What is JOMO in crypto trading?

JOMO stands for the joyousness of missing retired — peculiarly erstwhile a cryptocurrency trader refuses to travel the crowd. This is the other of FOMO, oregon fearfulness of missing out, and it's the counterbalance to terms rallies driven by hype and frenzy.

What is JOMO successful crypto trading?

In crypto trading, JOMO stems from not pursuing the herd, which is often wrong, and yet avoiding a perchance large loss.

For example, the recurring bullish calls successful the Bitcoin marketplace during the 2020-2021 bull tally apt prompted galore radical to bargain astatine the apical successful anticipation of much upside. 

Many marketplace commentators, including analysts astatine Standard Chartered and JPMorgan & Chase, predicted successful 2021 that BTC terms would scope $100,000 by the extremity of the year. The widely-tracked Stock-to-Flow (S2F) model further boosted the bullish argument, fixed its accuracy done astir of Bitcoin's bull and carnivore cycles.

However, Bitcoin price fell short of its fashionable $100,000 people aft peaking retired successful November 2021 astatine $69,000, and is presently down 60% since.

BTC/USD play terms chart. Source: TradingView

Thus, the JOMO traders who either sold oregon didn't bargain into the rally astatine the clip came retired connected top. Moreover, they besides retained the superior to get successful astatine little levels erstwhile FOMO is nonexistent, such arsenic successful June 2022 that marked Bitcoin's latest terms bottom. 

JOMO aft Bitcoin terms peak

One of the fewer JOMO traders who didn't bargain into the overly-optimistic Bitcoin predictions successful precocious 2021 was marketplace watcher Michael Gogol. He reduced his crypto vulnerability a period earlier Bitcoin's peak, expressing his alleviation successful May 2022.

Called the apical successful 2021 and 2022.
Not atrocious not bad. I’m proud. pic.twitter.com/ZZe5E445Sz

— Michael Gogel (@mgogel) May 3, 2022

On the different hand, 1 trader confessed that helium had bought Bitcoin astatine $60,000 successful October 2021 aft getting convinced by the market's anti-inflation narrative. He said:

"The full ostentation happening yet clicked. I panicked and entered astir astatine ATH of 69k. Feels bad. Went down the rabbit hole, hours of research."

Turning FOMO into JOMO

FOMO originates from the nonsubjective of making wealth quickly. Many gullible traders judge they tin treble oregon triple their investments wrong the substance of days, weeks, oregon months by investing cryptocurrencies. 

Usually, traders with FOMO syndrome whitethorn unfastened oregon adjacent their trades aggregate times a time without putting sizeable thought oregon strategy down them. These high-risk trades besides interaction traders mentally, adjacent starring to stress and slumber deprivation.

Here are 4 steps that a trader tin instrumentality to crook FOMO into JOMO:

1. Develop a trading plan.
2. Keep a trading diary to show your trading patterns. 
3. Analyze imaginable trades using multiple metrics, including cardinal and method analysis.
4. Ignore emotions, travel your program and set accordingly. 

This nonfiction does not incorporate concern proposal oregon recommendations. Every concern and trading determination involves risk, and readers should behaviour their ain probe erstwhile making a decision.