Hi everybody. I had my first stint at trading when I was 19, about 11 years ago, trading with 10000 rupees. It lasted for a few months with me trading once in a while. As i got busy with my engineering academics didnt have enough time to trade as well, neither did i have resonable capital.
After engineering i got a job in dubai. With steady and fairly good income i became comfortable with a life "not enthusiastic" (read lazy) about finances. However, over time i got fed up with the "synthetic" life of dubai and chose to resign. I came back home for good in dec 2015. Ever since i've been wondering on what to do for a living. I messed up there by not deciding on what next before resigning.
Since I had some experience with stock market and the market being the one we had in 2017, i re-entered market in mid 2017. Invested 50000 had excellent returns of 15% in few days. Anything I put money in seemed to give super returns. So gradually I invested more. Then came budget 2018 and everything ever since came crashing. My portfolio is now down 15%. Its gonna be ok, i hope.
But what actually went wrong was my options trading. With some high ROI initially in options, it grew on me a belief that option straddles/strangles will eventually turn profitable within option expiry period. I know its stupid. And i was and probably I still am. Anyhow fast forward 6 months, i have traded options, like a lot, with some 85% success rate and I have lost 1.7 lakhs. Yup, no risk management.
I understood the importance of risk management in my very first big loss. Till date i couldnt figure out how to incorporate stoploss into my "strategy". That said my strategy keeps on changing as I loose money.
Right now i am scalping banknifty. Success rate is 95%. But with no sense of stoploss, I know all it takes is a single loss. And did happen last tuesday. I lost 30k on 15 lots of bank nifty. Yes, i saw the price go to zero.
The problem is I scalp for even just 2 points. I know just 100 rupees profit from 5 lots. With no stoploss at a risk of 20k.
I know a bit of candlestick analysis and can to some extent intepret reasonably good pivot point and maybe I could use that to time my entry and then trail profit. And then put SL few points below the support pivot.
This is all I am at now in trading. Trading for me is not a secondary source of income. Its my only hope right now. I am burning thru cash and i am seriously worried. But deep inside me, i feel eventually i could develop a good strategy to generate income. And thats whats stopping me from quitting. But I dont think I could keep on trading further if I dont develop a good strategy.
PS: Apart from trading, i was a freelance software developer about 11 years ago. And i was good too, but my life abroad made me numb to take on projects. Though, I still develop small projects for my need.
Currently has an amibroker setup with data from kite and has started learning AFL to try out various strategies.
Thats all about me. Thanks.
Sent from my SM-G935F using Tapatalk
After engineering i got a job in dubai. With steady and fairly good income i became comfortable with a life "not enthusiastic" (read lazy) about finances. However, over time i got fed up with the "synthetic" life of dubai and chose to resign. I came back home for good in dec 2015. Ever since i've been wondering on what to do for a living. I messed up there by not deciding on what next before resigning.
Since I had some experience with stock market and the market being the one we had in 2017, i re-entered market in mid 2017. Invested 50000 had excellent returns of 15% in few days. Anything I put money in seemed to give super returns. So gradually I invested more. Then came budget 2018 and everything ever since came crashing. My portfolio is now down 15%. Its gonna be ok, i hope.
But what actually went wrong was my options trading. With some high ROI initially in options, it grew on me a belief that option straddles/strangles will eventually turn profitable within option expiry period. I know its stupid. And i was and probably I still am. Anyhow fast forward 6 months, i have traded options, like a lot, with some 85% success rate and I have lost 1.7 lakhs. Yup, no risk management.
I understood the importance of risk management in my very first big loss. Till date i couldnt figure out how to incorporate stoploss into my "strategy". That said my strategy keeps on changing as I loose money.
Right now i am scalping banknifty. Success rate is 95%. But with no sense of stoploss, I know all it takes is a single loss. And did happen last tuesday. I lost 30k on 15 lots of bank nifty. Yes, i saw the price go to zero.
The problem is I scalp for even just 2 points. I know just 100 rupees profit from 5 lots. With no stoploss at a risk of 20k.
I know a bit of candlestick analysis and can to some extent intepret reasonably good pivot point and maybe I could use that to time my entry and then trail profit. And then put SL few points below the support pivot.
This is all I am at now in trading. Trading for me is not a secondary source of income. Its my only hope right now. I am burning thru cash and i am seriously worried. But deep inside me, i feel eventually i could develop a good strategy to generate income. And thats whats stopping me from quitting. But I dont think I could keep on trading further if I dont develop a good strategy.
PS: Apart from trading, i was a freelance software developer about 11 years ago. And i was good too, but my life abroad made me numb to take on projects. Though, I still develop small projects for my need.
Currently has an amibroker setup with data from kite and has started learning AFL to try out various strategies.
Thats all about me. Thanks.
Sent from my SM-G935F using Tapatalk