I am placing this question in "psychology" section as it is this "Fear" thing that is causing me a lot of trouble.
I am a day trader, presently only paper trading after losing some last year and now concentrating on my other source of income more. After getting a bit free from the other work and getting back some capital AND paper trading proving me worthy of trading with live money, I will start trading.
My problem is "Fear Of Missing Out". I am a discretionary trader, not even EMA on my chart, only S/R (Lance Beggs style). I trade in direction of strength and against weakness. Sounds so simple. But when the candles start forming I become someone else. I constantly tell myself only to trade when the set up is jumping out of the screen at me. But its easier said than done. When I see something remotely similar to some of my set up, I "Feel" (not "Think") that i should be on this trade and get greedy and end up taking too many bad trades. My mind that has studied the strategy and backtested takes a back seat and someone else takes the driving seat.
How do I get over this? Would really appreciate some pointers from someone who has been through this and overcome it.
Regards
Krushna.
I am a day trader, presently only paper trading after losing some last year and now concentrating on my other source of income more. After getting a bit free from the other work and getting back some capital AND paper trading proving me worthy of trading with live money, I will start trading.
My problem is "Fear Of Missing Out". I am a discretionary trader, not even EMA on my chart, only S/R (Lance Beggs style). I trade in direction of strength and against weakness. Sounds so simple. But when the candles start forming I become someone else. I constantly tell myself only to trade when the set up is jumping out of the screen at me. But its easier said than done. When I see something remotely similar to some of my set up, I "Feel" (not "Think") that i should be on this trade and get greedy and end up taking too many bad trades. My mind that has studied the strategy and backtested takes a back seat and someone else takes the driving seat.
How do I get over this? Would really appreciate some pointers from someone who has been through this and overcome it.
Regards
Krushna.