Aapne tay kar liya ki 25,000 CE kharidna hai. Ab woh screen aati hai jo koi nahi sikhata: chhe field, chaar order type, aur kam se kam teen tareeke jinse aapka view janche jaane se pehle hi paisa kisi ajnabi ko chala jaata hai.
Yeh cheez important kyun hai?
Dus lesson is baare mein the ki kya trade karna hai. Ek bhi is baare mein nahi tha ki trade exchange tak pahunchta kaise hai, aur usi khaali jagah mein beginners apna pehla bachaya ja sakne wala paisa gawate hain. Galat view par nahi: galat button par.
Options ko share kharidne se alag banane wali baat yeh hai. Kisi liquid stock mein sabse achha kharidne ka bhaav aur sabse achha bechne ka bhaav ek paise ki doori par hote hain, to "market" dabane ka kharcha naam lene laayak hota hi nahi. Options mein woh do bhaav kisi shaant strike par 20% door ho sakte hain. Us gap ka naam hai bid-ask spread, aur woh koi aankda nahi hai. Woh ek toll booth hai jisse har order guzarta hai, aur lane aap chunte ho. Lesson 15 aapko wahi number NSE option chain ke ek column mein dikhayega; aaj woh aapke account se nikalta hai.
Reality check
₹120 ka option jiska quote "119.80 buyers / 120.20 sellers" hai, use cross karne ka kharcha ek lot par ₹26 hai. Wahi lot kisi patli far-month strike par, jiska quote "₹4.05 / ₹6.50" hai, ₹422 ki position par ₹159 le jaata hai. Wahi trader, wahi lot size, aur market ke hilne se pehle hi 38% paisa gaya.
Asli market ka example
Rahul ne Lesson 10 khatam kiya, ek mahina paper trade kiya, aur ab apna pehla asli order laga raha hai: NIFTY 25,000 CE ka ek lot, quote ₹120. Woh depth window kholta hai (broker ise "market depth" kehta hai; exchange ise order book kehta hai) aur yeh dekhta hai:
Buyers denge
Units
Sellers maang rahe hain
Units
₹119.80
1,950
₹120.20
1,300
₹119.70
3,250
₹120.35
2,600
₹119.55
4,875
₹120.50
5,200
more columns →
Ek sehatmand strike: best bid aur best ask ke beech ₹0.40, aur dono taraf hazaron units lagi hui. Yahan market order ₹120.20 par bharta hai aur mid-price ke muqable ₹0.40 × 65 = ₹26 ka padta hai. Rounding error. Rahul market dabata hai, turant fill hota hai, aur kuch bura nahi hota, aur theek isi tarah aadat pad jaati hai.
Do hafte baad woh wahi reflex agle mahine ki expiry ke 25,800 CE par chalata hai: ek door ki, bhuli hui strike. Depth window bilkul alag dikhti hai.
Buyers denge
Units
Sellers maang rahe hain
Units
₹4.05
65
₹6.50
130
₹3.60
130
₹7.95
65
₹2.90
195
₹9.20
260
more columns →
Last traded price abhi bhi ₹5.20 dikh raha hai, to position ₹338 ki "lagti" hai. Woh market dabata hai. Fill hota hai ₹6.50 par, yaani ₹422, aur jis pal woh uska maalik banta hai, use koi wapas kharidne ko sirf ₹4.05 par taiyaar hai, yaani ₹263. Woh ₹159, lagbhag 38% neeche hai, us view par jo abhi sahi ya galat hua hi nahi. Us gap ko slippage kehte hain; aur uska woh hissa jo uske apne order ne patli book chaat kar banaya, impact cost hai.
₹5.20 ka limit order kahin sasta risk uthata: sirf yeh ki fill hota hi nahi.
Teesra scene, aur sabse mehngi fees wala. Rahul 25,000 CE ₹120 par kharidta hai aur use ₹95 ke stop loss se bachata hai. Do din baad NIFTY khulte hi gap down deta hai aur strike lagbhag ₹61 par khulta hai. Uska SL ek limit order tha ₹95 par, to woh trigger hokar ₹95 ki queue mein lag jaata hai, jahan ab koi buyer khada hi nahi hoga. Woh wahin pada rehta hai, bina bhare, bekaar, aur premium khiskta hua ₹48 par chala jaata hai. Agar SL-M lagaya hota, to woh lagbhag ₹60 par bahar hota: soche hue se bura bhaav, aur jo asal mein hua uske muqable lagbhag ₹780 behtar.
Yaad rakhne wali baatein
Market order: abhi book jo de rahi hai, woh le lo. Fill ki guarantee, bhaav ki koi guarantee nahi. ATM weekly strike par theek, baaki jagah mehnga se lekar laparwah.
Limit order: "yeh bhaav ya usse behtar." Bhaav ki guarantee, fill ki koi guarantee nahi. Options mein yahi sahi default hai, aur isiliye jab sach mein fill chahiye to use last traded price ki jagah ask par lagao.
SL (stop loss): ek trigger price jo chhoote hi ek limit order chhodta hai. Aapka exit bhaav bachata hai, aur theek us tez market mein aapko position ke saath phansa bhi sakta hai jisse aap bhaag rahe the.
SL-M (stop loss market): wahi trigger, par market order chhodta hai. Bahar hamesha nikaal deta hai, kabhi kabhi aisa bhaav dekar jo chubhta hai. Gap mein woh chubhan hi sasta sauda hai.
GTT (good till triggered): ek saal tak aapke broker ke paas pada hua instruction, exchange ke paas nahi. Woh aapke trigger ka intezaar karta hai aur tabhi asli order bhejta hai. "Reliance 1,400 PE ₹40 par aa jaye to kharid lena" ke liye shaandaar; tez move mein stop ke taur par kamzor, kyunki woh bhaav print hone ke baad chalta hai.
Cover order: aisi entry jiske saath compulsory stop loss hai, jise aap kas sakte ho par hata nahi sakte. Bracket order: ek hi ticket par entry, target aur stop. Kai Indian brokers ne 2020 ke peak-margin rules ke baad bracket orders band kar diye, to maan lene ki jagah check karo ki aapka broker abhi kya deta hai.
Freeze quantity: ek contract mein NSE ka manzoor kiya sabse bada single order, NIFTY par lagbhag 1,800 units, yaani 65 ke lot size par lagbhag 27 lot. Yeh order par cap hai, position par nahi: usse bada order seedha reject hota hai aur tukde aap khud karte ho. NSE yeh number samay samay par badalta hai, to is line se zyada current circular par bharosa karo.
Slippage: jis bhaav ki ummeed thi aur jo mila, unke beech ka farak. Impact cost us gap ka woh hissa hai jo aapke apne order ki size ne banaya.
Picture mein dekho
Pura order ticket ek table mein. Beech ke do columns saath mein padho, kyunki poora idea wahi hai: har order type do mein se theek ek cheez ki guarantee deta hai, bhaav ya execution, dono kabhi nahi.
Order type
Guarantee deta hai
Guarantee nahi deta
Kab use karo
Market
Fill
Bhaav
Strike liquid ho aur abhi andar ya bahar hona zaroori ho
Limit
Bhaav
Fill
Lagbhag hamesha, aur patli strike par to bina apwaad ke
SL
Trigger, phir bhaav
Gap mein fill
Strike liquid ho aur aap screen dekh rahe ho
SL-M
Trigger, phir fill
Bhaav
Aap dekh na sako, aur bahar hona exit bhaav se zyada zaroori ho
GTT
Mahinon tak nazar rakhna
Speed, ya gap mein fill
Aisa level jiska intezaar hafton ka ho sakta hai
Cover
Fill, plus aisa stop jo cancel nahi hota
Bhaav
Aapko khud par poora bharosa na ho ki stop haath se nibhaoge
more columns →
Aakhri row sabse imaandar hai. Cover orders isliye hain kyunki stop loss fail hone ki sabse aam wajah market nahi hoti. Woh trader ka use cancel kar dena hoti hai.
Traders isko kaise use karte hain
Default limit, apwaad market. Limit ko ask par (kharidte hue) ya bid par (bechte hue) lagao aur aapko lagbhag turant fill milta hai, sabse bura bhaav pata hote hue. Yeh ek aadat fill gawaye bina zyadatar slippage hata deti hai.
Spread ko percentage mein padho, rupees mein kabhi nahi. ₹120 ke option par ₹0.40 yaani 0.3%. ₹5.20 ke option par ₹2.45 yaani 47%. Ek kaam ka niji rule: cross karne ka kharcha premium ke 1% se zyada ho to limit lagao aur sabr karo; 5% se zyada ho to poocho ki woh strike aapke paise ke laayak hai bhi ya nahi.
Size apne account ke hisaab se nahi, depth ke hisaab se lo. Poori dikh rahi book 195 units ki hai aur aapko 650 chahiye, to market aap ho aur quote kiya hua bhaav kahani hai. Yeh position size par liquidity ki chhat hai, aur woh Lesson 30 ke har sizing rule ke neeche baithi hai.
Freeze quantity ke aas paas soch kar tukde karo. 20 lot ke paanch order, 100 lot ke ek reject hue order se behtar hain, par har tukda bhaav ko thoda dhakka deta hai, isliye shaant market mein tukde karo, expiry ke aakhri das minute mein kabhi nahi.
Exit orders par entry se zyada dhyaan do. Entry ka waqt aap chunte ho. Exit ka waqt market chunta hai, aur woh hamesha ek tez, patla, badsoorat lamha chunta hai. Isi wajah se jis position par nazar nahi rakh sakte, uspar aam taur par SL-M hi sahi stop hai.
Sirf plan nahi, fill bhi journal karo. Lesson 10 ka journal likhta hai ki entry kyun li. Do column aur jodo: jo bhaav chaha tha aur jo bhaav mila. Ek mahine ka yeh farak jod kar dekho, aur zyadatar naye traders ke liye woh apne baare mein nikala hua sabse chaunkane wala number hoga.
Aam galtiyan
Patli strike par market daba dena. Retail options ka sabse mehnga reflex. Screen aakhri trade dikhati hai; paisa aap ask ka dete ho; door ki strike par yeh do alag duniya hain.
Last traded price par bharosa karna. LTP itihaas hai, shaant strike par shayad chalees minute purana. Bid aur ask vartmaan kaal hain. Trade vartmaan kaal mein karo.
Jahan SL-M chahiye tha wahan SL lagana. Gap wale market mein limit stop woh stop hai jo aapko bachane se vinamrata se mana kar deta hai.
Stop premium par lagana jab soch index ke baare mein thi. "NIFTY 24,900 ke neeche band ho to nikal jaana" aur "premium aadha ho jaye to nikal jaana" do alag trade hain. Tay karo ki aapka matlab kaun sa tha, aur likh do ki kaun sa tha.
Rejection par ghabra jaana. "Freeze quantity exceeded", "insufficient margin", "contract not permitted", "blocked by RMS", yeh ek line ki problem hain jinke ek line ke ilaaj hain, broker ka aapko mana karna nahi. Message padho; woh khud bata deta hai kya badalna hai.
Chhoote hue limit ke peeche market order daudana. Jo trade nikal gaya uska kharcha zero hai. Chidh kar lagaya gaya market order spread bhi kharch karwata hai aur aam taur par wahi entry bhi jiske chhootne ka gussa tha.
Yeh bhoolna ki ek round trip spread do baar cross karta hai. Har quote kiya gaya spread ek baar andar aate hue aur ek baar bahar jaate hue diya jaata hai, usi premium mein se jismein se aapka profit badhna hai.
Quiz
Get 3 of 4 right to finish the lesson. No account needed. Progress saves in this browser.
1. Ek far-month strike par LTP ₹5.20, best bid ₹4.05, best ask ₹6.50 hai. Aap 65 ka ek lot kharidne ke liye "market" dabate ho. Aap kitna dete ho, aur turant wapas bechna pade to position kitni ki hai?
2. Aapke paas ₹120 par khareeda gaya long call hai aur uspar stop loss laga hai. Raat bhar mein NIFTY gap down deta hai aur option lagbhag ₹61 par khulta hai. Kaun sa order type aapko sach mein bahar nikalega?
3. NIFTY par NSE ki freeze quantity lagbhag 1,800 units hai, aur aapko ek hi order mein 40 lot (2,600 units) chahiye. Kya hoga?
4. 25,000 CE ka quote ₹119.80 / ₹120.20 hai; 25,800 CE ka quote ₹4.05 / ₹6.50 hai. Market order kis par jaayaz hai?
Next · Lesson 12 · Margin, MTM and the auto square-off. Order lag gaya aur bhar bhi gaya. Ab paisa: kharidne par aur bechne par aapka broker kya block karta hai, har shaam chup chaap kya debit karta hai, aur woh dopahar jab woh bina poochhe aapki position band kar deta hai. Lesson 12 margin statement kholta hai.