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Top Trading Lessons: Don’t Fear Missing a Trade, There Are an Infinity More Ahead. Be Flexible

Top Trading Lessons: Don’t Fear Missing a Trade, There Are an Infinity More Ahead. Be Flexible

Justin McQueen, Analyst

Remind yourself that you will miss a trade, however, there will always be another trade, so if you miss a trade, accept it and move on. With this mantra, you can kick out those bad FOMO fear of missing out habits. For example, you may be bullish on the Pound with fundamentals supporting your view and the technical set-up offering an attractive entry at key support. However, against your better judgement, you don’t go into the trade, which you are now ruing because GBP/USD is soaring as you had expected. This is where the “should’ve gone long” thoughts start to grow louder with the trade looking destined to hit your profit target. The growing unease that you have missed the trade leads you to act on a whim and carry out the trade. The problem here is that your risk-reward will look poor as you try to chase the move. GBP/USD is now turning back lower and your stop is subsequently hit. As was said at the beginning, trades will be missed, but there will be plenty more trades in the future.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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