FOMO stands for "Fear of Missing Out" and is a feeling most traders get when they see an asset sky-rocketing, suddenly that asset is all over the news, everyone seems to be talking about it and you just dont want to be left out on the fun, so you buy and you buy late, but one thing is for sure about FOMO: it wears out!
When FOMO runs out you are left with a bag of coins that are no longer rising, in fact the price is now decreasing. Thats how you become a "Bag Holder".
So how can you prevent it?, well you dont want to be buying Ethereum, Dash or Litecoin at these prices. Sure they could still go up, but by how much more?, how much more will it take for investors who already gained over 500% to start selling?
What you should be doing is looking for those coins that have potential but still have not exploded. Another good option is getting in early on ICOs and selling a few months later when those coins hit the markets.
On that note I recommend looking into the following investments:
- Taas
- Iconomi
- EOS ICO
- Tezos ICO
Remember, nothing is for certain but you will not get rich by doing what everyone else is doing!
Best of luck!