December 15, 2021
There are various fears associated with trading. Let’s focus here on “The Fear of Missing Out”, referred to as FOMO.
FOMO takes on two distinct forms:
FOMO #1 is by far the more serious, because it’s really (at least) three problems:
Technically speaking, this is “a mess.” Avoid trading until there’s at least the rudiments of a plan covering the key elements of a solid trade: entry criteria, the trading environment, risk management, position-sizing and exit criteria (for both taking a profit and accepting a loss). FOMO #1 leaves one exposed to getting badly hurt, since the trade is built on hope. Hope is not a strategy.
This brings us to FOMO #2. You’ve got at least a passable trading plan, but you sometimes (or often) ignore it in whole or part:
Below’s a recent chart that initially looked interesting but was then found to have numerous flaws. Responding to FOMO, this would be a typical example of diving in for the sake of diving in & ignoring what the “picture perfect” setup was supposed to be. At that point it’s a trade based on a flimsy resemblance to what a quality setup looks like (for the style we trade at PTL).
For your consideration:
On every trade, pretend you must truthfully justify your trades to someone else, especially another trader who knows what s/he’s doing. You need to tell them your trade criteria and show them what you did. Key to this is you must respond to the inevitable question, “But isn’t that different than what you just told me you do?” Usually, if you try to justify why you violated your own rules, your reasons will sound weak.
There’s a good reason for that…
They are. Give it a try!
After all, a tool is only as good as your ability to use it.
I have handed you some valuable information
Now let me show you how to use it.
You see, information is good… but ACTION is better.
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It’s where you hop on a live, 17 minute Zoom call with me where I will share my screen and take you through our exact process to determine and execute a winning trade right there on the live call, including the precise exit points of the trade.
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See you there,