3 Psychological Mistakes In Marketing

3 Psychological Mistakes In Marketing.


Today, we are going to discuss three (3) types of Psychological Mistakes we make while doing business.

What is Marketing?
Marketing is the act of buying and selling of goods and services.

Now, let's move to the mistakes. The mistakes are listed below with full detailed explanation.

1. FOMO Strategy
2. Revenge Trading
3. Gambler's Fallacy

Explanation:

1. FOMO Strategy

It's an acronyms which stands for "Fear Of Missing Out". When you're trading your product, always have it in mind that there is 80% of your product not to meet your target goal. That won't give you any high blood pressure if such happens.
And if such happens, the only way out is that you keep yourself out of your business friends because if the market is favourable to them, they will surely rejoice it, which will affect your emotion.
Try to stay down and always take advice.

And always have it in mind that missing trade is always part of the trading game.

2. Revenge Trading

It's part of the problem we have in business, don't revenge on your loose money by putting (invest) another money just to recover the money you lose. Don't do that.
It is a bad idea, which can cause an emotional depression and that can lead to alot of damages in your body system.

Drake once said "You win some, you lose some, as long as your outcome is income".

3. Gambler's Fallacy

When you are doing a business, always have it in mind that the outcome will always be 50/50.
For example if you throw a coin up ten times, if it turns down 5 times, people will think the remaining five will be up, which is a big lie, the truth is the remaining five is unknown, it can be up or down.
Don't put your money because the first five is up, so the sixth to the end will be up too, don't do that, that's gambling.
So, that's how gambler's fallacy works.

There is one wise statement in Marketing,
It says "Whether you lose your money into trade or you are able to gain (make) money in trading, both doesn't concern the trading system, it is your own problem and own winning".

Thanks for reading.

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