Not sure what is worse, fear of missing out. Or fear of losing and being wrong on a trade. I guess if you get in because of feat of missing out, there is always the possibility that it will move in the direction that you want it to. But fear of losing and being wrong has to be worse cause you can’t win if you don’t play.
That was my day today. Because I had a green day yesterday and haven’t had one in awhile. I was scared of losing what I had gained. So when I got an alert from the same strategy that provided me with a winning trade yesterday, I was hesitant to take it, mostly because I felt it wanted to fake me out and take my green day and replace it with a red one.
Not on my watch.
So I sat on the side lines and watched my entry flow by me. The alert came in at 19.04 and like always I waited a few minutes after the alert to view the current chart at different intervals and the daily chart as well.
I didn’t see much on the daily chart but I plotted the open of what looked like the main red candles on the left.
The price moved up to provide a confirmation of a reversal. Then it pulled back to 19.02, which would have been a great entry. I had a limit order at 19.04, and was ready to execute. But the fear of being wrong was too great for my emotions to bare and I didn’t set my buy in.
Seconds later, the price began to move up and by that moment I had felt that I missed my entry and anything after that would be me chasing and that is the last thing I want to do right now.
I watched the price continue higher and higher. And even though a chase entry would have been a profitable one in this instance. That is one habit I don’t want to create. Especially as a rookie trader.
Today I missed a great opportunity that would have been a great addition to a green week. But instead I let my emotions get the better of me and I didn’t trade the opportunity that I have been waiting on.
I won’t let this discourage me and will learn from my mistakes. Tomorrow there will be another opportunity to gain and to learn. Because even though I didn’t gain anything for my account on this alert, I did gain a valuable lesson on my emotional status.
