Trading Wisdom: 50 lessons every trader should know by Cheds

Author:Cheds [Cheds]
Language: eng
Format: epub
Published: 2021-04-25T18:30:00+00:00

Lesson 25 - Fight the FOMO

“Easy to feel left out in this kind of climate, seeing everyone on twitter going nuts over plays you are not in. Stay patient, stick to your plan and don't let yourself get caught up in the emotion. Be patient, be careful and chose your plays wisely.”

FOMO stands for fear of missing out, and is something that is difficult for even the most veteran traders to avoid.

FOMO messes up your entry point, starting out the trade on the wrong foot and often leading you to cut later for a loss. If all you are worried about is missing the opportunity in front of you rather than protecting your bankroll, then you have fallen victim to FOMO.

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