My Feb First Week AssessmentBlogs , 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
- 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
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.