@Vipul_84, I am doing it, successfully with bank nifty weekly options for long. But, frankly speaking, even though I am consistent, I am not confident enough.
I lose many times using weekly options even my direction is correct bcoz of not enough momentum or slow grinding movement.
I choose mostly traded options which loose roughly 35-40 pt prem per day if there is no significant move in price and India Vix. So making money in this process is really tough.
U can't blindly follow any system, U have to take only momentum trades after synchronizing HTF and LTF charts which is the most difficult part, u have to understand the market structure and make notes of retracements in various waves & patterns formed in HTF.
Even most successful traders lose 20-40% premium quickly when there is no momentum but when u catch one big momentum trade 200%-300% is there.
I am using only a part of the profit from my future trading as there is big risk in such trades.
So, why I am engaging such trades?
1. to satisfying my ego that I can do the toughest job in trading. Trading is a mental game. It helps believe u r a grate trader.
2. I lose more times in such high risk high reward trading. But, when I win big its 200%-300% it gives me satisfication.
3. As the risk is limited, I can lose only premiums and too positions are taken from partial profits, it's easy on emotions, psychology building...I can easily ride on profit till the last/exact target in my mind, hence trying to perfect my execution.
4. I am trying to catch 60-70% gap up and gap down which are along the trend. But, mostly there is no gap up down and due to time decay, I lost more money. So, using these process, actually, I am trying to mastering only high probability swing trades, but it is also very difficult, practicing...
5. I am using it for the perfection of execution and building my trading psychology more powerful, actually profiting is the secondary goal.
I generate more easy money using day trading with weekly options, there I am confident as time decay is less but the reward is also less, its brick by the brick by brick accumulation of profits there in day trading.
*************
I believe this is the hardest way of making money... Try it only with parts of profits first. First, make sure u r a already profitable swing trader in future, can have the ability to ride on profits. Catching few jackpots must be ur habits. Only then, u'll try to catch those momentum jackpots using options swing.
And finally, making money in this process is most rewarding in trading. We see many options rise up 200-500% in big swing trends. The risk is also limited to premiums.. But, there is no easy money in this market. So it must be the hardest way of profiting in the long run. And anyone making money in this process is taking money from pro option writers, market makers etc, this must be the hardest job taking food from them.
I lose many times using weekly options even my direction is correct bcoz of not enough momentum or slow grinding movement.
I choose mostly traded options which loose roughly 35-40 pt prem per day if there is no significant move in price and India Vix. So making money in this process is really tough.
U can't blindly follow any system, U have to take only momentum trades after synchronizing HTF and LTF charts which is the most difficult part, u have to understand the market structure and make notes of retracements in various waves & patterns formed in HTF.
Even most successful traders lose 20-40% premium quickly when there is no momentum but when u catch one big momentum trade 200%-300% is there.
I am using only a part of the profit from my future trading as there is big risk in such trades.
So, why I am engaging such trades?
1. to satisfying my ego that I can do the toughest job in trading. Trading is a mental game. It helps believe u r a grate trader.
2. I lose more times in such high risk high reward trading. But, when I win big its 200%-300% it gives me satisfication.
3. As the risk is limited, I can lose only premiums and too positions are taken from partial profits, it's easy on emotions, psychology building...I can easily ride on profit till the last/exact target in my mind, hence trying to perfect my execution.
4. I am trying to catch 60-70% gap up and gap down which are along the trend. But, mostly there is no gap up down and due to time decay, I lost more money. So, using these process, actually, I am trying to mastering only high probability swing trades, but it is also very difficult, practicing...
5. I am using it for the perfection of execution and building my trading psychology more powerful, actually profiting is the secondary goal.
I generate more easy money using day trading with weekly options, there I am confident as time decay is less but the reward is also less, its brick by the brick by brick accumulation of profits there in day trading.
*************
I believe this is the hardest way of making money... Try it only with parts of profits first. First, make sure u r a already profitable swing trader in future, can have the ability to ride on profits. Catching few jackpots must be ur habits. Only then, u'll try to catch those momentum jackpots using options swing.
And finally, making money in this process is most rewarding in trading. We see many options rise up 200-500% in big swing trends. The risk is also limited to premiums.. But, there is no easy money in this market. So it must be the hardest way of profiting in the long run. And anyone making money in this process is taking money from pro option writers, market makers etc, this must be the hardest job taking food from them.