In the world of trading (Forex of stocks doesn’t matter), we often see big wins such as 1,000% gains within a few minutes.
*Yes we all know it is most probably cryptocurrencies or meme stocks.
However, what we rarely see are the losses that are accompanied with these wins.
Personally, I am firm believer of the “long run”. That means, I do not dabble with “get rich” schemes that are often portrayed on social medias. I prefer consistency over explosive gains.
However, if you’ve ever trade before, you’d know that it is actually 90% psychological work, 10% actual chart time.
And that’s where my title is derived from.
As you can see, this is my balance from my trading terminal report. I had a nice winning streak going on before this, where I had bagged a neat sum of money for the month of August.
Then comes my psychological challenge.
From trade 15 till 21, within a span of 11 minutes, I had lost most of my profits back to the market.
The reason?
F.O.M.O. — Fear Of Missing Out
It was pain. Looking at how I’m “DONATING” my profits back to the market, just because of a moment of impulse really had me thinking.
Trading is not entirely about how good you are at analyzing the charts or the market, but it is also about how good you are at controlling yourself when taking trades.
That is why I decided to write this journal, as a reminder to myself of this moment of foolishness, and also to “reset” myself over the weekends.