Nifty Future options I traded:
Nifty 18th MAR weekly 14900 PE
Nifty 18th MAR weekly 14800 CE
Nifty 18th MAR weekly 14900CE
Before starting to trade I made my mind to strictly follow the rules I made yesterday... Strangely I did not follow even one rule...
Trade 1: beginners luck
14900 PE - buy at 185
- sell at 196.6
Forgot to keep both stop loss and target
Sometimes forgetting target helps profit booking
Trade 2: beginners greed
14900 PE - buy at 188.63
- sell at 164.4
Trade 1 encouraged me not to have stop loss and target, which made me regret after Trade 2.
Trade 3: silly forgetfulness
14900 PE - buy at 164.88
- sell at 168
Though I firmly motivated after Trade 2 to keep stop loss and target, still I forgot to keep both of them..
I realised this immediately after buy , I opened my calculator and calculated the 2% and kept exit order at 168.
Thankfully I made profit by keeping target, or else I would have booked more profit🤪.
After this strike, the price movement was still upside, at this point my mind was forked
1. This is the 3 rd trade stop trading and enjoy the day
2. Shit I would have made more I haven't kept my target at 2%, would have closed when price movement reverses.
Obviously as any normal sane human would do, I went on for next trade( mat be I should say any greedy human).
Trade 4: Breaking Rules willfully
14900 PE - buy at 172.7
- sell at 184
At this point i was like ,wow this time I broke all the rules willfully and that to without consequences.
This further boosted my greed, I was watching to jump into same script, every time I was about to buy a script it would bounce up and go down immediately.. this scared me now.. I was like no baba I'm going to follow rules from now.. I have closed the app , happy with the profit... But my greed won't let me sleep I peace.. it asked me to open the app, following the price action will be helpful for future trades... I said , okay what you say is true and innocently open my app and started watch price movement.
Greed: just jump in man you can make more money
Me: No I may loose what I have gained
Greed: I'm okay with that, but are you okay with not making more money.
Me: Yes, I mean no... may be, what you say is true....let me apply all the rules I made and Play the game.
Trade 5:
14900 PE - buy at 163.1
- sell at 165
Me: yeah rules work, may be I can ignore the one rule not to trade more than twice.
Greed: sure darling, what ever you say.
Me: let's get into next play
Greed: yessssss...
Trade 6:
14900 PE - buy at 169.9
- sell at 172.3
Me: see I told you, may be we can break that one rule.
Greed: yes, shall we go for 1 more round?
Me: No
Greed: what?? Why???
Me: No. I mean why just one , day is still young, we can have any number of rounds we want..
Greed: Ooo yeahhh....
Trade 7:
14900 CE - buy at 114.95
- sell at 117.4
Me: see darling, I getting pro at this.. I even predicted the reversal of momentum.. I gonna make much more money predicting the price reversal forehand...I'm god...
Greed: that's want I want
Trade 8:
14900 PE - buy at 197.8
- sell at 202
I went ultra god level and broke one more rule of keeping 2% target Sell.
I impulsive tried to sell at 204 but the script had up and down , finally where are modified my sell to 200.5 then to 202 based on movement and thankfully sold the script.
Trade 9:
14800 CE - buy at 160.22
- sell at 163.45
This time I have kept target Sell at 2% and had a peaceful trade under a minute. By this time I had no other thoughts like shall I stop here or continue, I just went on to next trade
Trade 10:
14900 PE - buy at 174.75
- sell at 178.72
Yes I had target Sell and stoploss , made the trade and went to look for next trade.
By time I'm pretty confident at predicting trend reversal and jumped into next trade with full confidence.
Trade 11: the gyanodaya trade
14900 PE - buy at 119.37
- sell at 121.7
This time I was pretty confident and went into trade at 12.08 pm, keeping only target Sell ( actually I felt, this is sure shot trade and won't require stop loss)
The price went pretty downhill into 80s, initially I was like
It's okay I'm already in 4k profit let's wait and see ( heard patience pays well).
Then I was like okay i lost 2k , let the script come back to 3k then I would pay 1k for brokerage and buy ear phones with remaining 2k.
The script went further down before touching 3k profit, then I was like okay let me sell with 1k profit so it would be sufficient to pay brokerage taxes.
I tried selling stock at 1k profit, but I have already kept sell target in GTT, so my order was rejected.
By the time I cancelled my GGT and came to exit my script it's too late, stock went down too fast.
I was patiently waiting for the stock to bounce back, but at a point my brain became numb, I was like okay let it go, I knew it was risky, this is bound to happen to me. Felt kind of depressed seeing 6k loss and fell asleep unknowingly..
when I woke up stock was slowly bouncing back, I was tempted to sell at break even points, but I realised I still have 3 more days... May if stock pulnged around 260 points there are chances of bouncing 100 points, so I put back my sell target at 2% of buy price and closed the app.
To my surprise there was a sell notification of Zerodha app..
What further surprised me is the script went back to 150rs, alas I was depressed again by the thought I sold the script at 121.7.
What I have learnt?
1. Only fixing a set of rules don't work the magic, the magic is in controlling my emotions
2. Mostly rules work, if followed you ll hit target Sell many times than stoploss
3. I ll takes lot many trading days to practice the rules and control my emotions ( hopefully in don't loose my capital before that)
Profit: 5058 before brokerage, taxes and income tax🤪
I'm going to buy earphones 🎧 with the money...yey🤗
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