Thread by @sourabhsiso19

Thread:
How I managed my losing trade to end in profit ?

Today was a difficult day for most traders as market opened with a 3%gap up & fell after that and again rallied in the 2nd half.

In this thread, I will be sharing my detailed trade management for today.

#trading

1) I had carried overnight 20 lots sell of 8400 PE sell & 9500 CE sell

-1500 8400 PE at 110
-1500 9500 CE at 114
Net Credit was 224 point

In the morn. it was around 265 points due to gap up

MTM - 60 K at 9:20 am

2) Waited for 15 mins & plan was to go long abv 1st 15 min high to defend the position( Gap Strategy)
But market broke 15 min low & losses started to narrow.
At around 11 am ,the trade was at breakeven :)

3) At 11:15 am,
Markets were not going anywhere so as per my intraday theta eating strategy sold 8800 and 8900

-750 8800 PE at 147
-750 8900 PE at 159 in same qty as 9500 CE as view was neutral

And booked profit in overnight 8400 PE at 79

4) 15 mins later at 11:30 am,
Market hit new day low so sold additional 9400 CE at 200 as I was slight bearish as per my systems

Current position was :

-750 8800 PE 147
-750 8900 PE 159
-1500 9400 CE at 200
-1500 9500 CE (Overnight position)

5) Market were falling and my 9400 CE was at 165.
I was in 20K profit :)

As I had short positions,

I Kept buy sl on 9400 CE at 196 ( Above 20 MA in 5 min chart )
The SL got got triggered at 2:20 pm when markets rallied.

6) As per my intraday system, my stance changed to bullish & was expecting a short covering rally

I sold 9000 PE & 9100 PE (kept pyramding)

Open position now :
-1500 9000 PE at 198
-1500 9100 PE at 194
-750 8800 PE at 147
-750 8900 PE 159
-1500 9500 CE (overnight)

7) At 3 pm,

I was in 1 L + profit.
As rally seemed strong, I bought 9300 CE +3000 qty (pyramiding)
with a 20 point SL as I had profit cushion of additional sold PE.

I take risk only when I have a profit cushion.

“ Be aggressive when on winning streak & defensive if losing”

8) 3:15 pm (Time to close intraday shop)
I don’t take any signals after 3:15 pm

Booked profits in
8800 PE at 106
8900 PE at 128
9000 PE at 167

9) Rest Carried for monday
-1500 9100 PE
[phone] CE
-1500 9500 CE

That’s how I managed my trades without being emotional after morning loss and just doing what market is saying.

Just follow your systems & manage your risk !!
That’s the only way to successful trading

End !

Inspired by tweets of @jitendrajain and liked the way he explains his trade management.
I thought to do the same thing but couldn’t record screen or take screenshots. That’s why have posted trade log with time.