Nightmare Intraday
- I took an intraday BN. Made all the wrong judgements. I bought or 201.
- SL was at 170.
- Market were going sideways with occasional large candles for sl hunting.
- I switched off all SL to prevent SL hunting.
- Turned out to be an absolute nightmare. It went to 93. 🤯
- At one time I was -₹5500 Loss intraday or just 2 lots.
- Then I took double the position same side few strikes back.
- But the fall was too brutal. I was taking additional 2k loss it that -7.5K loss for 150qts within a few hours.
- I closed positional condor as well in the wrong time & took straddle it was month end OTM so it didn’t matter.
Lesson : Use Limit orders to escape
- I got a chance to escape, I had put a limit order at 160. I changed it as market surged then plummeted down to 100.
- When there is massive surge that could be the DII buying. It could be followed by the FII selling. This comes usually in the afternoon after 1:00pm or by 3:00pm.
The Escape
- I took double the quantity of the deeper option.
- It also dumped & now I was in -6500 loss.
- Time was around 2:30pm.
- I don’t want to carry my buying position but I would be forced to if I didn’t get to close my position.
- I didn’t want to realize loss as it was a result of a dump, but I was also not too hopeful either.
- I put realistic limit order or both the 50qts far OTM BN Intraday & 100qts near OTM BN NRML.
- Thankfully within 10 mins both limit orders hit & I closed my positions at +₹1K Profit.🙂
- 😝 Then it went up to give me a stomach burn that I would have made extra +5K Profit if I held for few more minutes.🤑
- Anyway a relief end.
- I am bullish I am sure that the markets would rally but I have decided not to take risk after todays circus. I don’t have any regret if it would have given me +10K intraday profit if I had held. I am thankful that I got to exit without loss.
Positional Trade
― OptionsMaddy, Today's Trade
- Closed my Iron condor position at 1K Profit ( Realized Yesterday ).
- Took a new straddle position as I think markets could rally.
Positions
Days History
― OptionsMaddy, Today's Trade
- No hedges in the positional straddle.
- Tomorrow plan is to take full hedge & take double position with the margin benefit.