I started option buying in 2020 and I have been trading since 2019.
Now let’s talk a little about option buying :
1. Options were never created for trading (they are a hedging instrument)
2. Zero to hero is okay as long as you have a small account( someday it’s going to make you hero to zero)… once you have an account size of 1-3L+ , you won’t even care.
3. Option buying gives you an edge of extremely high rewards , so if you try for small STOP LOSSES your average Risk reward ratio will be around 1:6 , so you don’t need to be so accurate. In nifty my max SL is around 6-7 points (system SL on premium chart) bank nifty 15-17 points (system SL on premium chart)
4. Fakeouts>>breakouts , number of fakeouts you will see will always be greater than number of breakouts , so always wait for BRC (BREAKOUT-RETEST-CONTINUATUON) INFACT I like to trade on fakeouts , the move will be much stronger.
5. Fix your day limit for losses , otherwise you won’t survive forget about profits. I try to not care about profits so i usually set my TRAILING SL @BREAKEVEN or get out at CMP if I feel the move is not so strong. If I take a trade and it moves up by 10 points in nifty my SL comes at breakeven. (It’s my way of protecting my money)