FOMO

Watching the Shark Tank today Mark Cuban mentioned "FOMO".  The fear of missing out.  If you are a Forex trader, you know where I'm going next...  Fear and Greed.

It has been a while since I've had FOMO.  I'm pretty much at peace now and know there will always be a better trade, another opportunity.  No longer do I jump into trades for the fear of missing out.  I am content knowing I am missing out all the time.

If you haven't conquered FOMO yet then I suggest you look at your trading plan and your routine.   A well informed and prepared trader has to be confident.  If you are not confident then that means your trading skills or mind set isn't there yet.

Confidence Boosters:

• a Clear Big Picture
• Trendline Analysis on ALL timeframes
• studied the Currency Pair for some time
• gauge upcoming financial news impact
• gauge upcoming sessions open and closes and their impact
• a tested and proven entry plan
• a tested and proven confirmation
• an alert or signal system that keeps you connected when away from the charts
• a tested and proven risk reward ratio (TP / SL, Lot Size)
• reasonable lot size that has been gradually increased
• a tested and proven exit plan
• a bank account that can weather several consecutive losses
• ability to monitor your trade remotely

The Britney System

Last night I met with one of my students, Brendan, from Canada. He is visiting Phuket Thailand with his girlfriend Britney.   We caught up on life, traveling, and of course trading.   His trading story is that like many trading stories, all experienced traders really go through it one time or another.  He started out following his system and making good trades but then jumped the gun and traded with a live account, not following his system, and letting fear, greed, and impulses control his trading style.   Trying to catch reversals has been his downfall too.

Now that he is traveling with his girlfriend and she is interested in trading as well, we came up with "The Britney System", that is when he sees a trading opportunity he double checks with her and she says Go or No Go.   Funny thing is that most women, although emotional, are less emotional with money when it comes to trading.   I think I wrote about the "Japanese Housewife" phenomenon before where housewives in Japan with a lot of time on their hands and an entrepreneurial mindset, turned to trading the Forex Market and did quite well because they are able to execute trades and follow a system without emotion interfering.

When it comes to trading and life in general, sometimes the simplest solutions work.  Some might laugh at the idea, and for some it might not work.  I'm pretty certain it will work for Brendan and Britney.

If you're stuck in a rut with your trading or simply want to improve it then sign up for my Forex Trading Audit and we'll put together a trading plan that works.