how to deal with the fear of missing out ???
we should take a trade after a close of the candle because institutions might trap traders
but also if we wait till candles close we might not get the best RR trade (i.e. planning for 1:2 trade might end up with 1:1.5)???
so any idea on how to deal with this???
When prices are rallying, the urge to get in the trade and that FOMO feeling is natural. Only way one can curb this feeling is by being desciplined, which is hard to attain but it is the most important aspect of traders strategy.
Start seeing things practically and you will be able to control your emotions in such situations.
Taking your above example, you simply want to jump into the trade for the sake of 1:2 RR, despite very will knowing that it might be trap and mostly it won’t work (say 8 out of 10 times it won’t), rather see things with rational perspective, by being desciplined you can earn 1:1.5 RR and say you do this for only 5 out if 10 trades, even though your RR is lesser but by being desciplined you can do much better compared to giving into the feeling of FOMO.
Give this a read, the topics that are touched in this newsletters are really interesting.
3 Likes
