First time I traded in option in my life (for practicing) and what a punch it was in my face. Good thing about it is I exited neither too early nor too late.
what was the logic behind the trade?
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I blowed my account trying options recently…its too dangerous for me…even today I made 2 profitable trades in gold bees and biocon…at the end of the day bought and option and sited p/l moving from profits to negative…
I saw it as breakout in 5 min chart and in 30 min chart I saw forming small candle so my opinion was that it will. Continue. It was novice trade. May be I was just exited as it was my first option trade. Thanks for asking this question as it helped me to identify my mistakes in this trade.
Any comments to improve or avoid this types of mistake will be appreciated
breakout from which levels ? did you go long or short ? you should explain properly.
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Short
In my experience I always prefer selling with predefined stoploss. Never do option buying. Many ppl realize this hard way after blowing up their account. Including me
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