Option Trade Diary from 26th April 2021

#31
It is Expected that the downtrend will continue tomorrow also. But confidence is not that high. slightly higher than 50%...there is a small chance of formation of big bullish engulfing candle and confirming the previous breakout and start of a bull run....but still Put can be bought as this is normal to go downwards tomorrow. and if you buy call, that will be termed as pure gamble as it is based on luck.
but buying put is not gamble as it is normal.
Both the cases, you may be right or wrong. which is right will be decided by the market tomorrow.
 

Verde

Well-Known Member
#32
Absolutely true. I can feel this after loosing some money.
Did you have to lose money to find out? It was obvious before you started.

2) For Intraday daytrading I will use only Future with Stop loss ( when I am away). For intraday, never ever use options.
Wrong.
Intraday ATM options are the best, never futures. There are many here who have done 100% to 300% on good days using options.

Finally it comes down only to my accuracy in getting the direction of the market right. As there is no substitute of this. No complex strategy will work if my direction is wrong.
Wrong again.
It's possible to get direction wrong on a complex strategy and still make money. That is the reason those strategies exist.

2)If my direction is right I earn or I loose. thats it. no complexity, delta-hedging, iron-condor etc etc etc.
Condors and other strategies work in a flat market. Each strategy has to be used at the right time.

From your posts it it is clear you have no idea of what is right or wrong and what works.
Go to Amazon and search for books on trading setups from reputed authors. Study them and then put in at least 200-300 hours on applying them to charts and verifying the results, then come back.
Without knowing what you are doing, you don't have any chance.

Today at daily scale the candle has long upper shadow and small lower body, that means the buyer tried their best but all the buyer were defeated by the sellers.
If you are going to use simplistic methods as this to trade, forget about making money. Sure it works some of the time but in the long run it is a big loser.
Many members here have lost lakhs trading methods like this.

A wise man learns from other's mistakes, the fool learns from his own.
 
#33
I am reading various books...but ultimately you need to experience a little...bookish knowledge and other's experience can guide you but in trading you have to fight your own battle
hence, Let me be fool and learn from my own mistakes.....I do not mind loosing money as long as I am learning...
as this is my long term passion and I am sure once I am successful, I will earn much much more than I am loosing now.
Anyway, thank you a lot for helping me in my objective by pointing out my faults...
We shall overcome and win
 
#34
[/QUOTE]Wrong.
Intraday ATM options are the best, never futures. There are many here who have done 100% to 300% on good days using options.[/QUOTE]

Is not ITM options are best?? but as per my experience in future your calculation becomes easier for small swings. In option price movement is very non-linear and erratic. also choosing the expiry and strike price is important. whereas in future, it is straight forward, if you think, price will increase, buy otherwise sell. Also it is easier to book small small profits. Of course when there is huge trend, like today after 2.05 PM, option may work better. But I wish to move simple.

[/QUOTE]Wrong again.
It's possible to get direction wrong on a complex strategy and still make money. That is the reason those strategies exist.[/QUOTE]

I admit. But the return is very low also again there is no guarantee that in every situation the complex strategy will work.


[/QUOTE]Condors and other strategies work in a flat market. Each strategy has to be used at the right time.[/QUOTE]

But How you will decide which is right time? If you are capable of knowing the right time of each strategy, then you are done. you have achieved highest level.

[/QUOTE]From your posts it it is clear you have no idea of what is right or wrong and what works.
Go to Amazon and search for books on trading setups from reputed authors. Study them and then put in at least 200-300 hours on applying them to charts and verifying the results, then come back.
Without knowing what you are doing, you don't have any chance.[/QUOTE]

I admit. I have to increase my knowledge. Thanks for the suggestion.
 

Romeo1998

Well-Known Member
#35
Hello :) Have a look at bulkowski's site and his book encyclopedia of candlesticks.... u will get his books from libgen :)
he uses many filters and has strict rules when to take entry, when to take loss, n after how many candles to take profit... :)
then backtest with these rules programmatically or manually.... good luck :)
 
#38
It is Expected that the downtrend will continue tomorrow also. But confidence is not that high. slightly higher than 50%...there is a small chance of formation of big bullish engulfing candle and confirming the previous breakout and start of a bull run....but still Put can be bought as this is normal to go downwards tomorrow. and if you buy call, that will be termed as pure gamble as it is based on luck.
but buying put is not gamble as it is normal.
Both the cases, you may be right or wrong. which is right will be decided by the market tomorrow.
Market is very choppy. Monday Bull run can start or It may be black Monday and again back to same uncertainty position...I will be in sideline for next week.
 

badarivt

Active Member
#39
There are YouTube videos where live trades are demonstrated. Some explain simple technical patterns (eg. trend line analysis, head and shoulder pattern etc.) and some other trade based on volumes. First identify a particular trading strategy that you are comfortable with before putting your money down. With perseverance success is guaranteed. But study a particular strategy live without committing money for a month or more.