Azim Premji, Indra Nooyi & Jack Ma: Farewell Notes By Business Leaders That Struck A Chord
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10 Traits of a Successful Options Trader
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Font Size Abc Small. Abc Medium. Abc Large. Related Tricks of the trade: Business Growth Seminar to help take your venture to the next level Tricks of the trade: Business Growth Seminar to help take your venture to the next level. Renowned coach and author Vishal B Malkan and his wife Meghana help break down the jargon of trading options to discover easy alternatives. Can a layman really make money trading options? Is options trading simple and easy for everyone to understand? There was jargon involved such as Greeks, volatility, which sounded complicated.
It was, therefore, scarcely traded. But in order to automate, I had to learn to compute, as my background was in statistics, and I had very little computing knowledge. I looked up ways to learn to code and automate my office work.
As a result, a work which would take two hours was completed in 10 minutes giving me enough time to read. In the beginning, my boss did not know about it, but when he did, he appreciated the work and got me transferred to mainstream computing. Nonetheless, I kept on gaining as much knowledge as I could on the market from books, sites, and forums. I also started trading again. In those days I continued to trade in the way I did in early January — on the news. Buying stock on news and then holding it for a few days and selling it. I was making money in some trades and losing in others.
This was when I was lured by options. I heard people say that it was the fastest way of making money. You put in Rs and make Rs 1, in a few days. I read a bit on options and then decided to trade long strangles — buying both Calls and Puts. I had seen and read that stocks generally move sharply after results, so I decided to take such a trade.
Ironically, I decided to take a long strangle trade in the company I worked, Infosys.
Stock Trading as a Career: My success Story in Options Trading - Trade Psychology
A day before the result, I had built a position of Rs 1. I remember that I couldn't sleep that day with such a huge position. The next day, results were announced before market hours and when Infosys opened that morning, the value of my strangles had come down to Rs 20, I had lost more than three months of my salary in a single day. This was a big lesson. Rather than running away from the market, I dove deeper into reading and researching what makes a successful trader click.
This is when I decided to move from news-based trade to rule-based trade. It acted as a trigger that set me off into the fascinating world of trading. I realised that if a person with no background can make a good amount of money, then even I can. There is no closely guarded secret to trading success. A: I put my computing knowledge to use and started building rules-based trading systems and testing them. Over the years, I may have tried and tested hundreds of trading systems.
I have automated these strategies which would eliminate emotional decision making. If I found that they were working well in back-testing, I tested them in the market. When my trades were profitable, there was no issue. But, even when there was a single loss, I would relate it to some day-to-day expenditure and weaken myself psychologically.
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So high was the positional leverage, that a single day fluctuation in my trading account was equivalent to a month's salary. It was taxing to trade in those days. I was trading Nifty futures but the lot size was more than what one would call comfortable.
In such a case, if there were three to four consecutive losses, I would change the strategy. It is said that algo trading takes emotions out of your trading, but with consecutive losses on a leveraged position, you start doubting yourself and your trading system. You will bring back discretion in your trading and move around in circles. I somehow traded this way with bouts of profits and losses for a few years until I read a story which changed me from a normal trader to a consistent trader.
It was about a Greek wrestler named Milo who lived many years back.
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He was one of the greatest wrestlers from Greece who had won six consecutive Olympic medals. Everyone wanted to know what his secret was and how he managed to be so strong and successful. The story takes us to his village where Milo started his training by lifting a newborn calf while his competitors were trying to lift bulls in their practice sessions. Now anyone can lift a calf, even you and I can do that, there is nothing great in it.
Story of a Successful Options Trader: Sivakumar
So how did Milo become great by doing that? Milo used to carry his calf everywhere he went. Over time, the calf put on weight but Milo was still carrying him around. Milo's body and mind were getting used to lifting the calf even as it slowly grew. By the time the calf became a bull, Milo could lift it effortlessly, while his competitors were still struggling to lift the bull.
I realised that it was not only the trading system but the trader who, by putting in various checks and balances in his trading system, makes money. I realised that instead of putting all my capital or more specifically the borrowed capital, I should have started by trading with one lot. This way I would get used to the trading system without letting the daily market fluctuations affect my mental peace. I followed this and progressively increased my lot size, as a result, I stuck to my system. After that, everything started falling in place.
A: I trade multiple strategies, all of which are automated.
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I trade in the weekly Bank Nifty in the options market and stocks in the cash market. Many traders approach a strategy as trend following or one that is a reversal to the mean and then try to fit the back-tested data to the strategy. I, because of my statistics background am more comfortable dealing with data and deriving a strategy based on the output. In Bank Nifty, I trade by selling options. It is known that selling options lead to money making two out of three times.