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Thread: Fear of missing out

  1. #11
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    Fear is another emotion which needs to be controlled. Though excess fear can impair a traders knowledge and capability to earn profits some fear is good for a trader. Having some fear keeps a trader vigilant while trading and insist him to protect his capital by following a good money management plan.

  2. #12
    Of course I have FOMO, especially when I was still very beginner and do not have huge capital for forex trading, so the condition that really makes me afraid of losing even in the end I still get lost :D
    Maybe because I'm have often experiencing stop out when trading forex, then I feel FOMO be diminishing. So I now have quite calm and stable, even when I turned into the trading platform as a red for reminding margin call
    :D

  3. #13
    Quote Originally Posted by Value trader View Post
    You can identify features of FOMO in your trading life with a simple check-list:

    1. Do I tend to place market orders most of the time instead of using limit orders?

    To rephrase: do you provide liquidity or consume it? It often distinguishes good trading habit from bad one. "Jumping in quickly" works in very limited set of setups and you should have very solid understanding of those setups. Example is momentum trading, this style requires to go with the price in some situations (instead of buying pullbacks). But as I have said, market conditions must be in your favor, good momentum trade can require 2-3 days of preparation.
    ..........
    ..........
    Do you have FOMO and how you try to eliminate it?
    I don't really understand about this sentences...
    But I always trade manual and never use limit orders... I made all buy-sell immediately after price hit level that I want... I wait hours for price entering buy-sell area, and then OP as fast as I can.

    I don't use limit order because think it's rather dangerous to set price and turn off PC... we never know what happen when price hit our limit order,,, could be price already overbought/oversold.

    Well, I don't know if I among those FOMO people?

  4. #14
    Quote Originally Posted by widhie75 View Post
    I don't really understand about this sentences...
    But I always trade manual and never use limit orders... I made all buy-sell immediately after price hit level that I want... I wait hours for price entering buy-sell area, and then OP as fast as I can.

    I don't use limit order because think it's rather dangerous to set price and turn off PC... we never know what happen when price hit our limit order,,, could be price already overbought/oversold.

    Well, I don't know if I among those FOMO people?
    I don't know too, it depends on a context.

    As I have said, in breakout momentum trading you're trading manually and it's ok for that style.

    But for other markets - for markets going sideways or stair-stepping, it's more important to identify wholesale and retail prices and wait for pullback.

    It turns out that markets most of the time move in sideways action...

  5. #15
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    Quote Originally Posted by Value trader View Post
    I don't know too, it depends on a context.

    As I have said, in breakout momentum trading you're trading manually and it's ok for that style.

    But for other markets - for markets going sideways or stair-stepping, it's more important to identify wholesale and retail prices and wait for pullback.

    It turns out that markets most of the time move in sideways action...
    Yes the market moves sideways for a long time and sometimes make a huge breakout. If we watch the market the prices move in a very narrow range for a long time. It appears that the market does not have ever the steam to move over 15-20 pips. However in breakout the real strenght of the amrket is displayed.

  6. #16
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    Fear is very bad emotions in forex trading business because trader always think that he/she would lose if he/she can not hedge their trades at this time,they not believe their trading analysis and their trading strategy ..believe yourself while trading is very much important..

  7. #17
    Quote Originally Posted by debian View Post
    I think fear comes because we don't want to lose our earned money or our capital. Then we will miss our confidence when trade, Its very bad because its fears we don't know what to do and dont have confidence anymore. Maybe after one or two lost trades we will be traumatize about that loss and make us be nervous , afraid of loss again and also always not sure with take decision. Its make us miss good opportunity to earn some profit
    actually fear not good and make us waste many good point because we not trust of our system or our self but i think we must training more to face the fear and exit from demo with strong reversing system and strong strategy but if we let the fear to control us we will not achieve any success in this field

  8. #18
    Yeah sometime I lacking my patient while trading so usually I open order by myself and rarely using pending order to trade. I know it's not right because my prediction can be wrong because I put the open position in the wrong timing but it's hard for me to eliminate this bad habit. Looks like the TS is right because I don't want to missing the opportunity but it make me doing this mistake.

  9. #19
    I fear this is a natural thing for traders especially if they already have a lot of money in forex trading they do obviously this will make them afraid of losing the money they have, but the most powerful thing in my opinion to overcome fear is point number three that we have a lot of practice

  10. #20
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    There are several things that i will like traders to note, You will never be perfect in the market, and you will never be the best trader etc. This is why the things that you gets i the market should content you, if you think that you can be getting money all the time, then trading forex is never for you, this is where patient comes in.

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