I accepted that I am not great at stock trading & been trading index only majorly since then & have never missed a day trading BankNifty
Trading Mistakes & Lessons Learnt ЁЯз╡
1) I always keep my mistakes & lessons learnt in front of my screen while trading.
Bcz we as traders tend to commit the same mistakes everytime.
So seeing your learnt lessons everyday ensures that you avoid them.
#trading #mistakes
I accepted that I am not great at stock trading & been trading index only majorly since then & have never missed a day trading BankNifty
I would have had a gain of more than 230 % if I had capped losses at 1% of cap.
Lesson: Keep losses per trade less than 1% of capital no matter what !
Lesson: Never take markets lightly & Always keep protective stops in the system (and not in your mind) to keep loss in control in case of blackswan.
So many times I have wasted 1 or 2 weeks just to close a loss making trade at costЁЯШв
Lesson: I do manage now but exit as soon sold options become ITM or 2 x in value.
So always always manage risk especially while selling options.
Eg. Corporate tax rate cut day, demontisation, surgical strike, 2020 fall etc were brutal moves & if not managed properly can take years of profits.
Luckily I had only 1 lot but learnt a good lesson
Lesson : Always hedge your overnight position
I had a position in Yesbank but it opened 10% gapdown next day but I got saved as position was completely hedged.
Lesson: Learn from your mistakes,note them in journal & never repeat it again!
Inspite of knowing that I shouldnтАЩt commit them.
Bcz we as humans tend behave in a certain manner everytime.
So , itтАЩs best to keep your lessons/mistakes hand written in front of you and read everyday before trading.
Lesson :
Never get complacement & always remember that market is supremeЁЯЩП
So stay humble always !
Was it my fault ?
Did Market conditions change?
How I felt during the drawdown ?
What could I have done better ?
Lesson :
All this gives you the confidence to sail your next drawdown smoothly.
More from Sourabh Sisodiya, CFA
Thread ЁЯз╡:
A Day in the Life of a Trader (A day in my Life)
1) I absolutely love my workтЭдя╕П! In fact, I grew up dreaming to be a trader. So trading, to me, doesnтАЩt feel like working (except when I loseЁЯШВ).
ItтАЩs fascinating because itтАЩs different every day.
#trading #life
2)7:30 AM : Alarm Rings
A typical week day for me begins at 7:30 AM.
I spend the next 30 minutes on my daily chores тАФ get ready for office, grab a quick breakfast & have a hot cuppa coffee.
3) 8:00 AM : Leave for office
On my way to office, I check what happened at the Wallstreet overnight & how are Asian markets performing.
I then look for any macro news that may affect overnight positions
P.S: We are moving to a new bigger office & will share pics of that soon
4) 9 AM - Connect with Trade Room members
I connect with trade room members on zoom & share my plan for the day, stocks to keep in radar & how to play the index & which option strategies to execute
For more details about Online Trade Room you can check
https://t.co/WrQPxhABsE
5) 9:07 - Pre Opening session
I keenly observe the pre-opening to get a general sense of where the market is it likely to open. At 9:07 AM, the pre-opening prices are out. I make a note of stocks opening with a big gap up or gap down and keep them on my watchlist.
A Day in the Life of a Trader (A day in my Life)
1) I absolutely love my workтЭдя╕П! In fact, I grew up dreaming to be a trader. So trading, to me, doesnтАЩt feel like working (except when I loseЁЯШВ).
ItтАЩs fascinating because itтАЩs different every day.
#trading #life
2)7:30 AM : Alarm Rings
A typical week day for me begins at 7:30 AM.
I spend the next 30 minutes on my daily chores тАФ get ready for office, grab a quick breakfast & have a hot cuppa coffee.
3) 8:00 AM : Leave for office
On my way to office, I check what happened at the Wallstreet overnight & how are Asian markets performing.
I then look for any macro news that may affect overnight positions
P.S: We are moving to a new bigger office & will share pics of that soon
4) 9 AM - Connect with Trade Room members
I connect with trade room members on zoom & share my plan for the day, stocks to keep in radar & how to play the index & which option strategies to execute
For more details about Online Trade Room you can check
https://t.co/WrQPxhABsE
5) 9:07 - Pre Opening session
I keenly observe the pre-opening to get a general sense of where the market is it likely to open. At 9:07 AM, the pre-opening prices are out. I make a note of stocks opening with a big gap up or gap down and keep them on my watchlist.
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I'll begin with the ancient history ... and it goes way back. Because modern humans - and before that, the ancestors of humans - almost certainly originated in Ethiopia. ЁЯЗкЁЯЗ╣ (sub-thread):
The first likely historical reference to Ethiopia is ancient Egyptian records of trade expeditions to the "Land of Punt" in search of gold, ebony, ivory, incense, and wild animals, starting in c 2500 BC ЁЯЗкЁЯЗ╣
Ethiopians themselves believe that the Queen of Sheba, who visited Israel's King Solomon in the Bible (c 950 BC), came from Ethiopia (not Yemen, as others believe). Here she is meeting Solomon in a stain-glassed window in Addis Ababa's Holy Trinity Church. ЁЯЗкЁЯЗ╣
References to the Queen of Sheba are everywhere in Ethiopia. The national airline's frequent flier miles are even called "ShebaMiles". ЁЯЗкЁЯЗ╣
I'll begin with the ancient history ... and it goes way back. Because modern humans - and before that, the ancestors of humans - almost certainly originated in Ethiopia. ЁЯЗкЁЯЗ╣ (sub-thread):
The famous \u201cLucy\u201d, an early ancestor of modern humans (Australopithecus) that lived 3.2 million years ago, and was discovered in 1974 in Ethiopia, displayed in the national museum in Addis Ababa \U0001f1ea\U0001f1f9 pic.twitter.com/N3oWqk1SW2
— Patrick Chovanec (@prchovanec) November 9, 2018
The first likely historical reference to Ethiopia is ancient Egyptian records of trade expeditions to the "Land of Punt" in search of gold, ebony, ivory, incense, and wild animals, starting in c 2500 BC ЁЯЗкЁЯЗ╣
Ethiopians themselves believe that the Queen of Sheba, who visited Israel's King Solomon in the Bible (c 950 BC), came from Ethiopia (not Yemen, as others believe). Here she is meeting Solomon in a stain-glassed window in Addis Ababa's Holy Trinity Church. ЁЯЗкЁЯЗ╣
References to the Queen of Sheba are everywhere in Ethiopia. The national airline's frequent flier miles are even called "ShebaMiles". ЁЯЗкЁЯЗ╣
