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FOMO strikes again (fear of missing out)
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FOMO strikes again (fear of missing out)

 
Super Moderator
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kareem40 View Post
I love micros. The cure to no more FOMO. Not sure, buy/sell a micro....you cannot lose much. If right, then add to it

I love my Micros. Because now I am a recovering FOMO. One trading day at a time!

K

The micros may be a big help to many FOMO sufferers. Anything that reduces fear of loss, and the consequences of loss, should help with FOMO and all the other fears. They are all about being afraid of losing, which we all have. Reduce the basic fear and the others are less also.

We can add the effects of being under-capitalized here too. Not being able to afford losing much brings up all the other fears too... in my experience at least.

Bob.

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-- Cervantes, Don Quixote
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bobwest View Post
Anything that reduces fear of loss, and the consequences of loss, should help with FOMO and all the other fears. They are all about being afraid of losing, which we all have. Reduce the basic fear and the others are less also.

We can add the affects of being under-capitalized here too. Not being able to afford losing much brings up all the other fears too... in my experience at least.

Bob.

Adding to this, I think before one starts this journey they really need to except the losses and this is the hardest part. We can all look at a new system and understand that we are going to lose $400 on average but until we actually except and embrace this loss then its always going to be an issue.



-P

"Truth is not what you want it to be; it is what it is, and you must bend to its power or live a lie"-Miyamoto Musashi
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Monster


Trading makes you ( and me) a monster. The key is to be a mini monster

K

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right...IMO

and what Mini said.

You guys know the disdain I have for SIM and almost as bad back testing...both the creation of the Devil! Not to be confused with [MENTION=25549]DevilMan

These new /MES micro sized contracts can be expensive to trade but they are liquid and they are BEAUTIFUL for folks to legit trade and get a handle on what parts of their hallucination are brilliant and what parts suck.

There is no excuse to waste time in SIM and back testing is a crutch for the timid. Guys trade the micro and get shit done.

Anyone that says micros are like mopeds and fat girls does not know shit.

Grab your mouse and figure stuff out for real in real time.

Dan




bobwest View Post
The micros may be a big help to many FOMO sufferers. Anything that reduces fear of loss, and the consequences of loss, should help with FOMO and all the other fears. They are all about being afraid of losing, which we all have. Reduce the basic fear and the others are less also.

We can add the effects of being under-capitalized here too. Not being able to afford losing much brings up all the other fears too... in my experience at least.

Bob.


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kareem40 View Post
Trading makes you ( and me) a monster. The key is to be a mini monster

K

Or a micro monster.

A well-behaved, mild-mannered monster that isn't too scary.

Bob.

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wldman View Post
and what Mini said.

You guys know the disdain I have for SIM and almost as bad back testing...both the creation of the Devil! Not to be confused with [MENTION=25549]DevilMan

These new /MES micro sized contracts can be expensive to trade but they are liquid and they are BEAUTIFUL for folks to legit trade and get a handle on what parts of their hallucination are brilliant and what parts suck.

There is no excuse to waste time in SIM and back testing is a crutch for the timid. Guys trade the micro and get shit done.

Anyone that says micros are like mopeds and fat girls does not know shit.

Grab your mouse and figure stuff out for real in real time.

Dan

Eh your an old school rub dirt in it type of guy aren't you lol, I can't argue with you too much as you have 10x the experience I do but... I personally think SIM trading is what you make it. When I practice on SIM I make sure its 100% accurate and some times I actually get more pissed on messed up SIM trades then I do real money trades.

I also trade the same size account in my live account.. I think SIM trading can be great and can also be the worst thing ever.. kinda like practice.. anyone can half ass a practice but perfect practice makes perfect game play ( in theory )

-P

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FOMO on the slow days.

I participated in this vote pole. To be honest i wasn't surprised that most of the ppl voted for the first option.
Initially I thought to select it too because it is a first thing that clicked in my head. After taking a thought and go through my review, I've noticed that in my case most of the FOMO occurred during slow day.
When market is taking off fast i managed to ignore the move and started to think how far can it go. No rush because there is a chance to take counter trade.
On the slow days on the other hand is when real FOMO kicks in. You are staring at the screen and there is no action market makes no move and there we go. RUSH, RUSH press that button on the mouse you need to get in, market is leaving without me.
There you go, now I filled and i have a releaf. Sometime after you are seeing market is slowly squeezing you and your stop loss is executed.

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kareem40 View Post
Trading makes you ( and me) a monster. The key is to be a mini monster

K

I think I was already a 'monster' but trading has proven to be a suitable mirror to reveal that fact to me.

I think there are certain behaviors that I am able to get away with in real life that have proven to be counterproductive in trading. Maybe these behaviors are counterproductive in real life too but there is not a scoreboard that is readily handy for me to look at. In 'real life' there isn't a stark P/L line looking at me everyday.

In 'real life' I do know that I am somewhat successful for an average guy. Could I be more successful in 'real life'? Probably, maybe, who knows. I certainly try my hardest and I introspect frequently. When I identify an issue with myself I make the proper adjustment. Did I identify the correct issue? Did I make the correct adjustment? Who knows. The general scoreboard says I'm just moderately successful for an average guy.

In a sense it might be easier introspect and identify problems with trading performance because we have that scoreboard. But I know for sure that adjusting my behavior is difficult and I think it's because these behaviors or certain false beliefs are reinforced or not penalized like they are when trading.

I'm pretty new to futures trading so this is all I can glean from my experience so far. And I am really fighting through some epistemological turmoil lately! . I consider this a massive side effect from being a trader.

BTW I chose 'having a trade take off without you'. This causes me to do all kinds of dumb crap.

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MiniP View Post
Eh your an old school rub dirt in it type of guy aren't you lol, I can't argue with you too much as you have 10x the experience I do but... I personally think SIM trading is what you make it. When I practice on SIM I make sure its 100% accurate and some times I actually get more pissed on messed up SIM trades then I do real money trades.

I also trade the same size account in my live account.. I think SIM trading can be great and can also be the worst thing ever.. kinda like practice.. anyone can half ass a practice but perfect practice makes perfect game play ( in theory )

-P

My cent and a half is that sim is like practicing piano (or a sport.) Like all practice, it can help you get better, and like all practice, it isn't the real thing.

I don't think there's a problem with practicing on sim, but it's not trading and it's not a good idea to only practice -- you have to actually play the thing too. What makes sim more appealing (or safer) is that it leaves out the reality of gain and loss, but this is the hard part of trading.

With that said, I think the practice of sim can be useful, but you have to take it as seriously as you can, and you need to get out and play that piano (or football or whatever), or the time is wasted. Because of our near-universal fear of loss, I think a lot of people spend way too much time doing sim instead of real trading. I have done this, too, so I'm pointing no fingers.

Bob.

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I guess....


a case can be well made for the value of practice. SIM has no skin in the game, period. I'ts playing a video game. The data and the price action are almost real but you cant bank simulated profits. My opinion is that folks should get off that as quickly as possible NOT develop back tested and automated systems perfectly curve fit. SIM trade tycoons actually damage their chances at long term success.

But you are correct that people can create a benefit. SIM is the product of a different kind of fear...the fear of losing.

On the trading desk our second interview included giving the prospect an actual position to trade. All we wanted to see was how they responded to pressure and what their natural progression was in dealing with it. All of the real valuable outcome is absent in pretend trading.

Again, not to sound harsh. There is very little empirical value in anything that has no outcome.

I defer of course to personal preference but if anyone can offer or demonstrate enduring or significant value I would listen and learn respectfully.


MiniP View Post
Eh your an old school rub dirt in it type of guy aren't you lol, I can't argue with you too much as you have 10x the experience I do but... I personally think SIM trading is what you make it. When I practice on SIM I make sure its 100% accurate and some times I actually get more pissed on messed up SIM trades then I do real money trades.

I also trade the same size account in my live account.. I think SIM trading can be great and can also be the worst thing ever.. kinda like practice.. anyone can half ass a practice but perfect practice makes perfect game play ( in theory )

-P


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