Hi , thanks everyone keeping the thread alive (may be just by curiosity of my sudden disappearance).
Definitely enough I made huge loss and the exact figure I knew recently while filing my IT return for AY 2010-2011. The net loss (of option writing) was around 36k+ (total profit - total loss). I hard earned around 1.6 lacs during previous year and made loss of 2 lacs.
The initial success (and the profit) made me somewhat over-confident and felt overpowered over the collective wisdom of the market. So, last year after the hug loss I was shattered and I had left the option-writing for few months while I licked my wounds.
The loss was on account not following the strategy as promised, more accurately the exit strategy. The flaw was with my attitude being over-confident. I kept my position open till it ate my most historical profits and moreover I opened some more positions to compensate the loss which simply added more salt to the injury.
However, sometime after recovering myself for second inning I re-analyzed the strategy minutely and came to same conclusion that there is nothing wrong with the strategy but fault was within me.
Therefore, I have started writing option again some months ago but I did not discussed or shared it on the thread fearing the attacks of "I-told-you-so"
But some months ago I was contacted by rammmeo through PM and we discussed through PM about existing trades and so on till September'11..
I have position open right now ..
NIFTY 24-Nov-11 5600 CE 19.6 0.6
NIFTY 24-Nov-11 4300 PE 19.5 0.5
NIFTY 29-Dec-11 5800 CE 18.4 2.9
NIFTY 29-Dec-11 4600 PE 19.7 42 (squared off at 42)
I will be glad if interested members like Maxx,AW10,rammmeo, mukeshpatil etc. join the discussion and share their trades , tips and experiences