Mitesh Patel - The Angry Young Man of Options Trading

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Last Updated : Nov 16, 2019 05:32 PM IST | Source: Moneycontrol.com
Mitesh Patel: The angry young man of options

trading
Business Markets Stocks Economy Research Mutual Funds Personal Finance Property Auto IPO Politics India World FinTech Consumer Tech
Options selling is a big boys game and Mitesh Patel is among the bigger ones
Startups Opinion
in the market. Coming from a humble background Mitesh Patel uses basic
technical analysis and options knowledge to consistently take money from
the market.
Shishir Asthana
@moneycontrolcom
Mitesh Patel is one of the most
visible twitter
handle in the
options trading
in India. Not
one to shy
away from a
confrontation,
he is as
aggressive on
social media as
he is with his trading.
A man with humble roots, Patel is by-and-large a self-trained trader who does not mince
words to protect his territory. Having paid the market a part of his salary as tuition fees for
nearly a decade before he could find his mojo, it is no surprise that Patel is possessive
about his achievement.
Behind the aggressive mask is a shrewd and calculative trader who has discovered the
How to get latest Why is Delhi choking &
updates on the MC App are measures helping?
secrets of making money. Patel is among those traders who post and discusses his trades,
wins and losses with much fervour.
Satyendra Nath Bose:
Indian scientist behind SA Bobde, the man who
'God particle' succeeds Gogoi as CJI
Mitesh Patel: The angry young man of Ban lifted on non-PNG industries in Delhi, Discourage false c
options trading coal-based units in NCR agrochemicals: Nit
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11/16/2019 Mitesh Patel: The angry young man of options trading - Moneycontrol.com
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A soft-spoken person in real life, Mitesh Patel, in an interview with Moneycontrol, takes
us through his struggles and strategy.
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successful corporate executive
A: I was born and brought up in a village in Mahisagar

The intriguing tale of an actor
who mastered the art of options District in Gujarat, some 120 km from Vadodara,
trading
which is where I completed my schooling. After In The News | P Chidambaram
Manish Dewan: An option seller completing my degree Chemical Engineering, I joined denied bail; CJI Ranjan Gogoi retires;
with a quiver full of trading and Delhi's battle with pollution
strategies GSFC, Vadodara, and later Saurashtra Chemicals in
Surat. STAY UPDATED
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From here onwards, my professional career and journey as a trader moved hand in hand.
It was in Surat, in 2005, that I was first introduced to the stock markets. Some of my Enter Email address Submit
colleagues were dabbling in the markets and being around them, I started developing an
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interest in it. My initial trades were all delivery trades. The first stock that I ever bought
was ITC, based on a friend’s recommendation.
Like any first-timer, I had no idea about fundamentals or technical analysis, no clue of
what the indices Sensex or Nifty represented. But still, there was something about the
market that kept me trading on it and providence kept opening bigger doors for me.
I later got a job in Reliance Industries' Vadodara unit, erstwhile the public sector
undertaking IPCL. Here, the old employees of the company were even bigger and more
proficient players in the market. They traded in derivatives such as futures and options. I
had no clue of what these instruments were back then, but still, I tried my hand in the
futures market.
In those days, the contract size would be between Rs 1.5-2 lakh and the margin money
was Rs 30,000. I would take two-three months to save enough money to pay the margin
for one lot, and managed to blow my account in the next 2-3 months.
We were in the midst of the 2007 bull market, and all I used to do was buy any stock in
the morning and wait for it to turn profitable. If the trade did not make money by the end
of the day, I would carry forward the position.
Since my initiation in the market, I had only witnessed a bull market. The year 2008
introduced me to a bear market. But I continued to trade in the same way – by buying in
the morning and waiting for the stock to close in profit or carry it forward. Thankfully I
was trading with an online broker who would automatically cut my position if there was a
margin shortfall.
This saved me from the carnage in the market, though I lost nearly 50 percent of my
capital. I saw some fellow traders who had to borrow money or request their family to bail
them out.
In 2009, I was still trading as though we were in a bear phase when the market turned and
my loss-making days continued. I remember shorting Reliance at Rs 1,200 and covering it
at Rs 1,600. Jindal Steel was the other stock where I incurred huge losses by trading on
the opposite side of the move.
It was during this period that I started pondering over my trades and why I was always on
the losing side. Apart from a bit of soul searching, I also searched the internet and came
across an e-book titled New Day-Trading Tips. This book and reading some blogs helped
build my foundation of how to read the markets.
The main lesson that I learnt from the book was not to sell short when the market is in an
uptrend or to buy when the market is in a downtrend.
The e-book had a link to yahoo charts, which in those days were operating with a lag of
15 minutes. Using the charts and the learnings from the book I understood where stop
losses are to be kept. In a rising market, the stop loss was kept below the previous low
while in a falling market it was above the previous high.
Along with the improvement in my understanding of the market, my career was also
progressing. I got a job in SABIC, Saudi Arabia. For me, this meant more money at the
end of the month to put in the market. To this date, I have never traded on borrowed
money.
The market then entered a choppy phase where I understood consolidation and how stocks
correct and move in a range. By now, Google Finance charts, which were almost live,
were available. That helped me in learning and sharpening my skills in making the correct
support and resistance levels.
During the first phase of my trading career, my losses were on account of my ignorance.
Till 2011, I lost consistently. But after that, I had developed some skills and entered the
phase where I was breaking even. Nearly 50 percent of my trades were working well
during the 2011-14 period. Since the day I took the first ITC trade to 2015, I lost around
Rs 30 lakh in the market. That was the fees I paid to the market. I managed to survive
because I had a well-paying job and the obstinacy of being a successful trader.
On analyzing my trades, I found that my loss-making trades were mostly those that I
bought near the resistance level. Simply by avoiding these trades did my overall
performance started improving.
During my SABIC days, I also learnt to trade options. A friend, who after looking at my
trading efforts, said that if I was so sure of my trades, I should start trading options. Most
of the losses that I incurred during my formative years was on account of buying options.
I made money in one trade and lost them and some more in the next three trades.
The broker through whom I traded told me that his boss always said that money is made
by selling options, that got me looking for opportunities in options selling.
This was also the time I quit SABIC and came back to India, where I worked for a short
tenure before moving on to Samsung, South Korea with a a salary that was keeping pace
with the increasing margin requirement in the market.
Since I was exploring selling options, I started looking at the Nifty option chain. In one
particular month in 2013-14, I noticed that the Nifty moved in a range of 100 points and
that the options around the strike price all lost value slowly and came to zero.
I thought of trying it out in the next series and started shorting out-of-the-money (OTM)
call and put options, essentially creating a Short Strangle. But as luck would have it this
expiry was when the market decided to trend. While one leg of my short strangles was
profitable the other one incurred big losses.
My next step was to mix technical analysis with options selling. I used the support and
resistance points to initiate a trade. If the market moved higher after testing the support
levels, I would sell the puts, and if it fell after testing the resistance levels, I sold calls.
Only if it lingered between the support and resistance line would I create a short strangle
trade. Mitesh Patel: The angry young man of Ban lifted on non-PNG industries in Delhi, Discourage false c
I started trading this way on a very small quantity. I sold options in both the indices –
Nifty and Bank Nifty in those days. I do not like selling stock options since premium
deterioration is very slow.
I also do not watch the option greeks. My call is based on technical analysis. It’s the
movement of the underlying that will decide the greek’s value and I prefer tracking the
underlying instrument.
It was option selling that helped me become a full-time trader from December 2016
onwards. Between November 2016 to August 2017, I converted my Rs 20,000 account to
Rs 26 lakh, but then greed got the better of me and I bought options. My account came all
the way down to Rs 1 lakh.
From that day I decided to stay away from option buying as much as possible. However,
there are times when the urge to buy options is too much based on the setup. During these
times I keep my exposure at a maximum of 5 percent of my capital.
This was also the time when I sold a house that I had bought as an investment and raised
Rs 55 lakh from it, which added to my trading capital.
By now I was confident of my strategy and ability to make money, so I decided to quit my
job in November 2017 and become a full-time trader.
Q: How do you trade presently?
A: Since the time I have been a full-time trader, I have earned 90 percent of my profits by
selling options. Most of my trades are in the weekly Bank Nifty options.
The strategy of entry and exits are more or less the same that I was trading earlier. I
identify support and resistance levels and closely observe intra-day movements of the
Bank Nifty.
I sell options to benefit from the direction of the market. Thus if the market moves higher
after testing the support, I will sell Put options and the reverse is true when the market
falls after testing resistance level, I sell Call options.
Suppose the Bank Nifty reverses from a support level at 26,500, I will sell a 26,200 Put.
The strike on which I trade has to be 1 percent away from the support or resistance level.
If the Bank Nifty is breaking the previous trend, I will cut my position irrespective of the
profit or loss.
Along with the Patel:

Mitesh strategy
The what has helped
angry young man of my trading is position sizing.
Ban lifted on non-PNG industries in Delhi, Discourage false c
One the first day of trading a new expiry, I will only trade with 30 percent of my capital.
If the trade is in my favour, I will add to the position on the second day.
In the above example, the first trade would be selling a Put at 26,200 and the second
would be selling a Put of 26,300 as the Bank Nifty moves higher.
Even while deploying 30 percent of the capital on the first day, I will not be taking the
position at one go. My first entry will be of 10 percent, which will be scaled up to 30
percent. After allocating 60 percent of my capital, I will keep 40 percent for
contingencies.
Since I am trading the weekly Bank Nifty, the benefit from time decay is also high apart
from benefiting from the directional movement.
If the market breaks through the support level, I will square off my Puts with a marginal
loss as time decay has would have helped in deterioration of the premium.
Meanwhile, the remaining 40 percent cash is put to good use by writing calls. As the
support is broken the new trend is clear – the Bank Nifty will fall. I then place my trades
to benefit from the downward direction.
If you are sitting in front of the screen and your reaction time is fast, whipsaw moves may
not result in you making money, but at the same time, you will not lose either.
As for exits, I am out of the trade if the option loses 80 percent of its value. If I short an
option at 50-60 percent, I will exit when premium falls between 5-10 percent.
On account of the increased volatility in the recent past, I have tweaked my strategy a bit.
I do not keep too many positions open on Wednesday, one day before the expiry. On an
average, around 80 percent of my capital is free on Wednesday. Further, only if volatility
is high will I initiate a sell position on Tuesday.
I enter my trades with the intention of making 1 percent a week, which is why I sell
options with high premiums. However, on account of adjustments, I generally end up
making higher. As a full-time trader, I can now confidently say that it is possible to earn
around 5 percent in a month. Consistency in return is only possible by selling options.
I normally do not take a non-directional strategy trades, since the return on capital is
lower, though the probability of being profitable may be higher. But since I am a full-time
trader and am sitting in front of the screen, I manage my risk aggressively.
My stop loss is placed at a total capital level. If I am losing 2 percent of my capital on a

trade I willMitesh
exit,Patel:
options
The angry young man of
no matter
trading what. Ban lifted on non-PNG industries in Delhi,
coal-based units in NCR
Discourage false c
agrochemicals: Nit
Q: You also trade the stock futures, how do you do that?
A: Stock futures can give very high returns, but at the same time so are the losses.
In stocks I am a breakout trader – I look for stocks that are breaking out of a range on high
volume. I trade only in liquid counters and trade the breakout itself rather than catching a
retracement. Most of my trades are for intra-day. But to select the stock, I look for those
that are near the support or resistance lines on the daily chart.
The good part about these trades is that they give immediate returns. Even if you are
stopped out of the trade for one or two times, the third move generally is a big one which
will cover the losses of the first two trades and leave something on the table.
There are nearly 150 stocks in the derivative segment and we can get a one or two
breakout trades every day.
One trade that has left a big impression on me and helped my journey as a trader was
JSPL, which I had taken in 2015.
I had shorted the futures when it broke multi-year support levels of 140. I managed to sell
it at 131 and the next day the stock fell to 122.
I got greedy and converted my overnight position to an intra-day MIS (margin intra-day
square-off orders) which allowed me to take a bigger position.
I sold more quantity at 126, but rather than going down the stock moved up slowly to 130
where I was stopped out. In the next three months, the stock fell to 70 levels. I had an
initial position of 30,000 shares.
By converting a positional trade to intra-day I ended up converting a winning position into

a losing one. But like every wrong trade, this one taught me a big lesson. I learnt to
control my greed and more importantly, I learnt position sizing and money management,
which has helped me become a consistent trader.
Q: You are one of the most talked-about expiry day traders in social media, can you
take us through your expiry day trades.
A: Over the last few months, the expiry day has turned too volatile. Many traders,
including new ones, are playing that game. Brokers are designing products especially for
expiry day trading, which is adding to the volatility.
I had made some big profits and big losses trading the expiry day. My strategy for expiry
day has changed with changing times. I now trade at half the position
options trading I usedunits
coal-based to earlier.
in NCR agrochemicals: Nit
Earlier I used to look at the open interest and traded accordingly, but the wild swings on
the expiry day over the last few months have not worked well for this strategy. Earlier, the
premium decay used to start in the first hour, but now it does in the second half of the day.
Now on the expiry day, I trade in more or less the same way I take the weekly trades,
except my time frame is shorter. I look at the 3 and 10 minutes chart and have support and
resistance lines in place. I sell options to take advantage of the direction of the market
move.
I build up my position slowly by allocating 10 percent on the first position and then
building it up as the market moves in my direction. I sell an option which is around 200
points away from the market. If I have initiated a trade at 50, I will add the next one as it
falls to 45. I will keep on adding to it till the direction changes. Most of my selling is over
by 12.30 p.m. and I do not trade after 2.30 p.m.
If the direction changes my exits will be closer to the average price. The stop-loss rules
are the same at 2 percent of the entire capital.
I have seen losses of 10-11 percent of the capital in expiry day, though there were more
gains of 6-8 percent. But these wild swings are not good. I have now kept a strict stop loss
of 2 percent.
Q: What advice would you like to give to a new trader?
A: Apart from knowledge, what is needed is capital. It would be a long journey to

financial freedom if you enter the market with limited capital.
A trader needs to learn technical analysis and understand market behaviour. Rather than
copying others style, a trader needs to have his strategy and style.
Also, he should follow 1-2 patterns or indicators rather than jumping around from one to
another.
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First Published on Nov 16, 2019 05:25 pm
TAGS #Mitesh Patel #Option Selling #Options Trader #Short Strangles
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Ban lifted on non-PNG industries in Delhi, coal-

based units in NCR
The Supreme Court had on November 4 banned construction and
demolition activities in the NCR till further orders.
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The ban on the operation of coal-based
units in the
National
Capital Region
and industries
in Delhi that do
not use piped
natural gas was
lifted as the air
quality How to get latest
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improved on
November 16 Satyendra Nath Bose:
and is expected 'God particle' succeeds Gogoi as CJI
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At a review meeting of the Central Pollution Control Board-led task force on Saturday, it
denied bail; CJI Ranjan Gogoi retires;
was also decided that hot mix plants and stone crushers would remain closed in the NCR. and Delhi's battle with pollution
V K Soni from the India Meteorological Department said at the meeting that the STAY UPDATED
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The air quality index in Delhi read 357 at 4pm on Saturday, over 100 notches less than
Friday as strong winds abated the smog lingering over the NCR for the past four days.
Soni said the wind direction was northwesterly and the

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options trading surface wind speed was high. coal-based units in NCR agrochemicals: Nit
Smog dissipates as high-

velocity winds bring relief In view of the weather forecast, the task force
recommended lifting of the ban on coal-based
Dean of Diplomatic Corps
expresses concern over air industries in Gurgaon, Faridabad, Noida, Greater
quality in Delhi
Noida, Ghaziabad, Sonepat, and Bahadurgarh, and
Govt should have paid as much industries in Delhi that are using fuel other than piped
attention to pollution as it did to
Article 370 says Sibal natural gas (PNG).
The Environment Pollution (Prevention and Control) Authority had announced the ban on
such units in view of the extreme pollution levels that triggered a public health
emergency.
The task force directed the industries to take adequate pollution control measures and
comply with the prescribed environmental norms.
Pollution control boards of Delhi, Haryana, Punjab, Rajasthan and Uttar Pradesh, and
other implementing agencies have also been asked to ensure regular surveillance and take
all necessary action to curb air polluting activities.
The Supreme Court had on November 4 banned construction and demolition activities in
the NCR till further orders.
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Discourage false claims about agrochemicals: Niti

Aayog to stakeholders
The ministry said that this was the first ever National Agrochemicals
Congress and it will hereafter be conducted every three years.
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Government's think-tank Niti Aayog on
November 16
asked the
stakeholders
associated with
the
agrochemicals
industry to
discourage
"false claims" How to get latest
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about their products and tackle the spread of wrong perception in the public.
Addressing the concluding session of the National Agrochemicals Congress here, Niti 'God particle' succeeds Gogoi as CJI
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He exhorted agrochemicals scientists and microbiologists to work on chemical and

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Indian Council of Agricultural Research (ICAR)

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Director General Trilochan Mohopatra said that
Mutual funds wrap: Sector
allocation dynamics by fund agrochemicals will continue to play a major input in
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Jio urges TRAI for removal or country must strive to ensure its safe and judicious
reduction of IUC charges
use.
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prices finally match petrol He requested the scientists to comprehensively work
counterparts; Bajaj’s Chetak to
be base for KTM upon the aspects of nano-pesticide approach to ensure
safety of humans, livestock and environment.
National Rainfed Area Authority (NRAA) CEO Ashok Dalwai emphasized upon
liberalization of registration procedures, enforcement of regulations at state level and
access to technical pesticides.
Labelling of pesticides and rethink on restrictive ban on them besides the need for a
policy on data protection of imported technical pesticides and safe introduction of nano
formulations were some of the recommendations made at the four-day long National
Agrochemicals Congress here.
The ministry said that this was the first ever National Agrochemicals Congress and it will
hereafter be conducted every three years.
The Congress is conducted in view of the role chemical pesticides still continue to play in
pest management as more and more target specific and environment friendly products are
being introduced, the statement added.
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Mutual funds wrap: Sector allocation dynamics by

fund managers
In October, information technology’s weight hit a 17-month low of 8.2
percent on account of which the sector slipped to the fifth position in the
sector allocation of mutual funds (MFs).
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The month of
October saw a
notable change
in the sector
and stock
allocation of
funds.
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from Motilal Oswal, on a month-on-month (MoM) basis, the weight of automobiles, PSU
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banks, oil and gas, healthcare and consumer stocks increased, while that of technology,
denied bail; CJI Ranjan Gogoi retires;
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In October, information technology’s weight hit a 17-month low of 8.2 percent on account
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of which the sector slipped to the fifth position in the sector allocation of mutual funds
(MFs).
On the other hand, oil and gas’ weight increased for the fourth successive month to hit an
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all-time high of 8.7 percent. The sector is at the third position in sector allocation of MFs.
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Mutual funds were net buyers in 56 percent of the Nifty 50 stocks.
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In October, Reliance Industries’ value increased by Rs 38.5 billion. The stock saw net
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The highest net buying by fund managers was witnessed in Bharti Infratel, Ultratech,
Bajaj Finserv, Cipla and GAIL in October.
Stocks that exhibited maximum decline in value on month-on-month were Infosys,

IndusInd Bank, Century Textiles, Aurobindo Pharma, Interglobe Aviation.
Flows
Systematic investment plans (SIPs) continued to be the backbone of mutual funds as

inflows via this mode remained above Rs 8,000 crore despite a mixed performance seen
in the Indian indices.
"Investors continued parking money in mutual funds, with inflows and contribution of
systematic investment plans (SIPs) remaining stable at Rs 82.5 billion," Motilal Oswal
said in its report.
Fund managers said that apart from more retail participation, increased flows in liquid and
income funds led to the rise in AUM.
After reaching a landmark of Rs 25 lakh crore for the first time last year on AUM, the
domestic mutual fund industry AUM surpassed another key level of Rs 26 lakh crore last
month.
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Mitesh Patel - The Angry Young Man of Options Trading

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11/16/2019 Mitesh Patel: The angry young man of options trading - Moneycontrol.

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Last Updated : Nov 16, 2019 05:32 PM IST | Source: Moneycontrol.com

Mitesh Patel: The angry young man of options

A: I was born and brought up in a village in Mahisagar

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Q: How do you trade presently?

Along with the Patel:

My stop loss is placed at a total capital level. If I am losing 2 percent of my capital on a

Q: You also trade the stock futures, how do you do that?

By converting a positional trade to intra-day I ended up converting a winning position into

Q: What advice would you like to give to a new trader?

A: Apart from knowledge, what is needed is capital. It would be a long journey to

First Published on Nov 16, 2019 05:25 pm

TAGS #Mitesh Patel #Option Selling #Options Trader #Short Strangles

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Last Updated : Nov 16, 2019 09:01 PM IST | Source: PTI

Ban lifted on non-PNG industries in Delhi, coal-

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First Published on Nov 16, 2019 09:00 pm

TAGS #Delhi Pollution #Indian Industries #Supreme Court Order

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Discourage false claims about agrochemicals: Niti

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He exhorted agrochemicals scientists and microbiologists to work on chemical and

Indian Council of Agricultural Research (ICAR)

First Published on Nov 16, 2019 08:56 pm

TAGS #Agro Chemicals Sector #Business #NITI Aayog

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