FOMO feeling in trading

[kyrkar]

Hello traders. As you get more in to trading you probably have had the feeling of fear of missing out (FOMO). You spot a strong trend and feel that you are missing a great opportunity to profit and place an order at any price without following your plan only to have the trend reverse the moment you get in. It takes training and discipline to stick to your strategy and never mind the FOMO because you know there are and will be a ton of opportunities coming your way. What is your experience with this feeling? How do you overcome it?

[MattyMoney]

I deal with it by looking back at the majority of my losses in the past, and that is trying to pick tops and bottoms.

Knowing my weaknesses and past mistakes go a long way in helping me move past these temptations.

[ProfesorPips]

Hi, I rely on to my automatic strategies, I built them, test them and monitor their behavior, if there is something wrong I replace strategies to new. FOMO is not my problem. Regards Greg

[dushimes]

I use the search function:

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What Are Factors That Can Trigger FOMO Trading

FOMO or Fear Of Missing Out is an internal feeling, but one that can be caused by a range of situations. What triggers your FOMO?

[stacy77]

I used to have FOMO initially when I started trading but then with time I understood that forex trading requires patience, discipline, and a long-term approach. Setting realistic expectations and focus on the process rather than the outcome really helped me to overcome this.

[Lapacenelmondo]

I think of how stupid I would feel if the trade went bad and I lost money having entered a position which didn’t fit to my plan and to my rules. This immediately helps me stop the tentation to trade and takes me to discipline.

[ponponwei]

@kyrkar

What is your experience with this feeling? How do you overcome it?

It’s hard. Even if I’ve told myself I won’t veer away from my plan, there are some days an opportunity just seems to be very tempting and that fear of not being able to take advantage takes over. I just think about the regret I’ll have if I don’t follow through, chase that FOMO opportunity AND THEN lose.

Sure there’s risk it to get the biscuit but I think having a plan first and foremost is what should help. Sticking to it is another beast. Good luck!

[ponponwei]

@Lapacenelmondo

I think of how stupid I would feel

Yup this is exactly what I mean! I think about this with anything - writing an angry message or anything that’s impulse based.

[hydebrown]

Even I experience FOMO and experiencing it while trading is common, but it can lead to impulsive and irrational decisions that may result in losses. That is why I try to stay disciplined.

[TonyGN]

I’ve found so many good tips on avoiding FOMO from Babypips and contributors…what works for me…1 have a trading plan…2 follow it…3 if I feel FOMO remember that …it’s better to be out of a trade wishing you were in…than in a trade wishing you were out…ouch ! (If I feel a strong urge I’ll just do a ‘prediction’…that’s also gratifying…lol)