How can you avoid thoughts, feelings, and urges that will only hurt you in the end?
First, if you sat on your hands and watched a big runner like MSGM — give yourself a pat on the back.
Being able to avoid entering because you don't see a trade shows great discipline.
And sitting back and watching big runners isn't a complete waste of time…
When you watch a stock move without your brain clouded with FOMO and dreams of profits — you can use it as a learning experience.
These big runners don't come around every day.
So watch and practice reading price action and get prepared for the next one. See if you can spot good entries and exits without putting any money on the line.
Second, if you took a trade but sold too soon, it's a great chance to review your trade…
Go over your entire trade plan. Your entry, exit, risk-to-reward, and execution. Did you follow your plan? Did you have a good risk to reward of at least 2:1 or 3:1?
If you had a trading plan like I laid out in my Daily Market Profit alert, and you followed it — that's a good trade.
You have no reason to have FOMO. You don't need to re-enter and try to make more.
Use the experience to see if you can make adjustments for your next trade…
Maybe you take a smaller size so you can hold it longer. Or scale out of trades so you lock in profits but also hold some of your position and be more patient. (While still having a risk level, of course.)
And lastly, one of the best ways to overcome FOMO and avoid chasing stocks is to talk to yourself the way you'd talk to a friend.
You wouldn't call your friend an idiot and tell them to chase a stock that's up over 500%.
You'd congratulate them on a well-executed plan. Or you'd say in the words of your mentor (that's me), "there will always be another one…"
We'll be ready to spot and execute a trade on the next big runner in the SteadyTrade Team. Will you be there?
If you can't commit to the time it takes, consider signing up for my Daily Market Profit alerts...
I gave traders a trading plan in TC Biopharm (Holdings) Plc (NASDAQ: TCBP) on Thursday with a signal price of $5 — it hit $7 in premarket the next morning.
On Friday I alerted BuzzFeed, Inc. (NASDAQ: BZFD) with a signal price of $3. It hit a high of $4.25.
On Monday my alert was Genius Group Limited (NYSE: GNS) with a signal price of $6. It hit $7.20.
And yesterday was MSGM with a signal entry at $8.50 — it hit a high of $27.60!
See how to get my next alert delivered to your inbox in premarket now!
Tim Bohen
Lead Trainer, StocksToTrade
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