KNOW THE CHARACTERISTICS OF "FOMO" TRADERS

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Do you have "FOMO Traders" Characters?
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WHAT IS FOMO TRADER?

• FOMO is Fear of Missing Out type of traders,
  which influences our daily trading habits and
  decision making capability in Forex Trading.
• There are following causes which leads FOMO
  Traders
• High Expectations
• Over Confidence
• Lack of Confidence
• No Rules
• Lack of Long Term Prospective
• Impatience
• Wrong Mindset

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HIGH EXPECTATION
FOMO Traders thanks that one needs to double the
account by next month and you are missing out if
you do not make a lot of money as soon as
possible. This leads to higher risk and large
position sizes. One wrong trade and you will
regret of choosing wrong position sizing and
trade.
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OVER CONFIDENCE
When you come from a winning streak and feel
invincible and then take random trades or too
large positions because you think we can feel
what the market is going to do.
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LACK OF CONFIDENCE
After a few losing trades, many traders will try
to play catch up and then enter random trades
just to get into the market and hopefully somehow
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NO RULES
When you do not have a system or rules, to begin
with, then FOMO is your default mode, always
jumping in and out of the market, not really
knowing what you are doing.
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WRONG MINDSET
Every Forex trader wants to improve their forex
trading success. Successful trading is difficult
and building the correct attitudes and beliefs is
the way to develop the habits and skills
necessary for profitable trading. Without a
profitable and successful trading mindset, you
will be swimming upstream against your
emotions/fears, thoughts, and unconscious habits
which undermine your success.
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LACK OF LONG TERM PRESPECTIVE
When you do not understand that there will be
hundreds and thousands of new trades waiting for
you. Many amateurs put way too much importance on
one trade alone and want to force this trade to
win whatever it takes.
IMPATIENCE
When you do not want to wait for the setup and
just want to get into a trade because you fear
that the price might run away.
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