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Controlling your emotions while trading

Posted on March 28, 2022September 6, 2022 by Ophira Top

Trading Emotions

If you want to be a great day stock trader, you must learn to control your trading emotions. The difference between your success and failure as a day stock trader depends on your ability to control your emotions. The slightest lapse can ruin your hard-earned accumulated profit overnight if you do not control your feelings.

So, as a trader, you must understand the significant impact your mental state has on your trading endeavors. Firstly, to stay clear and directed throughout the trading day, you must pinpoint the emotions you should be cautious of. You should be able to keep a calm demeanor even on a stormy trading day if you want to be consistent at trading.

Also, understand that trading is a game of probability, and having your emotions on a roller coaster every day is not sustainable. So, as a stock trader, you should also have strategies/ways to control your emotions.

If you don’t have all these things figured out yet, keep reading as we help you understand how to manage your emotions while trading.

Emotions to Be Cautious of While Trading

The first thing you need to learn is those emotions you should be cautious of while trading. Note that not everything you feel is terrible while trading. For example, it makes sense to trust your gut feeling when making trading decisions based on statistics, amongst other things.

With that being said, here are three of the most common emotions traders should be cautious of.

Fear/nervousness

Being scared or nervous about making trades is the last thing you want to feel as a trader. Trading is essentially all about taking calculated risks. So, if you let fear rule your decisions, you may make irrational decisions.

The most common cause of anxiety in trading is trading too big. When you aren’t ready to trade big, do not trade big! Making the wrong size of trades magnifies the volatility, which can earn you a significant profit or a loss you are not ready to bear.

Conviction/excitement

Excitement and conviction are strong emotions you will want to feed off whenever entering any trade. When you have a solid conviction about a particular trade, you should make the trade. Similarly, if you do not have a decent level of conviction or excitement about a trade, then there is a good chance it is not the right trade for you. By right, we mean the trade may not be by your trading plan.

Bad trades can be winners just as good trades can be losers. So making sure you have a conviction on trades will help ensure consistent wins.

Greed/overconfidence

Also, greed is one feeling you do not want to have when you are trading stock.

Whenever you only want to take trades with a possible big win, you should evaluate yourself, as this might be a result of greed. Being ambitious when trading is one thing, but being greedy is a different ball game you want to ensure you avoid. If you aren’t careful, being greedy could cause you to slip and end up in a drawdown.

Greed with a sprinkle of overconfidence is a terrible combination of emotions any trader should feel. To keep yourself in check, always check that you are using proper trading mechanics (i.e., targets, stops, good trade set-ups, good risk/management).

Impact of Trading The Stock Market Emotionally

Now that you know the emotions to avoid and the ones to stick by, you are one step closer to trading like a pro. Overall, trading based on emotion has several pitfalls and can result in significant capital loss.

Here are some of the impacts of trading emotionally:

Exposes you to unnecessary risks

Trading the stock market is quite risky, and several systematic and unsystematic risks are associated. For this reason, traders use trading strategies to mitigate the risks of the stock market.

As a trader, if you trade under emotions, you tend to adopt a myopic approach which exposes you to unnecessary risks. Irrespective of the stock you are trading, it is essential to base your trades on fundamental trading strategies.

When you trade with emotions, you tend to ignore essential fundamental aspects of trading. It exposes you to risks you could avoid if you didn’t forget these critical aspects.

For example, when the market is at an exhilarating bull run, some traders buy stocks without much research due to fear of missing out. Doing this elevates the quantum risk significantly and increases their chances of a capital loss.

Results will not align with your goals

Whether investing or trading, you must align your decisions with your goals. Goal-based trades ensure that your money is available when you need it. But when you trade emotionally, you tend to take calls that do not follow this principle. In other words, it makes you aloof toward the larger picture and makes you have a short-term view. And in the long run, this is detrimental to wealth creation.

But when you trade unemotionally, your decisions will be based on facts, figures, and logic. Therefore, trade unemotionally increases your chance of reaching the goal you wish to achieve. Doing this does not only enhance your wealth but also gives you a pleasant experience while trading. At the same time, keeping your emotions in check will help you as a trader understand the impact of various market forces, navigate the market better, and develop a solid strategy to augment your gain further.

It makes your trading experience unpleasant

Another reason to ensure there is no room for emotions while trading is that it makes your trading experience unpleasant.

You ought to understand that a stock market is an opportune place that creates wealth, provided you will not adopt shortcuts to success and are ready to stay committed. Taking shortcuts often leads to flawed decisions that can mar your entire experience. Things are not different when dealing with emotions.

Irrespective of the emotion, whether greed or fear, there is a good chance that making trading decisions based on these emotions can make your experience sour. The truth is that a bad trading experience during formative trading days can act as a dampener or even turn you off-market forever.

Several traders have turned their backs on the stock market because of a not-so-good experience. But the stock market, particularly equities, has the potential to generate inflation-beating returns.

It makes you indulge in revenge trading

Losing money due to emotional trading can make you go into revenge trading. This trading style means you go ahead with a trade to recover a previous loss. Trading this way is risky because you have an intense feeling to overcome the loss quickly. And in an attempt to achieve this, you make random trades that can cause more harm than good.

The dangers of indulging in revenge trades don’t end there. It can also make you overtrade, which can significantly increase your costs. Also, your stress level will go up, and there are high chances that you will make many bad calls.

However, things can be very different when you trade unemotionally. So, when things are not going your way, it is best to stop trade for that day, find out where you might have gone wrong, and take corrective measures to ensure your success the next time you trade.

Ways to Control Your Trading Emotions

The importance of controlling your emotions while trading cannot be overstated!

No doubt seeing the red stacking up on your losing position can make your emotions take over. It is at this point the fight or flight instinct kicks in. The impulse to recover your losses can drive you to make emotional trades.

Here are 1o things you can do to control your emotions:

Conquer your emotions by defusing your feelings

At the heat of the moment, and when you feel that sudden rush of emotions, you can easily control your emotions by defusing them. How? Simple, rather than acting on whatever feeling or emotions you are having, take a step back and evaluate your decision. It is essential to do this, particularly after a loss or a win, because it is at this point that our emotions take over the most.

Ask yourself if you will still make the same decision if you weren’t feeling down about a loss or excited about a win. To truly conquer your emotions, see them for what they are and not just how they make you feel. Our feelings tend to overcome our analytical minds, and we fall into the full power of our emotions when we make a call that causes a significant loss of profit.

Keep tabs on your feelings

Knowing when you have any particular emotional breakdown will truly help turn it into a productive experience. Writing down your feelings as you are experiencing it can help you keep tabs on them. You can write your feelings in a calendar or a diary. By doing this simple task every day, you can monitor your emotions throughout a trading day. So, you can perhaps know which trade you made based on emotions at the end of every trading day.

While evaluating your emotional history at the end of the day, assess the cause of any specific emotion. Determine if there is an environmental factor involved or purely a result of trades. Remember, your goal for keeping a tab on your feelings is to suppress and avoid them. So as you understand the cause and its effect, you should also take the necessary steps to prevent it.

Distance yourself from your thoughts

Another thing you can do to control your emotions better while trading is to distance yourself from your thoughts! You can get stuck in your head when your thoughts consume you entirely. In this state, it is somewhat tricky to make clear trading calls. We are not saying you ought not to think before making trades, but your feelings have nothing to do with the trade outcome. Instead, it would be best to base your trading decisions on facts and statistics.

When you notice your thoughts are beginning to get your best while trading, it is ideal for distancing yourself from them. Having a clear mind when you enter the trading market will help you make the best trading decisions. But what is essential is to keep your emotions at a distance so you can see farther. Note that distancing yourself from your thoughts and emotions is not as easy as it may seem. It takes a lot of effort, practice, and patience, but the result will be worth it at the end of the day.

Be mindful and aware

If you often find yourself in a position where your emotions often get the most of you while trading, then it’s time you increase your awareness and practice mindfulness. When you are more aware of what you are doing, it keeps your emotions in check. This way, when you start feeling more emotional about perhaps a trade that goes bad or one that went well, you will be more alert to it.

Practicing mindfulness takes much work as you are essentially training your brain to alert you when you have specific thoughts. To achieve this, you need to be deliberate about your activities at the end of every trade. For example, when a trade ends and your loss, be intentional about sticking to a trading plan. When you consistently follow through with it over some time, your brain develops a reasonable response such that whenever you are about to deviate from this normal, it alerts you.

Wait your thoughts out

In addition to being mindful about your decision, another trick many traders have used from time immemorial to keep their emotions under check is waiting them out. After every trade, how you feel is only temporary! Whether you are feeling down or you are feeling happy about the trade, it is that you do not act on them. Instead, visualize whatever you think and give it a tag.

If you are angry about a call you made about a trade, visualize it and label it as anger. Visualize it for about 15 minutes or more, depending on what you feel is right. It might seem like a waste of time at first, but know that you are slowly training yourself to hold your thoughts and feelings rather than acting on them immediately you feel them. As time goes by, whatever emotion you may have had will subside, and you can see it for what it is.

Create a new narrative for your feelings

Another trick you can use to control your emotions is creating a new narrative. This strategy is helpful in trading and every work of life. Creating a new description of how you feel means changing how you think about a feeling. For example, if you are feeling angry about a wrong trading call, rather than saying “I am angry,” you can say, “I am experiencing the sensation of anger.”

Why change the narrative of your feelings, you may wonder? Well, by doing so, it puts a reasonable distance between you and your feelings. It also allows you to act more rationally and see what you feel clearly. This new perspective in which you give your feelings can also help you gain new psychological insights. So, if your emotions make you feel down and unwilling to continue trading, create a new narrative for your feelings; it might just be the solution to all your problems.

Don’t confuse prudence with fear

Many beginner traders often make one mistake: they confuse being prudent with fear. Fear is an emotion that you should be cautious of while trading, but prudence is a thought process you should not throw out the window. When you are being prudent about a particular trade, you are basing your trading decisions on logic and reason. So you must be cautious in every trade you make and not fear. Fear can wreck your trading by keeping you from making a trade.

Although when you are prudent about a trade, it perhaps requires you to reevaluate the statistics sometimes. This hesitation may save you from losing a lot of money at the end of the day. At the same time, hesitating to make a trade can also cost you the potential to make much money. However, what truly matters at the end of the day is to ensure you try to limit your loss to the barest minimum.

Take a walk at the end of each trade

At the end of each trade, it is important to distract your mind. After analyzing your trading decision throughout the day, take a walk. Walking is mainly known to refresh the mind and help one think clearly. Even before the trading day is over, you can still decide to take a walk when you realize things are not going as smoothly as you’d want it. Rather than sit in front of your screen feeling frustrated and letting your emotions get the better of you, take a walk to refresh your mind.

Walking puts a deliberate break in your trading tempo. A simple 10 to 15 minutes walk in and around the block can help you put things in perspective. Perhaps there might be one little detail you have been leaving out of consideration that is why things are going sour. But when you take a walk, you come back in with a fresh mind on coming back. So, do not let the market drag you into trades; instead, walk away from the market any time you want.

Don’t focus too much on profit or loss while trading

If you can, while you are trading, cease being too focused on your profit or loss. Doing this can be challenging; this is why you ought to have a trading plan. In your plan, you should have a target profit you want to hit that day and a maximum loss you can afford to incur that trading day before you call it a day. So, provided you have not been signaled to have crossed any limit, it means things are looking good, and you can continue trading.

When you focus too much on your profit or loss, it will influence your trading decision. Imagine sustaining three consecutive losses. It is customary to want to shift to revenge trading, where you regain everything you’ve lost. But by doing so, you may end up losing more funds. Similarly, when making trading calls that earn you profit, you are more likely to fear taking risks to avoid losing your accumulated gains.

Establish a trading plan

Last but not least, you should establish a trading plan. By having a well outlined and easy-to-follow trading plan, you can keep yourself from derailing into making decisions based on your emotions. Although after establishing a trading plan, you still have to stick to it. Having a trading plan and not sticking to it is the same as not having it.

Virtually every trader in the market depends on some guideline or plan for their success. After all, when it comes to trades, you must liquidate them to realize a profit. If you do not have a trading plan, you must take the time to develop one now. You can think of having a trading plan as an adventurer with a map. The program will help you get to an expected goal.

Trading Emotions Conclusion

While trading, controlling your emotions is not about destroying or changing your feelings and thoughts! You will never be free of intrusive emotions and wandering thoughts if you do so. Instead, you ought to recognize these emotions and deal with them accordingly. This is the central premise of this article. While it takes time to put your emotions and feelings under control, they are worth every bit of effort you put into controlling it.

How To Build A Winning Stock Trading Plan

Posted on March 13, 2022February 20, 2025 by Ophira Top

The goal of any business, including stocks trading, is to make profits. To actualize this, you need to formulate better trading strategies, perform more extensive analysis, and develop a winning mindset. However, one of the most common problems among stock traders is the lack of a proper stock trading plan. They skip the planning phase of trading because they think it is going to be complicated. But, in the real sense, formulating an effective trading plan is easy, especially if you already know what to do.

For this reason, we have put this article together to enlighten you on how to build a winning stock trading plan. Before we delve into it, let us first explore the concept of having a detailed trading plan in place.

Why is it essential to have a trading plan?

Nothing in life comes easily. You need to know what you want and work hard until you achieve it. The same thing applies to stocks trading. If you don’t have a clear trading plan or strategy, it may be challenging to achieve your desired results.

Benjamin Franklin once said ‘failing to plan is planning to fail.’ The essence of making plans to succeed makes much sense, but few traders believe in it. However, experienced traders, on the other hand, can relate to the saying and understand that if they want to earn money from trading, they must build a winning trading plan.

Continue reading this article to understand the overall importance of having a well-detailed trading plan as a stock trader.

A trading plan is meant to be a roadblock.

While the idea of failing at stock trading seems like a harsh reality, that is the end game. Diving into stock trading without a clear trading plan is like going for an examination without any prior preparation – you will eventually fail. But only very few traders understand this mystery about stock trading. And even when you encourage some stock traders, especially newbies, of the importance of a trading plan, they often shove it aside.

The few wise stock traders who realize the importance of a trading plan and draw up a well-defined strategy tend to be the ones with the highest returns. Experienced stock traders understand that a well-defined and detailed trading plan always yields more returns in the long run than not having a plan at all. However, it’s worth knowing that you will earn more if you have a well-detailed trading plan. It is not certain that your trades will always be successful. You win some, and you lose some. But your wins will certainly be more significant than your losses.

The whole idea of having a detailed trading plan essentially is to serve as a roadblock. A trading plan serves as a roadblock in the sense that it helps keep you in line as a trader and prevents you from making emotional decisions that will make you lose money. Often, many traders have a mindset that they are actually better at trading than they really are. This false superiority mindset can be fatal, especially in a funded traders program.

Keeping a track record of your progress in stock trading is essential. It will help you avoid making costly trading mistakes and improve your strategic trading ideas. So, if you desire to be successful in stock trading, having a winning trading plan is the best way to go about it. Essentially, all traders should have a trading plan to help them account for personal trading styles and goals. Using someone else’s trading plan may not help you achieve the success you need because it may not possess the trading characteristics you need.

Here are some ideas that will help you create a winning stock trading plan

Creating a winning trading plan can be challenging for new traders with little or no experience in trading. When creating a winning stock trading plan, below are some of the few things you should have in mind.

Avoid disasters 101

If you want to be a successful trader, you should treat your trading as a legitimate business. Respect it, treat it properly, and stick to the trading plan no matter how difficult it is. By doing so, you will achieve more profit than those who are not disciplined. In summary, to avoid disaster 101, you need to trust the process and stick to the plan.

To avoid disasters and formulate a proper trading strategy, follow the conventional wisdom listed below

Read books

It is advisable that you read books that will help improve your skills as a trader. There are different books you can read about trading. You will learn from the success stories of traders, understand new tricks and strategies, and stay up to date in the market trends. Make reading books a lifestyle; it really helps.

Open a brokerage account

Another essential thing to do before creating a trading plan is to open a brokerage account. A brokerage account works like a conventional bank account– you can use your funds whenever and however you want. The difference is that a brokerage account is an investment account that allows you to trade a variety of investments, such as bonds, ETFs, stocks, and mutual funds.

Buy a chart program

When creating a proper trading plan, consider buying a chart program. A chart program helps you know the best time to enter and leave the market. Hence, the risk is minimal since you can easily set the entry and exit points.

Start trading

Sometimes it takes experience to create the best trading plan. So, after gaining as much understanding as you can about stock trading, try practicing in the open sea. Based on what you encounter as you trade, you can adjust your trading plan.

While this conventional wisdom sounds like a good trading plan on its own, traders can also use it as a recipe to avoid disaster. At the same time, it may not be this trading plan that will bring you success. The idea of creating a trading plan is to follow a trading strategy that best suits your trading style.

Always do the following as a trader

As a trader, there are some practices you should observe when trading or formulating a plan:

Think outside the box

If you want to create a winning trading plan, you should think outside the box. In other words, you should explore ideas that are unusual and creative. Think about stock trading in a new and different way from another trader. And it is all right if whatever you come up with is not limited or controlled by orthodox tradition or rules.

Account for fluctuation in the market

Another thing you should have at the back of your mind is that the stock market is volatile. For this reason, you must always have room for price fluctuation in your trading plan.

Study the market for potential pause or reverse

To properly account for the stock market fluctuation, you must study it. So, take your time to understand how to gauge the potential of a pause or reverse in any stock.

Act based on those principles

Lastly, whatever verdict you come up with on how to trade, ensure you act based on it. Sticking to these principles is what will help you trade like a pro.

Before you start trading with a funded trading program

Trading with a funded trading program is way different. When trading with a funded trading program, the stakes are much higher, and your trading decisions must be more accurate and precise. Flopping with a funded trading program can lead to the loss of funds. As such, before you start trading stock with a funded trading program, here are a few things you should consider:

Have a solid trading plan

Before you start trading at the open sea, you need to have a solid trading plan in place. If you are not convinced your trading plan is solid, try to develop it before trading stock with a funded trading program.

Account for a re-evaluation

Even when you are sure you have a winning trading plan, you should still leave room for a re-evaluation. After the market closes, you may need to re-evaluate your trading plan to ensure it is still solid. Perhaps there may have been some changes or new information that may require you to adjust your trading plan.

Your trading plan should be flexible.

Nothing is written in stone when creating a trading plan, meaning nothing is permanent. Your trading plan should be flexible because the stock market fluctuates, and you should adjust your trading plan based on the market condition.

Adjust your strategy with experience

Essentially, as you start trading with a funded trading program and start gaining experience, you need to adjust your strategy. The more you trade, the more your skill level increases, so always leave room for adjustments.

How to build the perfect stock trading plan?

When it comes to building the perfect stock trading plan, some things are expected of you. Often, many beginner stock traders don’t know what to do or where to begin. If you are a beginner stock trader or you’re simply looking for a way to improve building the perfect trading plan, then you should follow the steps below.

Do your homework

The first thing you ought to do before you start trading is your homework. The importance of researching before you start trading is that it helps you overcome common mistakes many traders make. So, before the market opens, begin your homework. While doing your homework, be informed and vigilant about what is happening in other markets. Take note if other markets around the world are up or down.

When doing your homework, the key to gauging the market’s mood before it opens is to keep checking on how the index futures are performing. Also, check on when the economic data or earnings come out and create a list. It helps to keep this list close to you, especially if you want to trade before a critical report. However, it is more advisable to wait for a full report to be released. Lastly, remember that professional traders place trades based on probabilities and not gamble on trades.

Skill assessment

As you build the perfect trading plan, have a good idea of your trading skills. Assess yourself and determine your strengths and weaknesses. To assess your skills, answer the following questions:

Do you feel confident in your understanding of the stock market?
Do you have any trading experience?
Are you able to make any trading decision without hesitation?
Are you ready to test yourself in the stock market?

If your answer to these questions is “yes,” you are on the right path. However, even though you feel confident in your skills, remember that even professionals sometimes find it tough to predict the market. If you are trading, have the mindset of a give and take.

Set risk level

No business is without risk, including stock trading. Arguably, stock trading may be riskier than other types of business. However, when creating a trading plan, you can set the level of risk you want to bear. To do this by determining your trading style and risk tolerance. On a typical trading day, your risk tolerance level may be between 1% – 5% of your portfolio.

However, it is crucial that you stay disciplined, especially when you reach your set risk level. Don’t let your emotions lead you to make vital decisions when a trade is live. It is always better to call it a day and stay afresh the next day rather than being stubborn and keep trading.

Mental preparation

When it comes to trading stock, there are many mental challenges involved. As such, you must be mentally prepared to handle it; if not, things can get quite overwhelming within a short time. To prepare yourself mentally, you should not overlook the importance of a good night’s sleep. Simply because you are trying to study the market more, that doesn’t mean you shouldn’t rest.

Although it is good to study the market, being mentally drained can affect your physiological and emotional readiness to take on the next day’s trade. Consequently, if you ever feel mentally exhausted, it is important to take a day off to rest and get back in the right headspace. Distraction, anger, pre-occupation does not bring good results. You should also ensure no distractions are close to where you sit and trade.

Trading preparations

Before you begin to trade, label the following adequately:

Minor or major support

The minor support helps to temporarily delay the rise and fall of prices within larger market trends. At the same time, major support stops the rise and fall of prices within larger market trends. It is always important to figure this out before you start trading.

Resistance levels

It would be best to label the resistance levels as it tells you the price point on the chart where you can expect maximum supply for the stock. The resistance level is often on top of the current market price.

Exit signals

The exit signal is a vital part of stock trading that traders should always be particular about. The exit signal, also known as a sell signal, is a measurable level or condition that alerts traders when to sell a specific stock.

Alerts for entry

Like traders need to know when you exit a trade, the same applies to entering a trade. The alert for entry signals traders to know the best time to enter a trade or buy a particular stock.

Set goals

A perfect trading plan should have a set of goals you want to achieve. But when setting these goals you want to achieve, it should be realistic. Your goals should be realistic in the sense that your risk/reward ratios and profit target should be something achievable. Similarly, the goals ought to be as straightforward as possible.

Similarly, you should set weekly, monthly, and annual profit goals to help you keep you on the right path always. Also, from time to time, reassess your goals to keep you always prepared for what you have to achieve. For example, some traders will only trade on a stock when the potential profit is about three times more than its risk. Such a trading goal is achievable and clear.

Keep excellent records

All stocks trading portfolios are usually well organized and help keep excellent records of all trades, including winning and losing ones. This provides them with a reference point they can use for future trades. It will also let them know what they did right and where they got it wrong. Some vital details you should write down include:

Trade target
Entry and exit levels
Time
Demand and supply levels
Daily market opening range
Open and closing of the market for the day
Records with a comment about why you made a trade
Frequently reviewed trading records

Set exit rules

Many stock traders don’t know the best time to leave the market. They are often more focused on buying a signal because they do not want to sell when the price is down, which would mean taking a loss. Hence, it is vital to have a solid plan to exit a trade.

Below are some tips on setting the perfect exit rules:

Learn how to get over losses incurred
Don’t be overly emotional and out your trades
When you sustain a loss, don’t take it personally
Understand that everyone experiences some good days and some bad days. The key to being successful is to limit losses and manage money cleverly.

Set entry rules

Traders ought to set conditions for entering the market and ensure the time they enter the market is right. However, some traders place very little attention to entry rules. They assume that exits are more important. This is not true– you should understand that there is the best time to enter a market likewise to exit it.

Knowing the right time to enter is why computers are better at trading than humans. People then let their emotions get in their way when trading. Whereas computers look for conditions in the market, and when met, they will enter. The best way to set entry levels is to:

Have clear rules for entering the market
Controlling your emotions when you lose or feel invisible when you win
Base all your trading decisions on probabilities

Perform a post-mortem

After every trading day, you should perform a post-mortem. A post-mortem is more like analyzing everything you did right that gave you a profit and the wrong decisions that made you lose money.

Below is a snippet of how to perform a post-mortem:

Add up losses and profit for the day
Understand what happened during your trades
Write a conclusion in a journal from that day’s trade

Stock trading plan – the bottom line

Simply because you have devised a winning trading plan does not guarantee success. Nevertheless, you may have a lucky phase, and when you do, it’s in your best interest not to let that get to your head by sticking to what you think works for you.

Confidence is the key to success in stock trading and re-evaluating every trade! Practicing this regularly will help you develop enough skills to no longer doubt or second guess your trading decision.

Remember that winning does not come without some loss in trading, and it is advisable that you enter a trade with a favorable odd. Do everything possible to cut down your losses and let your profit ride. You should trust the process and never stop following your trading plans. So, don’t give up. You will attain the greatness you desire.

All you need to know about dealing with FOMO in day trading stocks

Posted on March 10, 2022July 8, 2024 by Ophira Top

Introduction

Trading stocks is a fast-paced market that requires real-time decisions. Making decisions in such a situation can be overwhelming, especially when the market is exceptionally volatile. As such, traders frequently become tempted to follow the crowd because of the fear of missing out (FOMO in trading).

FOMO is so common today that it affects about 69% of millennials’ trading practices. The FOMO paradox creates the very situation an investor is trying to avoid: they miss out. The best way to deal with FOMO in day trading stocks is to understand what triggers it and the best practices to follow when trading.

What does FOMO mean in trading?

FOMO in day trading stock is an irrational trading decision that arises from the fear of missing a huge trading opportunity. Frequently, FOMO leads to a sub-optimal level of performance. FOMO can affect any stock trader – both new and experienced traders. Many stock traders often place trades out of FOMO because of the cognitive bias that the price rise will continue into the nearest future.

Unfortunately, the FOMO feeling traders have become greater as the market moves in that direction. And in stock trading, the farther the price moves, the more likely it will make a pullback or reverse. Most trades placed out of FOMO often end up as a loser.

Consequences of FOMO day trading stocks?

FOMO is a real problem when it comes to day trading stocks. If you do not deal with FOMO in trading, it can be detrimental to your success as a trader. While there are several reasons why you should avoid FOMO in trading stocks, here we will only focus on these three consequences:

Potential devastating losses

Placing trade out of FOMO is most likely to fail. You are scared of missing out because the stock price has already begun to rise. So, entering the trade by this time will most likely lead to potential loss because the price may be ready for a full reversal or a retracement. But some traders let their emotions drive them to enter such trades either way. Sometimes, this type of trader may be lucky to pull out of the market before the price begins to drop. But most of the time, this type of trader loses their funds.

Poor trading habit

Trading based on an emotional drive is a very poor trading habit. Letting your emotions lead is great in some situations but not the best for trading stocks. After losing a trade, some traders get frustrated and emotional that they recklessly enter another trade to recover lost funds. Even if you are lucky and the trade turns a winner, it is still a wrong trading strategy.

Difficulty in setting a stop-loss order

Another issue you may likely face if you trade out of FOMO is that you may find it hard to set stop-loss orders. Since the stock price has most likely moved when you enter the trade, setting the stop-loss order would mean risking more than you normally would or reducing your position size. And if you decide to place a small loss order, it might get your trade knocked out before the price even moves.

What are the factors that trigger FOMO in day trading?

Emotions are what triggers FOMO in day trading. These emotions range from greed to anxiety to impatience and so on. Understanding what emotion gets you all-winded-up when trading gets you a step closer to overcoming trading out of FOMO. Some of the factors that trigger these emotions include the following:

News

Sometimes, the news makes traders want to hop into a new market because they do not want to miss out. While it is great to stay up to date with the news, this shouldn’t be the only influence on your trading decision. Some news may seem alluring, but not all that glitters is gold. Take, for example, the Dow Jones Industrial market crash of 1929. Dow Jones’s value grew by about 6 folds between August and September. And during this period, investors trooped in, many of which did so because of FOMO. But around mid-November 1929, Jones Dow lost about half its value.

Market volatility

The stock market is volatile, meaning its price fluctuates quite often. Note that the stock market volatility is a great opportunity to make money, depending on how you capitalize it. The best way to make money with the stock market volatility is by forecasting it. But some investors panic and buy or sell anything the market takes a dip or rises. If these investors can be a little bit more patient, they could make much more profit from the stock market volatility.

Trading forums

A trading forum is a community of traders sharing tips and information about stocks. While it is great to be a member of such communities, sometimes it may not be very clear. Perhaps you may find frequent posts about a particular trade, but that doesn’t mean it is right for everyone. But because of the FOMO, hype, and the craze by other investors on the forum, you may find yourself investing in it as well.

A long winning streak

Another factor that can make investors make a stock trade out of FOMO is seeing others having a long winning streak. Seeing the wins of others, perhaps on a particular trade, is a common factor that gets investors buoyed up. Most investors believe it is fine since everyone else is investing in it. Unfortunately, the winning streak does not last forever. So, if you do not do due diligence before investing in any stock, you may end up investing at the wrong time.

Social media

Lastly, social media is another major factor that makes investors trade out of FOMO. With so many influencers and news on social media, getting caught up with the latest craze is easy. While it is worth taking a second look at a stock everyone is hyping, you should not base your investment on the hype. Rather, invest in a stock after careful and thorough research. We recommend using social media simply for inspiration and not as a definitive planning tool.

Characteristics of a FOMO day trader?

You may be making day stock trades based on FOMO and not even know about it. Simply because it works for you today doesn’t mean it will consistently work for you. Investors should always keep their eyes on the long-term benefits of any trading strategy they apply when it comes to investment. But not every trader has mastered the psychology of trading. Many investors still act on FOMO, and they often share the following characteristics:

No risk management plan

Every investment comes with risk; some investments are riskier than others. Nevertheless, your ability to manage risk makes you a great investor. Traders can manage some trading risks through proper planning in day stock trading. But if you are making trades out of FOMO, you often wouldn’t have the time to plan how to manage risk. And often, these investors open a trade when the price is already extended and it becomes hard to find the right place to place a stop-loss order.

Analysis paralysis

Some traders get affected by the FOMO in their research phase. Sometimes, traders see the potential of some stocks early enough but get paralyzed in their analysis. Later on, when the stock price starts to surge in the expected direction, they try to chase the trade — in such a situation, entering a trade after it has moved past its right entry-level means making the decision emotionally. Except you have a great trading strategy, it is not advisable to pull the trigger.

Predicting a winner

While it is great to be optimistic and have a positive mindset, it is delusional to think that because you are invested in a stock, the market will move in your favor. Or, if you believe that you know what will happen next in the market, it means you are a FOMO trader. While you can try to forecast the market, most traders do so with a degree of error. No one can predict a future event with 100% accuracy! So, with room for error, traders can plan a contingency plan if things go south.

No long-term perspective

If you do not approach trading with a long-term perspective, you are likely a FOMO trader. It is understandable if you are trading stock to make money. However, the right mindset here is to have a long-term outlook. Sometimes the market fluctuates, making you feel you will sustain a significant loss. But traders that see the potential in stock as the ones that hold their stock until the value reaches their expected level. So, rather than putting all your energy and focus on one trade as a FOMO trader, you should see the thousands of opportunities in other new trades.

No trading strategy

FOMO traders do not have a trading strategy. This type of trader often finds themselves doing what others are doing, and not that they understand why those are doing it. If you find yourself simply making trades based on hype or a craze, then you are a FOMO trader. Following the crowd may lead to irresponsible trading and disastrous outcomes. Trading without a strategy is riskier than you think, as you can end up losing more money than you think. If the value of a stock is moving in a direction you like, it does not mean it will keep moving in that direction.

Indecision

Indecision is a very common characteristic of a FOMO trader. Most FOMO traders struggle to decide on which stock to invest in. But a key quality of a trader is good decision making. As a trader, you will find yourself consistently making one decision or the other. For example, when to enter a trade, where to place the stop loss, the position size, the profit target, and so on, and decisions a trader has to make. So, if you find yourself unable to make a decision, you are prone to FOMO.

Lack of confidence

Day stock trading takes patience and guts! If you lack confidence in putting your money where your gut tells you after thorough research, then stock trading isn’t for you. Because even after intensive research, you may still have a few losing trades. In such cases, a FOMO trader enters random trades trying to catch up to recover their losses and make a profit quickly. This type of trader does not know that they are setting themselves up for more losses.

High expectation

Have you asked yourself what your expectations are from day stock trading? Do you think your expectations are reasonable? Some traders have very high expectations from trading. A FOMO trader will want to double their investment in a day or less; as such, they trade irrationally. Most of the time, traders who trade irrationally end up losing their money. Having realistic expectations from trading will help you make better trading decisions.

Impatience

Patience is a virtue every stock trader needs to possess. If you are impatient, you will find yourself trading like a FOMO trader. A FOMO trader does not want to wait for the setup; rather, they want to jump right into the trade. Often, these traders are not patient when they trade because of fear that the price may drop and they will miss out. So, they end up making irrational trading decisions by rushing into trades without proper research.

Greed

Greed is a very common characteristic of a FOMO trader. FOMO traders want to have it all to themselves. Every stock they see the slightest opportunity, they jump right into it without properly understanding what it is all about or having a trading strategy when they enter the trade. Or if when you trade, you feel greedy to close a trade when it reaches your profit target, then FOMO is probably a problem for you. A FOMO trader thinks too much about how much you can make from a trade rather than focusing on executing a trade properly.

10 tips to overcoming FOMO in day trading stocks

Overcoming your FOMO is an ongoing process. You may probably battle it through your trading career, but it gets easier with time. There is no one simple solution to controlling your emotions in trading. But these few tips will help you keep your FOMO under control.

Understand the market you are trading.

Knowledge of the market you want to trade-in is essential. A trader that wants to overcome FOMO trades should study the market they are interested in. Studying the market will help you better understand if the hype and craze of a particular stock are worthwhile. So rather than making trades out of FOMO, you should do your analysis to make more informed trade decisions.

Develop a rule-based process for entering trades

Another way to overcome the FOMO trades is by developing an exclusionary rule-based process for entering a trade. In it, you will rule out trades that might come up due to too thinly trade, penny stocks, too small of a market cap, small biotechs, and so on. It’s important to have this because there are so many opportunities. If you do not filter some trades, it will pull your focus from the core group of large and mega caps. If a trade does not fit into the process, then pass on it, no questions asked.

Accept you can’t and don’t need to be in every trade.

To make money trading stocks, you do not need to be in every trade. The FOMO on some trades should not matter as much as your trading position over time. For example, you may find 10 to 15 charts a day that give key technical signals. But your rule of entering trades may dictate that you cannot trade any of them or trade them all. You should have confidence in your ability to find high win potential stocks and not feel pressured to change every single trade.

Realize there are trades every single day.

The stock trading market is vast, with numerous names you can analyze and trade. So, you must have a trading strategy. When you follow a consistent entering trade, you increase your chance of catching a winner. And even if you miss one today, realize that there will always be another chart setting tomorrow as well. So, come to terms quickly when you miss a trade while waiting for the next best trade.

Verbalize your reason for entering a trade

Before entering any trade, you ought to have a reason. However, some traders enter trades out of FOMO and rationalize why they ignore analysis and logic. To overcome this internal rationalization, verbalize why you want to enter a trade. Verbalizing your reason forces you to evaluate what you think or know about the trade. And at the end of the day, it clarifies whether you have a solid reason behind the trade or whether you are simply making excuses.

Give yourself a trading limit.

Importantly, having a trading limit is very effective at dealing with FOMO. Although it is important to note that trading limits will help overcome FOMO when you are strict with it. While setting a trading limit does not only involve how much you are willing to win but also a profit margin or stop-loss margin. When you attain your set profit for the day, you should close all trades for the day. Similarly, if you reach the maximum amount of money you can afford to lose in a day, you should close all trades for the day.

Keep a trading journal.

If you have not been keeping a trading journal, it’s time you start keeping one. A trading journal is an important document that will help you overcome FOMO trades. A trading journal makes you more disciplined when making trading decisions. The trading history of all your last wins is kept in your journal. So, when you constantly refer to your journal, you will find yourself not making trading mistakes you normally make earlier in your trading journey.

Automate your trading plan

Many traders spend long hours in front of a screen because of FOMO. This is unhealthy and a time-waster. So, rather than waiting for that one random news or event to automate your trading plan with a trading bot. The trading will perform trades for you based on set parameters. As such, when you are away from your screen, you will not miss out on anything. Automating your trade will also help you overcome the issue of making emotional trades.

Study your trading history at the end of the day

At the end of a trading day, it helps to study the trading decisions you made for that day. It is important to do this at the end of the day as it will equip you with things to do and the ones to avoid the next day. More appropriately, you learn from the decisions you made. Trades you missed, the ones you won, and the ones you lost will all help you know how to adjust better your trading strategy such that it is highly profitable over time.

Take a trading course.

If you are not savvy with day trading stocks and don’t want to miss out, you can consider taking the trading course. This course will teach you everything you need to know to become a highly-skilled expert trader. Your instructor will even be able to offer you a wide variety of time-tested methods for recognizing and overcoming common trading errors. So feel free to register in any of the several trading courses you can take online from the comfort of your home.

Conclusion

The FOMO in day trading stocks is a fact of life. Allowing your FOMO to motivate your investment decision will often lead to emotional trades. And when you make emotional trades without proper research will lead to significant losses. FOMO encourages traders to buy stock while high – this is a bad investment strategy. If you find yourself practicing characteristics of FOMO trades, ensure you take the necessary steps to overcome them.

Guide to the Best Proprietary Trading Firm

Posted on March 10, 2022June 30, 2024 by Ophira Top

Proprietary trading, also called prop trading, occurs when a trader trades stocks, commodities, bonds, currencies, or other financial instruments with the firm’s money and not depositors’ money. Prop traders are not usually paid an hourly/weekly wage or salary and do not receive any benefits such as health care. They are typically only paid when they generate a profit, which should not take too long if you adopt the right trading strategy.

While the concept of a prop trading firm sounds attractive, it requires hard work, knowledge, and discipline to be successful. You need to invest extensive hours in preparing and educating yourself before delving into the market. We can compare trading to sports or athletics. To be the best trader, you need to have some of the characteristics of an athlete or sportsman. Discipline, consistency, competitiveness, and endurance are qualities every successful basketball/football player possesses, as should a day stock trader.

If you desire to be a prop trader, one of the first challenges you will most likely face is finding the right remote prop firm. Your ability to flourish in the industry largely depends on the prop firm you are registered on. That is why it is crucial to research and register with a proprietary trading firm that is ideal for your needs. In this step-by-step guide, we will show you how to find a perfect setup in no time.

What to look for when choosing the right prop firm?

When choosing an ideal prop firm, it is advisable that you know everything the organization offers, as this would help you make an accurate decision. Below are some of the criteria you should look out for when deciding which prop firm to trade with.

Trading restriction

One of the first things you ought to look out for in any prop firm you want to register as a trader on is the amount of flexibility they offer. While most prop firms are flexible, some have more restrictions than others. These restrictions can be so ridiculous that it ends up limiting your earnings.

For example, a trading prop firm may restrict a small amount of margin deployable. Sometimes it can be that the prop firm only allows a small drawdown. Other times it may be that traders can only sustain a small loss.

It is imperative to pay close attention to the restrictions on a prop firm before committing to it. If the limitations do not align with your unique trading strategy, it is recommended not to register with such a prop firm.

However, if your trading plan is adjustable to fit the restrictions of a prop firm with potential, then, by all means, register with them. Because some prop trading firm may let you get an account with $25,000, $50,000, or even $100,000 as the case may be, in reality, you may only have access to a far lesser amount.

While the restrictions of the prop trading firms may seem to limit your actions, they also have their benefits. For example, a day prop trader may be restricted to small trading capital. While this restriction limits how much the trader can turn over, it also limits how much the trader can lose.

Prop firm reputation

It is also essential to choose a reputable firm when searching for an ideal prop firm. So, how can you identify a prop firm with a good reputation? Rating on several platforms is a helpful evaluator of a prop firm’s reputation, as it helps you make an informed decision. Look up the performance of any prop firm on the following platforms.

YouTube

YouTube is a vast vlogging platform where you can find loads of YouTubers with real experience working with any prop firm you are looking to work with. There are reviews on the different aspects of the prop firm on the platform, analyzing their pros and cons.

Forums

There are several forums where you can find real people sharing their experience with several prop firms. If the prop firm you want to join is reputable, then you will find lots of positive reviews about it on the forums. While reading through the reviews on the forum, try to filter the trolls who like to defame the firm.

Support

Notably, a reputable prop firm should have tolerant and quick support. There is a huge sense of relief that accompanies knowing that a support system is in place to help you whenever you need help. Hence, you should always check up on the support system and confirm that they are available all-round the clock before choosing to work with them.

Growth program

Also, when choosing a prop trading firm, it must give you options that allow you to grow. Not many prop firms will not give you a big account as a new trader. Most prop firm wants you to prove yourself as an excellent prop trader before giving you such responsibility.

The more you trade, the higher your trading account should get. So, you should check if the prop firm has a growth plan. If, after checking, you do not find anything substantial, it is best to avoid such prop firm. Trading in a prop firm without any growth program will limit how much you can turn over.

But when the prop firm has a growth plan, it will be in their best interest and the traders. So at the end of the day, both parties can enjoy increased profits. Professional traders will only stay in a prop firm when they see it has the potential of helping them grow.

Target goals

Apart from having a growth plan, the target goals of the firm must align with yours. If your trading goal differs from that of the prop firm, you will have many compatibility issues because every prop firm wants a suitable prop trader for its programs.

Depending on the prop firm, you may be given a demo account as a test. While there is some prop firm that will test you with a real account, which means you get access to real funding instantly. Your performance during the testing phase is paramount to your success in the prop firm in the long run.

Additionally, as a prop trader, you need to check what the firm requires. Consider the amount of profit the prop firm expects you to make and the duration. Also, take note of the number of steps during the testing phase. Perhaps there could only be one or two stages you need to pass to scale through the testing phase.

Participation costs

You are essentially trading with a prop firm’s resources as a prop trader, but this may come at a participation cost. Having this in mind, you should look out for the participation cost of a particular prop firm. Note that some prop firms have hidden fees that are not visible at first.

So, it would help if you weighed all the trading restrictions, costs, and model that suits your financial situation in a prop firm. When you find that sweet spot between these three elements, then you are on your way to trading with the best prop firm that is right for you.

Bundling all these elements together, you should be able to find a pretty decent remote prop firm that suits your needs. While researching about a prop firm, you will generally find 4 models regarding subscription cost:

One-time fee

As the name implies, this type of subscription structure is asked once. When you pay this one-time price to join, there will be no further cost as you proceed and progress. Prop firm often takes a one-time fee to ensure minimal risk while you work your way up and prove your trading skills.

Subscription

Another participation fee you will find at some prop firm is the subscription model. This type of payment model requires traders to pay a weekly or monthly fee. This subscription will keep the traders on board and trading with the prop firm.

Proprietary trading fee

Some prop firms, especially old-school ones, ask traders to pay a proprietary trading fee. What this means is that they ask traders to fund their accounts. And when the trader can perform well with their fund, the prop firm will allow them more leverage based on the initial deposit and performance.

Free

Lastly, some prop firms will not ask you for any form of payment to be their trader. This model is often for an experienced trader who can prove a long history of consistent trading with professional funds. However, one big problem with this model is that you have to reach the office itself. Also, you will not have the benefit of flexibility.

Payouts

While researching a prop firm, you should pay attention to the payout options it offers. Some prop firms pay out more often than others. Hence, you should peruse the firm’s terms and conditions to know how often you can make withdrawals. Also, check if withdrawing your profit damages your growth or not.

The split of most day stocks trading firms is mostly 50/50. So, a trader can only withdraw 50% of the profit incurred. And as the trader continues to grow, the split can go up to 65/35. Looking out for all this is essential because every trader is after how much profit they can take home at the end of the day.

The bottom line is that if you are registered to a reputable prop trading firm, you would not have any issue with payment. Provided you can meet up with a prop firm terms of payment, you will always get paid.

Resources

Another thing to look out for when choosing a prop trading firm is its resources. Some prop firms offer more than a funded account. You can access an advanced dashboard to get statistics you will find helpful while trading.

Also, there are prop trading firms that offer their traders one-on-one support. Similarly, prop trading firms actively trade themselves and can be seen in a live trading room. At the same time, some prop firms have an active blog where you can find helpful materials about stock day trading.

Most prop firms have an educational section full of good content for beginners and advanced traders. Nevertheless, it is still essential to see how well and easy their lesson is for you to understand. And whether you enjoy watching its lessons or you get bored and skip them.

New prop firm

If you do a quick search on new prop firms, you will be amazed at the massive number we have today. So, finding a new prop firm should not be a difficult task; the actual challenge is finding a trustworthy new prop firm.

And every day, we see new prop firms popping up online. But most of the time, these new prop firms copy the models of an existing prop firm. However, the job will be much easier since you now understand the several criteria to consider before choosing a proprietary firm.

However, if you are perplexed between two prop firms, one is well-known while the other is relatively new, it is always better to go with the established firm.

Advantages of trading for a remote prop firm

When you want to choose a prop firm to trade for, you have the option to trade in-office or remotely. Many traders often go for the remote choice because it allows them better flexibility. Below are some of the advantages of trading for a small prop firm:

Small participation fee

There are different types of participation fee prop firms ask traders to pay. But most remote prop firms require traders to pay a small participation fee. While these prop firms may put some restrictions on how much funds you get access to; nevertheless, it will still be cheaper. And when you come to think of it, it costs less to pay a participation fee than to invest your funds.

Quick capital increases

Another advantage of trading for a remote prop firm is that it allows you to increase your trading capital. If you are looking to increase how much you can invest in stocks, trading for a prop firm is the easiest way to get more capital. With a prop trading firm, you are essentially trading with their funds. In other words, you have more capital and market buying power. And if you show solid consistency, the prop firm will give you access to more capital.

Take profits home

When you trade with your funds, huge take-home profit is not a certainty, except you have a lot of cash you are willing to invest in trading stocks. Yet, every prop trader wants to increase their take-home profit. Taking advantage of prop firms is the easiest way to achieve this since you have more capital and market buying power. And because you have more capital to invest, your profit will increase. And whatever profit you make with a prop firm fund will be appropriately divided and added to your growing account.

Zero liability for losses

Interestingly, you incur zero liability for losses when you trade with a prop firm. For many people, the ability to trade and have zero liability for losses is one of the reasons they prefer trading for a prop firm.

When you trade with your funds, you will be responsible for any loss or profit you make. However, trading for a prop firm does not require that you account for any loss incurred. Prop firms understand that there will be losses and have allowed traders to take up a predefined loss level.

Trading from home

Also, trading for a remote prop firm gives you the convenience to trade from home. So, you would not have to leave the comfort of your home to earn some extra cash. Also, with such flexibility to trade, some traders can combine trading with their daily jobs.

Responsive Support

Trading is complex, and traders can run into any difficulty. And since you are working from home, you can’t simply work to the tech department to fix whatever challenges you are experiencing. For this reason, remote prop firms invest a lot to provide traders with the best support they can get.

While trading for a remote prop firm, knowing it has responsive support to help in difficult situations comes in very handy.

Advantage of trading for Trade The Pool

Introducing Trade The Pool, the first firm that offers day trading stocks, bringing the real prop firm of New York to remote trading where you get an unlimited buying power, and you set your RPD – risk per day. The rules are simple, and the way to success is paved. Below are some advantages of trading for Trade The Pool.

Trading flexibility

Trade The Pool gives traders the ability to trade with better flexibility continuously. Traders have the option to hold traders through an economic news release, over the weekend or overnight, as the case may be with Trade The Pool. Essentially, with Trade The Pool, traders have more freedom to engage in almost every trading strategy.

Easily reached milestone targets.

When you register with Trade The Pool, you will be given an easy and achievable milestone to target. This will help determine that you are actively trading and making a profit. Since Trade The Pool wants you to grow, the easily reached milestone targets help you progress fasters within the program, not worrying about unattainable goals.

Instant payment guaranteed

With Trade The Pool, you are always guaranteed to get paid when you request it. And the best part about the payment method at Trade The Pool is that you can request payment anytime and as often as you want. Trade The Pool does not limit you with a minimum or maximum threshold.

Non-deductive

While some prop firms deduct payouts from your milestone growth, the reverse is the case with Trade The Pool. If you request a payout, it will not affect your milestone growth. Instead, you get paid for your profits and keep your account growing at the same time.

Fastest growth plan

When you choose to trade for Trade The Pool, you get options that let you grow faster. For example, with an RPD3 program, you get a risk pump anytime you reach 5 consecutive winning days with a profit of 3 times your RPD or end a profitable month with at least 4 times your RPD. Affordable

Unlike other trading prop firms, Trade The Pool offers traders the lowest participation fee in the industry. So, you do not have to break the bank when you want to trade with Trade The Pool. Everything on the platform is affordable, fast, and seamless.

Support

Trade The Pool also provides traders with the best support. The platform uses human support and not a bot. The customer support team is highly skilled, knowledgeable, and experienced. You will not have any problem getting professional help when you need one.

Resources

Trade The Pool is a prop firm owned and operated by experienced stock traders. You can join live trading rooms on its platform to learn and watch them trade. Traders also have the option to schedule a one-on-one appointment with an experienced portfolio manager. Furthermore, Trade The Pool hosts webinars you can participate in, regularly post articles, and give you the best trading strategies to get the most out of the market.

Summary for the best prop trading firms

Conclusively, now that you have gone through this guide, it is expected that you have an outstanding idea on how to choose a remote proprietary trading platform.

So, if remote prop trading sounds right for you, and you want to enjoy all the freedom that a remote prop firm offers, we suggest you take the next step towards joining Trade The Pool – a reliable prop trading firm that allows you to grow without any limit. If you are serious about results and want to get a worthwhile day stocks trading experience, then join Trade The Pool.

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