOMO and how to avoid it?

What is FOMO?
FOMO - Fear of missing out or Lost Profit Syndrome - an obsessive fear of missing out on an investment opportunity.
This syndrome can overtake in any everyday situation and make you remember missed chances to get rich all day: ignore the growing popularity of cryptocurrencies, not invest in bitcoin and many other short-sighted actions.
To determine the presence of the syndrome of lost profits can be on several grounds:

• 
  

frequent check of the exchange rate of the asset in the portfolio;

obsessive fear of missing some important event or news;

dependence on a smartphone, discomfort in the absence of a gadget;

resentment if someone is luckier or more successful.


In trading and investing, the FOMO phenomenon is especially noticeable. Many investors under the influence of the syndrome make spontaneous purchases, make many mistakes and subsequently lose faith in the prospects of the market.

But the good news is that even this obsessive-compulsive disorder can be cured with a few tricks
✅ Forget about the past.
What once happened in the market is absolutely irrelevant. No successful investor looks at quotes in the past. He only thinks about the future. Chances never end, they always reappear.
✅ Increase your competence.
Master new skills, study the experience of professionals, All this will give not only the necessary knowledge, but also confidence in the correctness of your actions.
✅ Set clear goals.
You should always keep your strategy in mind and set target values when buying an asset. If the quotes reach your target, you should sell.
✅ If there are no ideas for investing - wait.
If there are no assets that fit into your strategy, then the most correct decision would be to save, increasing the cash position. And wait for the right moment. It will definitely come, and you will know about it when the crowd will scream about the next funeral of the stock market.
✅ Your strategy is everything.
Develop your own strategy and stick to it, improving on the way!

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✅Disclaimer: Please be aware of the risks involved in trading. This idea was made for educational purposes only not for financial Investment Purposes.

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