FOMO (fear of missing out) and chasing trades can lead to impulsive and emotional decision-making, which can result in losses. Here are some strategies to overcome FOMO and avoid chasing trades:
Stick to your trading plan: One of the most effective ways to avoid FOMO and chasing trades is to have a well-defined trading plan that includes entry and exit criteria. When you have a clear plan, it's easier to stick to it and avoid impulsive decisions.
Use limit orders: Limit orders allow you to set a price at which you are willing to buy or sell a particular currency pair. By setting limit orders, you can avoid the temptation to chase a trade that has already moved beyond your desired entry or exit price.
Stay focused on your goals: Remind yourself of your long-term trading goals and the reasons why you developed your trading plan in the first place. Keeping your goals in mind can help you stay disciplined and avoid FOMO.
Take a break: If you find yourself constantly checking the markets and feeling anxious about missing out on potential trades, take a break. Stepping away from the markets can help you gain perspective and avoid making impulsive decisions.
Practice patience: Remember that there will always be opportunities to make profitable trades, and it's better to wait for the right opportunity than to jump into a trade out of FOMO. Practice patience and trust your trading plan.
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