Ahh cringey acronyms and hashtags are so much fun, aren't they? Not so much when a controllable normal feeling of #FOMO turns into an irrational #YOLO "trade" (gamble). 

I'm sure we've all had that day where we screw up the first trade plan, which might or might not have had a decent thesis behind it to only follow it up with senseless trades out of fear and frustration. It's like treating a severed artery by severing more blood vessels, letting all that precious money hemorrhage into the market's mouth. In fact, next time you want to do that

It's a stupid error, and it's even worse if you actually say the acronym in your mind "YOLO taking this trade, already lost, screw it!". Stop trading if you do this lol

The best way to avoid this is obviously have a better trading plan for a strategy that you've already "proven". Seek the best opportunity and play it well. That way if you lose, you lose according to your plan. You must control your loss, don't let the loss control you.  

1. Work on perfecting Entries based on the specific strategy you are using. Entering is either going to be hard or easy for you but you still need to perfect it. Screen time and observation of price action (L2, Tape) and how a chart develops will improve your ability to "feel" or identify an ideal entry. Risk is properly managed with perfect entries. The reward is better also. Accept that it's a risk no matter how perfect the set up may be. 

Example: If I'm dip buying on a specific level like a previous resistance or something, I will enter as close as possible on a hold at/above that level . If the statistics of your strategy show more often than not that the price will rebound after dips on B/O tickers with ideal criteria, you might as well get in as close as possible to your risk level. If the rebound happens but starts failing or slowing down during the move, you'll be able to identify this and take the appropriate action with minimal or even no losses. If you hesitate on the dip entry, wait for confirmation for too long, then it rebounds fast, you get FOMO and chase it and it dips against you again, you're most likely going to make an irrational decision when it comes to where to take a loss if the trade is already against you. 

Screwing up 1. and taking a loss can potentially set you up to make irrational decisions like trying to revenge trade when there is no strategic edge for you. It's happened to me many times in the beginning. FOMO worsens as you get tunnel vision, clinging onto and exaggerating the significance of your loss. Of course no one likes to lose money. As a beginner your losses are almost guaranteed but these types of losses should be welcomed as lessons. It bothers you because of your inability to step back and look at the overall trading journey from the learner's red zone to the consistent green zone. 

So you've made the rookie mistake and took the loss. Unless you have discipline and experience, as a beginner you probably shouldn't attempt trading again. Especially if your account is small. Allow the loss to sink in and learn from it. Don't "YOLO" it and become a ... 

2. Chaser. Don't be a chaser. A chaser lacks respect for their trading plans (assuming they even have one). If they lack respect for their entries, then they'll lack respect for their risk levels. And if they don't honor cutting an incorrect trade thesis then they deserve to lose their accounts and be chewed up by the market. Chasers get wrecked so that the good traders and market makers can profit. 

3. Understand losses are inevitable and that your account whether it be for learning or your source of income needs to be protected. Reduce the losses and protect yourself at all times from losses. But YOLO trading after a loss is account suicide, gambling. Spend it on lotto tickets if you really feel "lucky". 

That's pretty much it. You do only live once but that isn't justification for putting your hard earned money (your time that spent working / saving that money and can never get back). Take a moment and look at the bigger picture of your journey to see that a loss is normal and necessary for self improvement. 

Good luck to all, don't get wrecked!