[00:00:00] I got a couple emails about FOMO missing out on things and I've talked about this many times, but I think it's worth talking about again. There's a few approaches you can use to
[00:00:12] help yourself with it depends on how kind of where you're at and you're learning and growth and How you are you intellectualizing things to help you or are you gonna more go into hot fields in your body or are you just gonna
[00:00:25] Look at it from a sizing perspective something like that. So I'll go into a few things that I use So the first thing there's a major minute work for some people is the understanding that there's so many things going on in the world
[00:00:36] And I mean we're just on earth right think about the whole universe how big it is just insanely Ridiculously big can't even get you head around it. So if you look at that perspective, you're always missing everything all the time
[00:00:47] Like you're one person with one human body walking around You're gonna miss all kinds of things all the time So from that perspective you're never really missing out. Right? The problem becomes your any you are focused on something that you think you should be involved in
[00:01:00] Because you put some energy into it. So then the the anger and the irritation and all the emotion comes up when you don't Capitalize it because you feel entitled to it because you
[00:01:10] You spent a lot of time doing it of working towards it and you want to get you want to have that happen So that's one thing that helps me is to frame it that way
[00:01:18] The second thing I'll go deeper into some of these but the second thing is Understanding that usually it's because you're trading too big or you're trying to trade every move So when you've been successful
[00:01:29] You try to trade every move because you're calling the market great so all of a sudden the frequency goes up and you can
[00:01:35] You want to buy but you're gonna quickly sell first and then buy back and you're trying to catch the micro moves and eventually you get twisted up You don't do well and you realize that that's not what got either in the first place So
[00:01:45] You start chasing start trading bigger. You really like the trade. You're gonna trade a lot bigger When you try to bigger your freeze your risk management tough work as you don't want to get out and And
[00:01:56] Then what happens is of course you get out and then it goes the way you wanted you miss it I'm now you're really burning up inside so You're kind of beyond Intellectually stopping yourself because you're kind of unconscious not your your upset and you're in the
[00:02:10] Vortex is spinning around like Shit, you know, I'm in this and it's not easy So you might need to take a break which is also hard to get yourself to do these are necessary things to do
[00:02:20] But the size things really important and this goes back to like money management wealth management and also trading How much can you take? Who can your personality take or if you've been through in the past Just understanding where you're gonna be when always think about well
[00:02:37] I have this size on but what happens if it comes out of this price Am I gonna just be freaking out like oh my god
[00:02:42] It's way too much of a loss. What am I doing? Well, you have to think about that ahead of time and maybe you're he need to be buying that price instead of getting out of that price
[00:02:50] Or starting off way smaller and getting in more at that price and then having an absolute level of risk Something like that because this is these are such simple things but I feel like
[00:03:00] All of us just constantly screw them up from time to time and then once you start spinning it's hard to get back So Those are some methods that I like to use how they're feel when it comes down there
[00:03:11] How many times you have to see your in your positions retrace a certain level and you just can't take it You got to get out of the market reverse is back and it's like okay well, that's that's a sizing problem That's
[00:03:23] You know it could be not taking a profit problem too, but that's often a sizing problem and you can get in front of that stuff So Those are a couple things to Think about so
[00:03:34] You're always missing something because it's such a big world and there's endless amount of opportunities That's that eases my mind a little bit and the second one Just a recap is the it's probably your own fault. It's probably you're probably doing something that's not
[00:03:48] Like we always talk about if I do this trade a thousand times Am I gonna win am I gonna make money and if you're not gonna make money if you do the trade a thousand times Then you probably shouldn't do the trade one time, you know
[00:04:02] And that's kind of like it's kind of one of the things I always think about is like white white white and Bother if I'm not gonna say chasing Chasing a little rabbits around well, you're not that's not what you're there for and that's that's your strategy
[00:04:13] But that's getting hard. You'd hard to do with technology. So we're all we talked about futures options the other day I'm just thinking about how can I manage my risk?
[00:04:21] Play out my idea without having to lose three times and then watch it go without me and things like that so That plays into it too So that helps me a lot and then the other thing the third thing is just
[00:04:34] Really visualizing what I want to do like what am I trying to do here? Am I trying to look for stuff that has a four or five to one risk reward a ten to one? Trade that don't come around just much, but I'm really looking to say okay
[00:04:46] I'm gonna play out my idea here and this is how much I'm gonna risk When that when that doesn't work it's easy to diagnose and go back and look at it and say okay well
[00:04:55] I was wrong and these are the reasons and I lost what I lost and that's that's a professional loss. It's okay But trading too big and then getting out the low isn't watching it go your way and being angry
[00:05:05] Stuff like that. It's it's different. It's harder to diagnose because I'm in charge that I had but I'll be saying well you can go review your trades, but if you're gonna review your trades
[00:05:14] Based on when you were in an emotional spin cycle you're not getting anything out of it Nothing it's like watching an athlete who lost his head and reviewing the film Well, that's not really you that's just an emotional version that's caught up in the moment
[00:05:28] And just playing out the loop until it's done until you blow out until you hit your risk limit until the coach takes you out of the game You know learn a lot from that stuff. So you got to interrupt the process faster and learn to catch yourself
[00:05:39] Like so Going deeper into this right when they're right when you feel it in your body like chest stomach Whatever it comes up
[00:05:47] We got to stop yourself right there. You have to just be aware of hair it comes like I can feel the anger or the irritation and the
[00:05:54] And all that and you have to just kind of let that pass and be there with that stuff and understand that it's there because it needs to be there And so it's not there and it's you know very eastern type
[00:06:04] Meditation practices teach you a lot of the stuff, but it's true. It works and it doesn't make it easy to go through But it makes it makes it It goes away faster and it's not about even going away It's about
[00:06:15] Understanding that you need to go through that. It's always happening for you not against you not to you And it's part of your path. I used to have such a problem with this and I got way better out of it
[00:06:25] Time doesn't mean I always had better results. It just means I started to live a happier This is like the trade trading life podcast This is the life part a little bit too where Trading to making money is great Trading and losing money sucks
[00:06:39] Trading how about if you're trading in struggling, but you have a little to keep pretty To handle yourself pretty well until things turn which you know they will because you're on a path and you're willfully
[00:06:49] Going to figure out a way that's an easier way to live than just miserable when you're not doing well and feeling great when you are and It's not that you're gonna be happy when you're not doing well, but
[00:06:58] Just these little things these little skills you can add make it just so much more tolerable To have a bigger perspective about it when it's going on and I think right now like I have been
[00:07:09] I had such a good run for I don't know many like a decade or more and it lose money for a long time And the last like three years I've been I have not been doing this well. I've been up and down
[00:07:19] The series been not so great for me 2020 was a losing year for me, which was the first one I had since I started 2023 I made some money but nothing crazy Modern winning year so I've been struggling a little bit and I'm doing a ton of things to adapt
[00:07:36] And to remake myself in ways that I think are gonna lie that more and I've been here before You can't be around for 20 years plus and not have come through this I don't know three or four times maybe this is another one never in 2016
[00:07:49] I went through a big one and they're all not the same for everybody Because everyone's stuff might work or not work at different times and everyone's time frame is different so Everyone I just don't know how you you don't avoid this stuff you have to go through it
[00:08:04] And you wish you could learn from everyone else and just say well I'm not gonna make them mistakes this person did but a lot of times you just kind of need to
[00:08:12] to learn the mistakes yourself and we try to learn as much as you can from others as the smartest thing to do Some of them you just have to have happened to you
[00:08:20] You need to know what it feels like they have too much on when I come back for that tenth time And you just think how can I do this again? It's like well
[00:08:27] You keep getting the same lesson until you learn it and that's part of how you learn pain pain is a good teacher So I just thinking through these things so I had to go over my stuff and
[00:08:38] More if you're holding trades over and I didn't really take a count of These trades more correlated than I thought how am I gonna feel if I go down there? Can I handle this? Do I need to buy more?
[00:08:48] Is my spot good enough and sometimes I'm getting out of trades even at even or small profit because I'm just not comfortable I'm positioned and it's just thinking about that all the time being really aware of it and then you can sleep better
[00:08:58] And you start to build that that side of the business even if your trades aren't working