FOMO: Why the Fear of Missing Out Can Lead to Failure in Trading

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You may never have thought about it before, but the fear of missing out on the opportunity of a lifetime could hold bitter surprises for those involved in trading. In fact, the fear of being cut off from a fantastic earning opportunity is one reason many people make bad and dangerous decisions.

For example, think about specific types of fashionable investments where stories of quick and easy profits cause traders and investors to jump head over heels for fear of missing out on an excellent opportunity to change their lives.

Not to mention scams, another area where the fear of missing the golden opportunity causes people to ignore all alarm bells and run straight into the spider's web.
Learning to recognize and deal with this fear is crucial to avoid problems in our trading activity. That’s why we’ve prepared a video to help you deal with this fear in the best possible way!

By watching the video, you’ll discover:
-How the fear of missing a good opportunity can negatively affect your trading
-What are the most significant dangers behind this emotion
-How you can better manage your fear and prevent it from causing you to make bad decisions

Enjoy! 😎

Transcription

Fear of missing out. This is something that accompanies us in many aspects of our lives and also, it might well happen in the financial markets, where it might be dangerous.

I mean, we often read about incredible things in the financial markets. Now the cryptocurrencies. In the past, we had forex or the dot.com bubble. I mean, many things where we were reading about incredible returns and we were sitting there watching. So now we want to jump in, we want to be part of that, and we are afraid of missing the right train which is waiting for us or just passing by.

So we jump on the train but most often we do so not knowing if the train is going in the right direction, if that train is going safe or if it's just heading to the next cliff of death. I mean, we don't know. Ignorance, no plan, no knowledge. This is the problem, together with a fear of missing out that leads us to financial disaster most often.

The real train is there. It's the financial markets themselves. I mean, if you really want to get your wealth grow and your money grow, you can do that in the financial markets. But you need to build the necessary knowledge to do so.

The necessary knowledge to do it, you must find a method, plan and work constantly in the financial market. Work might be the wrong word. I mean, I'm not promising anything like the money working for you and you won't be doing anything or you will be lying on the beach. I mean, you need application, you need something. You don't need, of course, 24 hours a day sitting in front of the monitor. But you need to prepare yourself.

And due preparation, not knowing things... I mean, I don't know myself macroeconomic stuff or deep fundamental information... I don't know. I just know what instruments I'm trading, what they do when they move, and what's the risk I'm taking. This is what I need for my approach.

So you need a method. Because you need a plan. Jumping on a train not knowing where the train is going is obviously extremely dangerous. So that fear of missing the right train is actually risking to lead you to a financial disaster, which obviously we are not looking for, none of us.

Markets have been there yesterday, they are there now, and they will be there tomorrow. So the markets are the real train. You want the train – prepare yourself and jump on the train. You don't want it – fine, no problem. But don't look for the fantastic opportunity. Because okay, if you play the lottery, it's fine. You just know the risk, you pay the ticket and if you get it, it's fine. If not, you've lost the money of the ticket.

But in the financial markets you're losing your money, the money you're investing, or, even worse, you might be the victim of a scam. Because you think that the scammer is a person who will, at last, let you in on the right train, maybe by a secondary door or things like that. And in truth, that wagon will be probably discharged later and you will be got lost on that train.

So, I mean, fear of missing out... No fear, you're not missing anything. You might be missing a bubble right now, but there will be new bubbles. You will need to be at the right place, at the right time. Two things and to get both, you need luck. But luck is not an option.

With preparation, you can always be there. You might not get the bubble where you become rich from the evening to the next day, but you will be capable of managing your money. And to do that parallel to your normal life. You might get hold of your wealth and manage it, which is what you probably want.

Of course, you can still play the lottery but do so with a lottery ticket. Don't do so in the financial markets. Working in the financial markets might give you an opportunity to be in the right place at the right time due to luck. But you will be there with all the necessary knowledge to know what to do if things go wrong, which you normally don't in case you just jump on the train led by the fear of missing out, which is a deceitful enemy in this case.

You need preparation and study a method to work on the market, something that is understandable, replicable and that can lead to right and decent returns in the long run. Not something that promises somehow to make you reach overnight. That does not exist unless you are extremely lucky, which I wish, of course, for you, but that's not something you can plan easily.

So no fear. Markets are there for you. You just need the necessary preparation to jump into them. Study a method. Find out a method that works, somebody who can lead you, who has proven to do things properly, and then you're ready to go.

But don't do things too fast because doing things fast just because you are afraid of missing something is here extremely dangerous and may be extremely expensive.

Need More Help? Book Your FREE Strategy Session With Our Team Today!

We'll help you map out a plan to fix the problems in your trading and get you to the next level. Answer a few questions on our application and then choose a time that works for you.

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Andrea Unger

Andrea Unger

Andrea Unger here and I help retail traders to improve their trading, scientifically. I went from being a cog in the machine in a multinational company to the only 4-Time World Trading Champion in a little more than 10 years.

I've been a professional trader since 2001 and in 2008 I became World Champion using just 4 automated trading systems. 

In 2015 I founded Unger Academy, where I teach my method of developing effecting trading strategies: a scientific, replicable and universal method, based on numbers and statistics, not hunches, which led me and my students to become Champions again and again.

Now I'm here to help you learn how to develop your own strategies, autonomously. This channel will help you improve your trading, know the markets better, and apply the scientific method to financial markets.

Becoming a trader is harder than you think, but if you have passion, will, and sufficient capital, you'll learn how to code and develop effective strategies, manage risk, and diversify a portfolio of trading systems to greatly improve your chances of becoming successful.