“Fear of Missing Out” is one popular mistake many beginner forex traders suffer from and try to overcome it in order to improve their trading traits. in the below article from dailyfx website discuss this issue and explain how to deal with it:
In my opinion, the fear of missing out on something is the most common emotion that causes traders to push the buy or sell button when they should not. When a trader makes a profitable trade, chemicals are released in the brain allowing the trader to feel pleasure.
It is the desire to re-create that pleasurable feeling which clouds objective thought and leads to poor trading decisions. When looking at potential trades, there are always many variables to consider which would depend on that trader’s trading plan. A set up might present itself and the trader will then weigh all of those variables.
When considering an entry a trader will think about the possibility of a loss and also envision potential profits. It is when thinking about the potential profit that traces of the chemical that cause the feeling of pleasure will be released.
The brain wants the real thing, not just a trace, and that is where the subtle, almost unconscious shift in reasoning occurs. The trader then pushes the sell or buy button with a less than ideal trade set up.
Read the full article: Trading Psychology – The Fear of Missing Something
Also this great video discuss this issue “The Fear of Missing Something” and how to overcome it
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