Could you make more money with your trades?

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Could you make more money with your trades?

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.

 

 

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Comment ( 1 )

  • Josef Mueller

    Great vid. Trading is 25% knowledge and 75% applied psychology. I recommend a book by Michael Martin called:
    The Inner Voice of Trading. Tells you all about it.

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