A trader explains two ways to stop chasing trades you're afraid to miss. The speaker emphasizes staying consistent with your strategy instead of making impulsive moves when you see others profit.
You ever jump into a trade, you know, out of the fear of missing out, only to regret it later because you probably shouldn't have gotten in on that trade? Well, today we're going to talk about two perspectives on the fear of missing out, or fomo, that hopefully these perspectives will help you avoid, you know, jumping into bad trades, trades that you probably shouldn't be getting into and, you know, wind up regretting later. Okay, so the first perspective on the fear of missing out, it's really important for you to understand this and just plain, you know, raise your awareness to it. It'll help pull the emotional energy out of it, is understand that on any given day, at any given time, no matter how much you have going on, there are literally millions of trades being placed, millions of opportunities that other people around the world are getting in on. And so even if you had the ability to place a thousand trades at a time, there's still probably another 999,000 trades going on that you're not going to get in on. And that's okay. So like I said, you know, you need to just be aware. Okay, yeah, I'm seeing something over here. You know, I'm seeing that opportunity. I'm seeing that setup. Oh, it looks like a big move over here, but, yeah, that's one of literally thousands that are probably happening right now. And so if it's not according to your rules. Yeah, just remember that's just one out of thousands. And if. And I just plain need to stay aware of that, just stick to my system. It'll provide me plenty of trades. Which leads us to the second perspective. And the second perspective is if you're fine, if you're feeling the fear of missing out, you're seeing other, you know, moves in the market, or, you know, you hear something on, you know, some broadcast or, you know, new, read something in the newsletter about, you know, some other opportunity going on, some new strategy or whatever. If those are pulling on you emotionally, then it could be a sign that what you have going on needs some attention. Because if what you have going on is actually satisfactory, you're happy with it, and it's producing the way you want and it's going the way you want, then you will be secure in it, and you wouldn't be so tempted by these other things. But if you're being tempted, maybe you need to ask yourself, well, yeah, is there something that I need to address? And what I've got going on, is it not performing the way I want? Is it more stressful than I'd like for it to be. Is it not producing the way I want? So rather than chase trades, maybe I need to take a look at what I have going on and see if there's something that I need to fix or adjust. And so that's how you can make the fair missing out. It can be very helpful. So instead of seeing it as a temptation to go do something you regret later, you can take it as a nudge to maybe pay attention to what you have going on. Maybe you're not reviewing your traits the way you should. Like I said, there's just something that you have going on that isn't up to snuff. And so you have some insecurity about it. Because if you're 100% really solid secure on it, you probably wouldn't be so tempted. I mean, here's a simple couple of examples. In other regards in your life, if you love your house and where you live, you can cruise through other neighborhoods, you can see other nice places and just look at them and appreciate them and be happy for the people that have them. But you're not going to feel like you're missing out on something because what you have is pretty cool. And. Or, you know, maybe in your relationships, you know, if you have a great spouse and you're truly happy, you can see other great people, meet other great gorgeous people and be happy for them and say, cool, I'm glad you're doing so well and you're not pulled into it. There's no envy or jealousy or any of that kind of stuff going on because you're okay. But if you're seeing these other things, if you drive by a house and you're like, oh, God, yeah, look at that house. And it's kind of a negative pull. It's not an appreciation or you see other people and, you know, there's that, there's that kind of pull. It's a negative thing, then that's telling you that you need to address what you have going on. And it's not the thing that's going on out there that really needs the attention or action. You need to address what you've got going on so that what you have going on is satisfactory. And with trading, you know, being a business matter, yeah, this is where you want to take a look at and say, well, yeah, if I'm feeling pulled over here, maybe I need to take a look and see why I'm not so secure in myself and what I have going on. So anyway, I hope this is helpful. Hope you avoid chasing some bad trades getting into some things that you regret later. If you found this helpful go ahead and subscribe and give me a thumbs up down below. But if you subscribe then that way when I do publish videos you'll get notified about it. If you've got trader friends share it with them again. Hopefully it's been helpful. Talk to you soon. Cheers. So do you sometimes struggle with inconsistent results from your trading? A little too much variability in what you're getting as far as winners and losers. If you like some help with your consistency. That's my area of expertise. It used to be a quality quality assurance manager and quality is all about getting consistent results, predictable reliable results. So if you'd like my help with your trading swingbyinsideouttrading.com Schedule a call with me. We'll get on, we'll talk about your situation, see if I can help you improve the consistency of your trading results. Talk to you soon.
