- I had a long position on Feb Nifty at 2790. Luckily I hedge it with Short 2800 call @ 38
- Closed my NIFTY @2740. Opened fresh short @2743
- Closed fresh short on Nifty with a trailing stop @ 2720 and also call @14
- Market remained listless with little volatility till 2 pm.
- Market searching for intraday bottom and taken out stops around the round number 2700 by dipping to 2690.
- Closing saw some covering of short positions ahead of long weekend and recovered to 2630.
The lesson I have learned is to be ready with what - if scenarios and use appropriate type of orders for the market conditions and opinion.
For e.g If my opinion is for the market to gun for stops below round number 2700 I have to be ready with a deep limit order around 2690 with a stop of 20 points.
Another way to trade may be wait for a botom confirmation and enter Nifty on the market with stop at the day,s low @ 2690. Ofcourse all this appears easy with hindsight. Action in the heat of markrt battle is always hazy and fraught with uncertainities.
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