My mental break hiatus is over. I've mainly gotten a hold of my finances & I am mostly back on track.
I've been attempting to pursue further in my journey from a different angle this time. I do not want to overwhelm myself again. To go further by one thing at a time. One day at a time.
I have been implementing meditation into my daily routine. Anywhere from 5mins to 15mins a day. I have been reading books on meditation & self-awareness to get a better understanding of myself, to be able to recognize my thoughts & emotions. Currently, I am reading 2 books & have 2 on my next to read list.
I've been speaking with my therapist on finding out what my strengths and weaknesses are. In doing so, I've had somewhat of an epiphany in the form of a question (for lack of a better phrase)... I have Type-A Personality - the point in this is that I plan just about everything I do. I'm not impulsive. Yet, in my trading (before my hiatus), I was constantly going into trades without a well thought out plan, or I'd change my plan (sometimes multiple times in one trade)... Why? Why do I struggle to make a plan &/or stick to it? - I am unsure / have doubt in my abilities, I am very self-critical, I am a perfectionist, I am emotional, I averaged down because I did not accept the fact that I was wrong (even though I was right, just that my timing was off) How do I fix it? - Still working on that.
I have been trying to get myself back into the gym. The gym I go to has changed their hours to where they don't align with my schedule. The gym I previously went to has done the same. In order for me to build upon self-discipline in the form of exercise, I have been performing the exercises my chiropractor has given me for mobility. I was consistent in this for about 2 weeks. I recently injured my back again... and I fell off of the exercises. Now that my back is better, I will be incorporating them back into my daily schedule.
As far as my job goes, I believe I'm just going to suck it up & keep on pushing through. For as long as I can. I have realized that I'm just not comfortable taking the risk of a new job... with the unknown on whether I'd be able to fit studying & trading into my life or not, as well as many other variables.
For studying, I have recently finished Shortstocking. Currently, I am on Pennystocking part deux. After I complete Pennystocking part deux, I will watch Pennystocking. Then, I will read Technical Analysis Using Multiple Timeframes. It’s been sitting in my desk drawer for months. I started reading it a good while ago but got sidetracked & never picked it back up. After I complete that book, I will start Best Loser Wins over & complete it.
During my time off, I have still felt the urge of FOMO. I have wanted to get back into trading so bad. I have denied myself from any day trading whatsoever. On my longer term position in $NVDA, I recently closed my position for a nice profit. I felt like it was going to fall back further than it did. I was wrong, & I should’ve added to my position. But, I walked away green. If it does happen to fall back, I will most definitely buy back in.
Going forward, I know I will struggle with the urge to trade again, especially considering the election results… I want to restrain myself from doing so. I feel like I need more self-discipline before I get back into it. I feel like I’m not ready to trade again. Especially due to the FOMO in me. It is a weakness I have. I recognize it, & I know that I must tame it more before I delve back in. I need to also choose a specific pattern or strategy to trade, rather than the randomness that I tried to justify as strategy / pattern. Finally, as much as I REALLY don’t want to, I’m going to paper trade until I can reinforce the self-discipline I need. We will see how long that lasts.
I’m in the same boat. I got out of all my positions and will be taking time off to get finances in order and to refocus. I’ll be tracking trades and looking at how the Challenge mentors trade. I hope to get back in sometime in 2025.
Good! Take the mental time off. I was off for 3 months. This is the second time that I've done so, and it has helped both times. While you're off, study! I highly recommend going over the basics all over again.
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