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Curious how others approach FOMO and have figured out a way to enjoy the benefits of trading. How do you have a normal productive life without obsessing about what your missing in trades? Thanks for your input. I'm excited to be a part of this community.
@brad-wolff48gmail-com
Hey Brad, we've never talked but I've watched a number of your videos in the past. I did the same thing that you did compiling all of Dr. Brooks' PowerPoints so that I can run through them as needed. Glad to see that you're posting again!
Curious how others approach FOMO and have figured out a way to enjoy the benefits of trading. How do you have a normal productive life without obsessing about what your missing in trades? Thanks for your input. I'm excited to be a part of this community.
There are so many trades throughout the day that it's just not worth feeling bad about missing trades because another one will appear soon enough.
I've always been very obsessive person (for example, I carried dog breed encyclopedias around with me everywhere I went, reading it any chance I got, starting in 3rd grade until I finally got a dog in 10th grade lol...) and quite frankly I don't have much of a life outside of trading haha so I don't know how to answer the second question. I enjoy trading and thinking about trading so I spend a lot of time doing it. I am trying to learn to have more of an "off switch" so that I can come into each day feeling more refreshed and just have more balance in my life. A good book that I came across that addresses the general topic of work/life balance is The Power of Full Engagement and it may be one that appeals to you as well. Deep Work is another good one. Something I'm implementing is pre-session and post-session routines to give myself a more defined start point and end point to the trading day.
@brad-wolff48gmail-com thanks for your thorough response. My issue seems to be that Im obsessing about having my eyes on the charts all day and night so as not to miss anything. Part of that stems from the haircut I took over the last three months. I know its not a sustainable way to operate but its literally an obsession of sorts. I understand what people mean by saying full degen trading now. im working on scaling back a bit and focusing on learning more as you suggest. Today was basically same as usual although I traded the SPY instead of emini which saved a few bucks and allowed me to scale in and out without too much risk on. Thanks again
@vythand-alagappangmail-com thanks for the response. I know the feeling as I tend to do whatever I determine to be interesting 200%. Ill check out the books. Ive read many such books throughout the years but haven't in some time. probably a good time for a reset though.
Two things that worked for me:
- Define a Loss limit and a Profit goal for the day and stick to it. The profit goal is arguable later down the road, but I think it helps until the FOMO is controlled. Thinking that I'd made my goal for the day put my mind at ease for not taking the next "perfect" trade.
- Constantly reminding me that I want to be trading for the next 30 or 40 years, and the only way to make that happen is to do it in a sustainable way. That means I have to give some good rest time to my mind, and also enjoy the journey by having fun outside the market as well. I've never seen someone who pays attention to this balance burning out 🙂
Hope this can help somehow.
All the best!
