As an academician and university faculty member, my days are typically filled with lectures, research, and mentoring students. However, in the last week of March 2024, I decided to venture into a field entirely different from my profession – options trading, specifically MCX crude oil options. This journey has been both challenging and enlightening, filled with valuable lessons and experiences.
Stepping Out of My Comfort Zone
Learning something completely outside my domain was both exciting and intimidating. The world of options trading is fast-paced and unpredictable, requiring a different set of skills and knowledge compared to the academic environment I’m accustomed to.
Balancing Work and Learning
With a busy schedule, finding time to delve into options trading was challenging. My office hours usually end by late afternoon, so I dedicated my evenings to learning and trading. Every day, from 6:00 pm onwards, I immersed myself in the intricacies of the crude oil options market. It became my routine – a way to unwind after a long day of academic duties.
The Learning Curve
Starting from scratch was not easy. I had to familiarize myself with the basics of options trading, market terminologies, strategies, and the specific dynamics of crude oil as a commodity. Online resources, webinars, and books became my primary sources of knowledge. I also joined online forums and communities where traders share insights and tips.
Practical Experience and Mistakes
Theory is essential, but practical experience is invaluable. I started with small trades, cautious not to risk too much capital initially. Each trade, whether a gain or a loss, taught me something new. However, I made several mistakes along the way, leading to significant losses. Here are some of the key mistakes I made:
- Overtrading: I made too many trades in a short period, leading to unnecessary losses.
- Lack of Patience: I couldn’t hold a trade for a longer period, often exiting too early.
- Frequent Trading: I entered and exited trades too many times, often driven by short-term market fluctuations.
Learning from Mistakes
I discussed these mistakes with my mentor – a trader, teacher, and YouTube streamer. He emphasized the importance of discipline, which he assured me would come with time and experience. He advised me to spend more time understanding the market and to avoid impulsive decisions.
Facing Disappointment
Unfortunately, my initial capital of Rs 50,000 was wiped out due to these mistakes. This loss was disappointing and discouraging, but I understand that it is a part of the learning process. I have decided not to give up and to continue my learning journey.
Reflecting on the Experience
Despite the setbacks, this experience has been incredibly rewarding. It has broadened my perspective and enhanced my analytical skills. More importantly, it has taught me that it’s never too late to learn something new, regardless of how different it might be from my current expertise.
Advice for Fellow Learners
For anyone considering stepping out of their professional comfort zone to learn something new, my advice is simple: be curious, be patient, and be persistent. Allocate specific times for learning, start with the basics, and gradually build your knowledge and experience. Don’t be afraid to make mistakes – they are an integral part of the learning process.
My foray into options trading has been a fascinating journey of discovery and growth. While the financial loss was significant, the experience and knowledge I gained are invaluable. I am determined to come back stronger and more informed. Whether or not I become a successful trader, the experience itself has been immensely valuable.
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