When things are not working in your favour it is better to take a step back and rework the strategy and then enter fresh to avoid multifold losses, Piyush Chaudhry, Founder, Wave Analytics said in D-Street Talk podcast powered by Moneycontrol on the sidelines of Traders Carnival 2021.
The 2020 boom seen in the retail investor community is just the beginning but at the same time managing a trade when things are going against you is where investors have to be disciplined and follow a systematic approach.
“The first lesson is don’t try to fight the market. If I make a view, I act accordingly and take the position. If I go wrong I hit the stop and get out of the position, take the hit and go out,” says Chaudhry.
“Once I am out, I go to the drawing board. I re-understand the situation with a calmer mind. I prefer taking a loss and go back to the drawing board and come back,” he explains.
One thing which retail investors should keep in mind is “never bet so much that you can’t make a come back.”
(Tune in to the podcast for more)
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