The _Contessa wrote a post · Sep 28, 2024 18:51

Don’t get married (to your trade)

Finally has some time and head space to reflect on the past few sessions of trading.

Oh my gosh, what a roller coaster ride! I have never done trading before and the only candles I have are scented candles that I received as Xmas presents🕯️

So what went wrong?

1. As the song goes “only fools rushed in”. I took multiple positions too quickly and when the market turn out of favour, I didn't react fast enough. so lesson learnt here: Dont get married to your positions. Its a hit and run game play in trading.

2. By the time I pivoted into the Chips ( $NVIDIA (NVDA.US)$ and $Intel (INTC.US)$ ), they were already too high. I didnt manage to catch the “highs”, in fact, i got caught in the “lows”

so now we are in the middle of the paper trading competition, with another 4 days to go. what can I do next?

1. I can buy more $NVIDIA (NVDA.US)$ and $Intel (INTC.US)$ to average down the cost but I am not confident that the tide will turn positive quick enough for me to get back into green. Time is not on my side. in a real life scenario, this probably will be my go to option.

2. pivot into china funds. I am currently holding some china position albeit small.. so again, I think I might be already too late into the game and will only be able to catch the tail end of the high and subsequently got tumbled into the lows.

3. sell all position and hold cash. As the Chinese saying goes “三十六计- 走为上计”. this is probably the safest route in the midst of all the volatility.

4. well, since this is paper trading and I won't need to sell my kidney or liver to make up the losses, I can use this to test out certain theories I have. If I am right, I will finally crawl back to green. If I am wrong, I will be relegated to the bottom of the league, which I am not far from anyway.

From my observation, profit-taking is happening in the chips sector and probably flowing into China funds. But I think there might be profit-taking or outflow soon since the market is uncertain and volatile. The funds have to go somewhere, which could potentially be $Bitcoin (BTC.CC)$ or cryptocurrency (due to the increased inflow recently). So I pivoted some of my funds into $iShares Bitcoin Trust (IBIT.US)$.

well we will know on Monday how this bet goes. fingers crossed

EOD thoughts:

1. Don’t get married to your trades.

2. there is no loss, only lessons learned. Every mistake will lead me to discover more of myself and manage my own emotions. It's never the market against you. It's always you against you.

( @David Lee cm I read your post and totally agree with your point about bitcoin. If I have a longer time frame, I wouldn't do this as well. desperate times calls for desperate measures 😅)

happy weekend everyone!

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