I learned my lesson trying to beat the markets several years back when I was trading options. I would have my great weeks where I would go up a couple thousand, but inevitably would have weeks where my losses outpaced my gains.
Part of the reason was I would get FOMO and start to chase runs, bought into way too many highs just because I felt like I would be missing out if I didn't buy. Ever since I switched to only buying something I believe in and moving my profit horizon out several years I have been happier and much more profitable. It's a hard lesson to learn without experiencing though. Few people have the patience and self control without having been burnt in the past.
FOMO is a bad thing for the trader, doesnt matter what some people say about It.
There is tons of opportunity in the market every day, and missing some of them If no problem.
Yep, when I learned that lesson. I instantly became a better trader.