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FOMO hits me most when I start the day with a losing trade or two ... "gotta catch up" fever hits me hard. Solution? The more I realize my method works IF I follow it religiously, the more I'm able to relax, accept the loss, a wait for quality setups.
Yep, ya just gotta move on. Expectancy is king and there's always another trade around the corner. I was -29 today in EU, ended up +15 because I didn't get discouraged or do stupid stuff, just traded the plan. It works. NEXT!
Broker: AMP, ADMIS, Gain, Charles Schwab. Data: CQG, Open-eCry
Trading: Emini ES
Posts: 41 since Jun 2013
Thanks Given: 13
Thanks Received: 25
FOMO creeps in when I've traded well already... then I start to get the idea that I could really push it, because I'm only risking good profits. Then I can too easily get sloppy, & on some level believe I can afford to not be as patient, or miss a trade that I seem a moment too late for... so I go for it. It might look like 'getting greedy'... but it's something entirely different - a different motivation or challenge. And I'm also, at that point, usually a bit tired & didn't take at least a break.
The result is, it is like two different traders, or personalities: one is careful & patient, like a sniper. Then when that job has been accomplished & has finished very well, the other trader that emerges is a little more of a gunslinger.
When FOMO starts in on me, I spot it, and command myself to DETACH, immediately relaxing by taking a deep breath and, while exhaling, reminding myself that OPPORTUNITIES ARE ALWAYS on the way, that it's important - even in the current event - to spot out and be ready for the next entry. ALWAYS FORWARD LOOKING.
This might be a little easier for me to do in that I trade short-term reversals, almost exclusively. (These are based on MTF volume profile convergence levels.) I'm in for "base hits," trading NQ at 7 tick T's with 10 T stops. I usually have a runner, or two, with a liberal trailing stop sequence, in case a "gravy train leaves the station" after hitting target.
This is the best remedy imo, especially for those that answered to "when a trade takes off without me". A question for those people: How is it possible to fear the occurrence of something that has already occurred? Did you have a plan? Are you feeling regret because you didn't execute it? Do you have a predefined strategy for chasing them now? It seems to me that any FOMO around the decision to chase is a separate and sequential FOMO experience that occurs after a change in context. I think its possible that the regret from the first is feeding the FOMO of the next. The Rrrracer remedy works to isolate each event and prevent emotional snowballing.