Long 10 years: Finally started Diary

[jassinko]

was busy due to budget day......... shorted 6800, 7000 and 7200 pair on paper at combined premium of 1110 (some slippage involved) on friday which has been reduced to 1020 ........ will keep it till tomorrow 1 pm.... or if 6800 or 7200 breached with vol.......whichever come earlier

hoping to get 120 points......margin blocked was 2.75 lakh at start but got premium of Rs 83000 so almost Rs. 1.95 lakh was blocked finally........

 

[jassinko]

long initiated at 7083 spot........ NF bought at 7115 with SL 7056........

 

[jassinko]

long initiated at 7083 spot........ NF bought at 7115 with SL 7056........

SL got hit and reversed trade from 7053 with SL 7083 with tgt 7013 which ultimately got hit..........

didnt updated on time as was having lunch .......

 

[jassinko]

Shorting 7200 pair at 337 as OI chain shows exhaustion and nifty will trade in range 7200-7400 for sometime now....... 7500 might touch but if nifty sustain above 7470 for long...will take whatever loss come........ on downside...will exit if 7100 breaches and sustain........... might earn 100 points in 2 weeks/60 points in a week......... lets see

 

[Fundootrader]

Shorting 7200 pair at 337 as OI chain shows exhaustion and nifty will trade in range 7200-7400 for sometime now....... 7500 might touch but if nifty sustain above 7470 for long...will take whatever loss come........ on downside...will exit if 7100 breaches and sustain........... might earn 100 points in 2 weeks/60 points in a week......... lets see

Short 7200 pair - calender spread ?

 

[jassinko]

Short 7200 pair - calender spread ?

nope... 7200 call and 7200 put both of mar month........

 

[Fundootrader]

nope... 7200 call and 7200 put both of mar month........

how is this trade coming up and you managing it given the recent upmove - in case you are still holding the trade

 

[jassinko]

Shorting 7200 pair at 337 as OI chain shows exhaustion and nifty will trade in range 7200-7400 for sometime now....... 7500 might touch but if nifty sustain above 7470 for long...will take whatever loss come........ on downside...will exit if 7100 breaches and sustain........... might earn 100 points in 2 weeks/60 points in a week......... lets see

took loss of 30 points......... exited at 367....... and shorting 7300 pair at 315..... SL....30 points tgt 90 points......

reason for trade: 7500 call has max OI so in this expiry... now it is turn to touch max put OI...i.e 7200 as of now.......

 

[jassinko]

took loss of 30 points......... exited at 367....... and shorting 7300 pair at 315..... SL....30 points tgt 90 points......

reason for trade: 7500 call has max OI so in this expiry... now it is turn to touch max put OI...i.e 7200 as of now.......

this month not going good so far........ this trade now also giving loss of almost 15 points ............ anyways 7600 will be my final SL and if nifty goes below 7546 and sustain...i will cover 7300 put short and will update SL as 7570 and above......... lets see whats in store...

 

[suave_trade]

I am in trading from last 10 years but lost tons of money. Tried 8 times:
1. Opened account in July 2004 with indiabulls and earned quite a bucks in few weeks and then lost all due to my broker's ill advices.
Learning: Understand market and then enter

2. Started again in 2006 and searched net, learned few techniques, opened account here and learned about futures. Entered again in market and in few days, lost all in nifty futures.
Learning: diversified in future

3. Started again soonafter and lost all again in few weeks....this time over diversification and more lost.....
Learning: Take a break, read more and learn more

4. Started again 2008...this time in options........ruined my money many times over and over again
Learning: 98% option players lose

5. Started in 2009 with bigger capital...use all knowledge, option chains, other markets, indicators, mix of equity, futures, options........earned well and then in one stroke...lost all..............
Learning: Lack Discipline......did everything using my knowledge but didnt have discipline and patience......cut winners early and hold loosers for long.......

6. Started again in 2011 with some help from tipsters but..........again lost due to lack of discipline........
Learning: Learn from past and dont repeat mistakes

7. Started again in 2013.......sold options ......doubled my capital and lost all again in one stroke due to one past mistake.........Lack of discipline......no SL, averaging and hoping
Learning: None......if i have to do same mistake then whats learnings......none

Then Started reading positive books, started discipline in real life, read more and more., started reading and learning human pschology, how mind works, how behaviours respond, etc.......

8. started in 2014 in commodities but lost 3 times my small trading capital ..... didnt learned yet .....no discipline......

9. Now for making me discipline, first step i took is to involve my wife and told what i m doing, its implications and rules of trading; second step i m taking is to maintaining trading diary here and on my excel.......
Requesting seniors and experienced players like Saint sir, ST da, Raj (big fan of ur option chain analysis). TR (for keeping humour alive), Madhav Reddy (Commodity expert alongwith Discipline), Amit (fan of ur fundamentals), TP and many others here whom i m reading silently from many years

Hope U will guide me too like u guided many others......

Jassi

Congratulations for coming this far jolts after jolts...I like the hunger and perseverance in you. However, I would only say, you need to be very good at discipline. Thats one thing you never learned. Also, the more experienced you become the more you need to trust yourself. I dont understand what is the use of taking advice from wife? Is it that she is very good at trading and knows much better than you? If yes, then I am sorry and please go ahead. But if know then please take a good course from a successful trader you know. Trading is more about psychology , discipline, strategy and tehn at the end comes money.. So, you need to have all of it. Even if one lacks, you cant be a profitable trader in long run. Your starting capital of 50k for one BNF future and 1 BNF option sell is very less to begin with but you have set yourself a very decent target of 4% in a week. So, what is the SL? what if you get a draw down? What is the plan to safeguard your capital? Please think all this, if after 10 years this is your strategy with a 50k account, what do you expect? I am sorry, I cant be very polite if I am not happy :-(