January, 2024- It’s a Wrap.
Blogs , Financial
“Kept myself updated on market news and events that would have impacted my trading positions. Brushed myself with economic indicators, geopolitical developments, and other relevant factors that were crucial for making informed decisions” … […] …
Shillong :: Ended the January 2024 on a positive trading note. A fresh beginning of a new year on a very positive way. Looking forward to further honing the skills further. Reviewing and re-assessing the moments of January, 2024 :
Review of The Trading Plan & Rules:
- Trade only Expiry and Pre Expiry Instruments
- Only MIS Trade
- Entry only after 10am on the direction of the market
- OTM with Hedge and Stop loss with alerts on strikes.
- STBT only on very convincing days.
- Respect the Stop Loss
- Maintain RR
- Maintain same Lot Size.
Assessing the Performance:
Performance for the month, net at the end of the month is POSITIVE. Maintained the Risk to Reward, Stop Loss and Sticked with the Plan. FOMO Trade only on 1(one) occasion, but cut the loss early before it could affect the account. Avoided the risky days on 31st January and 1st February 2024 being pre-budget and budget session.
![trade days](https://safebull.in/wp-content/uploads/2024/02/Screenshot-2024-02-01-171556.png)
Risk Management:
Managed the risk well, Kept tight stop loss and very strict. And entered only for trades with good Risk to Reward.
Staying Informed:
Kept myself updated on market news and events that would have impacted my trading positions. Brushed myself with economic indicators, geopolitical developments, and other relevant factors that were crucial for making informed decisions.
Adaptability:
Markets being dynamic, and tried best to adapt to changing conditions, as per situation my trade setup changed, from OTM Spreads to ITM Spread, Intraday to Carry Forward, and sometime Strangles too.
Celebrating Small Wins:
Keeping the market in track, whenever reversal signs were seen, small profits were booked instead of going red. I Acknowledged and celebrated small successes each day.
![Adventure](https://safebull.in/wp-content/uploads/2024/02/RUD82463-1024x683.jpg)
Life has more to it than just win or loss
“Taking a trip to freshen up the pre-occupied mind after a big win or loss“
Continuity in Learning:
Never stopped learning. I sticked to the learning methods, curated the trades and plan and diarized each day for introspection.
Community Engagement:
Stayed connected with other traders, online through twitter, whatsapp, etc. or in person. Shared experiences and insights with Dhan community members and gained some valuable perspectives and support.
Staying Disciplined:
Sticked to the trading plan and tried to avoid impulsive decisions. Discipline was the key factor in successfully making this month Positive.
Setting New Goals for the next Month:
As I ended January on a positive note, I have already few set realistic and achievable goals for the upcoming month as well. Would be refining the strategy, increased my knowledge in specific areas, or diversifying my portfolio.
Let’s remember that trading is a continuous learning process, and success is often built over time. Will continue to celebrate my small achievements, learn from the experiences, and stay focused on the long-term objectives. Challenges or setbacks, are opportunities for growth and improvement in the trading journey.