Brief about FOMO and ways to deal with it
FOMO stands for Fear OF Missing Out. It is a psychological phenomenon that also occurs in the world of buying and selling.
This happens when a person is free from fear. In any other case, the role follows the team without worrying too much about the results of its actions. Extremely exaggerated? Or a person who decides to buy Bitcoin, even if they currently have a high commission and the character no longer understands cryptocurrencies? Or when one closes the position at the most destructive moment? This is FOMO in motion. It does this when the market is excessively volatile and options need to be implemented quickly. Traders believe that other people are more successful and should also be profitable. , Impatient, too little or too much trust. The bias that leads to retrospective FOMO is usually the cause of FOMO.
For example, a trader may think that he wants to double the capital in his trading account. This may be true, but even if you agree otherwise, you cannot be sure that it will show up. It’s not always a mystery that emotional trading no longer produces the results you want, but you may no longer realize that they can also trigger FOMO. Fear, fear, impatience, joy, or greed often prompt people to buy and sell, including periods of excessive risk and negligence in buying and selling. It is a psychological phenomenon. News has an impact on the world of buying and selling. Once you hear unique information and rumors, buyers may be afraid of being ignored.
Social media plays an important role in our lives, so it is full of success stories in the lives of shoppers, especially on Twitter. It can also help cultivate the need for success. But in most cases, decisions made under high pressure are unreasonable. Buyers are always looking for opportunities to start businesses. Now, they no longer have to turn a blind eye, nor do they have to make unintentional actions from time to time. This happens especially in excessively volatile markets. This is how you deal with FOMO when buying and selling. Losing worry is very likely to succeed. However, this requires you to play a role in many ways.
What else can help manage FOMO?
• Understand the market. In general, you should conduct a market assessment before entering a long or short position. Your actions should be based primarily on market experience.
• Follow your buying and selling plan. Create one that suits your needs and stick to it. Come in and do things according to plan, not for emotions now.
• Keep a diary of purchases and sales. It is a popular device among beginners and professionals. This can greatly improve your overall performance. By studying your behavior from the outside, you will understand what mistakes you should avoid in the future. It should include the reduction in the number of purchases and sales, the risk/favorable rate, and the rate of return, etc. For your diary.
• Take advantage of the following opportunities immediately. The market consists of common stocks and very tight interest rates. Not every transaction can be successful, you also need to find the next opportunity you want. Then he will come.
• Share your happiness. Exchanging opinions and opinions with different customers can overcome all this loneliness and have a calming effect on you. Find expert organizations and trading forums.
• Use JOMO instead. This means the joy of being lost. It’s impossible to sit in front of a computer and watch the market all the time, and it’s not very good either. You need to disconnect from time to time. You have to do other things. maybe. Is it trading, such as doing some research, adjusting the trading plan, or something completely different, such as taking a walk and enjoying a day? This method will help you relax and not be afraid to miss out.
Final words on FOMO
This article will give you some tips on how to deal with FOMO. Persevere, I believe you will get good results. There is a comment area at the bottom of the page. Use it to tell us your experience. It may have affected your surgery. From FOMO, can you help others by sharing your story? Or do you just want to feel part of our community? Anyway, I want to hear your opinion. Wish you all the luck!
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