- Never try to catch a falling knife. Stop trying to find the bottom of a falling stock, you exacerbate FOMO this way. Not only will you make mistakes financially, you can also bring about health issues that no amount of money can fix. Let the other guys determine the bottom for you.
- You know you best. If something “feels off” don’t do anything and walk away. Congratulations, you won the stock market. Practicing doing nothing is hard, but worth the peace of mind. Will you miss out l sometimes? Sure, but you’ll build a better, healthier relationship with the market and you’ll see the signs clearer for your next moves.
- The stock market is the largest open transfer of wealth from the impatient to the patient.
- Know where you are in your timeline. Everyone has a different relationship with the market and different investment strategies/goals. Make sure you stay on track with current events. Example: March 23rd marks a new investment era and everything in my current timeline can relate back to it.
Remembering these things when FOMO and FUD has helped my manage mistakes.