Recognizing the Signs of FOMO and FUD
Fear of missing out can manifest in various ways, and here are the most prevalent symptoms:
- Restlessness: If you're eager to jump into a trade without delay, concerned that the price may surge before you have a chance to set up.
- Lacking a sense of foresight: When you need to comprehend the vast number of fresh opportunities that lie ahead, some inexperienced traders place excessive emphasis on a single trade and are determined to make it successful at any cost.
- Elevated standards: When you consider the necessity of increasing your account balance twofold within the next month and the fear of missing out on potential earnings if you don't generate a substantial income promptly, as a result, there is an increased level of risk and the potential for larger position sizes.
- No restrictions: If you need a proper system or set of guidelines from the start, then the fear of missing out becomes your default state, and you constantly enter and exit the market without a clear understanding of your actions.
- Self-doubt: Following a series of unsuccessful trades, numerous traders may feel compelled to make up for their losses by impulsively entering arbitrary trades in the hopes of miraculously turning a profit.
- Excessive self-assurance: After experiencing a series of successful trades and feeling unstoppable, it's common to make impulsive decisions or take substantial positions based on our intuition about the market's direction.
If there is a reliable funding prop firm , the trader will feel much better psychologically
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