Linkon, food for thought.
Does it make sense to use a filter of 20 points around 4900 to go long/short ?
You have been shifting positions long/short around such a big round number xx00.
Generally mkts are choppy around such round number but your option strikes will always be such a round number.
Maybe, if u use, 20 points filter on either side of 4900, probably, u would have avoided the choppy trades, and got into clear directional trades. My observation is 20 points range around xx00 numbers are the action packed range where bull/bear fight to show their strength (haven't got statistics for this hence it is gut feel at this stage).
Another psychological observations - how do u treat market's money ? Is the colore of this money different from your original capital ? Why do we feel market's money given to us is for enjoyment and carries less value then our own personal initial capital ?
These are more fundamental issues and there is no single answer. You got to answer this yourself. IMO, if you treat them differently, then u are always carrying the risk of giving back the accumulated profit. You will make profits, but will find it hard to keep it in your account.. Personally, I had to struggle to sort out this challange and now for me, both money is same. If mkt has given me some money, then it is same as my initial capital and I treat both money as same. It has helped me in limiting the amount that mkt can take back from me, after it has given it to me.
In this short straddle, fine, mkt gave to 300 rs. for next 25 trading days i.e. u have 12 rs of free timedecay (or pocket money) with you every day. So if u have 3 scalping trades loosing more then 12 points including brokerage, then you have finished today's pocket money. IMO, ur real P&L is in negative. Lets not forget, straddles never give u max profit of 300 points. With your prev experience u would know how much mkt deviates from Straddle strike price, so u shd discount that average deviation from you 300 rs of collected premium, cause u will have give that back to market at some time in future.
Hope you are getting my points here. Sharing these observations to give u different insight into your strategies and challange your beliefs.
All the best and Happy Trading