Psychology: FOMO, revenge trading, discipline

Even the best strategy won't help if emotions make the decisions.

FOMO — fear of missing out

Price has already flown, and you want to jump on the departing train at the very top. Remember: opportunities come every day. A missed trade costs nothing; a bad entry costs money.

Revenge trading

After a stop you feel anger and want to win the money back at once with a bigger lot. This is the fastest way to lose an account. Hit a stop — take a break of at least 1–2 hours.

Discipline

A disciplined trader is not one who never loses, but one who follows the risk rules even during a losing streak.

A stop-loss hit is a normal part of the work, like expenses in any business.