Is FOMO (Fear of missing out) one of the reasons why some day traders make big mistakes?
Fear of missing out on trades comes from past missing opportunities that you could make money from.
Learn from past mistakes.
Let go of what can not be changed.
Focus persistently on the big picture.
Take the long term perspective to succeed.
Overcoming the FOMO is crucial to crafting a successful trader’s mindset.
FOMO can trigger impulsive decisions and unstable trading patterns, negatively impacting financial results. Traders should stick to their carefully crafted trading plan, utilize concrete entry and exit rules and refrain from making decisions based on market rumors or hype.
Regular market analysis, persistent education and employing patience are the key to fighting FOMO.
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