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Saved by @SAnngeri

Trading Mistakes & Lessons Learnt 🧵

1) I always keep my mistakes & lessons learnt in front of my screen while trading.
Bcz we as traders tend to commit the same mistakes everytime.

So seeing your learnt lessons everyday ensures that you avoid them.

#trading #mistakes

 2) In 2017, I analysed all my trades and saw that I have majorly lost in stock futures and profits came only via index trading.

I accepted that I am not great at stock trading & been trading index only majorly since then & have never missed a day trading BankNifty
3) I decided to adjust all of my past losses to 1 % of capital to see the effect of capping the downside.

I would have had a gain of more than 230 % if I had capped losses at 1% of cap.

Lesson: Keep losses per trade less than 1% of capital no matter what !
4) While trading index options, I lost sometimes due to IV rise,flash crash, and option freezes.

Lesson: Never take markets lightly & Always keep protective stops in the system (and not in your mind) to keep loss in control in case of blackswan.
5) Being an option seller, I have a tendency to manage my position by rolling up/converting to calendar etc.

So many times I have wasted 1 or 2 weeks just to close a loss making trade at cost😢

Lesson: I do manage now but exit as soon sold options become ITM or 2 x in value.
6) “Option sellers eat like a chicken but shit like an elephant”

So always always manage risk especially while selling options.

Eg. Corporate tax rate cut day, demontisation, surgical strike, 2020 fall etc were brutal moves & if not managed properly can take years of profits.
7) I used to carry naked far otm puts overnight position on largecap stocks thinking I was safe but on 18th Aug 2017 Infy was down 13% as CEO resigned.
Luckily I had only 1 lot but learnt a good lesson

Lesson : Always hedge your overnight position
8) From the lesson learnt from INFY trade I got saved later in my career

I had a position in Yesbank but it opened 10% gapdown next day but I got saved as position was completely hedged.

Lesson: Learn from your mistakes,note them in journal & never repeat it again!
9) If possible also write about your biggest losses and how you felt that time so that you make sure you never go thru that emotional pain again by repeating earlier mistakes.
10) I committed the same mistakes for years.
Inspite of knowing that I shouldn’t commit them.
Bcz we as humans tend behave in a certain manner everytime.

So , it’s best to keep your lessons/mistakes hand written in front of you and read everyday before trading.
11) We as traders get complacement when we are on a winning streak & my largest losses have come after my largest winning streaks

Lesson :
Never get complacement & always remember that market is supreme🙏
So stay humble always !
12) I have also written about my largest losses & the reason for the drawdown.

Was it my fault ?
Did Market conditions change?
How I felt during the drawdown ?
What could I have done better ?

Lesson :
All this gives you the confidence to sail your next drawdown smoothly.
13) I think the key component in trading success is stock selection and limited focus.

-Select any 1 liquid instrument and analyse it’s historical behaviour in detail and build a rule based strategy around it.
-Stick to your strategy and never miss a trade in it.
14) Know all major levels, how the instrument moves generally & behaviour of that particular stock.
- Generate additional insights & incorporate the feedback & insights back in to your trading strategy.
- This sheer focus will give you the results you have been craving for.

End

More from Sourabh Sisodiya, CFA

Sourabh Sisodiya, CFA
Sourabh Sisodiya, CFA
@sourabhsiso19
One of all time favourite motivational song & I listen to it almost daily😊

Underrated song but a true nasterpiece with amazing lyrics & music👌🏻

https://t.co/Omhz4gyJqI

Let me know if you had heard this song before & how did you find it!

#music #inspiring
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Sourabh Sisodiya, CFA
Sourabh Sisodiya, CFA
@sourabhsiso19
Thread : Trading Applications that I use on a daily basis🧵

1) After putting a detailed post on hardware & multi-monitor setup. Few asked for softwares I use for trading.

So I am listing softwares/apps which I find the most useful for trading & investing


2) Trading View or Kite app

I use trading view for intraday charts.

As I trade intraday, I use the 5 min time frame.

My chart is simple with 20 sma plotted on it along with CPR(central pivot range)

Price > 20 sma & CPR indicates bullish trend for intraday & vice-versa


3) Icharts

As I majorly trade option premiums(short volatility or theta decay strategies)

I keep a track of combined premium of strangle using @iChartsIndia

Combined premium should be trending down & below VWAP to create a strangle


4) QuantsApp

As I need to provide analysis on TV channel.

I need to analyse overall market breadth, futures data & option chain activitiy.

@quantsapp provides

Futures Data : Long Builtup/Short Builtup
Options Data : Max Call OI/ Put OI
Market Breadth : For overall sentiment


5) Spider

I used @SpiderSoftIn to scan momentum stocks for intraday.

Spider helps in identfiying :

stocks hitting 52 week high/ low
Stocks making day high/low
Stocks with large buying single orders
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Sourabh Sisodiya, CFA
Sourabh Sisodiya, CFA
@sourabhsiso19
New Youtube Video :

Top 7 Books that Every Trader Must Read to Become a Successful Trader !

I have personally benefited a lot from these books and I am sure you'll also benefit in the same manner :)

https://t.co/A7aS4JgDrW

#trading #youtube #books
BOOKSTOREAD
Sourabh Sisodiya, CFA
Sourabh Sisodiya, CFA
@sourabhsiso19
How to manage straddles :

1) As bnf open was within yesterday range created a 29000 straddle at around 9:30 am

29000 PE sold at 528 and
29000 CE sold at 453

#trading #OptionsTrading


2) Instead of keeping SL on sold legs. I keep SL on otm options in the system

SL was on 28000 PE at 220 (day high)
SL was on 30000 CE at 165 (day high)


3) At 10:15 am, Bnf started to trend down and 28000 PE was bought at 220 and I immediately bought 30000 CE at 110


4) If you look at the straddle chart, there were lot of intraday spikes and your SL would have been hit if you had kept SL on atm sold legs


5) But after lot of intraday spikes the straddle from 980 closed at 880. A 100 point decay intraday.

But even if both your buy option got triggered you would have made around 15-20 points inspite of such violent moves on both sides.
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Sourabh Sisodiya, CFA
Sourabh Sisodiya, CFA
@sourabhsiso19
How to identify momentum stocks for intraday trading

Explained in detail with examples with a scanner to scan stocks(link in youtube description)

https://t.co/wf4EOV9Ktt

#trading #youtube #markets
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A day trading setup CLUE for trading index / stocks for a living..Capturing a big move in adv.
If cpr is bearish,n price opens abv cpr with a 5-15 min bullish pa or price crosses abv cpr within first 30 min, it usually signals a big move ahead.
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One of the most successful stock trader with special focus on cash stocks and who has a very creative mind to look out for opportunities in dark times

Covering one of the most unique set ups: Extended moves & Reversal plays

Time for a 🧵 to learn the above from @iManasArora

What qualifies for an extended move?

30-40% move in just 5-6 days is one example of extended move

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This weekend scanner results! Do you know how simple this scanner is?

Just CCI(34) crossing 100 on weekly TF, marketcap>500, volume greater than 50,000, and price>10.

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Should strengthen #Euro & weaken #USD on immediate reaction, pushing commodity prices higher
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