Escape's Options Trading Diary - Phase 2

What are you preferred indicator to decide trade?


  • Total voters
    150

kiran_thiru

Well-Known Member
Learning/Remark:
This is worst performance. Overall I'm in loss for this month.

Trying to analyze what went wrong:
My first mistake seems to be "timing". I have predicted too early for reversal. I failed on "timing". I must wait little longer for confirmation of trend and enter into trade.

My second mistake during trading hour is assumption that "this is last bus, let's catch it and at whatever cost". This puts me in wrong trade. I have done this mistake today.

My third mistake seems my patience level when my trade is going in other direction. I'm little more patience if market is going against me. I must learn to EXIT immediately and if required re-enter later on. This seems to be bigger challenge to overcome.

Need to keep track of these and earlier mistakes and hope not to repeat this future.
what you said is true. we are travelling in same route. yesterday i bought 6200 ce avg @2.40. i entered too early. i must avoid this trade. after it went down. same as you i am also watching for green. today it was trading @1.50. overall 2000 loss in single trade. we must confirm the trend when we enter.
 

Trader J

Well-Known Member
Dear Trader J, Thank you for going thorough tread and sharing those lines. Appreciate for those lines.

While analyzing my trades for last 2-3 days and specifically today's huge loss, I was thinking where am I'm going wrong. First thing I can think of is "timing". I have predicted too early for reversal.
Option Trading (for buying) is good when ever major break and the market fastly going in one direction, the range bound market or volatile market is not good for option trading even timing is correct. Big one sided move available in Only 2 out of 10 days (or may be less), so trade when ever you have good chance. Thanks
 
Escape,

Lets move to Phase 3 .

its time to stop trying to understand or to predict the market moves.

use some system (users -saint,tradewithhunter and many other good traders posted some good systems in forums.)

Dont waste time to reinvent the wheel again. Follow some system. Markets are not predictable ,so, better to have a method to tackle the madness.

:thumb: All The Best,
Alex
 

escape

Well-Known Member
Escape,

Lets move to Phase 3 .

its time to stop trying to understand or to predict the market moves.

use some system (users -saint,tradewithhunter and many other good traders posted some good systems in forums.)

Dont waste time to reinvent the wheel again. Follow some system. Markets are not predictable ,so, better to have a method to tackle the madness.

:thumb: All The Best,
Alex

Dear Alex,

Thank you for your suggestion.

Personally I feel, I'm not ready for third phase yet.
It is not issue with system, but human factors (greed and fear, hope and disappointment) where I need to improve.

Believe me I'm not trying to re-invent system. In last 6-9 months I have tried several systems. Knowledge wise, I must admit, I have learnt so many things. I can understand most of systems and can modify them as per my requirements.

This month, specially last 4-5 days is disastrous. So have to be extra cautious now and have to put some fund into account to bring it back to 45K. Will take risk of max. 90k (45k + 45k) for another two month, lets see result.

Apart from that, I have few pending tasks which I want to complete before I jump into third phase.

Once I move into third phase, I will increase my investment capital may be to 90k instead of now 45k.

So, I'll wait for another 2 month, most possibly from next Financial Year (April) I will move into third phase. I hope by that, things will improve.

Regards,
Escape
 

escape

Well-Known Member
Here is log as of last session.

Log:
NIFTY 31Jan13 PE 6000.00 (Overnight) 1000 @ 14.55 (S) 1000 @ 3.59 (P/L) -10960

Result:
After deducting all charges: Rs. -10955

Learning/Remark:
This is worst performance. Overall I'm in loss for this month.
Never keep overnight position during expiry week (in any direction).
 

trdstudent

Well-Known Member
Here is log as of last session.After deducting all charges: Rs. -10955.............Never keep overnight position during expiry week (in any direction).

Hello escape ,sorry that u close red this month .... yes keeping overnight position during expiry week is risky .... even better avoid trading on those days :)
 

trdstudent

Well-Known Member
It will be wise to go for shorting during last weekend in both direction, until expiry.
yes :) ... but u knw some times these big guys pull the string such a way that it becomes very difficult for small traders like us to ...... on top of that u can also face problem from ur brocker pltform on those days due to overload (!!!) etc :)
 

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