This checklist might save your day or at least save you some dollars.

You might think that you would never FOMO into a stock or you might be wondering if this applies to you. Ask yourself these questions to find out if you need the checklist.

• Have you ever thought of buying some super hyped shares at ATH?

• Did you consider dropping your savings into the flaming hot coals of BRN and hoping you don’t get BuRNed?

• Have you thought about joining ‘the team’ in the short squeeze on GME? (there are no teams in retail investing it’s every man for himself)

• Do you use ASX_Bets or WallStreetBets?

If you answered yes to any of the precursor questions below then you are in danger of a FOMO trade and need this checklist.

~~~~~~~~~~~~~~~~~~~~~~~~~ HOW NOT TO FOMO CHECKLIST ~~~~~~~~~~~~~~~~~~~~~~~~~

1. Ask yourself why you want to buy the stock. Are you jealous of others gains? Do you want to be part of that weeks big thing? If yes to either then do not buy. Jealous trading is bad trading.

2. Warren Buffet said “be greedy when others are fearful and fearful when others are greedy.” Ask yourself if people are being greedy with the stock you want to buy, do not buy if they are.

3. Ask yourself “am I being a sheep?” Sheep do not make money on the stock market, they don’t even understand the stock market, they are sheep. Don’t be a sheep.

4. Where did you see the stock? If it was on the news don’t buy it. If it’s trending on one of the subreddits then it’s probably too late.

5. Is it often appearing on the subreddit and being regularly pushed by the same small crowd? Watch out cause without proof they are probably bag holders hoping to pass the bag to you.

6. Can you explain to somebody what the company does and why it is a good idea to buy it? If not then you shouldn’t buy it yourself.

7. Is the market mostly red or mostly green that week? Sell on green weeks and buy on red weeks. It might feel like the other way around at the time but that’s emotional trading.

8. Is it a meme stock? If yes then be an early adopter or don’t adopt at all.

9. Have you got spare capital? If money is no issue to you or if you are making a small punt that won’t harm your finances then go ahead. If you are making a big, late move into a meme stock then you’ll be seeing red.

10. Does it have 🚀 emojis in the DD’s? If yes then disregard all previous steps and bet your house on it.