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FOMO strikes again (fear of missing out)


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FOMO strikes again (fear of missing out)

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  #1 (permalink)
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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...



When does FOMO (fear of missing out) strike most for you?

Total votes: 351
 


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

Mike

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  #3 (permalink)
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Last happened: today. I have recently switched to a longer term trading. I am currently experiencing FOMO on profits while looking at my open trades. Every time there is a spike in trading in my favor or against I want to close out my trade to protect profits. Its been a challenge to deal with these emotions.

Although I have not closed out a trade, I have sabotaged myself by using stops which were too close. In hindsight I knew they were too close. One stop in particular was hard, because it hit my stop then reversed and went 300 pips in the direction I was trading in.

The struggle is real. However, I am determined to get past this. I am reducing the number of times I look at my positions per day and I am structuring my trading rules in a way as to not use stops as a way to indulge my FOMO.

Robert

nosce te ipsum

You make your own opportunities in life.
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  #4 (permalink)
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FOMO my dear friend,

This morning 1 minute after the open ES 4500 tick chart a large bearish engulfing formed I placed a short at the close of the bar and did not get filled. Similar trade @ 9:40 es 4500 tick chart we showed a DT and rejection on the RTH open shorted the close of the avg size bearish engulfing and once again was not filled.

At this point I was a little annoyed especially after the second one and we had a 20 pt move that I got to sit on my hands for..

FOMO has always been one of my demons and always will be. One of the things that help me are actually believing there will be another bus coming up and writing down exactly how I am feeling and how I'm looking at the markets every few minutes.. when i can see on paper that I'm annoyed about xyz I can normally end up finding a way to fix it our give my self a small break until the feeling passes. Its taken about 2 years to get to that point and its something I know I will deal with my entire trading career.




marked in black were my entries that didnt get filled

-P

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most often applies to me when I am early on a hedge trade. I typically sell too soon because I feel naked without any downside. June 5th I sold 2820 ES because I was fixed on an hourly chart and though we were too over bot for me to get a significantly better price.

I wanted the hedge on and thought whats the worst I could see 2850?

I was moving down (shorter) on time frame to confirm my bias. Don't search for confirmation because you think you are missing out. That almost never works.

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  #6 (permalink)
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Every post should preface this like an AA meeting. It has been X amount of days since my last FOMO.

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@tturned86

And sooo true.

Hello, my name is Dan and it's been 20 minutes since I last screwed something up. I was afraid I'd miss out, so I did a bad trade.

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This is a good poll topic.

Initially I picked the one about big bars, but due to a glitch that @Big Mike was fixing as I clicked on the poll, it didn't record my vote. This turned out to be a good thing, because I reconsidered what I actually had meant, which was that price makes a big move that I missed, and I take it too late in a panic. So my real choice was the same as the majority has chosen (at least as of now): having a trade take off without me.

This is absolutely my major trading issue. Either I will see it late and basically want to get in on the trade that I missed, or I will wait until I am "sure" and then get in. Neither wanting to go back in time ( ) and pick up what I missed nor waiting until it is obvious are going to work. I know this, but when the market is moving I don't necessarily act the way I "know" I should.

I may learn, eventually, to just take the trade that is offered, when it is the time to take it, and to just pass on it if I missed the opportunity. If I just decline to take a trade I missed, and only take what my rules tell me to, when they tell me to, I will be fine. It doesn't matter if I "miss" a trade. There are lots of them. Chasing them doesn't work out well.

Bob.

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tturner86 View Post
Every post should preface this like an AA meeting. It has been X amount of days since my last FOMO.

My name is Bob and I'm a FOMO'er.

Bob.

When one door closes, another opens.
-- Cervantes, Don Quixote
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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

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