With Sensibull now free for Zerodha users and their awesome virtual trading feature which I use as someone still learning and trying out various options strategies, there’s no need to waste even small amounts of money before verifying one’s strategies in the actual market.
Of course personally I would not feel comfortable deploying any strategy without backtesting it for a few years and how it performs in bull/bear/sideways conditions.
Zerodha team should step up their game in this regard and offer historical options data considering their competitors like Breeze are now providing this for free, while I’m paying 4k per month and not getting this valuable data.
I think I can eventually learn and be profitable in Option Trading and I want your help in getting better at it.
Had you written be profitable in ‘Trading’ I would have agreed with you.
You are trying to succeed in Option Buying where probability of Success is Low.
If one trade goes against you, you can lose a major chunk of your capital.
And how much ever good you become you will eventually have bad trades. A string of bad trades can wipe you out of the game.
Please, any suggestion on how I can recover from here emotionally, how can I better fix my trading setup/ strategy
If you want to succeed in Trading, quit option buying.
Find other instruments where you have higher probability of success and which suit your mindset.
Experiment with your strategy, edge, various instruments to find the right fit for you.
Option Buying sounds like a good challenge because everyone says that it’s tough to succeed in.
But that’s where Trading is unlike other areas in life where perseverance and persistence pays.
In Trading you need to decide when something is not working and cut it out.
how can I recover my losses
Very slowly, over a few years and without Trading in Options.
Stop Trading Immediately—No Excuses: Continuing to trade in your current state is a fast track to complete financial ruin. You’re gambling, not trading. Every time you re-enter the market, you’re digging a deeper hole. Stop now before you lose everything, including your sanity.
Face Reality: You’ve accumulated massive debt and are lying to your family. This isn’t just a trading problem anymore; it’s a life problem. The first step is accepting that you’ve made serious mistakes and that you need help. This is not the time for ego or pride.
Seek Professional Help—You Can’t Do This Alone: You’re not equipped to handle this on your own, and it’s clear that your decision-making has been compromised. Get a financial advisor and a therapist involved—immediately. They’ll help you make rational decisions, something you’ve been struggling with.
Cut Your Losses—Literally and Figuratively: Reach out to creditors and negotiate terms. You need to prioritize survival over everything else right now. Forget about recovering losses through trading—focus on paying down your debt and getting your life back on track.
Come Clean to Your Family: You’re lying to everyone around you, which only isolates you more. Yes, it will be painful and difficult, but they deserve to know the truth. You need their support, even if it means facing their disappointment or anger.
Re-evaluate Your Trading Isn’t a Shortcut to Wealth: Your approach to trading has been reckless and unsustainable. If you want to return to trading in the future, it must be with a completely different mindset: one that values risk management, discipline, and long-term planning over chasing quick profits.
The best strategy, which could help you to stay safe in this kind of situation. You should always keep majority of portion of savings like 60% of savings in safe zone like investment in Bank FD, PO NSC, PO KVP, etc. You can continue exposure into trading in future and option with maximum 20% of monthly salary. Meanwhile you should also learn from your own experience. Never blindly trust on calls and tips from advisors even from brokers. If market is going down, then use stop loss. This strategy would help you to stay financially secure, even if your investment in stock market is lost.