Trading Psychology Podcast Ep36: FOMO

[@jacobnotte3699]

You guys may not have added any new points during this one, but it will still go down as one of the most legendary episodes in my books!

[@FredSpeed3]

“It ain’t what you don’t know that gets you into trouble. It’s what you know for sure that just ain’t so. “ - Mark Twain

[@paulbucklebuckle4921]

Thanks VP and Rob , once again just in time , is this a psychic pod cast 😉? Or psychology, you read my mind . 🤗😎

[@Vemrah]

I dont trade my opinion - wow ! Possibly the best advice I ever heard on trading...

[@kingallez6923]

Thank you Vp , every time i open your video, i learn something ❤

[@KyleBaran90]

Also you guys totally nailed me at the end. I was bearish all year and didn't take many long trades, and had some losses on the ones that I did trade. But then I see some sectors with 30-50% return YTD and I missed out on it! Now I feel like it's at the point where if I jump in, it'll turn around and go down. But I think it's a good point for me to step back, park some cash in bonds, evaluate my system and goals, and then detach from my opinions.

[@ApriliaRSV4-777]

Thank you so much...I will try not to trade on my opinions, rather trade based on the signals

[@KyleBaran90]

I had an entry signal on BOIL for friday that would have netted me a comfy 14% win today. I did some backtesting and found my entry signal was right about 70-80% of the time, but it was the first *live* signal I had, so I decided not to take it as I had no forward testing. If I don't get another signal in a few days, then it should pop off again in 2-3 weeks and I'll take it next time, now that it seems somewhat reliable. Didn't chicken out! I intentionally wanted to see how it did. Not taking a trade is quite difficult sometimes.

[@NoNonsenseForex]

Careful on those leveraged products, but you do know what you're doing I know.

[@KyleBaran90]

@@NoNonsenseForex One of the trading communities I interact with, there are people there who legitimately DCA into 3x leveraged etfs. Some have made a lot of money, but there's a lot of deep bagholders, too. It's equally entertaining and depressing to watch. But yeah, maybe it would be worth dropping to 1% risk for these guys, since they're volatile but if they trend, they trend hard. I'll have to look into it, but thanks for the idea!

[@Porphyrogenitus1]

You might say you lanced your FOMO boil.

[@MyRook]

Have you went in depth about Dopamine? It's both an Ally and Foe. Understanding and controlling dopamine levels is the true game changer.

[@NoNonsenseForex]

We certainly have! Scroll back a bit on the playlist.

[@whydhycx]

I really love this episode especially the long term and short term trading strategy from Rob... I've been thinking of testing smaller time frames because what if my alogorithm works there better... And thus with Rob's Idea, i will test the smaller time frames to see its long term benefit and then combine it with long term trading Hope this makes sense😅

[@ericvanhal7030]

Thanks VP and Rob! Your info is so priceless for us traders. Very grateful! If you guys have ever heard of "the phantom of the pits" ? Basically I learned from him that I always assume the trade I want to take is a losing signal. If my system backtested 70% correct, then I assume the signal falls in the 30% losing category. Let the market proof me wrong in my assumption. If the next day the trade doesn't go my way, the market proved I was right and so I immedialy exit the trade. This has saved me many pips in the past. I also enter at half the risk because I assume it is a bad signal and add the other half on a continuation trade. This cuts losses even more. I wonder what you guys think about this?

[@NoNonsenseForex]

I'm confused. You probably described it well, I'm just not picking it up.

[@mavericktrading]

Love this. We have a saying at Maverick Trading that the best way to know if you are in a good trade is if you are profitable at the moment. If you are in a trade and you are unprofitable, it's a good sign that you are likely wrong (at least at the moment). We really like this sentiment!

[@antgera5947]

Thanks VP

[@VilkasDe]

I really like the idea of creating a system and let it do it’s job with all the money management rules, without interacting with any human emotions. That appeals really well to me however another question comes up; How big of an account you need in order to make life maintaining profits? What can one expect from a 10 000€ account? Just to pay some phone bills, car payment, rent?

[@NoNonsenseForex]

I mean, depends on what your expenses are. And some months you'll lose money. I would say certainly more than 10k though.

[@outpost6384]

Hey my mentor a guy from Africa love this channel damn just what I have been searching but vp how long should I hold my trades

[@NoNonsenseForex]

Until your system tells you to stop. Go through the video curriculum.

[@Porphyrogenitus1]

It's one thing that used to get me - a lot - but which I think I licked (after having been scalded enough). _knock on wood_ No FOMO today tho which is a good sign (Bill Murray voice "so I got that goin for me, which is nice") _famous last words_

[@Porphyrogenitus1]

The missing out story that drives me is that period where for IRL reasons I stopped being engaged with the market / investments I trade, and I missed a ton. So I stay engaged now and have different portfolios (the positional portfolio and the swing-trade portfolio).