LOST 50k, Left JOB, Aiming 10% Return per Month.

Dear Traderji Members and Guests,


My thread Title says it all about me. :sos:
Well it has been a year and a half since I started trading.
Lost 50k in gone October as I had 2 Nifty lots but things didnt turned out well.
I have been reading Traderji since 8-9 months.

Now that I have left my job I am hoping to trade for living.
I know the journey is very difficult but hopes are high.

As I have limited amount of capital left with me I wont be taking risky calls.

I request all traderji seniors are to guide and comment analyze my stratergy.


Best Regards,

FnOTrader.

Its Trading time:

I am starting with 60k and as per my plan I should be able to generate 6k (10% per month) by the January end.

Aim:
Get 6k (10% of 60k) by the end of January series.

Trades Done till now:
Sold: 2 NIFTY JAN CE 5400 @ 30

Investment:
40k

Reason:
Hoping that January series may end b/w 5350-5400 And markets may go for a minor/major long awaited correction.

Result:
Pocketed 3k till now.


Waiting for right time. After some correction so that I may sell a NIFTY PUT option @ 60 Rs As per my aim so to earn remaining 3k.


Seniors plz plz do comment, analyze, criticize and guide me on this.


Best Regards,

FnOTrader.

I can't believe what I am reading.

If you had any personal reasons for leaving the job, I sympathize with you, but if you left the job just for the sake of trading, you could be in deep trouble.

I hope you realize your blunder. I mean, how are you going to manage your finances and financial responsibility? Have your parents left back a lot of wealth for you to enjoy? Forget about earning profits, you are not sure if you can even preserve your trading capital.

Dear Bunny,

That is So not true.
I know I really am in deep trouble but I believe I'll be able to get out of it


Yes, thats true.

Thats why I am aiming low and realistic.


Thanks and Regards,

FnOTrader.

Hello FnOTrader,

I have heard about lot of people who do this as their main proffession. However, I fail to understand that you have at once shorted nifty 5400CE@30 only for 3K? Not sure what is the current price as the NSE website is not working to find out.
Why are you taking such a huge risk of 40K investment and that too for 3k. I believe that you can earn upto 1k to 2k everyday.
And golden rule as to not to invest everything in one index/equity/options/futures. Do you have any hedge positions open?
Is 6k Enough for a month.?
How did you reach the analysis of this kind?

Dear Ironmarine,

Earning 1-2k per day is what had in mind that led me to the loss.
As I have limited capital, I cant afford to take risky trades.


I think NIFTY being an index is safe to trade with.

I am planning to hedge calls with futures if in case (I hope it wont) NIFTY tends to cross 5400 before January series ends.

The simple analysis is that there is no major news/event in January that may effect markets adversely so NIFTY may not show major movement on either side.

I also keep a close look on the world markets.

Hope this all works out well.

Seniors plz keep your comments, analysis and criticism coming.


Best Regards,

FnOTrader.

Hello FnOTrader,

I have sent you a PM, please go through it as I would not be able to discuss much out here. PLease be aware that there is a finance meeting on this Tuesday which would take the market in any direction. As well as IT stocks are showing 3 black crows pattern.
At the same time there are earning annoucement by IT companies in this month.

Not to forget the markets dragged a little bit down side from 2 days coz of IT.

Regards,
Srinivas

Ok good luck on ur journey man...

But the trade which u did was less bang for buck trade and i can see ur position as u are defensive.

Now yes u can pull this off but please buy a 5300 Call once nifty crosses 5300 so to reduce the risk and also look to offload one of the written calls in profit if u can.

Also try to go stock specific as theres more to be made in individual stocks NIFTY is a dead horse nowadays.

IIP data is due on tuesday so u might wanna watch that.

And yes i do like ur strategy of writing a put if market sorta corrects 20-30 points near 5200.But u need to buy some protection as naked put writing is a dangerous game.For Example what if nifty gaps up 60-80 points tomorrow then ur positions are in deep crap before u cud say F___...

That will increase ur monthly target by default.And 10% is not an easy target try 5 and put less pressure on ur trades.

How much have u lost till now?

for 10% why do you want to risk in FnO. Better go for delivery based (follow, Anant's and Savant's call) at least you will have some think left if things go against you.
Anyway its your decision. Good luck

Dear aditya14,

Thanks for that information. :thanx:

Hmm, I think 10% is already a low target, but I consider it as my maximum target.

I may juggle with NIFTY futures during intraday to keep up with 10% target.

48k



Best Regards,

FnOTrader.