If you want to involve in new fields, it means that you should be ready to start new challenges, as well as trading. Many people believe that forex trading can make you get rich quickly. This has become one of the main motivations for beginners to start their fortune in the forex market. However, a variety of trading fears can appear in the middle of your trading journey.
If you’ve ever been afraid of missing an entry, there’s no need to be discouraged. This fear is a natural thing for beginners. Instead of continuing to think about the same fear, it helps you try to cure it.
What is the fear of missing out (FOMO)?
Have you ever heard the term FOMO aka Fear of Missing Out? In trading, this term is used to describe the fear of missing the moment of entry, so they cannot get profit. Traders who experience it will feel excessive anxiety so that the entry decision is made incorrectly.
The fear of trading called FOMO was not only infecting forex traders. Both stock traders, commodity traders, even crypto traders did not escape the FOMO target. According to Daily FX, FOMO can affect everyone, from new traders with retail accounts through to professional forex traders. If examined what causes FOMO in trading, then the answer is because a trader cannot control his emotions during trading. Fear and Greed factors are the two main causes that can affect emotions during trading.
Usually, traders who suffer from FOMO syndrome will open and close positions many times a day, aka overtrading. Besides, any decision taken suddenly without careful calculation can plunge them into high-risk trading. These conditions can continue to disrupt the mental condition of traders. Those who are unable to deal with this sad reality can be stressed to depression