Target 20 lakhs
- Thread starter stock72
- Start date
Stock bhai, my heart goes out to you. When I was going thro your post, I thought I have my Twin in Trading arena. So many good traders are here. But sometime I think, successful traders do not have time to go through all these. Why they should, they are making money, hence no need to know about anything new and not interested in sharing their knowledge.
IMHO, traders with deep pocket play options. Generally they write options, and retailers buy options. Hence, it is a whole seller vs retailer. They won't allow you to win this game. Future is less complicated than options, but any trade is a loser, if you are in the wrong side of the trade. But in options, even with the right side of the trade, you are ridden with the danger of time decay and volatility loss.
How about this, your 10,000 capital, with a 5% compound interest per day becomes 20 lakhs in 109 days. Add another 256 days to achieve this. I know, theory is very easy, but every theory becomes practical and remember only 5% of the traders make money, why 1) they are disciplined to the core, 2) They have won over their emotion, fear, grid and they trade mechanically, 3) They have developed a system, which is suitable to their personality, they have sufficiently backtested it, and they stick to thier system, even though sometimes it gives them losses, but most of the time profit.
When I joined employment in 1986, Rakesh jhunjhunwala, was a mere sub broker. Now after 30 years, 1 crore in a year is a dream for me, where as Jhunjhunwala, bought a 600 crore house in mumbai, last year or so.
Hence with 99% effort, knowledge and 1% of luck, you are going to be a winner. But you have to differentiate between DREAMER AND DAY DREAMER.
Enough of sermon. IMHO, Nifty broke crucial level 8750 and then 8700. So next support is around 8600. I will be taking short sides only till it breaches 8800. For today my range will be 8675 to 8770. If opens low, then I will buy at 8675 with SL @ 8630. One thing is clear, I won't keep any position open.
Thanks again for reading so far and tolerating me
Prasanna
IMHO, traders with deep pocket play options. Generally they write options, and retailers buy options. Hence, it is a whole seller vs retailer. They won't allow you to win this game. Future is less complicated than options, but any trade is a loser, if you are in the wrong side of the trade. But in options, even with the right side of the trade, you are ridden with the danger of time decay and volatility loss.
How about this, your 10,000 capital, with a 5% compound interest per day becomes 20 lakhs in 109 days. Add another 256 days to achieve this. I know, theory is very easy, but every theory becomes practical and remember only 5% of the traders make money, why 1) they are disciplined to the core, 2) They have won over their emotion, fear, grid and they trade mechanically, 3) They have developed a system, which is suitable to their personality, they have sufficiently backtested it, and they stick to thier system, even though sometimes it gives them losses, but most of the time profit.
When I joined employment in 1986, Rakesh jhunjhunwala, was a mere sub broker. Now after 30 years, 1 crore in a year is a dream for me, where as Jhunjhunwala, bought a 600 crore house in mumbai, last year or so.
Hence with 99% effort, knowledge and 1% of luck, you are going to be a winner. But you have to differentiate between DREAMER AND DAY DREAMER.
Enough of sermon. IMHO, Nifty broke crucial level 8750 and then 8700. So next support is around 8600. I will be taking short sides only till it breaches 8800. For today my range will be 8675 to 8770. If opens low, then I will buy at 8675 with SL @ 8630. One thing is clear, I won't keep any position open.
Thanks again for reading so far and tolerating me
Prasanna
thx for the detail post...
yes winning in option is most difficult since a very high level of discipline is needed..personally i almost being discipline now a days still one or two days breaking the code and market precisely catching me those days and brought back me to my knees..
this feb with some mechanical back tested simple systems like sma and crossovers, traded options by buying in the morning and closing in the evening with definite SL and target and results are
from 2nd feb to 24 feb out of 16 trading days
4 loss 2 break even and 10 winning trades ..
and trading capital grown 60%.. in the past 16 days never broke the rule.
now on 25th was losing day but removed the sl and broked the rule and carry forward to 26th and got beaten up ..not only lost the profit but some trading capital gone..
very dramatic is in the disciplined 16 days a stimulation of breaking the rule would have increased my profit .. but market exactly caught me when i really break in 25th .. ..sorry for long reply either ..
yes winning in option is most difficult since a very high level of discipline is needed..personally i almost being discipline now a days still one or two days breaking the code and market precisely catching me those days and brought back me to my knees..
this feb with some mechanical back tested simple systems like sma and crossovers, traded options by buying in the morning and closing in the evening with definite SL and target and results are
from 2nd feb to 24 feb out of 16 trading days
4 loss 2 break even and 10 winning trades ..
and trading capital grown 60%.. in the past 16 days never broke the rule.
now on 25th was losing day but removed the sl and broked the rule and carry forward to 26th and got beaten up ..not only lost the profit but some trading capital gone..
very dramatic is in the disciplined 16 days a stimulation of breaking the rule would have increased my profit .. but market exactly caught me when i really break in 25th .. ..sorry for long reply either ..
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Dear Stock bhai, actually we accumulate small profits and make a large loss which gobbles up all the profits. But "Khudd hi kar itna bulund, ki har taqdeer se pehle, Khuda bande se puchhey, Bata teri Raza kya hai"
Learn from losses. And remember my words, 5% per day compound makes your 20 lakhs in 109 days. Add another 256 days.
Here are my result. Today I have taken a OTM Put option i.e 8500 @ 89. It closed in 60. Beyond 8870, I will take 9000 CE. Any one side move will break even and make profit as tomorrow market is open due to Budget. I deliberately did not stop loss beyond 8800 as large swings are expected on the budget day. Normally I would have booked loss.
I have also taken position in Tata Power 80 PE 1 lot @ 1.10
My starting Capital 25000. Let's see.
Prasann
Learn from losses. And remember my words, 5% per day compound makes your 20 lakhs in 109 days. Add another 256 days.
Here are my result. Today I have taken a OTM Put option i.e 8500 @ 89. It closed in 60. Beyond 8870, I will take 9000 CE. Any one side move will break even and make profit as tomorrow market is open due to Budget. I deliberately did not stop loss beyond 8800 as large swings are expected on the budget day. Normally I would have booked loss.
I have also taken position in Tata Power 80 PE 1 lot @ 1.10
My starting Capital 25000. Let's see.
Prasann
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