The #FOMO.
To succeed in trading, one must banish any feeling of quick gain from the mind. Many of us fall victim to FOMO because, seeing an opportunity presenting itself before them, they rush to open positions in order not to miss part of the price movement without prior analysis, and unfortunately, they find themselves trapped in a counter trend. Consequently, they end up with negative positions that they hold in the hope of seeing the market return to their initial positions. The market always continues in the counter-trend, and hope turns into panic. They remain resilient until they are liquidated from their position.
Here is a list of six strategies that will allow you to minimize your losses and maximize your gains. This is a comprehensive list and not advice for trading.
Strategies:
1) Choose a period and identify the trend.
2) Look for key market levels.
3) Identify a chart pattern.
4) Look at technical indicators.
5) Confirm with the volume indicator.
6) Never forget risk management.
