Let's break down FOMO, or 'Fear of Missing Out', which is a psychological effect characterized by anxiety and fear of missing significant events, profitable deals, or advantageous opportunities.
FOMO is particularly strong with traders who closed a deal too early or exited at a loss during a squeeze, only to see the price move in the desired direction afterward. This is something all traders, including experienced ones, face. The common mistake is:
Everyone tries to recover their losses or earn as much as they could without closing the deal earlier, frantically starting to open trades without considering the risks, thereby going further into the red.
If you encounter such feelings, you need to close the terminal until this feeling leaves you.
In my opinion, psychology is one of the most important aspects of trading; you must not give in to emotions, and then you will preserve your deposit.
Trade in a good mood)
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