Every trader has fears and it comes in a few ways to all of us but the most important two are: Fear of missing out, Fear of losing.
The fear of missing out is mostly because the trader does not have good information and is not able to analyze the market consistently with a good degree of accuracy. There is an urge to win with a blend of greed and a lack of understanding about how the market really works. Basically an amateurish approach to the market based on emotions withour the mental faculties to be realistic.
This type of person has probably been exposed to the “fluke” trading wins of a few people around or has witnessed some extraordinary wins on news or media.
The urge to get in fast and prosper is too strong to make a sound judgement and the individual finds him/herself pressing buttons on a platform.
Probably a new generation young person who has yet to live the experiences that makes a person grow in the job.
Their trading career will end quickly after wrecking their account.
Solution:
The need for education and experience and a focused supportive on going environment!
There is no other way for success.
We all have to understand that we are a product of the environment and my success will depend greatly on the environment I am in regarding my goals. If I want to be a good trader I need traders around me to develop and learn from and even after learning I will still need them to keep focus and sharp witts and get new perspectives on what the market is doing.
You may be a great trader, but trading is a lonely business and keeping discipline and maintaining your schedule everyday like a professional without like minded people is very hard!
The only way to overcome FOMO is the confidence that your market analysis is correct and your rock solid money management blended with an environment of like minded knowledgeable people. Joining all kinds of forums and groups out there is not a good environment if anyone can just come in. The newbies will come and drain your energy like a leach. Do the opposite, be in an environment where you can add to yourself with new knowledge and experience so you can grow rather than feeding those who rarely have the desire to succeed but just want to be a part of something which they do not even fully understand. They lack purpose. If you hang around with such people, you will weaken or even lose your purpose.
So overcome your fears by learning solid techniques for trading and placing yourself in fertile soils so you can grow.
Our mission is exactly this at the GlobalTrader.Club
