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Tuesday, August 10, 2021

Comparing Traders: the FOMO effect

Comparing Traders: the FOMO effect


FOMO Trading vs Disciplined Trading: THE CYCLE (chart)

The process of placing a trade can be very different depending on the situation in hand and the factors that are driving a trader’s decisions. (On Chart example) Here is the journey of a FOMO trader vs a disciplined trader – as you will see, there are some fundamental differences that can lead to very different outcomes.


Traders of all levels of experience have dealt with FOMO, including our DailyFX analysts:

“Trade according to your strategy, not your feelings” – Peter Hanks, Junior Analyst

“Strategize. Execute. Stick to the plan and don’t be greedy. All types of traders make money; pigs get slaughtered” – Christopher Vecchio, Senior Strategist

“Trade decisions are not binary, long vs. short. Sometimes doing nothing is the best trade you can make” - IIya Spivak, Senior Currency Strategist

“If you don’t deal with and temper FOMO in trading – it will deal with you” – James Stanley, Technical Strategist

If you do not have a trading plan, trading strategy, trading edge in Forex trading- you are leaving trading to happenstance instead of controlling your probables and treating Forex trading like a business. This is not a sprint race but a marathon race. Forex trading outcome is up to you alone.

from TradingView Ideas
via gqrds

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