Never Take a Trade Because of Fear of Missing Out

In today’s video I took a trade that was timed poorly. The reason I made the decision to enter and break my rules was because I was afraid of missing out on the profit on the trade. I am sharing this because it was a good lesson that I already knew and sometimes I have to learn lessons over and over again. Fortunately for me I ended up on the positive side on the day but not because of good trading but because of luck. I don’t want to be lucky I want to be a disciplined trader. I know that lucky traders eventually lose so I am going to chalk this one up as a lesson learned that I won’t make this mistake again.

Watch the Video and share a comment about a time you learned a valuable trading lesson.

The following two tabs change content below.
Casey Stubbs is the founder of Winners Edge Trading, which is one of the most widely read forex sites on the web. Winners Edge Trading has trained thousands of people to trade the Forex markets.

Winner’s Edge Trading, as seen on:

Winner's Edge Trading in the news

  • Ferdinard

    Quitting binary option and pausing your trading with the markets basically because of recent failures? Well I was at the verge of giving up but on the other hand I understood that giving up wasn’t an option. Only then did i meet my breakthrough, I meet this professor of mathematics whom offered me all I needed whom I now consider to be my mentor. Thus giving me directions an focus and today I have device a means which has earned me so much profit beyond my imaginations. Well if you are faced with same challenge, here is your breakthrough. With a very small investment, you could make a great fortune…the secret isn’t far fetched. If you desire this breakthrough feel free to connect with me: inbox or email me [email protected]

  • No I always add just not with this aggressive risk.

  • Mike Wells

    Thanks. Outside of a trading comp, would you typically add to positions that move against you like you did here (if you remained confident of the direction), or would you typically just use a stop loss on the one position?

  • Mike,

    I picked a common level that I like to use based on whole numbers, but truthfully I was just lucky this day, and sometimes to win a trading competition it takes a little bit of luck. 🙂

  • Great, IT is good to have some solid rules.

  • Femi,

    Those are custom indicators that I built but it is based on the RSI so if you use the RSI it is similar. Not exactly the same but similiar.

  • Mike Wells

    Hi Casey, Thanks for the video. Can I ask how you determined the stop loss placement before the low was formed (that you ultimately showed your stop beneath)? I sometimes adopt the same strategy of adding a few positions to a trade that initially goes against me which often ends in profit, however the odd one can keep going for a big loss. Thanks

  • Femi Solomon

    I made this mistake too yesterday on NZDUSD, and I think this gonna be my 10th commandment(I have 9 already)

  • Femi Solomon

    Hello Casey, I’be been really following your trading system (price action) quite some time now, how can I get your the two indicators. Thanks