To The Moon

Concluding my trades for 2023 with some lessons learnt here. I only started trading actively at the start of November, after gaining some confidence from newly added investment knowledge. It hasn’t been an easy journey, with multiple ups and down in my portfolio and having to control my emotions. WILD RIDE I would say.

Lesson 1: Never trade against the market

My biggest loss goes to $CrowdStrike Holdings, Inc.(CRWD)$ , I tried to short the stock when I saw the RSI indicator in the overbought region for days, despite knowing that the market is in a very bullish sentiment. Going against the market made me face my stop loss, and I have unwillingly accept how wrong I was. The overall market sentiment is important and allows you know which direction (most stocks) would be going. The $SPDR S&P 500 ETF Trust(SPY)$  is a good indicator.

Lesson 2: Never adjust your stop loss

I tried to adjust the stop loss for some of my stocks, hoping it would rebound, only to face further loss! My very own ego made me suffer more financial loss than I intended to. The whole premise of a stop loss is for you to get out of a trade should the market invalidate your set up, but by adjusting it, it would be an emotional game play. A big lesson learn, moving forward to 2024, is to honour my stop loss.

Lesson 3: Letting your winning trades run

Biggest win goes to $Boeing(BA)$ ! Saw a good set up, entered, and took a profit with risk:reward ratio of 1:2, 1:3, and 1:4 eventually, selling partially at every point. But what I failed to do, is to leave some remaining to trail the Bull Run till it reversed. I then missed out on further profits because I no longer had any positions, only to see BA flying up more and more! In 2024, I will make sure I leave some remaining shares.

To conclude, never be too greedy, and remember that your view is your view and NOBODY on this platform discussion page, should take that away from you. Never listen to anyone but trust your trading plan and be patient.