Fear of missing Out
When a strong move starts without you, how intense is the FOMO? Do you ever chase the entry late, and what rule has most effectively stopped you from jumping in after the best part is gone?
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Missing a strong move can definitely trigger intense FOMO, but chasing late entries is one of the quickest ways to blow an evaluation account. Markets almost always retrace or offer a new structural setup; jumping in blindly near the highs or lows usually leaves you holding the drawdown. The most effective rule to stop late chasing is a strict 'no entry after a move extends past 2 standard deviations or outside average daily range' limit, combined with a hard walk-away rule for the session after missing the initial impulse.
In prop firm trading, avoiding impulsive revenge trades or late FOMO entries is vital for respecting daily loss limits and consistency rules, where one emotional trade can breach your drawdown threshold.
How do you personally handle the urge to chase? Drop your thoughts below!