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So good question by the moderator. I have a mechanical system that gives me buys and sells. I can override but try to do it at a minimum. Almost every time I override a buy signal during high volatility it comes back to bite me. The toughest thing for many traders is to buy on dips or at support after a big pull back. Too many times I then get the FOMC. I fight the urge to hit the buy button too much.
My FOMO relates to when I am trying to closely watch a particular stock for either imminent buying or selling and want to assess the "feel" of its progress before committing to a particular buy/sell price, but then am unable to access my trading platform for a few critical hours due to personal commitments
Hi
I mostly get the FOMO on strong trending days where it is mixed with a portion of hindsight like "why did i not have a bullish trade on in ES today i knew it would go up". Fortunatly i have learned not to trade these FOMOistic thoughts and keep on the mat.
I chose, after missing out, but slow days or, worse, two slow days in a row are hard for me.
I wonder if some of us are talking about DONT not FOMO. Yeah, I just made that up but its a nice combination of letters that better expresses some situations where I have no fear, just no joy. Discomfort Of Not Trading ... darned if that isn't my problem. If DONT builds up, especially if I get stressed or distracted and add a few thought about possibilities then my account is at risk.
So, I work to maintain focus on the right thoughts when DONT is rising.
My FOMO trades keep slapping me in the back of the head like Gibbs does to Tony.
So that is becoming less of a problem.
Until I'm setting up a trade and it races by while setting up my limit order.
I Just say a bunch or words to myself (S!@#$%^&%^#$%) and let it go.
Within the last 2 weeks. I didn't get on the plane and watched it takeoff without me. Definitely missed. But part of my game plan is if you miss a trade then it's like missing your flight. Can't do much about it apart from waiting for the next flight.
Knowing that there will always be another trade just around the corner has really helped me combat FOMO, as well as being more patient with my entries. Now it's not such a big deal if I miss out; the market is full of opportunities.
It took quite some time (and a few accounts LOL) before I came to this realization because the desire to be in the market and make money is so strong; focusing on the money is the dagger even though it is the reason we are all here.
Instead, focus on process and trading well, doing the things one should do when one should do them, and not hesitating when that opportunity arises. A good buddy of mine likes to say "Trading is all about being patient... until it's time to not be."
I voted for "something else", because its the moment when a pattern sets up. I also feel it during the trade when they stall out just short of my target. Also, when a trade goes underwater and then retests my entry price, although I tend to label this experience as Risk Relief.
When I think about it, I conflate FOMO with Fear of Regret.