First make sure to search for a text that occurs multiple times in a project and search until you go to about the middle (so you have the searched term above and below the cursor).

When you reverse the order of the text search (tick or untick Backward) and press "Find first" to search it does nothing, you have to press it another time to get to the next found item. Until you change the search direction again...
Is this a "feature" or a bug?
EDIT: I think this is a bug because notepad does this correctly

fasmw/fasmd does not try to mimic Notepad's functionality. It follows conventions of old DOS-based Borland tools, and to be exact: the conventions of editor built-in to old "DOS Navigator" file manager, which I was using to write first version of fasm, back in 1999. And just like it was there, it you switch direction of search and search from caret position again, you find the same occurence again, but the caret is this time on the opposite edge.

Ok, but Tomasz,

Wouldn't it be better a typical F3 'loop' behaviour?
I mean when find reach the bottom most of the times we want to continue search from the first line.

Anyway, i'm using the ide more and more often now and i find 'Backward' feature a bit annoying.