My Feb First Week Assessment
Blogs , Inspiration , Trading Mistakes
“Planning for a break before coming back to trading desk, and will come back with fresh mind and with renewed energy”….[..]
:: Just started my February, 2024 and first week on a back foot, with back to back losses.
After a fantastic January, 2024. and had enjoyed a break during the volatile days, i.e, FOMC outcome and Interim budget day. Anticipating to continue with the flow, I jumped and traded on 2nd February only to face loss, and since then I faced back to back losses.
Trading Days with back to back losses
2nd February, 2024
- No plan during the trade
- Wrong Instrument selected to trade, SENSEX
- Wrong direction, and caught in a strong gamma move, while holding OTM strangle.
5th February, 2024
- Everything was planned
- But I was wrong on the direction, stop loss hit
6th February, 2024
- Pre-planned trade
- Market on favor, booked profits
7th February, 2024
- FOMO
- Didn’t stick to the plan
- Left the trading desk un manned only to find the loss on return
8th February, 2024
- Unplanned trade
- Left the trading desk unplanned due to some urgent work.
- return to find loss on the trade
- Cut loss immediately on finding the loss
Key Take Aways:
- Don’t Leave trading desk unmanned
- Wind up the trade before leaving the desk
- Don’t trade if some prior engagement is on card
- Avoid FOMO
- Don’t trade with out any plan
- Stick to the plan
Immediate Plan
Planning for a break before coming back to trading desk, and will come back with fresh mind and with renewed energy.
Going back to reading desk, and read some inspiring books and articles. Will be focusing on building confidence and psychology for sometime before I come back, and I will be back.
Reading Mitesh Patel’s Interview with Money Control and searching for fresh inspirations.