One of the greatest benefits of having a trading method is that you never have to rush trades. You either wait for your buy target to hit, or you sit this current situation out in case the market moves back up without you.
In theory, it is really simple.
Don't get me wrong: It's not like you couldn't make percentages jumping in late now. But for one: you will get into a habit of doing so, especially if it worked out a few times in the past,
and two: you render your trading system obsolete because the trades you end up taking are not within that system but are artificial because they got created in the heat of the moment. Or in other words: You are losing your edge.
Question then is: why do you have a trading system at all, if you end up not using it because you succumb to fomo?
Buying low and selling high is, by definition, only possible when you don't give away upside percentage of a move you originally expected. You need to buy in... in harmony with your strategy.
Now there are few rare cases where jumping in might be a good idea, such as a buy point for a macro target you barely missed. But most of the times this isn't the case - you're just impatient. And the "missed percentages" will be redeemed by your actual trades in line with your strategy provided you can walk away and not start doing stupid entries our of hectic self-critique.
The more you walk away after your ship has sailed - and see that patience will reward you when the market comes back down - the less the temptation will be to jump in late the next time an obvious turnaround level has been reached which you didn't realize in time.
You have to really integrate the idea that there are endless trades to be had.
This one trade does not need to work! Just forget it.
There are millions of others like it that will come your way if you are disciplined enough to wait for them. Don't squander your money in the meantime by being weak and jumping in when your strategy doesnt allow for it. You have the time! Patience.
And while it's true that you could make a few dirty percents here, you could also lose. And when you do (since you didn't buy in as low as you should have in your strategy) - technically - then your chance of losing is much greater now that you jumped in too late, hoping for the best. And if you lose, you will hate yourself not for losing but for losing on a trade you shouldn't have taken in the first place, knowing full well while you did it that you gambled. You threw your edge out the window.
Jumping in might be the more immediately rewarding experience when you see you are now 1.1% in profit, but over the longterm it will take your edge away and get you used to very bad trading habits. Bad because they're impulsive and not suitable for long-term consistency.
Be iron-willed! Have an abundance-mindset!
"There are many other opportunities coming. No need to chase."
Don't have a scarcity mindset when it comes to trading opportunities. They are endless. The more you realize that the more higher your win rate will get, because you let missed trades go with a smile and revere the times when you made the perfect buy happen for the right reasons and it works out like it should.
unsplash.com