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WHAT IS FOMO ( FEAR OF MISSING OUT )
FOMO in trading is the Fear of Missing Out on a big opportunity in the markets and is a common issue many traders will experience during their careers. FOMO can affect everyone, from new traders with retail accounts through to professional forex traders.
Common emotions in trading that can feed into FOMO include:
Greed
Fear
Excitement
Jealousy
Impatience
Anxiety
TIPS TO OVERCOME FOMO
1. There will always be another trade: Trading opportunities are like buses – another one will always come along. This might not be immediate, but the right opportunities are worth the wait.
2. Everyone is in the same position. Recognising this is a breakthrough moment for many traders, making the FOMO less intense.
3. Stick to a trading plan. Every trader should know their strategy, create a trading plan, then stick to it. This is the way to achieve long-term success.
4. Taking the emotion out of trading is key. Learn to put emotions aside – a trading plan will help with this, improving trading confidence
5. Knowing the markets is essential. Traders should conduct their own analysis and use this to inform trades, taking all information on board to be aware of every possible outcome.
6. FOMO isn’t easily forgotten, but it can be controlled. The right strategies and approaches ensure traders can rise above FOMO.
7. Keeping a trading journal helps with planning. It’s no coincidence that the most successful traders use a journal, drawing on personal experience to help them plan.
Overcoming FOMO doesn’t happen overnight; it’s an ongoing process. This short article has provided a good starting point, highlighting the importance of trading psychology and managing emotions to prevent FOMO from affecting decisions when placing a trade.
