Opening this thread to have some discipline on my trades and be accountable
I have placed following trades for Monday. I usually do trading in futures and Bank Nifty Options. At a given time I may have 3-4 lots of futures and 4-6 lots in Bank Nifty. I also sometimes carry forward my trades. Personally I usually go wrong is delay in taking loss.
Agreed. I have had bigger losses and profits as well.
The idea behind posting it here is so I stick with my game plan and true to my strategy.
One thing I have learned is never take so-called expert advise from TV channels and so on. Personally for me it plays with my mind and makes me deviate from my strategy. I have stopped watching CNBC and other business channels during market hours. I received SMS alert if NIFTY/SENSEX/BANK NIFTY moves by > 3%.
I actually average at every 1% up, which is usually the rule I follow. I also tend to book profit at 1% down AFTER the 1st order.
I’m sure I’m not good trader, but I want to follow what I intend to do. I agree with hedging part, I had thought about incorporating for this trade. For example in case of Jindal, I could have sold 150 PE, that way loss could have been contained.
My Jindal trade is still open and depending on how it approaches end of day, I’ll take decision. I’ll post the screenshot after the market closes.
Why I am telling that averaging thing is that this current rally in Nifty is just relief rally, and mostly it should subside soon, at 10400, 10700 who knows.
So if you are already trapped on short side, you need to ensure you can hold on to the position until Nifty reaches those resistance levels, and also there is good chance of the stock falling one day randomly also.
As metals sector we have seen suddenly it falls any random day.
If you average faster, you may be inclined to book loss faster, and then if Nifty and stocks reverse within few days, you would regret more.
I have left the position open. With little day trading, recovered some losses. Since I’ve done trading using MIS, I believe Zerodha takes that as average price for next day position. So tomorrow it will show as profit though it is loss. I’ll show the position using P&L report if it shows incorrect. NET LOSS as of today is 55350 - 11025 = 44325 (not counting brokerage of course)