Escape's Trading Diary - Options

[escape]

It's very narrow range. No trade until now. Seems NIFTY breaking towards upside.

Most possibly I will go to RKSV office today to open account for FnO trading with them.

 

[soft_trader]

hi escape. Please enable your PM

 

[escape]

hi escape. Please enable your PM

Seems it is not yet enabled by administrator.
I can't see it under "User CP" -> "Edit Options".

 

[escape]

No trades until now and I will leave now.
Enjoy and have safe trade for rest of day.

 

[escape]

No trades yesterday.

Log:
-

Result:
-

Capital Status:
Exact Initial Capital: Rs. 15746
Current Ledger balance Rs. 15109

Learning:
No trades, it's safe to stay away from market if it is too narrow range.

 

[escape]

Bought NIFTY 30Aug2012 CE 5500 @ 82.35, SL @ 76.00, CMP 82.60.

This is not strong move trade.
Keeping SL too wide.

 

[augubhai]

Bought NIFTY 30Aug2012 CE 5500 @ 82.35, SL @ 76.00, CMP 82.60.

This is not strong move trade.
Keeping SL too wide.

At least for Options, take positions only for strong moves. The Option premium will keep eroding thru the day, if the market doesn't move.

SL is what I am confused about at the moment. I think that there is slight +ve bias since morning, but have had 3 SL hits (I mean, I would not have exited the position except for the SL). I am torn between using a wide SL to avoid SL whipsaws, or a small SL to protect profits.

Will probably try 1 more long now....

 

[escape]

At least for Options, take positions only for strong moves. The Option premium will keep eroding thru the day, if the market doesn't move.

SL is what I am confused about at the moment. I think that there is slight +ve bias since morning, but have had 3 SL hits (I mean, I would not have exited the position except for the SL). I am torn between using a wide SL to avoid SL whipsaws, or a small SL to protect profits.

Will probably try 1 more long now....

Yeah agreed, this was bought at near support level.

For SL, I have read somewhere, professional traders are one who spent most of time for identifying correct SL than trade itself.

Let's see what is result of my trade later on, meanwhile holding on it.

 

[escape]

Bought NIFTY 30Aug2012 CE 5500 @ 82.35, SL @ 76.00, CMP 82.60.

This is not strong move trade.
Keeping SL too wide.

Exit at 78.15, loss of 4.2 points and brokerages.

 

[augubhai]

Yeah agreed, this was bought at near support level.

For SL, I have read somewhere, professional traders are one who spent most of time for identifying correct SL than trade itself.

Let's see what is result of my trade later on, meanwhile holding on it.

Liked your idea about keeping SL just below resistance. Thinking about putting SL below visual pivots. Or may go for a wide SL like 3 ATR. Will decide tomorrow.