#1 Fomo: fear of missing out. This rationale comes from the fact that you are new to the market, have little experience, and are excited to see others making money from an opportunity that you missed. Now you say that if only you had joined then, your account would have multiplied many times over.
Because of that, it pushes you to have the fear of missing out on the next deals and opportunities and you are afraid that there will be no more opportunities like that. But in reality, the market always has many opportunities, if there is not this opportunity, there will be another opportunity.
Those thoughts will drag you into the following stupid actions.
1. Enter all orders that you feel are good or hear from a group sharing the odds.
2. Increase the volume - Place large orders with the hope of making more money to recover all the previous misses.
So what is the solution to this mentality?
* You should leave chat groups especially chat groups that are easy to exchange, many opinions continuously in real time.
Why I mention this, it's simple because you will be easily influenced by a continuous amount of information that is poured into your head and you will be caught up in it. Because to be honest, discussing knowledge is less about chatting and more about chatting. You should only follow channels that only share useful knowledge and most importantly, the frequency of it does not take up too much of your time, you should only receive knowledge and then practice it yourself.
Inner strength is important. If you still don't know how to invest yourself, find good entry points yourself, I advise you to stop everything and spend more time investing knowledge in yourself instead of joining groups to wait for other people's entry signals.
What you need is to have a specific and clear entry and exit strategy so that you can control your orders according to the market.
You should only consider other people's command analysis as a reference tool, not as a lifesaver for yourself.
Let's talk about this for now, I will share the other 2 errors with you in the next post.
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