Started options trading around an year ago and made losses of around 5 lakhs so far.
What usually happens with me is that after making a big loss there’s an intense sense of guilt and realisation at that moment, but that feeling fades away after 2-3 months and the urge to trade relapses
After some initial winning days the massive loss day comes and it wipes out the previous day gains and a lot more. 4 cycles of this pattern have happened so far and despite the guilt and promise to never touch options again the relapse happens after every 2-3 months.
I’ve recognised that this is just gamblers addiction at this point and that I simply don’t have the discipline to ever do this, one mishap will be fatal
The 4th cycle culminated in another massive loss today and rather than feeling bad about it, at this point I’m just fearing a potential relapse a few months later again. I never want that to happen, please help
This forum is filled with many such posts on FNO addiction and losses, try searching them and give it a read.
One such post on addiction and how the environment actually influences one’s behaviour.
Self-control doesn’t work in isolation, the environment too needs to be conducive.
And as always, when our self-control isn’t strong enough to overcome our impulses, we might have to focus on the environment. (i.e., alter the environment we live in).
Here, the environment refers to the circumstances, people, objects, and conditions by which one is surrounded.
Probably this moment of realization is the time during which one needs to take action.
i.e., You need to alter your environment such that it becomes impossible for u to trade again.
U can begin by closing/deactiving the FNO segment in your account.
Limiting your access to funds by transferring or giving control to your parents etc.
Or anything that would meet the purpose.
The point is, if self-control is not working, we need to somehow make it impossible to commit the same mistake again, by building obstacles and surrounding ourselves with people who could guide us.
Something i read on Self-Control & Environmental Effects👇
Environmental effects are important and often overlooked when we think about our decisions and behaviors. This is because our reflection is done in a cold state when we are not tempted by mindless TV, cookies, or sleeping in for an extra hour. If we want to be successful and develop systems and structures that will actually encourage self-control and good decision-making, then we have to predict how we will feel when we are in hot states, and we have to arrange our environment in a way that completely prevents the choices we want to avoid. Like We have to place the alarm away from the bed, so we have to actually get up when it goes off. Expecting that our self-control will hold is a good way to fail when temptation is all around.
Read a few books on options, trading in general, trading psychology, etc.
Then create a systematic trading plan by backtesting using NSE historical data.
Stick to the trading plan, profit
You will never be profitable in the long term without a proper trading system. You need to have rules in trading which you need to stick to. Reward to risk ratio is more important that winning probability.
If you still want to continue trading, you need to start small and focus on the process. If you try revenge trading all the time, you’ll end up in the same cycle. Anyway, trading has got to do a lot with human psychology. Fear and greed will make you do stupid things. And without a proper system, these stupid things will only get amplified.
One such post on addiction and how the environment actually influences one’s behaviour.
