How To Manage #FOMO

What is FOMO?

The "Fear of Missing Out", or FOMO, is a feeling every trader will experience at some point.

It is a powerful counterpart to the other feeling traders battle daily: Greed.

Market are always moving and the movement is impossible to predict, even with technical analysis.

Nobody knows what the market will do next.

Media outlets prey on people's fears and love to embellish every story, usually blowing things out of proportion, and usually creating some degree of panic or fear.

Why FOMO Happens

FOMO starts when you haven't been able to get a position and the market starts to move.

Or when there's a lot of hype and you weren't one of the early adopters.

You experience the fear you're going to miss out on profit. 

It is important to not let FOMO affect your trading, otherwise you will always be chasing price and you will burn your account to the ground.

How to Stop FOMO

The best way I've found to deal with FOMO is to remind myself that although I may have missed a move... 

There will always be another!

Every moment I spend kicking myself for not being able to better predict the outcome is time spent not looking for the next profitable move.

It's impossible to capture every move in the market. 

Don't even try to do so or you will burn out, both emotionally and monetarily.

Also, keep your media intake to a minimum. Focus on learning and learning and studying for yourself. Don't just listen to the pundits!

What do you think? I'd love to hear from you if you happen to stumble across this blog and read this far. Hit me up on Twitter @masontrades and don't forget to subscribe by email for future updates.