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FOMO strikes again (fear of missing out)
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Created: by Big Mike Attachments:3

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FOMO strikes again (fear of missing out)

 
Legendary Market Wizard
New Orleans, La (Mardi Gras City)
 
Trading Experience: Advanced
Platform: NinjaTrader
Broker/Data: Ninjatrader / Optimus Futures / AmpFutures
Favorite Futures: ES / 6E / 6B / CL
 
DavidHP's Avatar
 
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bobwest View Post
My name is Bob and I'm a FOMO'er.

Bob.

LOL at first glance I thought you said something else.

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Charleston SC USA
 
 
Posts: 1 since Nov 2018
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FOMC - Where it gets me

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.

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CHEADLE, UK
 
 
Posts: 2 since May 2019
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Away from my trading account


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

 
 
Kolding + South Jutland
 
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Why did i not trade this

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.

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Gold Coast
 
Trading Experience: Advanced
Platform: Sierra Chart
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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.

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Super Moderator
Sarasota FL
 
Trading Experience: Intermediate
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bobwest's Avatar
 
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kiwi View Post
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.

This gets me when I think I just "have to" make a trade, whether there is a good trade there or not.

This is not exactly FOMO, but it is costly, and all these things are close relatives, and are all fear-based.

Bob.

When one door closes, another opens.
-- Cervantes, Don Quixote
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Rochester NH/USA and soon to be Inglis FL
 
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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.

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London+United Kingdom
 
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Aurac's Avatar
 
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FOMO


Big Mike View Post
Hey guys,

I believe this topic should be discussed more as traders. FOMO (fear of missing out) is an account killer, and every trader has experienced it.

I am going to setup a new poll to try to get us going on this topic...

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But please tell me, when did FOMO last happen to you, and what was the result?

Mike

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.

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Legendary market donator
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Aurac View Post
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."

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St. Louis
 
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Leon of Pizza's Avatar
 
Posts: 129 since Sep 2013
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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.

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