Today's Failed Trade in BANKNIFTY(Options)

Today BANKNIFTY was trending up for fist hour, then it was almost trending down.

Today I lost another 1000 bucks in trade. It is somewhat tiring but still have to see where I am missing out and others are catching up.

MARKET OVERALL TODAY:

Choosing the money to invest:

Tried to keep it In the money but due to less fund had to go way out of the money so that I can afford the trade.

OPTIONS:

First Lot: 3 point profit. BANKNIFTY 36900 CE

Bought at 157 and sold at 160 with a minimal profit of 60 rs as market was not stable and fear of loosing money got me out within 4 min.

Learning: No strategy, only feelings.

Second Lot: 24 point loss. BANKNIFTY 36500 PE

Entered into PE as soon as I was out of CE. Entered at 138 and got out as SL was hit at 114. Lost 600 bucks.

Learning: Have too work on my strategy.

Third Lot: 6 point profit. BANKNIFTY 36600 PE

Choosing PE again as market was falling, got in at 114 and was out at 120.

Learning : No strategy.

Fourth Lot: 3 point profit. BANKNIFTY 36800 PE

Entered at 183 and got out at 164, it has became like when I enter a trade that will for sure go wrong direction.

Learning: Again no strategy nothing, just feeling and entering.

Conclusion:

It is good that I stopped after 4 trade as I have already lost 1000 bucks today.

Trade rules:

We will stop trading if one of the below criteria meets:

1. Market is not performing as per my expectation in first one hour.

2. I have done two trades.

3. I have lost 500.

4. I have gained 500.

5. No treading in Sideways Market

6. Watch 5 min chart and be patient.

7. Follow treading strategy.

Need to work on strategy as this way I am loosing all my money every day.

Thanks :)

Note: This was written in 2-Aug as I got tired of loosing everyday. But still keeping the hope that I will get back on next time..

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