Hi guys, how to get rid of bad trading habit of staring at chart when you have a running trades? and how do you manage to avoid FOMO?
Suggest simple solutions pleas! Thanks in advance.
Enter the trade. Make sure you have set a stop loss to limit your risk.
Optional. Set a take profit at your target price.
Mandatory - turn off the screen and only look at it again next period. Hint - the period is the timeframe in which you are trading. For a day trader, that is 23+ hours later.
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The shorter the time frame the more FOMO you will encounter.
So lengthen to timeframe to the point FOMO is reduced.
But…FOMO never disappers completely - what reduces it for me is to be too busy with other things
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You’re susceptible to overtrading. Cut back. FOMO for losing trades, cut them quick. Don’t let the market prove you wrong. There’s always another better trade awaiting. FOMO for winning trades, the easiest is take 50-70% % profit, move up the S/L to breakeven, and let the balance run.
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This would be my recommendation as well. Focus on daily or weekly bars with wider SL’s and forget about shorter time-frames. This will be a big adjustment but you will feel much lighter.
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You grow over it with experience. Just keep maintaining a trading journals, with that your confidence would increase and trust your trading system. All the best
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TAKE A BREAK
FOMO is nothing new in Forex trading, as opportunities arise each and everyday in the Market.
Concentrating on a Few pairs and waiting till the Setup is due, is the best way to BLOCK OUT all distractions from the Market.
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To keep it simple for me:
- Learn to trade higher time frames. 1hr, 4hr is my preference. Smaller frames are too noisy and make me nervous.
- Remind yourself that there is an ocean of money to be made. It will never run dry.
- Keep asking questions like this because this is great for me. The veterans will respond.
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What is FOMO?
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Fomo happens open trades with short time lengths or staring up charts while other trades are open
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FOMO = “Fear of Missing Out”
What is FOMO?
Understanding that trading is not a sprint but a marathon. Do not trade every day. Start slow and build a longer term profitable plan.