@Reki
I will not comment on your trade, as others like Mmca2006, Ananths or SaravananKS already do it in a wise way. So you are in good hands with those people. I also highly recommend you to concentrate on the threads of those people, as the trades they do are far more realistic to your given situation from your exchange in India compare to what I sometimes implement.
The post you refer to and came up with your questions was an answer to a question from Comm4300. He knows me since a longer time and he knows in certain ways what I do and where I trade. I am not sure if you have all that information. Some more about me you also can find in the thread: Option trading with DanPickUp. So be very clear about that and do not overestimate yourself about what you know until now about options and specific about option trading in live markets with real money. Doing paper trades is fine and surely helps. Success in paper trading shows you the skills you do not have in real trading, as it is only a could be success and not a real success. Just keep that in mind.
Coming to your questions, which are clever and which shows your interest in the subject, as following:
1.
If you could kindly clarify that you put 3 or 4 strategies all together in the market or you implement 1 strategy and then make adjustments. If you do 3/4strategies at same time then are they for different time frames or for different underlying.
Yes, I do. Yes sometimes I implement three or four different option strategies more or less in a few days on different time frames on different underlying. I also sometimes start with a naked option leg and then convert that in to different strategies during the live time of the trade. Those converting can include up to four different strategy changes until the final picture is given.
Each of those strategies are needed to know in its last detail and have to be trade before and written down in a trading plan. As it is a repeating in the follow up steps, it is not as difficult as it sounds. But to stay on the top of it, the trading plan must exist in advance, as otherwise under stress I am not able to find the right legs I have to reduce or to add. I would say: Preparation is the word. It is the same like doing in any other job: You prepare yourself for the coming working day, don’t you? At least when running your own company and trading is like running a business.
I do advise you not to take unnecessary risk in your ongoing option trading and I do advise you not to trade like I explained above, as under stress conditions this could hurt your trading account hardly. You should know that I have various futures I can trade which offer various options on various time frames. (CME) You on the other hand are not in that comfortable situation and specially: You do not use any option matrix in your option trading. Even If you would use one, you would have to know the tricks when and how to convert with witch add or removing of specific legs. So do not try to copy that style of mine as I not can teach that stuff in every detail here in an open forum. But never mind.
2.
And also when you say your second criteria is Volatility in the market (high or low) - you are talking about the volatility (HV) of the underlying or the Implied vola (IV) of respective options.
Depends on what I want to do. If I want to trade on the HV of the underlying with a simple strategy like short or long straddle, I will first check the HV on the underlying, as the long or short straddle is done atm. If I go for a more complex strategy, then I surely check both of those Volas. I will check the HV to decide if short or long and then I will check the IV of the options to check what spread I may use for an Iron Condor.
I am clear that there are many questions come up when starting to trade with options. So kindly go through my thread and kindly keep it simple in your situation.
Take care / DanPickUp