Risk Management
Nifty Monthly Strangle, First Trade: The Biggest Naked Tail Yet
A naked Nifty strangle held across most of a monthly cycle, +₹8,100 on a clean 50% exit. No backtest, no per-leg stop — the largest undefended tail this journal has carried, and it just happened to pay.
Risk Management
Positional 125-EMA, Second Trade: Hedging Into an Iron Fly
A bull put that went against the 9 EMA got hedged into an Iron Fly instead of exited, ahead of a weekend. It worked — +₹2,400 on theta decay — which is exactly why the deviation needs a written rule before it happens again.
Risk Management
BankNifty Naked Call, 06-08: A Win That Tests Nothing
BankNifty naked short call, +₹1,500. No hedge this time. The uncapped tail I sized against never showed up — which means this win tested exactly nothing.
Risk Management
Short Strangle, First Trade: Both Stops Hit, ₹1,900 Gone
The strategy that beat the condor in backtest lost on its very first live trade. CE stop hit on day one, PE stop on day two — whipsawed from both sides for ₹1,900. Exactly the failure mode a backtest smooths over, arriving first.
Risk Management
Sensex Condor 4: A Loss I'm Proud Of
Same structure, same gap, same week-before-expiry decision that cost me the maximum last time. This time I took the loss at ₹1,098 on the open instead of hoping. The number is red and the trade is the best-executed one in the journal.
Risk Management
Sensex Condor 3: The Stop I Wrote Down and Didn't Use
Down ₹700 at the close on 22-07 with my finger over the exit, I chose to hope for a recovery instead. The next morning gapped down again and the condor went to its structural maximum: −₹3,400. Five times the loss I declined to take.