So your boi lost around 6k today in trading naked options and I need help

So your boi lost around 6k today in trading naked options and I need help

So short things short, I’ve been reading a little bit about charts and identifying candles ( got upto candles part only) so I was looking at candles of 3minute and I kept seeing good patterns like bullish engulfing and three inside so i entered the trade with 10% stoploss and I came to check on trade after 5 mins. My stoploss got broken and the price kept going down. I had to sell it at market price and book a loss. Now 6k doesn’t really burn a hole that big in my pocket because I invest around 65k monthly in different mutual fund sip and I’ll keep doing that. I just wanted to play with 10k for the sake of adrenaline rush and gambling maybe. But I want this to stop. I want to study properly and then take high probability trades. So where do I start?


View on r/IndianStreetBets by TheanxiousdevYT


  1. Just to be clear, did you put in a SL order but it wasn’t executed, or did you think of a SL but didn’t actually place an order on the system?

    I ask this because respecting your SL and targets would be a good starting point.

  2. A couple of things first of all. Limit orders are not dependable in options. Volatility could cause the order to not get executed. And the bigger issue, 3 mins time frame is only for scalpers who have years of experience with insane entry and exit speeds. Bare minimum is 5 mins but I would suggest 15 mins to start things off. Less trades and dependable trades.

  3. First things first …

    Start learning (which covers TA, risk management and money management, and psychology will develop gradually as you start taking trade)

    Shorter the timeframe, the more chances of you getting shaken out. Start with hourly or daily.

    SL should not be more than 2%of the capital.

    Build your view based on bigger timeframe and trade accordingly.

    Follow you setup wholeheartedly.

  4. if you are new to option, i recommend leaving banknifty and do with nifty because of less volatility

    another is that if you are putting sl-lmt order as stoploss, make sure that trigger price is atleast more than half point than sell price ( for nifty )

    price action and reading future chart properly is the key here, but most important part is the execution, which will come with experience only.

    once you get proficient in graph reading/ price action, next step is to get experienced with options graph, which is the hardest part, execution is 90% of the game. keep practising like this with minimum quantity and go through all the things u couldve done better that day after market hours. this will take a lot of effort.

  5. > So short things short, I’ve been reading a little bit about charts and identifying candles ( got upto candles part only) so I was looking at candles of 3minute and I kept seeing good patterns like bullish engulfing and three inside

    I don’t think this usually works for Nifty / Bank Nifty / any other index. Others can correct me if I’m wrong.

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