FOMO | Share your tips and tricks
Hi Traders,
Yesterday was a good day to catch lot pips with the huge impulse up on DXY fueled by news. Most traders was anticipating
this move but but did you enter because of FOMO? For me, I saw the sell on GBPUSD but did not take it because it was not part of
my trading plan and I did not want to jump in just because of FOMO.
So how do I handle FOMO:
1. Taking a break from looking at others' trading analysis. Although this is a great platform, it can get overwhelming looking at hundreds of different trading analysis every day. Especially, seeing traders post ideas stating "this is the next big move you do
not want to miss". This induces fear which makes traders enter a trader without doing their own analysis and proper risk management .
2. Acknowledging that a BIG move happens EVERY week. So if you miss this one, take the time to prepare for the other one that WILL happen next week.
3. Staying true to your trading plan. Perhaps you can go a step further by marking up chart at night with potential setups and only taking those trades on the following day. Even if you see another opportunity developing in the day, don't take the trade. Another way is to limit the number of trade you will take in any given day.
I have come a long way, but still have a longer way to go with managing the psychological part of trading.
Let's start the discussion. How do you deal with FOMO? Do you have other tips and tricks you would like to share.
Yesterday was a good day to catch lot pips with the huge impulse up on DXY fueled by news. Most traders was anticipating
this move but but did you enter because of FOMO? For me, I saw the sell on GBPUSD but did not take it because it was not part of
my trading plan and I did not want to jump in just because of FOMO.
So how do I handle FOMO:
1. Taking a break from looking at others' trading analysis. Although this is a great platform, it can get overwhelming looking at hundreds of different trading analysis every day. Especially, seeing traders post ideas stating "this is the next big move you do
not want to miss". This induces fear which makes traders enter a trader without doing their own analysis and proper risk management .
2. Acknowledging that a BIG move happens EVERY week. So if you miss this one, take the time to prepare for the other one that WILL happen next week.
3. Staying true to your trading plan. Perhaps you can go a step further by marking up chart at night with potential setups and only taking those trades on the following day. Even if you see another opportunity developing in the day, don't take the trade. Another way is to limit the number of trade you will take in any given day.
I have come a long way, but still have a longer way to go with managing the psychological part of trading.
Let's start the discussion. How do you deal with FOMO? Do you have other tips and tricks you would like to share.