5. Control Your Emotions and Avoid FOMO and FUD
• Emotions are the biggest enemy of the trader.
* FOMO (Fear Of Missing Out): Drives you to buy when prices are skyrocketing, often just before they crash.
* FUD (Fear, Uncertainty, Doubt): Drives you to sell in a panic when prices are dropping, often just before they recover.
* Advice: Stick to your trading plan. Don’t let wild surges or sharp declines dictate your decisions. Take a deep breath, review your analyses, and remember that the market is constantly fluctuating. Patience and discipline are golden traits in trading.
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