Sharma-ji aapke ₹500 lekar muskura diye. Kya woh hoshiyar nikle? Buyer aur seller ko rupees mein aamne saamne rakh do, aur saaf dikh jaata hai ki dono bilkul alag tareeke se jeette hain.
Yeh cheez important kyun hai?
Lesson 1 ne har option ke saude ko do hisson mein baanta tha: buyer, jo ek haq ke liye premium deta hai, aur seller, jo woh premium leta hai aur ek obligation uthata hai. Sharma-ji seller the. Unhone ₹500 pehle jeb mein daale aur ummeed ki bhaav shaant rahenge, taaki booking kabhi use hi na ho.
Zyadatar beginners maan lete hain ki kharidna "safe" hai kyunki nuksan cap hai, aur bechna "pagalpan" hai kyunki nuksan unlimited dikhta hai. Yeh sirf kitna jeet ya haar sakte ho, uski tulna hai. Ismein yeh nahi dekha gaya ki kitni baar kaun jeetta hai, aur jis din yeh dono baatein saath rakhoge, us din koi bhi side khud ba khud behtar nahi lagegi.
Reality check
Option ke kisi bhi side par apne aap profit nahi hota. Edge, agar hai, to poori tarah judgement, size aur exit mein rehta hai. Yeh hissa kisi ko bhi chhodne ko nahi milta.
Asli market ka example
Wahi Lesson 1 wala NIFTY sauda lo: is hafte ki expiry se pehle NIFTY ko 25,000 par kharidne ka haq. Broker ki screen par yeh NIFTY 25000 CE likha aata hai, jahan CE bas NSE ka call ke liye label hai, yaani woh option jo kharidne ka haq deta hai. Bhaav ₹120 per unit, aur NIFTY 65 units ke lot mein chalta hai, to ek lot = ₹120 × 65 = ₹7,800.
Us ₹7,800 ke doosri taraf bhi koi baitha hai. Uska hafta aapse bilkul alag dikhta hai.
Aap, buyer. Aaj ₹7,800 diye, aur hafta chahe kitna bhi bura jaye, isse zyada aap kabhi nahi gawa sakte. NIFTY 25,000 ya usse neeche band hua, to 25,000 par kharidne ka haq bekaar hai (jab market usse sasta de raha hai to 25,000 par kyun kharidoge?) aur ₹7,800 gaya. NIFTY 25,600 tak bhaag gaya, to wahi haq achanak keemti ho jaata hai aur aap achhe khaase fayde mein nikalte ho.
Seller. Usko aaj aapke ₹7,800 mil gaye. NIFTY 25,000 ya neeche band hua, to aap apna haq use hi nahi karoge aur woh baithe baithe pura ₹7,800 rakh lega. NIFTY 25,600 chala gaya, to market 25,600 par hone ke bawajood use 25,000 wala sauda nibhana padega, aur woh farak uski jeb se jayega.
Yahi hafta dono kursiyon se, expiry ke din alag alag closing levels par:
Beech wali row par hi beginners phisalte hain. 25,060 par option ki thodi value ban to gayi, ₹60 per unit yaani lot ke ₹3,900, par buyer ne uske ₹7,800 diye the, to woh abhi bhi ₹3,900 neeche hai. Direction sahi hona kaafi nahi hai. Buyer ko ek bhi rupaya profit dikhne se pehle NIFTY ko 25,120 paar karna hoga, yaani strike plus premium.
Ab poori table ek saath padho, aur do alag alag cheezein notice karo.
Yeh perfect aaina hai. Ek side ka har plus doosri side ka bilkul utna hi minus hai. Share kharidna aisa nahi hota: achhe saal mein saare shareholders saath mein kama sakte hain. Ek option contract par aapka profit theek theek doosri side ka nuksan hai, aur uske baad brokerage aur tax dono mein se thoda thoda aur kaat lete hain.
Dono sides ki shape alag hai. Buyer ka nuksan ₹7,800 par ruk jaata hai, NIFTY chahe kitna bhi gire, aur uska profit upar jitna chale utna badhta rehta hai. Seller bilkul ulta hai: uska profit ₹7,800 par ruk jaata hai, hafta chahe kitna bhi shaant ho, aur uska nuksan badhta hi chala jaata hai.
To jeetta kaun hai? Jawab table mein hai hi nahi. Woh ismein hai ki in rows mein se asal zindagi mein aati kaun si hai. Zyadatar hafte NIFTY wahin ke aas paas band hota hai jahan se shuru hua tha, isliye upar wali rows neeche walon se kahin zyada baar aati hain. Seller chhota jeetta hai, baar baar. Buyer bada jeetta hai, kabhi kabhi. Is lesson ka baaki sab kuch isi ek line ka footnote hai.
Yaad rakhne wali baatein
Kitni baar jeete vs kitna jeete: sellers zyada baar jeette hain, kyunki unhe chot pahunchane ke liye market ko bahut door, aur bahut jaldi jaana padta hai. Unki jeet mile hue premium par cap hai. Buyers zyada baar haarte hain, diye hue premium tak, par kabhi kabhi ki jeet uska kai guna hoti hai. Ek hi market, do alag bets, aur koi bhi apne aap behtar nahi hai.
Capital ka farak: buyer ko ₹7,800 chahiye aur bas. Seller ko broker ke paas margin rakhna padta hai, usi ek lot ke liye lagbhag ₹1 se ₹1.5 lakh, kyunki exchange ko pakka karna hai ki trade ulta padne par woh paisa de sakta hai. Contract wahi, par phansa hua paisa zameen aasman ka farak. Bure hafte mein us block hue margin ka kya hota hai, yeh Lesson 12 mein hai.
"Unlimited" nuksan, imaandari se: kaagaz par call seller ke nuksan ki koi chhat nahi hai, kyunki theory mein NIFTY chadta hi ja sakta hai. Put seller ke nuksan ki chhat hoti hai, kyunki NIFTY zero se neeche nahi ja sakta, par woh chhat itni door hai ki usse koi tasalli nahi milti. Isko yaad rakhne ka theek tareeka "infinity" nahi hai, "bada, aur aapke plan se bada" hai. (Puts ka apna poora Lesson 4 hai.)
Road-roller ke saamne sikke uthana: bina size sambhale premium bechne ka yahi standard varnan hai. Aap baar baar thoda thoda utha lete ho, aur yeh shaandaar chalta hai, us ek baar tak jab aap waqt par hat nahi paate.
Koi bhi side "hoshiyar" nahi hai: Sharma-ji zyadatar bookings jeette hain, aur yahi baat us ek buri booking ko khatarnak banati hai, kyunki woh uske liye planning karna hi chhod dete hain. Aloo ka bhaav phat pade, unhe phir bhi purane rate par 200 plate deni hain, aur woh ek pandrah din kai achhe pandrah din ka profit kha jaata hai. Baar baar jeetna aur kul milakar jeetna, dono ek cheez nahi hai.
Picture mein dekho
Wahi NIFTY 25,000 CE, wahi ₹120 premium, wahi 65 ka lot, do baar khincha hua: ek baar buyer ki kursi se, ek baar seller ki. Pehle chart par koi bhi NIFTY level chuno, doosre par wahi level dhoondo, aur dono numbers hamesha jud kar zero honge. Rupees mein "aaina" ka yahi matlab hai.
Mirror images. The buyer risks ₹7,800 for an open-ended upside; the seller pockets ₹7,800 up front and carries an open-ended risk. Hover along the lines: every rupee one side makes, the other loses.
Traders isko kaise use karte hain
Kharidna aur bechna kaam hain, pehchaan nahi. Ek hi trader dono karta hai, alag hafton mein aur alag wajahon se:
Buyers chahte hain ki maximum nuksan chhota ho aur entry se pehle hi pata ho, aur woh baar baar galat hone ko manzoor karte hain taaki kabhi kabhi badi jeet mile. Yeh strong view aur limited capital wale ke liye theek baithta hai.
Sellers yeh bet lagate hain ki "kuch khaas hoga hi nahi", jo zyadatar hafton mein sach hi hota hai. Iske liye zyada capital (margin ke liye) chahiye aur itna chhota rehne ka discipline ki ek bura hafta mahinon ki chhoti jeetein na kha jaye.
Professionals dono ek saath karte hain. Ek option becho premium lene ke liye, ek door wala option kharido sabse bure case ko cap karne ke liye, aur open-ended risk income ke ek hisse ke badle gayab ho jaata hai. Us jod ko spread kehte hain, aur Lesson 22 isi par bana hai.
Reality check
SEBI ki studies ke mutabik har 10 mein lagbhag 9 individual F&O traders kul milakar paisa gawate hain. Us group mein buyers bhi hain aur sellers bhi, aur yahi asli baat hai. Yeh aankda side nahi chunta, yeh us har aadmi ko sazaa deta hai jo apne account ki auqaat se badi size trade karta hai.
Aam galtiyan
"Bechne mein to muft ka paisa hai." Mahinon tak sach mein aisa hi lagta hai, us ek tez move tak jo ek hi jhatke mein kai mahinon ka jama kiya premium wapas le leta hai.
"Kharidna safe hai kyunki nuksan cap hai." Rupees mein sach, practice mein dhokha. Aapne bade nuksan ko kabhi kabhi jhelne ki jagah chhote nuksan ko baar baar jhelna chuna hai, aur baar baar haarna bhi account khaali karne ka apna tareeka hai.
Margin check kiye bina bech dena. Per lot ₹1 se ₹1.5 lakh block hona ek asli number hai jo aapka broker sach mein maangega. Yeh trade se pehle pata karo, trade ke beech mein nahi.
Bechi hui position ko kharidi hui jaisa size karna. Premium dono taraf ₹7,800 hi hai, isliye dono ek hi size ki bet lagti hain. Hain nahi. Ek mein ₹7,800 ka risk hai, doosri mein ₹1.5 lakh phansa kar ek bina limit wala nuksan uthana hai.
Kisi bhi side ko ek hafte se aankna. Ek nateeja, achha ho ya bura, lagbhag kuch nahi batata. Matter yeh karta hai ki aapke payoff ki shape kaisi hai aur har outcome asal mein kitni baar aata hai, aur yeh sirf kai hafton mein dikhta hai.
Quiz
Get 3 of 4 right to finish the lesson. No account needed. Progress saves in this browser.
1. Expiry par NIFTY 25,300 band hua. 25,000 CE ₹120 par (lot 65), buyer ka P&L kya hai?
2. Usi ek lot ke liye option sellers ko buyers se kahin zyada capital kyun chahiye hota hai?
3. Ek trader kehta hai: "Main har hafte option bechta hoon aur hamesha kamata hoon, to bechna risk-free hai." Is soch mein galat kya hai?
4. Expiry par NIFTY bilkul 25,000 par band hua. ₹120 par khareede gaye 25,000 CE (lot 65) ka kya hoga?
Next · Lesson 3 · Calls, explained with a flat booking. Ab aapko table ke dono side pata hain. Lesson 3 sirf buyer ki kursi par zoom karta hai, ek flat ki booking ke saath jo call option kisi bhi formula se behtar samjha deti hai.