Last week, I traded the CHFJPY and the trade went into my target. Great! No! Because the price kept on going and going and going. I could have easily made 3, 4 or 5 times my actual profit.
I started to feel frustrated, although I did everything correctly. In my earlier days, this would have easily lead to bad trading decisions, chasing price, entering late and just trading with FOMO. Even though I had executed my trade perfectly fine and made profits.
This probably sounds familiar to many of you and that is why I took a few minutes to explain my current approach and how I deal with those situations.
My top tips for reducing FOMO:
- Stay away from the instrument that is causing the issues. If you get personal with an instrument, avoid it for a few days.
- Remove yourself from the screens for a few hours.
- Look into your journal to see whether you really executed the trade according to the rules.
- Test different target strategies if you feel that you are missing out.
I, of course, use Edgewonk.com and if you use the code “edgewonk20” you will get $20 off the bundle.