Day 1: Explaining the strategy
Day 2: $PLTR Trade Idea
Day 3: Buying $HOOD
Day 4: Up 5% on $HOOD
Day 5: Entered $UA Trade
Day 6: Trading In Puerto Rico
Day 7: Introducing Beacon
Day 8: S&P 500 Record Highs
Day 9: Robinhood Makes Moves Into Crypto
Day 10: Roaring Kitty Meows
Day 11: $GME Trade Idea
Day 12: $NIO Trade Entry
Day 13: Taking Profits In $HOOD
Day 14: Stopping Out Of $UA
Day 15: Stopping Out Of Everything
Day 16: No FOMO
Day 17: 6 New Trade Ideas
Day 18: Entering $ACB Trade
Day 19: DXY Says To Stay Out Of The Market
Day 20: "Shoulda, Coulda Woulda"
Day 21: $CCL Hits Target 1
Day 22: Trading Psychology Book Club Week 1
Day 23: $NKE Earnings Play
Day 24: Adding Day Trades To Our Watchlist
Day 25: Learning From Our Mistakes
Day 26: How Our 4H Candle Strategy Works
Day 27: Why I Am Bullish On $TKO
Day 28: Celebrity MemeCoins
Day 29: Stocks Near Our Entry
Day 30: TheStrat
Day 31: Coaching Program Season 2
Day 32: $SWBI's Funky Chart & $TKO Entry
Day 33: Month 1 Portfolio Review
Day 34: The Importance of a Coach
Day 35: $NKE Trade Entry
Day 36: Positive Trading Mindsets
Day 37: Time To Go Cash Heavy?
Day 38-48: Traders Paradise Conference In Florida
Day 49: TraderSync Overview Of My Trades
Day 50: Day Trading $UBER
Day 51: Learning A Valuable Lesson About Day Trading
Day 52: Going To A $TKO (WWE) Event
Day 53: Practicing Support/Resistance
Day 54: Going Over The Past Trades
Days 55-59: Day Trading Roller Coaster
Days 60-63: Day Trader Loses $50K Story
Days 64-68: Adding Dividends Into The Mix
Bonus: Using TraderSync To Track My Trades For This Account
Learning About FOMO
So this past week I made a few Day Trades on $HOOD and $UBER, you can check out the discord for the full breakdowns on how those trades went. We are up on the week and up overall P/L wise (up to $620), but we learned during this week's Trading Psychology Session that portfolio P/L isn't what truly matters!
I had a few potential trades that I didn't take due to not feeling 100% confident in the setup. Most of them actually ended up going the direction I had expected to, meaning I would have made money. However I didn't let FOMO take over. Here's why:
Overcoming FOMO
FOMO stands for "Fear of missing out." But in reality, FOMO is FEAR.
We feel fear when we feel threatened. It’s human nature. And it’s a good thing, especially when we were hunters and gatherers. It keeps us alive. In trading though, it can destroy portfolios.
We feel fear when we feel threatened. In the case of FOMO the “missing out” part is the threat, because we as traders perceive missing out as a threat.
When we feel a threat we get that fear, and we turn on fight or flight mode.
We naturally prime ourselves for action when we enter fight or flight mode.
The blood flow in our brain goes from the frontal cortex to the motor area of the brain. Priming is for action. We are perceiving an emergency.
What happens in the frontal cortex??? Higher level thinking, judging, planning. All the things we should be doing while we are trading.
So when we perceive a threat, we go into fight or flight mode, and the blood flow in our brain goes to the motor area of our brain, which puts us in a more impulsive mode.
So the key to overcoming this, is to remove the threat out of the situation.
If we don’t feel a threat, we don’t enter fight or flight mode.
The threat when it comes to FOMO is “missing out”. So we need to stop looking at “missing out” as a threat in order to NOT enter “fight or flight” mode due to FOMO.
Who here has missed out on a big move or trend in the past? Anyone miss out on AMC or GME? Maybe Doge Coin? Or crypto in general? I sold Doge at like .00002 or something stupid like that due to not liking Robinhood, where I had it on.
We ALL miss out on moves. It’s part of trading. As humans we are unable to be attentive 24/7 to each and every move in the market. We are going to miss out. And that’s okay. It’s Normal.
We need to normalize missing out, so we don’t perceive it as a threat.
I used to work with dogs, and some of them were abused in the past. In order to get some of the more timid ones to trust you around them I’d sometimes have food or treats and throw one near them. And then throw it closer to me, and closer and closer until they get comfortable eating out of my hand.
They eventually were able to eat the food from my hand because the motivation to get the food became greater than the fear of me.
What motivation is greater than P/L?
If P/L is your only motivation as a trader, then losing money will most likely be viewed upon as a threat. Losing money is a threat to your portfolio P/L. Missing out on trades would also be a threat. Because it is keeping you from making money, and adding to that P/L. You don’t want “missing out” to be a threat.
Successful traders don’t only care about their portfolio P/L. They also care about their learning P/L. If you are also concerned with your learning P/L, then missing out and losing on trades won't be viewed upon as a threat over time. We journal our trades, and we learn how to learn from our losses. And create lessons from losses, so they aren't a threat, they are a way we grow.
Successful traders care more about consistency than they do Portfolio P/L. This is why we journal our trades, so that we can have statistics on our trading to track our consistency and growth.
When we miss out on a trade, does that mean we are missing out from learning and growing? No.
By focusing on our learning P/L, we turn FOMO into a pothole or bump in the road, not a threat.
