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

  #31 (permalink)
Chandler, Arizona
 
Trading Experience: Advanced
Platform: NinjaTrader
Favorite Futures: NQ
 
Posts: 10 since Jan 2012
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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.

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  #32 (permalink)
Legendary market donator
Indianoplace, IN
 
Trading Experience: Intermediate
Platform: SierraChart
Broker/Data: CQG
Favorite Futures: Currencies
 
Rrrracer's Avatar
 
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TakingStock12 View Post
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!

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  #33 (permalink)
Chicago, Illinois/United States of America
 
Trading Experience: Advanced
Platform: Sierra Chart, Daytradr
Broker/Data: ADMIS, Gain, Charles Schwab. Data: Rithmic, Open-eCry
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Posts: 4 since Jun 2013
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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.


Last edited by BenjaminR; August 22nd, 2019 at 09:43 AM. Reason: typo
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  #34 (permalink)
Detroit MI
 
 
Posts: 1 since Jul 2019
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Attack FOMO

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.

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  #35 (permalink)
St. Louis
 
Trading Experience: Beginner
Platform: thinkorswim, NT8
Favorite Futures: equity and fx futures and options
 
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Posts: 133 since Sep 2013
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Rrrracer View Post
...there's always another [opportunity] around the corner. NEXT!

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.

"There's lots of them" - Raymond Babbitt.

Also, why is this topic in Trader's Hideout? I feel like Frank James discussing my fear of the Pinkertons.

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