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.
DAILYFX ANALYSTS SHARE THEIR FOMO EXPERIENCES
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.
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source https://www.smartmoneymanagement.info/2021/08/comparing-traders-fomo-effect.html
