Boo! Scared? Well, I am not talking about that kind of fear. I am talking about phobias. Real issues that may affect some traders negatively. Most people have some type of phobia or phobias. You know, like Arachnophobia which is fear of spiders or Nyctophobia which is fear of the dark. Some type of phobias can make trading even more challenging than it already is. Of course, not all fears are bad. Some may keep you on the alert but when a fear starts to become an issue on a daily basis or holds you back from making progress – that’s when you may consider doing something about it.
Number 1 – Metathesiophobia. “No Changes for Me”
I put Metathesiophobia as number one because it means fear of changes. If you have a comfort zone and never wish to challenge yourself and progress, try new stuff or learn new things, you may have Metathesiophobia. Basically, you don’t want anything different than what you have or are used to already. It’s needless to say that in trading, that could be a disaster. Markets move and their trends and chart patterns change all the time. You may sometimes need to change broker, try new indicators, trade another amount or use a different charting platform. Being reluctant to accepting changes when things are not working out will most likely hurt any trader. On the other hand, the positive side of this phobia is that when it affects the market as a whole we get those really strong chart signals!
Number 2 – Macrophobia. “No Waiting for Me”
Next on the menu is Macrophobia. It is the fear of long waiting. I have to say, most people get frustrated over having to wait for anything nowadays. It could be waiting for the bus, your morning coffee or that guy who occupies the squat rack at the gym only to do more reps on his smartphone than he does on the machine. In today’s fast-paced world, however, even waiting two seconds could get people frustrated because “normally it takes just one second for my browser to load”… So, is it possible to trade without patiently waiting and waiting and then waiting some more for a good setup? A good setup that might not even turn up for days and days! Macrophobia could destroy a trader. If you are unable to wait for the markets to introduce a good setup, you are likely to jump in to random trades and lose your wad.
Number 3 – Kakorrhaphiophobia. “No Action for Me”
This one affects many newbie traders. It’s the fear of losing and it’s so intense it can literally hold you back from even taking one trade, even on a demo account! In a risky world of trading, losing is part of the game and nothing is 100% sure. If you are suffering from Kakorrhaphiophobia, you are surely not alone. While the Macrophobe already lost his entire investment because he couldn’t wait, the Kakorrhaphiophobes can’t take any action at all due to fear of making a bad trade. This can result in not gaining any experience and basically no trading. Normally, time and experience solve this issue for most people.
Number 4 – Numerophobia. “No Numbers for Me”
Numerophobia, the fear of dealing with numbers may not come to thought as an issue at first but think about it for a minute. As traders, we calculate pips, investment amounts and deposit amounts. We have to calculate a proper money and risk management and even more calculations if you are also trading Forex and CFD’s. I am no doctor but I am sure it’s a big challenge to get started with trading when you don’t like numbers.
Number 5 – Logizomechanophobia. “Does Not Compute”
Okay, these phobias just get harder and harder to pronounce! Who knows, maybe I am developing “Sesquipedalophobia”, fear of long words. Jokes aside, Logizomechanophobia is fear of computers. I am pretty sure the people suffering from this are not here reading this right now. Haha!
Seriously though, this could be as simple as getting nausea when sitting “long hours” in front of a computer. It’s understandable but maybe restricting your trading hours could help you with this phobia.
Number 6 – Sophophobia. “No Education Please!”
If there is anything any trader needs, its proper trading education! If you feel reluctant to learning, maybe it’s not just laziness. Perhaps, you have Sophophobia, the fear of learning. Today, there are lots of educational information online so no one should ever engage in trading with lack of knowledge.
Number 7 – Decidophobia. “Should I Trade or Not?”
Should I press the call or put the button or not? Hmm, I can’t decide, maybe I should just team up with the Kakorrhaphiophobes and we both can sit on our hands! That’s right, you probably recognize yourself. Decidophobia, the fear of making a decision is also quite normal among traders. There are traders that have been demo trading with impressive results for years and are yet undecided on taking it to next step! It’s really an issue that many people face in the trading business.
Number 8 – Symmetrophobia. “I Don’t Like Patterns”
Unless you have been trading for a while, you probably don’t know about price action and price patterns. Thus, you may not understand the importance of recognizing recurring price patterns either. Yes, there are symmetrical patterns like triangles, squares, butterflies and trending waves and as many more shapes and configurations on the charts on a daily basis. As a Symmetrophobe, it would be really annoying and challenging to actively force yourself to identify and use those patterns on a chart.
Number 9 – Chrematophobia. “Handling Money Is Scary”
Chrematophobia is having issues when it comes to handling money and it’s so obvious that if you can’t or don’t want to manage your funds, you have already set yourself up for a bad trading experience! The less you have to spend, the worse gets the Chrematophobia. This is why we always suggest you invest an amount you can afford to lose. The less stress and worry you have about paying your bills the better.
Number 10 – Diacheiristí-logariasmoú-Phobia
This one I made up on my own based on all the newbie traders I have met over the years. I translated it to Greek since the previous phobias were also mainly in Greek. It means the fear of account managers. Hahaha… Seriously, a lot of traders are too scared to have a conversation with their account managers. I mean come on…. It’s just a guy, a salesman really and there is no gun to your head. Man up and say you are not going to deposit more than you can afford and that you will do your own trading decisions, thanks for calling but don’t call again. And Done! But to many people, it’s easier said than done and they are too scared to pick up the phone and answer, to begin with. Yes, Diacheiristí logariasmoú-phobia is real and binary options traders are suffering from it.
Extra Fear – The Phobophobia
At this time I assume you are getting sick and tired of all these phobias, perhaps you are developing a Phobophobia. I guess that one doesn’t really have any side effects? Having a phobia can often get treated and pass with good help, patience, and care. Let us know if you have any phobias that may or may not affect your trading and how you came around it or not!