No FOMO when you trade
So you missed a trade.
Or you are you often gripped by the fear of missing out (FOMO) in the trading world?
It’s a common feeling.
But let me tell you.
You might miss a train, but the next one is always on the way.
And the stock market will always be there for you to pump out more profit opportunities for you.
Today, I want you to not worry to much about FOMO. And I don’t want you to kick yourself and here’s why…
Impulsive Decisions: The Enemy of Rational Trading
Ever jumped into a trade just because it ‘felt right’?
It’s like grabbing a chocolate bar at the checkout – it’s tempting, but not always a good idea.
You need to get rid of the idea of wanting to impulse trade (trade for the sake of it).
Rather have your trading plan and stick to it by all means.
If you miss a trade – LOOK for the next one.
Not a low probability trade. Wait for the next high chance of success trade and you’ll be happy you did so.
Research: Your Secret Weapon
Trading without research is like driving with your eyes closed. You might get lucky and not crash, but it’s a risky gamble.
You need to put in the time to research and analyse the markets accordingly.
Understand the why behind your trades. Research is your crystal ball in the trading world.
Chasing the Market: A Fool’s Errand
Ever seen a stock skyrocket and felt like you’re missing the party?
You might feel the same with Bitcoin or a stock that has underperformed in a while.
The worse you can do, is try to chase the market.
If you missed the trade. Move on and find the next perfect trade that is linin up.
Patience is your ally.
Precision analysis is also the key.
Remember, markets move in cycles. Wait for your moment.
Big Risks: Big Rewards or Big Regrets?
It’s like betting all your chips on red.
It can pay off, but it’s a rollercoaster ride.
So you need to remember that risk and money management is key.
Balance optimism with realism.
Use stop-loss orders, adjust with trailing stop losses – get out with time stop losses.
And most importantly – Protect your capital – it’s your trading lifeline.
High Emotions: The Trader’s Kryptonite
The infamous emotional rollercoaster might make you take the wrong trades.
It will result in you making rash, quick and irresponsible decisions.
So try to keep emotions at bay, stay calm to trade.
Develop a mindset that is calm and collected. Remember, the market doesn’t care about your feelings.
Final words:
So you know that FOMO is another dangerous habit to develop as a trader.
Rather, say to yourself this mantra.
There is always another and better trade on the way, and I don’t have to catch every single trade that presents itself.
Let’s sum up the reasons why FOMO is dangerous.
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Impulsive Decisions: The Enemy of Rational Trading
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Research: Your Secret Weapon
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Chasing the Market: A Fool’s Errand
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Big Risks: Big Rewards or Big Regrets?
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High Emotions: The Trader’s Kryptonite
Trade well, live free.
Timon Rossolimos
Founder, MATI Trader
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Enjoy and remember…
You won’t need to buy or order another book on chart patterns and candlesticks ever again as I will be updating it very often and will let you know.
Trade well, live free.
Timon Rossolimos
Founder, MATI Trader
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