As per the words of a very experienced trader,
‘ One of the biggest mistakes I made in my early trading career was trying to go all alone. I thought I am smart enough and will figure out everything of my own. It was a big mistake. I not only spent probably 3 to 4 years longer and the cost of learning through losses was also pretty high.’
One can learn everything of his own, by experience. So one can start trading and through various cycles of market, he or she will surly find out the best technique suitable for his trading temperament. But this can be pretty long. And what about cost of learning. It can be quite high. Later, it is really annoying to find the kind of time one has spent in learning simple things and the opportunities missed during this period. And we are never sure that in what time we will be able to figure out the right mix for ourselves.
One of my friends kept on doing same mistakes in markets for almost 6 years. He was very consistent but only in losing money. He could not see the broader picture because every day he was more or less involved in firefighting, in saving his positions. Unless you are impassionedly able to see from outside, it is very difficult to even diagnose the problems in your trades. So the same story, few profitable trades (market makers want you to remain in market) and lots of losing trades. Overall, no profits even after years of experience.
But is there a need to be all alone in your trading ?
In today’s world, you need not be alone and try to discover everything from scratch. There are old fashioned ways of learning through books, which I still admire a lot. But then, finding a right kind of book in options trading, in itself is a challenge, especially in Indian context. But through proper training, you can have access to lots and lots of experience, great trading ideas and strategies. ( what-are-option-spreads)
With lots of advances in technology , you can now join sessions from anywhere in the world and getting an experienced mentor has never been easier.
There is no reason at all to go all alone. It may not be worth at all. But even if you decide not to pay for mentorship, at least find a buddy for sharing your trades. Trading alone, without a mentor or a buddy can be a very lonely business and not good for mental health. Leverage the knowledge of experienced traders, their trades, their ideas and you are already on track !