How to avoid the curse of FOMO trades?
|April 20th, 2015, 05:09 AM||#11 (permalink)|
coimbatore, TN, India
Futures Experience: Intermediate
Platform: NOW, NEST
Favorite Futures: nifty futures
Posts: 27 since Mar 2014
Thanks: 23 given, 20 received
Thanks guys for your valuable inputs !
I am going to read the book you mentioned "Las Vegas Blackjack Diary" by Stuart Perry.
I could see: systematic trading Experience -> confidence -> discipline.
suggest watching multiple markets, as of now am focusing on only one instrument but keep this idea for future use.
@MacroNinja suggests to put the impulse trades in different account.
@welly192 interesting thought but am not sure I am ever going to therapist couch and learn what went on my 5th birthday ! But I am already keeping a journal on my emotions and have been processing my childhood/past events in my diary, when I am alone! So sitting idle and doing self-reflection is the only thing am relying on as of now.
"lack of inactivity" interesting phrase! I will see how I can "pavlovify myself" !
I think you perfectly nailed it. I took couple of days off and came to similar conclusion.
I was desperate to make money. This inner desperation is building tremendous inner pressure,
the first break out seems to be such a sweet relief and I couldn't stand this inner pressure.
It makes perfect emotional logic to jump on first pain relieving opportunity that BO provides.
But mathematically it makes no sense at all.
Without taking away this 'tremendous blinding pressure', there is no way to avoid FOMO trades.
I have been also looking around internetz and discovered Jared Tendler's poker psychology on tilt.
His solution is similar too. To solve this inner pressure we need to 'resolve' them first.
i.e come to acceptance of real facts and the actual logic instead of fantasy.
thanks for bus stop analogy! I can perfectly do this anytime as a matter of fact, I have done this all the time to get a comfortable journey (avoid crowd etc.) but when there is money involved...ha ha.. that's where I become titled monkey Thanks for your input tho!
Last edited by rocktrader; April 20th, 2015 at 05:16 AM.