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{"title": "18. Loss is Feedback, Not Failure", "text": ["Like any challenging endeavor, trading requires a \u201cthick skin.\u201d One cannot be easily hurt by criticism. One must be completely open to criticism of any kind so that changes to one\u2019s trading approach can be made immediately before losses mount. The ability to look at criticism (which usually comes in the form of losses) from the proper perspective takes the right kind of mindset. One must look at criticism as objective feedback, rather than as a personal failure.", "The way most people learn to look at criticism develops at an early age. Sigmund Freud suggested that it may develop when children are toilet trained, a time when children are first required to limit their needs and impulses. Other psychoanalysts suggest, however, that one\u2019s way of dealing with criticism is greatly influenced by how children learn to handle the challenges they encounter when they enter school. Children develop either a sense of mastery or inferiority. Regardless of when it happens, there are vast differences in how people react to criticism. Some are especially vulnerable to criticism, while others welcome it.", "Some people are very thin-skinned. Throughout their lives, they have been consumed with developing ways of protecting themselves from punishment and feelings of hurt. When they were growing up, they were often harshly punished, so as adults, they tend to expect punishment for doing something wrong. They are on the lookout for what is \u201cright\u201d and what is \u201cwrong,\u201d and they try to avoid doing something wrong at all costs. This inclination has disadvantages, however.", "One learns to look at events in black-and-white terms, as either right or wrong. One expects to receive either praise or punishment. An over-emphasis on discerning whether one\u2019s actions are right or wrong leads one to avoid taking chances. One tends to hold back. Since chances aren\u2019t taken, one doesn\u2019t learn to make big mistakes, or how to recover from them. When one faces a setback, it is viewed as a dreaded event, rather than as an opportunity to grow and develop new ways of doing things. Events, such as trading losses, are viewed as personal failures rather than as merely objective pieces of feedback that should be analyzed quickly so that changes can be made expediently.", "If you\u2019re the type of person who has trouble viewing a setback as nothing more than objective feedback, it\u2019s essential that you learn to look at it more objectively. Remind yourself that no one is looking over your shoulder. You can feel free to do whatever you want to do. View your trading as objectively and unemotionally as you do everyday tasks, such as driving a car. For the most part, most people focus on the process of driving a car in a very unemotional and objective way. When you drive, you don\u2019t worry about how well you make a turn (in good weather on your typical route). You merely focus on what to do next \u2013 the next thing. There is no self-reproach. You are calm. You\u2019re ready to see what happens next.", "Taking a similar objective approach can be applied to trading. Look at it in the same way that one looks at learning to drive. Believe that you\u2019ll eventually develop the necessary skills you need to master the task and focus on learning the skill. You will eventually become a profitable trader if you put in enough time and effort to build up your trading skills. But as you do that, you must stay objective. Focus on the process. Get as much feedback as possible, and look at it as objective information that you can use to build up your trading skills.", "Trading profitably is a rare skill. To master it, you are going to have to learn to put setbacks in the proper perspective. Don\u2019t look at setbacks as personal failures. Don\u2019t take them personally at all. They are merely objective pieces of information that give you valuable feedback on how well you are doing. Welcome the feedback. Learn from it, and build up your skills until you can trade profitably and consistently.", "Comments are closed.", "Varsity by Zerodha \u00a9 2015 \u2013 2024.\r\n\t\t\t\t\tAll rights reserved.\r\n\t\t\t\t\tReproduction of the Varsity materials, text and images,\r\n\t\t\t\t\tis not permitted. For media queries, contact [email\u00a0protected]"], "images": ["https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo.png", "https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo-small.png", "https://zerodha.com/varsity/wp-content/uploads/2019/11/20050321.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/playstore.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/appstore.png"], "tables": [], "videos": []}

{"title": "19. First in Line and Ready for Action", "text": ["There\u2019s security in numbers. Have you ever looked at a school of fish in an aquarium? They stay in a big clump because if a bigger fish is nearby and ready to eat one of them, a single fish is less likely to be captured while swimming in the middle of a pack than alone. We humans also \u201cschool\u201d in our everyday lives. When speeding along a barren highway, for example, it\u2019s easier to do so when in the middle of a clump of cars. As the logic goes, \u201cthe highway patrolperson can\u2019t pull us all over, and give a ticket to the whole bunch.\u201d It\u2019s sometimes easier to follow the crowd, especially when trading. \u201cThe trend is your friend\u201d as they say. Well\u2026it isn\u2019t always.", "It feels natural for many to follow the crowd. Many times, it\u2019s to our advantage. If none of our well-to-do friends live on the west side of town, it\u2019s in our best interest to find out why, or simply live on the east side with everyone else. But this kind of thinking must be abandoned when it comes to trading. You must learn to anticipate what the crowd will do next, and be the first in line to act alone, rather than wait to follow them. In trading, the primary activity is buying and selling stocks in the short term to make a profit. It\u2019s hard to do that if you are following the crowd.", "For example, if you have purchased a large block of stock with the goal of selling it when the price increases a couple of points, you can\u2019t wait for the masses to confirm your expectations. Prices move in cycles. If you wait too long for the price to reach a zenith, and for the masses to buy a large amount of stock, and validate your forecast, you may be trying to sell as the cycle moves the price back downward. And at that point, you\u2019ve missed the buying frenzy, and are likely to be trying to sell your stock at a time when \u201cfear\u201d sets in, and much of the masses are ready to sell their stocks.", "Ideally, you must anticipate when the masses are ready to buy, have purchased stock at a lower price than they will gratefully pay, and sell them that stock during the mass buying spree. You need to be the first in line ready to sell, while everyone else is in an entirely different line, ready to join the masses as they buy. You need to anticipate the upcoming trend and do the opposite of what the masses are doing. In terms of the practical methods for doing so, that\u2019s easier said than done.", "You\u2019ve got to have accurate momentum indicators, for example, to anticipate the pivot points. But from the psychological point of view, one must also be ready to cast off what we have learned throughout our lives about seeking protection by following others. In this case, there isn\u2019t safety in numbers. When it comes to trading, you\u2019ve got to view the crowd as the opponent, not the ally. You\u2019ve got to anticipate what they are going to do and think of a way to capitalize on their fear and greed.", "Keep in mind, the mansions in San Francisco after the California Gold Rush were not built from the mining of precious metals, but from selling food and services to the masses of amateur miners seeking out their fortunes to satisfy their greed. As a trader, you must similarly take advantage of the masses, and capitalize on their \u201cherd mentality.\u201d You need to be the first in line to think of a way to build up your riches from their fear and greed.", "Comments are closed.", "Varsity by Zerodha \u00a9 2015 \u2013 2024.\r\n\t\t\t\t\tAll rights reserved.\r\n\t\t\t\t\tReproduction of the Varsity materials, text and images,\r\n\t\t\t\t\tis not permitted. For media queries, contact [email\u00a0protected]"], "images": ["https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo.png", "https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo-small.png", "https://zerodha.com/varsity/wp-content/uploads/2019/11/20050325.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/playstore.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/appstore.png"], "tables": [], "videos": []}

{"title": "20. The Flexible Trader", "text": ["The winning trader is flexible. Flexible traders have a carefree attitude when it comes to executing a trade. They don\u2019t over-think their strategy. They do their homework, develop a reasonable trading plan, and when the opportunities present themselves, they freely execute the trade. They don\u2019t question it. They don\u2019t feel any self-reproach. They just do it. If the trade is profitable, they take their winnings and move on. Indeed, they move on to the next trade even when they lose. They know that to be a successful trader, it\u2019s vital to be able to make trade after trade with confidence and flexibility. The more flexible you can be, the more likely you\u2019ll be able to achieve and maintain profitability.", "There are both situational and personality factors that relate to a trader\u2019s flexibility. Cultivating a carefree mindset is essential, but it is hard to do under some circumstances. For example, if you are under-capitalized and have sound reasons to fear to lose the money you are trading, you will never feel at ease. You will know deep down that you can\u2019t afford to lose. It is essential that you trade with money you can afford to lose and use proper risk management. If you know that on anyone trade, you have relatively little to lose and that in the worst-case scenario you can still recover, you\u2019ll also know that you can rest assured that everything will be all right in the long run. You can then cultivate the carefree mindset that is the foundation of a flexible approach to trading.", "That said, some people are rigid and inflexible when it comes to their personality. Much of it is rooted in early childhood experiences. Parents may have been harsh critics who sent the message, \u201cIf you make a mistake, dire consequences will follow.\u201d As adults, some people over-think every decision to avoid the ominous punishment that may follow should they make a mistake. Now, it is certainly necessary to take precautions in life, such as making sure you monitor your speed while driving to avoid getting a traffic ticket or getting into an accident, but when it comes to trading, there isn\u2019t much you can do most of the time.", "Certainly, you should anticipate adverse events such as earnings reports, interest rate hikes, or national events, but most of the time, the markets are unpredictable. You must accept what the markets have to offer. You can\u2019t impose your will on the markets. You must have a more carefree attitude. It is impossible to account for every single possible factor that can go against a trade. It\u2019s necessary to merely do the best you can, put on the trade, and see what happens. The inflexible trader, however, has trouble doing that. Inflexible traders think they can completely control their destiny.", "They falsely believe that it is possible to account for every possibility. In the context of trading, such beliefs are unproductive. They cause unnecessary anxiety and tend to produce hesitation and self-doubt. In the end, no one can predict the markets, so there is no point in trying, and no point in feeling bad about yourself because you can\u2019t. So give yourself a break. Don\u2019t try to do the impossible. Trade like a flexible trader. By cultivating a carefree attitude, you can trade profitably and consistently.", "Comments are closed.", "Varsity by Zerodha \u00a9 2015 \u2013 2024.\r\n\t\t\t\t\tAll rights reserved.\r\n\t\t\t\t\tReproduction of the Varsity materials, text and images,\r\n\t\t\t\t\tis not permitted. For media queries, contact [email\u00a0protected]"], "images": ["https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo.png", "https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo-small.png", "https://zerodha.com/varsity/wp-content/uploads/2019/11/20040715.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/playstore.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/appstore.png"], "tables": [], "videos": []}

{"title": "21. Flexible and Open to Possibilities", "text": ["Winning traders are flexible. They look at a trade from different angles and they are not afraid to explore every possibility. They know they may be wrong, but being wrong doesn\u2019t bother them. Indeed, they often expect to be wrong. It\u2019s vital to be flexible when examining your options. If you rigidly adhere to one course of action, you may pay the price for it in terms of losses. Try to be as flexible as possible, and you\u2019ll see more profits.", "The greatest obstacle to flexibility is fear. The fear response is often adaptive. When we perceive we are about to experience harm, it\u2019s vital for survival that we mobilize our resources and focus all our energy on the source of harm. We tend to act the same way when we experience fear as we plan, execute, or monitor a trade. When we unconsciously perceive something is amiss, we instinctively focus our attention on the harmful agent. What usually follows, however, is rigidity. Rather than scanning and considering a variety of options, we restrict our attention.", "Fear can sometimes play a role as we devise a trading plan. The rigid trader may secretly fear that his or her plan is unlikely to succeed. Rather than carefully consider all possible adverse conditions, the fearful, and rigid, trader focuses on only one possibility and develops no alternative plan of attack should an unwanted, or unanticipated, event thwart his or her trading plan.", "For example, one may anticipate a stock rising during the following week, yet secretly doubt whether the move will pan out. Out of fear, the rigid trader may be afraid to consider and account for possible adverse events, such as earnings reports, a possible interest rate hike, or a sudden change in general market sentiment. The flexible trader, in contrast, has no fear of looking at all these possibilities and determining which are likely. Openness to all possibilities allows the flexible trader to change his or her plans if required, and recover from a potential setback.", "People are the most inflexible when they are afraid, so the best antidote to rigidity is to reduce fear. To the extent one can trade in a relaxed emotional state, one can think openly and flexibly. Fear can be reduced by managing risk. If you know that you can survive the worst-case scenario, then you\u2019ll feel calm and relaxed. Similarly, if you trade with money you can afford to lose, you\u2019ll have little to fear and you can more easily examine all possible alternative factors that may impact your trading plan. By cultivating a relaxed mindset, you\u2019ll be less fearful and more open to looking at all the possibilities. And the more flexible you are, the more profitable you\u2019ll trade.", "Comments are closed.", "Varsity by Zerodha \u00a9 2015 \u2013 2024.\r\n\t\t\t\t\tAll rights reserved.\r\n\t\t\t\t\tReproduction of the Varsity materials, text and images,\r\n\t\t\t\t\tis not permitted. For media queries, contact [email\u00a0protected]"], "images": ["https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo.png", "https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo-small.png", "https://zerodha.com/varsity/wp-content/uploads/2019/11/20040720.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/playstore.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/appstore.png"], "tables": [], "videos": []}

{"title": "22. The Flexible and Disciplined Trader", "text": ["Flexibility and discipline go hand and hand. In their book, \u201cElectronic Day Traders\u2019 Secrets,\u201d Friedfertig, West, and Burton argue, \u201cDiscipline is saying \u2018I\u2019m wrong. I\u2019m getting out of the stock and actually doing it. Sometimes you\u2019ll be long on a stock and all of a sudden it\u2019s falling. Undisciplined people get stubborn and say, \u2018It\u2019s going to go up\u2019 or \u2018It\u2019s going down, I\u2019ll buy more and eventually it will go back up.\u2019 The discipline to admit when you are wrong, get out, and not take a big loss is what makes a great trader.\u201dWinning traders are flexible. They look at a trade from different angles and they are not afraid to explore every possibility. They know they may be wrong, but being wrong doesn\u2019t bother them. Indeed, they often expect to be wrong. The willingness to admit you are wrong gives you power and freedom. When you are willing to admit you are wrong, you won\u2019t be defensive. You\u2019ll feel relaxed and will effortlessly close out a position when you need to. You won\u2019t fruitlessly hold on to a losing position and hope that it will turn around. You won\u2019t let your emotions of fear and greed take you on a roller coaster ride of emotions as your accounts balance dramatically rises and falls.", "Fear is a trader\u2019s worst enemy. When you are afraid, you become rigid, and rigidity is related to undisciplined trading. The fear response is usually adaptive. When we perceive we are about to experience harm, it\u2019s vital for survival that we mobilize our resources and focus all our energy on the opponent that threatens us, and fight if we can win or run away if we can\u2019t possibly win. In the wild, working on instinct can be adaptive, but traders must be more flexible and open to possibilities.", "When we become fearful during a trade, we are often stuck and paralyzed. When we unconsciously perceive our trading plan is amiss, we instinctively focus our attention on the harmful agent and become fixed on it. Rather than scanning and considering a variety of options, we restrict our attention, and erroneously consider one option at a time, which usually is selling a winner prematurely or holding onto a losing trade too long.", "Fear can also play a role as we devise a trading plan. The rigid trader may secretly fear that his or her plan is unlikely to succeed. Rather than carefully consider all possible adverse conditions, the fearful and rigid trader focuses on only one possibility and develops no alternative plan of attack should an unwanted or unanticipated event thwart his or her trading plan. For example, one may anticipate a stock rising during the following week, yet secretly doubt whether the move will pan out.", "Out of fear, the rigid trader may be afraid to consider and account for possible adverse events, such as earnings reports, a possible interest rate hike, or a sudden change in general market sentiment. The flexible trader, in contrast, has no fear of looking at all these possibilities and determining which are likely. Openness to all possibilities allows the flexible trader to change his or her plans if required, and recover quickly from a potential setback.", "When you are flexible, you\u2019ll trade more effortlessly. You\u2019ll stay objective and be able to astutely read the markets more accurately. And in the long run, you will trade more profitably.", "Comments are closed.", "Varsity by Zerodha \u00a9 2015 \u2013 2024.\r\n\t\t\t\t\tAll rights reserved.\r\n\t\t\t\t\tReproduction of the Varsity materials, text and images,\r\n\t\t\t\t\tis not permitted. For media queries, contact [email\u00a0protected]"], "images": ["https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo.png", "https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo-small.png", "https://zerodha.com/varsity/wp-content/uploads/2019/12/20070621.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/playstore.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/appstore.png"], "tables": [], "videos": []}

{"title": "23. Be Flexible Enough to Stand Aside", "text": ["It is vital for one\u2019s survival to know when to stay out of the markets. There are times whey you should stand aside and wait for the right moment. Not only can market conditions change, but also your psychological outlook. When market conditions aren\u2019t conducive to profitable tradition, it is a good idea to stay away. Even seasoned professionals must frequently step back and reevaluate their methods. Don\u2019t be afraid to acknowledge your limitations, take a rest, and enter the markets when you\u2019re ready. There are many practical reasons for standing aside.", "There are psychological reasons for staying out of the markets. Some days you feel tired, down, or just not feeling at your best. It\u2019s at these times that you may not be able to maintain the positive, objective mindset you need for trading. You may act emotionally or impulsively because your psychological resources are depleted. Some may be tempted to work through such a down spell and put on trades even though one is not in the right mental state, but that could mean putting on bad trade after bad trade.", "Not only will your account balance take hits, but your ego as well. The next day, when you are feeling up to par, you may feel the residue of the slump when you look at your account balance. And that can create feelings of stress on a day when you would have otherwise felt carefree, optimistic, and ready to take on the markets in earnest. For the most part, it\u2019s better to stand aside when your spirits are down, and start new and refreshed when you are once again feeling at your best.", "Another good reason to stay out of the markets is when your method seems to lose it\u2019s winning edge. No trading method works indefinitely. When market conditions change, even a \u201cfoolproof\u201d method can stop working. Many novice traders make this situation even worse by continuing to trade. When a method stops working, it can really stop working. Your account balance will decline with each trade. Another mistake is to lose your cool when your method stops working. Rather than view such events as a time for worry and self-doubt, it\u2019s wise to view them as an intellectual challenge.", "Seasoned professionals often say that they are at their best when their old method starts to falter and they have to devise a new one. They view the situation as a puzzle they must solve. They step away from the markets and take a close look at their methods. They try to identify what went wrong with the method and look forward to tweaking it until it works again. They search for market factors that may have changed, and when they think they have found the solution, they put on a few small trades to test out their new, revised method. So when your method stops working, don\u2019t continue trading at the same level of activity. Step back, look things over, and wait until conditions are just right before entering.", "Trading profitably requires that you monitor the market moods and your psychological moods. When either one is not conducive to trading, it\u2019s best to stand aside and wait for the situation to change. Don\u2019t make the mistake of thinking you should trade even in these potentially debilitating conditions. By staying out of the markets, you can survive to trade another day, when you\u2019re in a peak performance mental state and the market conditions are optimal.", "Comments are closed.", "Varsity by Zerodha \u00a9 2015 \u2013 2024.\r\n\t\t\t\t\tAll rights reserved.\r\n\t\t\t\t\tReproduction of the Varsity materials, text and images,\r\n\t\t\t\t\tis not permitted. For media queries, contact [email\u00a0protected]"], "images": ["https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo.png", "https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo-small.png", "https://zerodha.com/varsity/wp-content/uploads/2019/12/20070612.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/playstore.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/appstore.png"], "tables": [], "videos": []}

{"title": "24. Peak Performance Trading", "text": ["Seasoned traders frequently describe moments when they trade in a peak performance state. There are various names for it: \u201ctrading in the zone\u201d or \u201cflowing with the markets.\u201d But the defining characteristics are focused and concerted attention on the markets and a carefree, unemotional approach. Traders in this ideal mental state almost completely lose themselves in what they are doing. They are focused only on the ongoing process of the moment. They are not self-conscious, concerned with how well they are doing, or worried about doing poorly. Everything just seems to \u201cclick\u201d as they move effortlessly with the ebb and flow of the market. Most traders agree that a peak performance mental state is a necessary condition for trading profitably. It\u2019s worth reviewing some of the ways that you can enter and maintain this optimal level of consciousness.", "Resolve personal conflicts. Not everyone who trades has personal conflicts that need resolution. But if you are prone to carry \u201cunfinished business\u201d with you, it will always be there in the back of your mind, haunting you, interfering, and inhibiting you from entering a peak performance mental state. Examples of some common psychological conflicts include the need for self-worth, the need to prove one\u2019s value, the need to be right, or the desire to feel superior to others.", "Many traders discount these issues, thinking they are just a lot of psychobabble. They think, \u201cThat doesn\u2019t apply to me.\u201d Well, it may not apply, but it is people with these kinds of issues who tend to be drawn to trading. Ironically, these conflicts are what drives them to pursue a challenging trading career that requires them to beat overwhelming odds to become one of the select few who make a high salary relative to the vast majority. Before you disregard these issues, make sure that you really don\u2019t have psychological conflicts that interfere with your ability to enter a peak performance state.", "Think in terms of probabilities. In his book \u201cTrading In the Zone,\u201d Mark Douglas discusses a \u201cthinking strategy\u201d called \u201cthinking in terms of probabilities.\u201d In a nutshell, a trader should not focus on the outcome of a single trade. Instead, he or she should focus only on the big picture, the overall outcome across a series of traders. When it comes to trading, you should go in expecting to lose more trades than you win, but mathematically, with the use of proper risk management, it\u2019s possible to achieve a profit across a series of trades, even when many are losers. It\u2019s wise not to make such a big issue of losses. Put them in a proper perspective.", "It\u2019s useful to view trading in the same way that a profitable professional gambler approaches gambling, according to Douglas. Professional gamblers look at gambling objectively; they place bet after bet with the assumption that the law of large numbers will work in their favor if they make enough trades. Traders should use a similar \u201cthinking strategy.\u201d An essential prerequisite is a trading strategy that has a proven track record. But once you have it, you must execute it many times to take advantage of this winning track record. The trading strategy may fail a few times, but your goal is to replicate the past odds of success by giving it an opportunity to work across a series of trades. Once you understand and accept the idea that your overall success is all that matters, it will ease your mind, and allow you to approach trading with a more carefree attitude.", "Use proper risk management. Careful risk management is a key component of trading in a peak performance state. If there is a real danger that you will lose large amounts of capital, or money that you just can\u2019t afford to lose, you\u2019ll feel the stress, whether you are conscious of it or not. But if you limit your risk on any single trade, you will know deep down that you have little to lose. And when you know that even a worst-case scenario is of little threat, you will feel less emotional, and be able to enter a peak performance mental state more easily. So follow the advice of seasoned traders who risk only a small percentage of their trading capital on a single trade, and use protective stops to further limit your risk.", "Trade an extremely detailed trading plan. Perhaps the most essential key to entering a peak performance state is to have a scrupulously detailed trading plan. Outline the plan completely from the necessary market conditions for its use to the specific entry and exit points. Unless you have every aspect of the plan outlined, there will always be an opportunity for indecision, and that will take you out of the peak performance mental state. Do your preparation before you enter the markets, not during. It\u2019s too hard to remain objective when you are trying to make unnecessary last-minute decisions. Plan out your strategy as much as possible and it will allow you to stay focused and trading in a peak performance state.", "Many traders believe trading in a peak performance mental state is a key factor for trading profitably. Not everyone has a natural affinity for entering this ideal mental state, but it\u2019s possible to do with the right preparation and practice. It\u2019s worth the effort to learn how to do it.", "Why this Module isn\u2019t available in to be downloaded as PDF. I personally prefer to get the print and read and make necessary notations on the book for my reference. I have gone through some of the sub heads and its really worth reading the whole module. Request you to send me at least the pdf version of this module", "Varsity by Zerodha \u00a9 2015 \u2013 2024.\r\n\t\t\t\t\tAll rights reserved.\r\n\t\t\t\t\tReproduction of the Varsity materials, text and images,\r\n\t\t\t\t\tis not permitted. For media queries, contact [email\u00a0protected]"], "images": ["https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo.png", "https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo-small.png", "https://zerodha.com/varsity/wp-content/uploads/2019/12/20070625.png", "https://secure.gravatar.com/avatar/c0edb475a0e74674e4ca028cec2bc140?s=32&d=identicon&r=g", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/playstore.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/appstore.png"], "tables": [], "videos": []}

{"title": "25. The Fly and the Tree", "text": ["Flexibility is key when you\u2019re a trader. One must be able to look at a trading problem from multiple perspectives in a calm, rational, and insightful way. Have you ever noticed that when you are under extreme pressure that you can\u2019t think clearly? Your attention may become fixed and narrow, making it difficult to see alternative perspectives. It\u2019s useful to gauge your flexibility, and if you find you are inflexible, be aware of it and change your environment to create a more flexible approach to problem-solving.", "What is flexibility? A fascinating way to demonstrate intellectual flexibility is to consider an item from the WAIS IQ test. Let\u2019s see how well you do. In what way are a FLY and a TREE alike? The answer to this question may surprise you if you don\u2019t know it already. When psychologists ask most people this question, they seem to struggle. You can see their mind spinning, wrestling with various alternatives, and trying to discover the key similarity. They make the item complex and look for a very sophisticated answer. They tend to get stuck doing so, however. They tend to get themselves a little too upset and think that if they get the item wrong, the psychologist may infer that they are less than extremely intelligent. But it\u2019s a hard question and few get it right. The answer? They are both living things. It\u2019s obvious in hindsight, but it may have been difficult to figure out if you didn\u2019t already know the answer. It\u2019s actually a very discriminating question, with only the most intelligent persons getting it right.", "Answering the question about the fly and the tree requires intellectual flexibility. It\u2019s interesting to watch highly intelligent, flexible people to answer the question. It\u2019s as if they could care less. They are extremely confident, and seem to just think back and forth, \u201cWhat could it be?\u201d Then they kind of just shrug their shoulders and seem to guess, \u201cThey are both living things.\u201d They are surprised when they are told they arrived at the correct answer.", "Flexible people take a very casual and relaxed approach to finding a solution to the puzzle. They don\u2019t put their esteem on the line or put unnecessary pressure on themselves. They merely examine as many angles as possible, relax, and come up with an answer, any answer as long as it is somewhat reasonable. They know how to simplify when it is necessary, and know when to look for complex answers when required.", "As traders, it\u2019s vital that you solve trading problems in a flexible manner. You can cultivate the proper environment that is conducive to a flexible thinking style. For example, don\u2019t put too much pressure on yourself. If a difficult decision needs to be made, put it off until you can look at the situation in a calm and open manner. (If that means closing out the position, by all means, do it!) You\u2019ll be the most inflexible when you are under pressure or stressed, so find a calm and relaxing environment to do your thinking. (This may mean a lot of pre-planning before the start of the trading day since, after the opening bell, the markets can be quite stressful.) Also, don\u2019t put extra pressure on yourself. Don\u2019t put your self-esteem on the line, and tell yourself that you\u2019ve got to get the answer right or it will prove you are a poor trader. That kind of pressure is not conducive to flexibility.", "Flexibility is the key to trading success. By finding the proper environment and using the right mindset, you can be more flexible and solve significant trading problems.", "Comments are closed.", "Varsity by Zerodha \u00a9 2015 \u2013 2024.\r\n\t\t\t\t\tAll rights reserved.\r\n\t\t\t\t\tReproduction of the Varsity materials, text and images,\r\n\t\t\t\t\tis not permitted. For media queries, contact [email\u00a0protected]"], "images": ["https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo.png", "https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo-small.png", "https://zerodha.com/varsity/wp-content/uploads/2019/12/20070504.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/playstore.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/appstore.png"], "tables": [], "videos": []}

{"title": "26. Focused on the Trade", "text": ["When you have put on a trade, it\u2019s essential to stay focused on monitoring it. You must be able to accurately perceive the signals that indicate the market is going against you, and you must act expediently to protect yourself. Psychological issues, such as self-doubt, wavering confidence, or a lack of commitment, can distract you, however. They may impact your ability to effortlessly execute your trading plan and manage a trade. Although it\u2019s essentially impossible to drive out all psychological conflicts from your psyche, it\u2019s useful to try to resolve as many psychological conflicts as possible, so that they don\u2019t intrude into your consciousness, and interfere with your ability to focus on the trade.", "When you have a psychological conflict, it\u2019s in your best interest to resolve it as soon as possible; otherwise, it just lies there in the back of your mind, taking up precious, limited psychological energy. By identifying psychological issues before the trading day, you can decrease the possibility of these issues entering your consciousness when you least expect them to surface. Do you have unresolved conflicts that lie in the back of your mind? It\u2019s hard to just push these conflicts completely out of your consciousness and pretend they don\u2019t exist. Ironically, the more you try to deny the existence of these conflicts, the more psychological energy you will waste. Rather than trying to ignore conflicts, it\u2019s better to acknowledge and face them head-on. Most of the time, the mere acknowledgment of your conflicts will produce a quick resolution. (As Dr. Ari Kiev suggests, if you acknowledge the issue, you can easily let it go.)", "Even if you are not the kind of person who has a lot of past conflicts to resolve, there are some conflicts that all traders must face at one time or another. There are many beliefs about trading that hold some validity but are hard to accept. For example, novice traders must acknowledge and address the possibility that a series of winning trades may have been the result of a run of good luck, rather than trading skill. Although it satisfies our ego to think we are brilliant traders, it\u2019s better to acknowledge the possibility that we may not be as talented as we want to be, than pretend we are something that we are not. Since it takes more psychological energy to pretend that you have trading skills that you don\u2019t actually have, it\u2019s better to just admit it and take action to remedy the situation. For example, one can get additional instruction and trading experience, refine his or her skills, and become a top-notch trader.", "There are similar beliefs that some traders may be afraid to acknowledge but should. For example, a trader may think, \u201cPerhaps I was a good trader at one time, but the market conditions have changed and I may not be able to live up to my expectations of trading profitably.\u201d All traders face this possibility at one time or another. It may be true or it may be false, but regardless of the validity, allowing such a belief to remain in the back of one\u2019s mind takes up psychological energy. It\u2019s better to acknowledge the possibility, and if it is false, remind yourself that it is absurd, or if it is true, take the necessary steps (such as learning new trading strategies) to prove it wrong.", "Many psychological conflicts remain in the back of your mind. They are there lurking below your awareness, and when you are in a vulnerable mood, such as when you are fearful or disappointed, these beliefs can move from the back of your mind to the forefront. It\u2019s not useful to ignore these potentially distracting psychological issues. It\u2019s better to acknowledge them up front. Once you do, you are more likely to be able to say to yourself, \u201cthat may be true, but it is of no consequence right now.\u201d Then, you better spend some time during your \u201coff hours\u201d dealing with it. Conflicts in the back of your mind can have a powerful impact on your ability to focus on your trading. Make sure that you face your conflicts, spend time examining them, and try to resolve them. If you can do so effectively, you\u2019ll be able to achieve the mindset of a winning trader.", "Comments are closed.", "Varsity by Zerodha \u00a9 2015 \u2013 2024.\r\n\t\t\t\t\tAll rights reserved.\r\n\t\t\t\t\tReproduction of the Varsity materials, text and images,\r\n\t\t\t\t\tis not permitted. For media queries, contact [email\u00a0protected]"], "images": ["https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo.png", "https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo-small.png", "https://zerodha.com/varsity/wp-content/uploads/2019/12/20070502.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/playstore.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/appstore.png"], "tables": [], "videos": []}

{"title": "27. Concentrate On the Trade", "text": ["When you\u2019re trading the markets it\u2019s necessary to concentrate on the trade. You cannot let your attention sway. You can\u2019t impulsively make a mistake. We are often distracted, however, and when we are distracted, we act impulsively and make mistakes.", "Research studies have shown that when people\u2019s psychological resources are taxed to the limit, they have trouble resisting temptation. For example, when they play games of chance, they are likely to take an immediate smaller reward rather than wait for a larger reward. It\u2019s like your mind tells you unconsciously to avoid waiting and to just get it over with and take what you can get. But winning trades are hard to come by and if you sell prematurely too often, you\u2019ll never accumulate enough profits to end up profitable overall.", "Rather than allow yourself to get distracted, it\u2019s vital to focus on the moment. Focus on the process of trading in the here-and-now. When you are fully engaged in trading and concentrating on your ongoing experience, you increase your odds of entering \u201cthe zone,\u201d a peak performance mental state where everything seems to naturally come together. In this peak performance mental state, you are not worried about past mistakes or future profits. All your attention and energy are focused on the current trade. You are more in touch with your instincts. You see the markets more clearly and are intensely aware of your feelings, sensibilities, and judgments. You can review a multitude of details, and can effortlessly identify the key factors that are likely to drive market action. Moving into this higher level of awareness during a trade can greatly increase your chances of success.", "You may not need to be focused on your trades at every moment during the trading day, but there are specific times when full concentration is vital. At these times, it\u2019s essential to trade at your best and take decisive action. You can\u2019t flinch. You can\u2019t hesitate, and you can\u2019t make a mistake. At the moment you enter or exit a trade, for example, you must be ready to devote all your psychological energy to the trade. Don\u2019t take it lightly. It\u2019s easy to become distracted and make a trading error.", "How can you increase your chances of trading in a focused, peak performance mindset? First, maximize your chances that you will be alert and ready to concentrate. Don\u2019t trade while hungry or tired. It may not show, but when you are tired or hungry, you may be a little on edge, and you may have difficulty concentrating. No one has an endless supply of psychological resources; the mind has limits. When you are tired or hungry, you have few resources to concentrate fully.", "Second, don\u2019t underestimate the influence of background stress. Family hassles, chores you have to complete, and similar stresses and strains that take up space in the back of your mind may deplete psychological resources without you knowing it. Get rid of as much stress as possible. Third, it\u2019s also useful to trade modestly. The more you risk, the easier it is to lose concentration as you secretly worry about what you will do should you lose money that you just can\u2019t afford to lose. Risk management frees up psychological resources in ways that are not always apparent. It\u2019s just one more way to reduce the strain on your mind and allow you to trade more freely and creatively.", "When you have put on a trade, it\u2019s essential to stay focused on monitoring it. You must be able to accurately perceive the signals that indicate the market is going against you, and you must act expediently to protect yourself. When you are tired or stressed, however, you may lose focus. You may have trouble effortlessly executing your trading plan, managing your trade, or exiting at the best time. Take precautions to make sure that your mind is in top mental shape. When you are rested, free, and ready for the market action, you increase your chances of trading like a winner.", "Comments are closed.", "Varsity by Zerodha \u00a9 2015 \u2013 2024.\r\n\t\t\t\t\tAll rights reserved.\r\n\t\t\t\t\tReproduction of the Varsity materials, text and images,\r\n\t\t\t\t\tis not permitted. For media queries, contact [email\u00a0protected]"], "images": ["https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo.png", "https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo-small.png", "https://zerodha.com/varsity/wp-content/uploads/2019/12/20051128.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/playstore.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/appstore.png"], "tables": [], "videos": []}

{"title": "28. Focusing on the Positive", "text": ["When trying to meet the challenges of trading, it is often easy to obsess about what you are doing wrong until you start to feel that you\u2019ll never master the markets. Rather than focus on what you are doing wrong, however, it\u2019s often much more productive to emphasize what you are doing right. Once you\u2019ve acknowledged where your assets lie, only then should you identify the specific areas where you need improvement, and make a few minor adjustments. Focusing on what you\u2019re doing wrong first is bound to make you feel a little frustrated, and perhaps, disappointed. But focusing on what you are doing right initially will help you feel optimistic. And when you feel optimistic, you\u2019ll be more likely to carefully scrutinize what you\u2019re doing wrong, and you will be ready to focus your efforts on building up your skills to offset your limitations.", "As children, we are often taught to look for our limitations and feel bad about them. We are taught to expect punishment for our mistakes. Soon, we start to avoid punishment, even if it means denying our limitations. And when limitations lie hidden, decisive steps to remedy the problem are not taken until a disaster happens. An alternative approach, however, is to welcome failure. It\u2019s like saying, \u201cI believe in my overall skills. I\u2019m going to try and see what can go wrong, so I can trade even better.\u201d Rather than looking at a failure as a dreaded event, you can take a more active, problem-solving approach. You can look at failure as an opportunity for growth and development.", "A positive outlook can provide the motivation to avoid denial and focus on evaluating your trading performance. Trading consists of a set of relatively complex tasks in which many different skills and subtasks must be mastered and integrated. You can\u2019t expect to get it all down faultlessly the first few times around. You\u2019ll never meet this grand expectation, and you\u2019ll just get overly stressed in the end. You must break the trading task down, develop each skill separately, and then try to put it all together after you have a few of the sub-tasks mastered. Consider a trader who has a few things going right, and a few things going wrong.", "Suppose he or she is a disciplined trader but is unprofitable because he or she has used flawed, unreliable trading strategies. If a person has adequate trading capital, knows how to map out every aspect of a trading plan (such as entry, exit, and risk control strategies), and can stick to the plan, he or she has a lot of things going right. It\u2019s important to recognize these assets immediately. This makes you feel optimistic and ready to closely focus on the few things going wrong. With this energy and enthusiasm, you can more easily build the skills you need to trade profitably (In this particular case, you can focus on learning and executing winning trading strategies, while feeling assured that other sub-skills have been mastered).", "Different traders have different assets and limitations. Some may use sound trading strategies but do not know how to stick with their trading plan. Many may know how to specify part of their trading plan (such as risk management), but may not know how to specify other parts (such as entry and exit strategies). Whatever you\u2019re doing \u201cwrong,\u201d it\u2019s vital to identify these issues and correct them. But by focusing too much on the negative, you will feel disappointed. Focus on the positives first. You\u2019ll feel more optimistic and be ready to look at your limitations more objectively.", "Comments are closed.", "Varsity by Zerodha \u00a9 2015 \u2013 2024.\r\n\t\t\t\t\tAll rights reserved.\r\n\t\t\t\t\tReproduction of the Varsity materials, text and images,\r\n\t\t\t\t\tis not permitted. For media queries, contact [email\u00a0protected]"], "images": ["https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo.png", "https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo-small.png", "https://zerodha.com/varsity/wp-content/uploads/2019/12/20070614.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/playstore.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/appstore.png"], "tables": [], "videos": []}

{"title": "29. Knowing when to Fold", "text": ["The most challenging aspect of trading is finding a trading strategy that will work reliably. The possible strategies are endless. Some traders carefully backtest historical data and try to find a strategy that worked in the past, and bet that it will work in the future. Other traders intuitively feel that there are some points during the trading day that the markets are overbought and try to capitalize on a reversal. Regardless of the strategy, one uses, though, one must have faith in the strategy when it comes time to execute the trade. There\u2019s only so much that can be done before a trade is executed, but once you\u2019ve done all the preparation you can do, you must decisively put on the trade and trade your plan.", "This is often easier said than done. When a strategy comes up winning over and over again, it is quite easy to trust it. But there are times when a strategy may seem to work more sporadically. At these times, one\u2019s belief in the strategy may waver. What do you do then? It is tempting to just abandon the strategy and move on to a new approach. But if one moves from one approach to the next, and back again, one cannot trading consistently. In order for the law of averages to work in one\u2019s favor, it is necessary to stick with a strategy long enough to see if it works. In the end, knowing when to stick with a strategy or to abandon it is a perpetual conflict that all traders must learn to resolve.", "When you come across a strategy that works, make sure you capitalize on it. There are times when you hit upon a string of good luck. The odds are truly in your favor and you need to push yourself to make a trade after trade to capitalize on chance. To the scientific-minded investor, such a maneuver may seem arbitrary and haphazard, but studies of probability illustrate that there are times in a hypothetical coin toss that heads comes up repeatedly in a long string. Similarly, a string of wins can occur in the markets as well. If you hit upon a winning streak, you would be wise to take advantage of it. You can\u2019t capitalize on it, however, if you make trading errors or your confidence is shaky. This is where well-honed trading skills are an asset. The more skills you have, the more easily you can execute trades flawlessly and take advantage of market conditions that are conducive to your strategy producing a winning streak.", "Just as there are winning streaks when a strategy works over and over, there are other times when there is a run of bad luck. A strategy that seems sound just doesn\u2019t work. At these times, there is little you can do. The markets are so complex, and so many factors impact the market action, that it is impossible to know why a strategy may not work, and thus, there is no way to work around it. The psychological problem, however, is how to decide when to abandon a strategy and when to stick with it. There isn\u2019t a simple solution. You don\u2019t want to abandon it prematurely, but on the other hand, you don\u2019t want to stick with it and blow out your account. One solution is to decide beforehand how much of your account you will devote to a particular strategy.", "For example, suppose you have a strategy that is expected to produce a win 80% of the time, according to the analysis of historical data. You may decide to make a dozen trades and risk about 25% of your account on the strategy. That is, in a worst-case scenario, you will be willing to lose 25% of your capital. If your strategy is right, you won\u2019t lose 25%. But if you encounter a run of bad luck, then your losses will be limited. This is a good compromise between abandoning your strategy prematurely and sticking with a losing strategy too long.", "Unfortunately, there\u2019s no safe, foolproof way to decide to stick with a strategy or to abandon it. You must decide in the end what to do, and it may just be a matter of a hunch or an educated guess based on your past experiences. That\u2019s what makes trading largely about psychology. Ultimately, being a winning trader is about your ability to make the right decision at the right time.", "Comments are closed.", "Varsity by Zerodha \u00a9 2015 \u2013 2024.\r\n\t\t\t\t\tAll rights reserved.\r\n\t\t\t\t\tReproduction of the Varsity materials, text and images,\r\n\t\t\t\t\tis not permitted. For media queries, contact [email\u00a0protected]"], "images": ["https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo.png", "https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo-small.png", "https://zerodha.com/varsity/wp-content/uploads/2019/12/20040929.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/playstore.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/appstore.png"], "tables": [], "videos": []}

{"title": "30. Following your Passion", "text": ["Successful people are passionate about what they do. They aren\u2019t concerned with the outcome, but with the process of achieving the outcome. That said, it would be nice to avoid worrying about outcomes, but few of us have that luxury. It\u2019s a little too idealistic, isn\u2019t it? Unfortunately, most of us have to earn a living, so the potential to lose a great deal of money from trading is always on our minds. Whether we trade full time or part-time, unless one is independently wealthy, making money, or losing it, is always in the back of our minds, and has some influence on our actions. This concern uses up psychological energy. We worry about it just a little bit with each trade we execute. But if we could just forget about the money for a moment, even just occasionally, we would be free and creative. We would enjoy what we were doing for its own sake. It may be hard to do, but it is worth trying to cultivate such a perspective. The more you can focus on the process of trading, the more you can trade in an optimal, peak performance mindset.", "Top-notch traders say they view trading as playing a game or competing in a sporting event. As with any game, when you focus on the outcome instead of the process, you choke under the pressure. It\u2019s the same with trading. If you can just focus on the fun, enjoyable aspects of trading, you\u2019ll feel a greater sense of gratification, and you\u2019ll trade more profitably. So when you feel bored or frustrated about trading, remind yourself about what you think is fun about trading. Some traders enjoy developing trading strategies, for example.", "They view developing a trading strategy as an intellectual challenge. For these traders, the outcome of a trade is merely an indicator of how well the strategy is working. They don\u2019t feel frustrated or bothered when things aren\u2019t going quite their way. It doesn\u2019t matter whether a trade is going well or poorly. Indeed, when a trade is going poorly, these traders are happy to close out the position and study their method in more detail. They work especially hard at discerning what is going wrong and how to tweak their strategies to make them profitable. It\u2019s the intellectual challenge that matters, not the prize.", "Other traders enjoy the thrill and excitement trading offers. Although there are virtues to trading in an objective, unemotional mindset, some traders relish the thrill of putting on a trade. They have the temperament of an explorer. They can\u2019t wait to see what happens once a trade is executed. It\u2019s thrilling and it gives them a rush. They aren\u2019t necessarily pathological gamblers in that they seek out thrills merely to get their adrenalin pumping, but they do enjoy this stimulating aspect of trading. Knowing the mere process of trading itself will soon reward them motivates them to strive for mastery.", "Whether you are a long-term investor or a short-term trader, investing is fun and inherently enjoyable. The more you can focus on the process, and its inherent rewards, the more satisfied you will be in the long run. So try to focus on what you find the most fun about trading. You will find trading to be rewarding and enjoyable, regardless of the outcome.", "Comments are closed.", "Varsity by Zerodha \u00a9 2015 \u2013 2024.\r\n\t\t\t\t\tAll rights reserved.\r\n\t\t\t\t\tReproduction of the Varsity materials, text and images,\r\n\t\t\t\t\tis not permitted. For media queries, contact [email\u00a0protected]"], "images": ["https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo.png", "https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo-small.png", "https://zerodha.com/varsity/wp-content/uploads/2019/12/20060925.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/playstore.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/appstore.png"], "tables": [], "videos": []}

{"title": "31. Forward Thinking", "text": ["The famous psychotherapist Fritz Perls once noted that people feel anxious and fearful when they worry about, and mull over, their past mistakes or worry about the future. A peak performance mindset is where a person focuses on the ongoing action, the here-and-now experience. The more you can stay in the moment, rather than worry about the past or the future, the more you\u2019ll be able to trade profitably.", "The wise person learns from his or her mistakes. We\u2019ve heard this sage advice over and over. There\u2019s some truth in it. It would be foolish to touch a hot stove more than once or fail to prepare for your driver\u2019s test and end up failing. When it comes to trading, it is similarly wise to plan your trades carefully and manage your risk. There are general pieces of advice that it would be wise to follow, and if you need to learn it for yourself, do so only a few times and then follow conventional wisdom. Indeed, there are some events in life where it is useful to learn from a mistake or to learn from others\u2019 mistakes. But there are times where there is no lesson to learn, yet we over-analyze the event, and mull over it incessantly, trying to interpret what it all means.", "", "If every event we faced were exactly the same, then it would be wise to dissect all past events in detail and find out what went wrong, so as to avoid making the same mistake the next time. But one event is rarely like another event. For instance, when asking a potential romantic partner out on a date, there isn\u2019t one right way to do it. People are different and what works on one person doesn\u2019t work on another. It doesn\u2019t make sense to search for the perfect method because there isn\u2019t one.", "It is the same for trading. Market conditions are never the same. The best you can do is approximate what you think is happening, implement a trading strategy and see if it works. If the right conditions just happen to be there, you\u2019ll profit. If the conditions weren\u2019t there, then there was nothing you could have done about it. You just need to accept the fact that nothing is certain, accept the outcome, and move on. If you mull over it, however, you\u2019ll gain little. You\u2019ll just feel bad about yourself and may start building up inhibitions and self-doubt, which will subvert your efforts in the end.", "When it comes to trading, it is better to look toward the future. Think positively, gain as much experience as possible, and move forward. Don\u2019t mull over the past, looking for past errors. You will just waste your time worrying when you could be trading and building up the skills you need to trade profitably and consistently.", "Comments are closed.", "Varsity by Zerodha \u00a9 2015 \u2013 2024.\r\n\t\t\t\t\tAll rights reserved.\r\n\t\t\t\t\tReproduction of the Varsity materials, text and images,\r\n\t\t\t\t\tis not permitted. For media queries, contact [email\u00a0protected]"], "images": ["https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo.png", "https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo-small.png", "https://zerodha.com/varsity/wp-content/uploads/2019/12/20061030.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/playstore.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/appstore.png"], "tables": [], "videos": []}

{"title": "32. The Right Frame of Reference", "text": ["Many novice traders are frustrated when they start trading. It\u2019s common to hear a novice trader complain, \u201cI don\u2019t know what\u2019s going wrong. I study the markets every chance I get. I put on trades under ideal market conditions, but I just can\u2019t make a profit overall.\u201d One may wonder if enough time and effort are devoted to trading, however. How much time is actually put in? How many trades are actually made? Answers to these questions are quite subjective. For some novice traders, a couple of hours a day may be all they have available.", "At that time, they must monitor the markets, look for ideal stocks to trade, and actually execute trades under optimal conditions. Is this enough time? It depends. If you have a large enough account and don\u2019t need to make very much profit, it will be sufficient. But what if you have a small account, not much time to trade it, and want to make a huge profit? Well, in that case, you may be unrealistic. Successful traders work with a realistic frame of reference. They don\u2019t try to do the impossible.", "", "As with any challenging endeavor, putting in the necessary time and effort to become successful is vital. Most of the time, the main difference between the winners and losers is the time and effort winners put in. Studies have documented that unsuccessful people show two major flaws: they are afraid to accurately monitor how much time and effort they devote to a goal, and they do not have an accurate frame of reference. In other words, they think it\u2019s easier to achieve a goal than it actually is, but they don\u2019t know it. They wrongly think they are putting in enough time and energy even though it is far from adequate.", "Trading coaches describe a similar phenomenon among novice traders. Many novice traders treat trading as a hobby rather than a serious business. That\u2019s fine if you view trading as merely recreational gambling, but if you expect to make reasonable profits from your efforts, it is necessary to take things a little more seriously. Trading is a skill, just like a skill that professionals, such as doctors or lawyers, develop. Developing a high level of skill takes time and a heroic effort. It often takes several years to develop the skills of a seasoned professional, and that is also true of trading.", "To make profits in a variety of market conditions, you must gain experience with all those conditions. In addition, no trading strategy is foolproof. You must continually develop new strategies and methods and test them out under new conditions. It takes the experience to trade skillfully, flexibly and effortlessly. A hobbyist approach isn\u2019t going to be sufficient to hone such skills.", "If you want to move from the status of an amateur hobbyist to that of a master trader, you must have a realistic frame of reference. You must be willing to view the development of your trading skills the same as other professionals go about developing their skills. If you have to work a regular job to pay your expenses, then you need to view your life as working your way through college and graduate school. It means shifting priorities and making a solid commitment to developing your skills. It will require hours of study and training from reputable venues. And it is also essential to be realistic. The \u201cgraduation rate\u201d from novice to a seasoned trader is low, and if you want to be one of the rare few who make it, then you must gain as much experience as possible, and make any necessary sacrifices.", "So don\u2019t prevent yourself from reaching the status of a master trader. Put in the necessary time and effort. You\u2019ll be rewarded in the end with lasting trading success.", "Comments are closed.", "Varsity by Zerodha \u00a9 2015 \u2013 2024.\r\n\t\t\t\t\tAll rights reserved.\r\n\t\t\t\t\tReproduction of the Varsity materials, text and images,\r\n\t\t\t\t\tis not permitted. For media queries, contact [email\u00a0protected]"], "images": ["https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo.png", "https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo-small.png", "https://zerodha.com/varsity/wp-content/uploads/2019/12/20050307.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/playstore.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/appstore.png"], "tables": [], "videos": []}

{"title": "33. Trading offers Freedom", "text": ["When trading the markets, there\u2019s a constant need to make profits. You can easily start feeling that there\u2019s too much to do and not enough time to do it. If you\u2019re like most traders, you\u2019re afraid of missing out on opportunities. You know that it\u2019s hard to take money out of the markets, and you know that to stay on top, you have to keep working on it. Why do people work so hard in such a profession? Most people would say it\u2019s for the money. It is for the money, isn\u2019t it? Many traders say that there are other reasons. One of the main reasons is feeling that you have mastered a career in which few survive. But perhaps the best reason to stay in the trading profession is the freedom traders have. Traders work for themselves and on their own terms.", "A sense of freedom can be a powerful motivator. In an interview with Innerworth staff, for example, Don said, \u201cWhen I made the decision to trade full time, I did so for a couple of reasons. One was for the freedom and independence\u2026trading offered some financial upside, but I didn\u2019t go into trading for the money. I did it for the freedom.\u201d", "Many traders take the freedom trading offers for granted. In a competitive world where most people define their self-worth based on how they compare to others, there\u2019s a powerful need to keep up with the guy next door. Out of sheer habit, one incessantly asks, \u201cHow well am I doing?\u201d and that question usually leads to asking, \u201cHow well \u2018should\u2019 I be doing?\u201d It\u2019s hard to escape the need to succeed. The media provides a continuous barrage of images of success: \u201cBuy a sleek, new sports car and impress the neighbors. Wear the latest designer fashions and watch heads turn as you walk by.\u201d Implicit in all these messages is the idea that in order to have value as a person, you must have more, or do more, than your friends and neighbors. The need to succeed can make you feel trapped, however. If you feel the pressure to make huge profits, you\u2019ll feel the strain and it may undermine the freedom you could be experiencing. Instead, it\u2019s much more useful to strive for modest goals. It helps you cope with the stresses and stains of trading.", "We asked Don how he copes with the pressure to succeed: \u201cI think that doing some simple math helps. Let\u2019s say you want to earn a certain amount over the course of a month. If you divide that amount (monthly financial goals) by the number of trading days, it doesn\u2019t come to a whole lot. Suppose somebody wants to make $60,000 a year. If you divide that by 12 months, it is $5,000 a month. If you divide that by the number of days in a month, let\u2019s say 20 trading days, that\u2019s $250 a day. That\u2019s not a whole lot of money if one is skilled in this business.", "Looking at it like that, by the simple fact that you recognize that you don\u2019t need to make it all in one day or in one trade, really put things in perspective.\u201d When you break down what you need to do on any given day, it will seem reasonable and you will feel free. So don\u2019t stress yourself out by trying to achieve goals that seem impossible. By thinking modestly, you will be able to make realistic plans for achieving them, and in the end, you\u2019ll see that you can trade profitably and enjoy the freedom trading offers.", "Comments are closed.", "Varsity by Zerodha \u00a9 2015 \u2013 2024.\r\n\t\t\t\t\tAll rights reserved.\r\n\t\t\t\t\tReproduction of the Varsity materials, text and images,\r\n\t\t\t\t\tis not permitted. For media queries, contact [email\u00a0protected]"], "images": ["https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo.png", "https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo-small.png", "https://zerodha.com/varsity/wp-content/uploads/2019/12/20050315.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/playstore.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/appstore.png"], "tables": [], "videos": []}

{"title": "34. Free and Easy Trading", "text": ["Throughout the day you make everyday decisions that mean little to you. You drive your kids to school and along the way, you make a host of decisions about which route to take, where to turn, or when to stop off for gas. Each decision is made with little thought. Later in the day, you may decide to stop off at the grocery store. You decide what to buy for dinner and how much you will spend. Do you obsess over these everyday decisions? You probably don\u2019t. Why should you? What\u2019s the big deal? The implications of the decisions are almost nil. But tell that to someone with obsessive-compulsive disorder.", "They have a different perspective regarding the significance of such decisions. Even minor insignificant everyday decisions are a big deal to individuals with such an ailment. Aren\u2019t you glad that you don\u2019t have obsessive-compulsive disorder? If you are a novice trader that has trouble making trading decisions, though, a seasoned trader may think you have a kind of obsessive-compulsive disorder. Whereas you sell early or abandon your trading plan because you are impatient or frustrated, seasoned traders have no problem making what they see as everyday decisions. To them, it\u2019s no big deal; it\u2019s just a decision that must be made. Wouldn\u2019t it be nice to trade with such a free and easy trading style?", "Traders can often take the decisions they make during the trading day too seriously. It\u2019s natural. When your money is on the line, you can\u2019t help but worry about losing it, and you want to protect it, even if it means obsessing over minor details or reacting with extreme emotions. Some people even personify the markets by viewing a trading decision with the same emotional intensity as they do with their interpersonal relationships. In \u201cTrading In the Zone,\u201d for example, Mark Douglas points out that traders often equate losses in the markets with their parents punishing them for breaking rules. When the markets are viewed in this way, losses take on a great personal significance. But it doesn\u2019t help to make such a big deal of things.", "It\u2019s much better to take a more detached, objective approach. How can you do it? First, don\u2019t think about, or obsess about, the outcome of a single trade. Think of the bigger picture.\u00a0 You may lose on a single trade, but across a series of trades you will come out ahead if you have a trading strategy that has a high probability of success. Successful traders plan on executing many trades, rather than just a few key significant ones. As they trade, they know that not all trades need to be winners in order to increase the equity in their accounts. It\u2019s your success overall that counts. Keeping this fact in mind takes some of the pressure off. Second, it is vital to use proper risk management. Successful traders risk only a small percentage of their trading capital on a single trade.\u00a0 Limiting the risk on a single trade further relieves some of the pressure to feel that every trade needs to be a winner, and thus, some of the personal significance is reduced.", "There\u2019s no need to imbue a trade with great personal significance. By limiting the amount of capital you risk on a trade, the actual consequences of the trade are limited, so what\u2019s there to worry about? You might as well trade free and easy.", "Comments are closed.", "Varsity by Zerodha \u00a9 2015 \u2013 2024.\r\n\t\t\t\t\tAll rights reserved.\r\n\t\t\t\t\tReproduction of the Varsity materials, text and images,\r\n\t\t\t\t\tis not permitted. For media queries, contact [email\u00a0protected]"], "images": ["https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo.png", "https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo-small.png", "https://zerodha.com/varsity/wp-content/uploads/2019/12/20050324.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/playstore.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/appstore.png"], "tables": [], "videos": []}

{"title": "35. Free Up Psychological Energy by Relieving Stress", "text": ["There are limits to the psychological energy you have available to devote to trading. And this limited energy is diminished when you let too many issues remain unresolved, lingering in the back of your mind. The more issues you leave unresolved, the more they build up and the less psychological energy you will have to address them, and also devote to trading. When built up and left unresolved, there\u2019s a high probability that these conflicts will creep out when you least expect it. Some conflicts are conscious and may enter your mind during some point during the day. Other conflicts are unconscious; you may rarely think of them. But whether they are conscious or unconscious, psychological issues are always there lurking to some extent. It\u2019s in your best interest to bring them into awareness, resolve them, and prevent them from taking up psychological space and energy.", "To free up psychological energy and resources, it\u2019s important to identify stressors and conflicts and work tirelessly to resolve them. You can free up psychological energy by practicing stress prevention. Stressful emotions can build up, and if not released occasionally, one can be overloaded by stress. You can\u2019t completely remove stress from the trading environment, but you can prevent the stressful aspects of trading from making you feel overly anxious and fearful by developing a stress management plan and following it. Some useful ways to manage stress include (a) avoiding caffeine, (b) exercising regularly, (c) minimizing daily hassles, and (d) seeking out social support.", "Caffeine helps many people wake up in the morning, but it may often elevate your nervous system to the point of making you hyper-alert to the slightest form of stress. Trading is stressful enough; it\u2019s not useful to pre-elevate your nervous system and feel a heightened sense of anxiety. Tension can also be reduced through regular exercise. Tension builds up during the trading day, and a regular exercise program ensures that pent-up frustration and tension are released, and do not build up to influence subsequent trading decisions unexpectedly. It\u2019s also important to reduce stressors in your environment.", "Daily hassles, such as time pressure, traffic congestion, or feeling over-extended can build up psychological tension and loiter in the back of your mind. Try to minimize these hassles and relieve the pent-up tension. But however you cope with daily hassles, don\u2019t ignore them; don\u2019t try to pretend they aren\u2019t important enough to deal with immediately. They can accrue and cause you great strain in the long run.", "Seeking social support from friends and loved ones is an effective way to cope with stress. When extremely stressed people have a person, or persons, with which to vent their frustration, they are able to better cope with the stressors. Oftentimes, merely expressing stressful emotions of anger, fear, and frustration can make one feel optimistic, empowered, and ready to tackle new stressors with renewed vigor. That said, it\u2019s important to remember that relationships can be a double-edged sword.", "They can help relieve stress under the right conditions, but they can also be a substantial source of stress. Not just anyone can serve as a vital member of one\u2019s social support network. Ideally, people in one\u2019s social support network should be good listeners; they should actually want to hear about your unique problems, support your feelings, and help you alleviate stress. Some relationships are uplifting, but other relationships provoke frustration and anxiety. This may be especially true for traders since not everyone in a trader\u2019s social support network understands trading or is supportive of it.", "For example, suppose a loved one is not supportive of trading, and frequently provokes anxiety by saying things like, \u201cHow much did you lose today?\u201d or \u201cWhen are you going to give up trading and go back to your regular job.\u201d Similarly, a conservative, risk-averse friend may not want to hear about relatively risky trading activities. In these cases, such relationships are unsupportive at best or extreme stressors at worst. Thus, it is vital for your psychological health to seek out the right kind of social support.", "It\u2019s essential to trade with the proper mindset. If your mind is frantically consumed with conflict and stress, you\u2019ll find that a large supply of your psychological energy is depleted, and when you shift your attention to trading, you will be unable to focus and concentrate. But when you relieve stress, you free up psychological resources and can purge the conflicts and stressors lurking in the back of your mind. Your trading will benefit from the peak performance mindset.", "Comments are closed.", "Varsity by Zerodha \u00a9 2015 \u2013 2024.\r\n\t\t\t\t\tAll rights reserved.\r\n\t\t\t\t\tReproduction of the Varsity materials, text and images,\r\n\t\t\t\t\tis not permitted. For media queries, contact [email\u00a0protected]"], "images": ["https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo.png", "https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo-small.png", "https://zerodha.com/varsity/wp-content/uploads/2019/12/20041215.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/playstore.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/appstore.png"], "tables": [], "videos": []}

{"title": "36. Organize your Workspace and Relieve Stress", "text": ["Trading the markets is a stressful occupation. The markets are unpredictable and chaotic. No outcome is a certainty, and many times, when it seems as if you know where the market is going, you discover you\u2019re wrong. It can be extremely confusing and disorienting. And this confusion and disorientation can produce stress. Winning traders must do whatever they can to remove some of the confusion and reduce stress. One of the best ways to relieve some of the stress, and put order into a face-paced unpredictable environment, is to organize your workspace.", "With a new year starting next week, it\u2019s a good time to clean up your workspace. Throw out the old and make room for the new. Clutter and stacks of old paperwork can be distracting. Piles of newspapers you\u2019ll never read can make you feel as if the clutter is closing in on you, and cramping your style. Removing some of the clutter and opening up some space often symbolically gives you increased psychological space and renewed creative vigor. You feel you have more room to breathe. Some traders may be the Oscar Madisons of trading; they may prefer a messy workspace and feel that it is more stressful to organize it than to succumb to the disarray. But most people associate untidiness with confusion, chaos, and ultimately, stress.", "An organized workspace, in contrast, is less distracting. When one is trading, it\u2019s essential to focus on your screens. Too much clutter in the same room, or on one\u2019s desk, can grab one\u2019s attention and shift it away from monitoring the trade of the moment. A clean, sparse and organized workspace makes many people feel that they have greater control. They may not be able to control the markets, but at least they\u2019ve mastered their environment and minimized any possible psychological influence that it may have on their awareness and ability to objectively assess market conditions.", "Organizing one\u2019s workspace does indeed take some effort, but it is well worth the price when one considers the piece of mind you\u2019ll gain. The first step in an organization is to throw out old, worthless information. This is the hardest part. We collect books and papers because we think we will need them. Yet many times we accumulate so much stuff that its actual contribution is minimal. We\u2019ll never find the time to read all of it, and it will just take up valuable workspace. But it\u2019s hard to throw it away. It took time and energy to assemble these items, and throwing it out subtly suggests that you wasted your time collecting the stuff. But most of it can be tossed out. Make tough decisions and commit yourself to throw out at least 25% of it. If you still can\u2019t throw it away, box it up, put it away, and sift through it when you find the time. But get it out of your workspace so that it no longer impinges on your consciousness.", "Developing an informal filing system can be helpful. It doesn\u2019t have to be formal with folders for each topic and precise categories typed on labels for each folder. Sometimes you can merely place documents for a particular task or project in a large attractive looking box. You can then pile the boxes in a corner of your office, or if it is still a distraction, you can stack the boxes in the garage. But it\u2019s important to get it off your desk and prevent it from encroaching on your workspace, and more importantly, on your mind.", "Relieving clutter and working in a sparse workspace can greatly relieve stress. The markets are impossible to control, but your workspace is something you can master by keeping it organized. So as the new year begins, throw out all the old stuff taking up precious space. You\u2019ll feel energized and ready to tackle the challenges that the new year has to offer.", "Comments are closed.", "Varsity by Zerodha \u00a9 2015 \u2013 2024.\r\n\t\t\t\t\tAll rights reserved.\r\n\t\t\t\t\tReproduction of the Varsity materials, text and images,\r\n\t\t\t\t\tis not permitted. For media queries, contact [email\u00a0protected]"], "images": ["https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo.png", "https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo-small.png", "https://zerodha.com/varsity/wp-content/uploads/2019/12/20041122.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/playstore.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/appstore.png"], "tables": [], "videos": []}

{"title": "39. Fear of Success: Is it relevant for Traders?", "text": ["Psychologists studied \u201cfear of success\u201d in the 1970s and this topic received a great deal of attention in the popular media. Today, some trading websites have had discussions as to whether traders secretly fear success. Do some traders fear success? There are no published studies on fear of success and trading, and we don\u2019t have a definitive answer to this question, but we can look at this issue with information from our Innerworth archive.", "What is the scientific basis of fear of success? Where did the idea come from? In a classic study, researchers presented a group of women with a scenario in which a young woman student ranked at the top of her class in professional school. Interestingly, women participants predicted that young women would face unpleasant consequences as a result of their success. \u201cPop\u201d psychologists in the 1970s said that these women participants had a \u201cfear of success\u201d in that they expected adverse consequences to follow success. Perhaps this research finding was restricted to a particular cohort of people who lived at a particular time. Maybe women would feel differently today.", "Nevertheless, the research continues. In subsequent years, research psychologists have studied fear of success in many different groups of people. Fear of success is correlated with low self-esteem and unpleasant emotions. Women and minorities seem to experience fear of success more often than Caucasian men. The general idea is that some groups of people in our society may receive the message that they \u201cshould not go where they do not belong,\u201d and by doing so, they will experience adverse consequences: they may need to make new friends and that could be difficult, or they may be afraid to discover that they cannot accept the burdens of a new role. Or they may feel that some people may not accept their success and may spite them because of it. Whatever the reasons, some people may believe that adverse consequences tend to follow success.", "Some traders may believe that disaster may follow their success as traders. If they are wealthy, they may want to move to a new upper-class neighborhood or make new friends that are more fitting with their higher wealth and status. These changes may be hard to make. It\u2019s much easier to stay where you are and feel comfortable. Others may be afraid that if they make huge profits, they will become accustomed to the luxuries of financial success, only to lose their fortune and have to go back to a modest lifestyle. As the old saying goes, \u201cIt\u2019s better to have never been wealthy at all than to become wealthy and then lose it all.\u201d In other words, once you\u2019ve been rich, it\u2019s hard to be poor. Other people may feel they don\u2019t deserve to be successful. This deep-seated feeling of unworthiness may unconsciously lead one to secretly fear success.", "We asked a group of our subscribers their opinions. Here\u2019s what we found. Many people in our sample, 90%, felt they deserved the profits they make as a trader. It seems that relatively few traders had a fear of success. It may be as little as 15%. For example, only 12% thought that if they made huge profits that others would try to take advantage of them. Only 10% indicated that they thought that if they were successful traders, their lives would change in adverse ways. Only 12% thought that other people would envy or spite them for having increased wealth. We asked several other questions about fear of success, and our estimate is that over 80% of our subscribers don\u2019t fear success.", "As you can imagine, fear of success can be a problem for trading. Investment success requires a relentless desire to succeed. Secretly believing that unforeseen disasters will occur if one succeeds, however, is bound to interfere with cultivating and maintaining a peak performance mindset. Fortunately, few of you seem to have a fear of success. But for those who do, it\u2019s worth gaining awareness of this issue. If you believe that profitability is the precursor to catastrophe, you\u2019ll hold back. You won\u2019t put in your best effort, and you will probably fail in the end. Don\u2019t let the fear of success get the better of you. Identify your fears, and conquer them. You\u2019ll be more profitable in the long run.", "Comments are closed.", "Varsity by Zerodha \u00a9 2015 \u2013 2024.\r\n\t\t\t\t\tAll rights reserved.\r\n\t\t\t\t\tReproduction of the Varsity materials, text and images,\r\n\t\t\t\t\tis not permitted. For media queries, contact [email\u00a0protected]"], "images": ["https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo.png", "https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo-small.png", "https://zerodha.com/varsity/wp-content/uploads/2019/12/20040729.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/playstore.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/appstore.png"], "tables": [], "videos": []}

{"title": "40. Take Responsibility and Take Control", "text": ["The prominent psychologist Dr. Julian Rotter noted that there are basically two ways to understand and interpret events in one\u2019s life: One can attribute the cause of events to internal forces, such as hard work, talent, or ability, or one can attribute the cause to external forces, such as luck or fate. When one looks for internal forces, one tends to take full and complete responsibility for an outcome. For example, one may say, \u201cI made a profit on the trade because I prepared properly, waited for the right signals, and traded my plan.\u201d That\u2019s an explanation based on internal forces.", "For a winning trade, it\u2019s easy to explain the outcome with internal forces. We have a natural tendency to build ourselves up and enhance our ego when we win, so it makes us feel good when we do well and believe it is due to our talents and skills. But what about a losing trade? When we lose, it\u2019s also due to our talents and skills, but in this case, it may be a lack of talent and skills. Such a possibility is harder to accept. When faced with a defeat, most people suddenly switch from looking for internal forces to looking for external forces: \u201cThe market conditions changed too quickly.", "The market makers are manipulating the price again. I shouldn\u2019t have taken the advice offered by that uninformed analyst. I was unlucky.\u201d It\u2019s easier to find an excuse than take full responsibility when faced with a loss. It\u2019s at these times when most of us tend to look at the world in a self-serving way, attributing our success to internal personal characteristics, but our failures to external situational causes. However, there are advantages to bucking our natural instincts and always taking full responsibility for both our triumphs and defeats: One gains a sense of power and complete control.", "In a study of self-help instruction, such as the kind of psychological advice we offer in these Innerworth daily columns, it was found that participants who tended to attribute life outcomes to internal forces were more satisfied and able to use the self-help information to change their lives than people who tended to look for external explanations. They were able to more easily apply the self-help advice to their lives and felt a sense of power and mastery. Taking responsibility for one\u2019s action allows one to gain full control of one\u2019s life, and make significant changes.", "Rather than always looking for excuses and trying to place blame on situational factors, all energy is focused on increasing performance and developing new skills. Traders who don\u2019t take full responsibility, in contrast, tend to devote the bulk of their psychological energy to defending themselves against their mistakes. Rather than cultivating an accurate, objective view of the markets, they are easily biased because of an incessant need to protect their egos. Emphasis on external causes for setbacks makes one feel good in the short term, but it hinders performance in the long term. Over time, skills aren\u2019t developed, and limited psychological energy is wasted on protecting one\u2019s ego. It takes time and energy to find an external reason for failure. This time is better spent identifying one\u2019s flaws and developing new skills to compensate for these deficits.", "Taking full responsibility is difficult, especially after a losing trade. It\u2019s hard to look at one\u2019s faults and limitations. But in the long run, the payoff is greater than the temporary uneasiness one experiences while reviewing one\u2019s limitations. In the end, if you look at your faults, acknowledge them, and take full responsibility, you\u2019ll be gaining power and control. So take full responsibility and take control.", "Comments are closed.", "Varsity by Zerodha \u00a9 2015 \u2013 2024.\r\n\t\t\t\t\tAll rights reserved.\r\n\t\t\t\t\tReproduction of the Varsity materials, text and images,\r\n\t\t\t\t\tis not permitted. For media queries, contact [email\u00a0protected]"], "images": ["https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo.png", "https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo-small.png", "https://zerodha.com/varsity/wp-content/uploads/2019/12/20041203.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/playstore.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/appstore.png"], "tables": [], "videos": []}

{"title": "42. Closing the Gap", "text": ["Do you ever start the trading day feeling that there\u2019s little chance of making a profit? You just stare at your screens, stuck and disappointed. It\u2019s at times like these that an optimistic attitude can reenergize you. Rather than pessimistically thinking there are no opportunities, you\u2019ll be ready to search for new ways to make a profit when you approach trading with an optimistic mindset. Trading expert Mark Douglas argues that traders should try to close what he calls the \u201creality gap.\u201d According to Douglas, \u201cthere is a huge gap between what is possible from the market\u2019s perspective, which is virtually anything, and what is possible from the trader\u2019s personal perspective.\u201d Traders\u2019 expectations are limited in terms of what they think is possible to take out of the markets. The opportunities, however, are abundant.", "Winning traders persist in the face of seemingly endless setbacks. It takes a rare person to be able to quickly pick oneself up after a hard fall and enthusiastically face another potential setback. Dr. Martin Seligman has studied how an optimistic mindset helps people persist when beaten. He has studied several occupational groups from top-notch winning athletes to traders on the floor of the exchange. Optimism is a powerful determinant of success. Optimists do better in school, win more elections, make more sales, and succeed more at work than pessimists.", "Optimism is related to the way people look at events in their life. When people fail, they try to understand why they failed. Pessimistic people believe that they fail because of an enduring defect in their personality. They think that their failure reflects a pervasive and stable deficit with their abilities. For example, on a particularly rough trading day, they take things personally. They may think, \u201cOther people can trade on a day like today, but I\u2019m so untalented that I\u2019m stuck. It\u2019s hopeless. I\u2019ll never be able to make it as a trader.\u201d But when you feel beaten down, it\u2019s vital that you raise your spirits.", "In \u201cThe Mentally Tough Online Trader,\u201d Robert Koppel suggests cultivating an optimistic state of mind by repeating specific positive beliefs. When you are feeling down, it\u2019s useful to think, \u201cI believe I will be a successful trader. I believe I can achieve excellent results in my trading. I believe each day\u2019s performance is fresh.\u201d Thinking these positive, uplifting thoughts can help you tackle the markets, and sift through potential market opportunities until you find a viable way to make a profit.", "If you want to succeed as a trader, cultivating an optimistic thinking style is crucial. You\u2019ll face a lot more losers than winners as a trader, and it will take persistence in the face of defeat to keep going until you hit upon a series of winning trades. It\u2019s easy to get discouraged and feel your opportunities are limited. An optimistic attitude, however, can help you close the gap between your limited expectations and abundant market opportunities.", "Comments are closed.", "Varsity by Zerodha \u00a9 2015 \u2013 2024.\r\n\t\t\t\t\tAll rights reserved.\r\n\t\t\t\t\tReproduction of the Varsity materials, text and images,\r\n\t\t\t\t\tis not permitted. For media queries, contact [email\u00a0protected]"], "images": ["https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo.png", "https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo-small.png", "https://zerodha.com/varsity/wp-content/uploads/2020/01/Innerworth_42.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/playstore.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/appstore.png"], "tables": [], "videos": []}

{"title": "44. Back On the Right Course", "text": ["Have you ever found yourself frustrated or angry, but didn\u2019t know why? Perhaps you were innocently monitoring a position and the market suddenly turned, and when it did, you watched half of your potential profit evaporate. You would have thought a commonplace event such as this would be taken in stride, but it was not. For some reason, you felt threatened, upset, and scared. It was as if a centrifuge of emotions took over, and there was no warning. It just overtook you. You didn\u2019t expect it. You were not sure why you were so incredibly upset, but all you knew was that you lost concentration and could no longer focus on following your trading plan. You couldn\u2019t think clearly. You were in a daze. Once you lose control, it\u2019s hard to regain your concentration and focus, but unless you do, you can\u2019t trade profitably.", "", "Why do we over-react at the wrong time? Our expectations often control our emotions. When our expectations don\u2019t match what actually happens in the markets, we react emotionally and impulsively. We have a natural human desire to win, but the markets don\u2019t always cooperate with us. When we are caught off guard, our knee jerk reaction is to think that the markets have treated us unfairly. We start thinking that things should go our way, and when they don\u2019t, we get angry. But trading is a profession where you should work under the assumption that things are not always going to go your way.", "Trading events may not go your way, but you don\u2019t need to let this fact of trading overwhelm you. If you are caught off-guard, a losing trade or unexpected setback will disappoint you. If you anticipate such events, however, you\u2019ll stay calmer and more relaxed, ready to take decisive action to remedy the situation.", "It\u2019s vital to anticipate adverse events rather than react impulsively and emotionally. Don\u2019t expect everything to go your way. If you believe that such adverse events should never happen, you will react with frustration and anger. And if you are too angry and frustrated, you will not be able to act decisively. You will not be able to respond quickly to potential problems. Rather than get angry, frustrated, and become distracted, you need to think calmly about how to take evasive action to protect yourself. If you anticipate the problem, you will calmly think of an alternative plan, and put it into practice.", "When trading the markets, setbacks and adverse events are the rule, and without the proper mindset, such setbacks can be paralyzing. As a trader, it\u2019s vital to have the right mindset. If you realistically anticipate setbacks and adverse events, you won\u2019t be caught off guard psychologically. Instead, you\u2019ll be able to bounce back quickly, make new profitable trades, and come out ahead in the long run.", "Comments are closed.", "Varsity by Zerodha \u00a9 2015 \u2013 2024.\r\n\t\t\t\t\tAll rights reserved.\r\n\t\t\t\t\tReproduction of the Varsity materials, text and images,\r\n\t\t\t\t\tis not permitted. For media queries, contact [email\u00a0protected]"], "images": ["https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo.png", "https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo-small.png", "https://zerodha.com/varsity/wp-content/uploads/2020/01/Innerworth_44-e1578305025259.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/playstore.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/appstore.png"], "tables": [], "videos": []}

{"title": "45. Take Credit for Your Efforts", "text": ["Winning traders make profits. In the end, the bottom line as a trader is the extent to which you are profitable. If your efforts don\u2019t produce a profit, it is easy to feel as if you have accomplished nothing, as if you have failed. But focusing solely on the outcomes of a trade can be distracting, especially if you feel that you aren\u2019t making any progress. Although profits are important, you accomplish a lot as a trader, even if some of your efforts don\u2019t directly lead to a profit. It is essential for your self-esteem and well being to pat yourself on the back for everything you do as a trader, regardless of whether it produces a profit.", "", "In a typical job, you put in your 40 hours a week and get a paycheck. It can be a tedious life at times, but there\u2019s a sense of security. As a trader, you\u2019re not sure precisely how much you\u2019ll receive from your trading efforts. It\u2019s tempting to measure your progress solely by your account balance. If you\u2019re doing so well that your equity is up, you\u2019ll feel pretty good. But if you are in a little slump, you\u2019ll feel frustrated and a little disappointed. You may feel as if you\u2019ve let yourself or loved ones down. You can feel stuck as if you are going nowhere. You may feel guilty and disappointed, and these negative emotions can put you in a bad mood, which itself can interfere with your ability to trade with a calm, objective mindset. Trading is stressful enough. There\u2019s no need to worsen your mood by adding worries and other stressors.", "One way to keep your spirits up is to mentally reward yourself for all your efforts. You might even make a list. As you accomplish a task, write it down, so that at the end of the day, you can review the list and feel a sense of accomplishment for your progress. For example, if you scan 20 charts, make a note of it. If you read a newsletter article, add it to the list. This process of listing completed tasks and rewarding yourself may not take the place of actually making profitable trades, but it will help give you a sense of achievement. You\u2019ll feel you are making some progress, especially during those times when you just can\u2019t seem to make a profit. So pat yourself on the back for a job well done. You\u2019ll feel better overall, and when you feel good, you\u2019ll increase your chances of making a profit.", "Comments are closed.", "Varsity by Zerodha \u00a9 2015 \u2013 2024.\r\n\t\t\t\t\tAll rights reserved.\r\n\t\t\t\t\tReproduction of the Varsity materials, text and images,\r\n\t\t\t\t\tis not permitted. For media queries, contact [email\u00a0protected]"], "images": ["https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo.png", "https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo-small.png", "https://zerodha.com/varsity/wp-content/uploads/2020/01/Innerworth_45-e1578305330500.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/playstore.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/appstore.png"], "tables": [], "videos": []}

{"title": "46. Getting Ready to Trade", "text": ["Trading is challenging. It pushes your skills to the limits. And unless you manage your risk carefully, the consequences of a wrong move can be fatal. It\u2019s vital for your survival that you make sure you\u2019re ready to trade before you put your ego or capital on the line. You wouldn\u2019t try to climb Mount Everest without the proper mindset or equipment, so why trade when you\u2019re not ready? Unless you are rested, relaxed, and well equipped, it\u2019s better to stay out of the markets until you are properly geared up. Here are some basic issues to consider before trading in earnest.", "", "It\u2019s important to do a little homework before the markets open, and limit your trading alternatives. Although some seasoned traders say they don\u2019t need to prepare for the markets (since they have traded the same vehicles for years), it\u2019s essential that novice traders appreciate the importance of preparation. Good preparation means knowing which specific trading vehicles you will trade before you enter the markets. It\u2019s useful to decide specifically what you will trade since the vast number of choices can be overpowering.", "You\u2019ll find you will make more profits if you restrict your focus to a few specific trades (You don\u2019t need to trade every possible opportunity to be profitable, and trying to do so will often overwhelm you to the point that you won\u2019t make any profitable trades). And don\u2019t forget about outlining a detailed trading plan and sticking to it. Make sure that you account for every single detail (for example, entry strategy, exit strategy, and risk control). Don\u2019t wait until the last minute to completely flesh out your trading plan. Prepare early.", "It\u2019s also important to anticipate all possible adverse influences that may go against your trading plan. Just as the mountain climber must anticipate bad weather, traders must anticipate events that may unduly influence market action. For example, make sure you\u2019ve accounted for significant market events, such as interest rate changes, earnings reports, mergers, and acquisitions, or the current standing of legal proceedings. The masses are easily swayed by these events, and your trading plan can be spoiled almost instantly should these events occur. So beware of them, and be ready to change your plans should you see them on the horizon.", "Make sure you are mentally prepared. Trading is chaotic, stressful, and emotional. Your mind must be working at full speed in order to vigilantly attend to the various sources of incoming information required to take quick and decisive action. It\u2019s vital that you cultivate the right mindset. Make sure that major sources of stress don\u2019t intrude into your consciousness. Spend your off-hours coping with stressors and resolving past conflicts. Don\u2019t minimize the potential influence of these psychological factors on your mindset. Unless you take care of them beforehand, they can interfere with your immediate experience as you put on trades.", "It\u2019s also essential to be physically prepared. Although you may sit in front of a computer screen most of the day, it\u2019s important to remember that this relatively sedentary activity still requires physical endurance. If you don\u2019t have the physical energy to carefully monitor your trades, you\u2019ll tend to act impulsively because you\u2019re tired and unable to keep up with the fast-paced activity. Make sure you get the proper exercise and nutrition. Not only will you build up physical stamina to meet the demands of trading, but you\u2019ll also blow off steam. Trading is stressful. A regular exercise program ensures that stressful emotions are not pent up. By releasing stressful emotions, you\u2019ll feel re-energized and ready to face the new challenges and stressors that the markets produce every day. Don\u2019t be caught off-guard. Prepare yourself physically and mentally, and reap the benefits.", "Comments are closed.", "Varsity by Zerodha \u00a9 2015 \u2013 2024.\r\n\t\t\t\t\tAll rights reserved.\r\n\t\t\t\t\tReproduction of the Varsity materials, text and images,\r\n\t\t\t\t\tis not permitted. For media queries, contact [email\u00a0protected]"], "images": ["https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo.png", "https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo-small.png", "https://zerodha.com/varsity/wp-content/uploads/2020/01/Innerworth_46-e1578305558815.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/playstore.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/appstore.png"], "tables": [], "videos": []}

{"title": "47. Realistic Optimism Keeps You Grounded", "text": ["Jack and John have just started a small trading business. Jack says, \u201cI can feel it. We\u2019re going to make a fortune. By this time next year, we\u2019ll be rolling in money.\u201d John counters, \u201cI doubt it. That would take a miracle.\u201d Jack says, \u201cYou\u2019re such a pessimist. Why are you so bleak?\u201d John argues, \u201cI think we\u2019ll be successful. But I don\u2019t think it\u2019s going to happen overnight. It\u2019s going to take some time and a lot of hard work!\u201d John is a realist. He knows they will make huge profits eventually, but he does not falsely believe that a miracle will happen. Becoming a winning trader will require that you overcome endless setbacks. It\u2019s important to be optimistic, but it is more important to be realistic. If you are overly optimistic, like Jack, you are setting yourself up for failure. You may take unnecessary risks, or be especially disappointed when you encounter the endless setbacks that are commonplace in trading.", "", "If you want to beat the odds and become a winning trader, then you must doggedly make trade after trade, even when you face endless setbacks. It takes a rare person to be able to pick oneself up after a fall and be ready to face each setback with enthusiasm. Dr. Martin Seligman has studied how an optimistic mindset helps people persist in the face of setbacks. Optimists, for example, do better in school, win more elections, and succeed more at work than pessimists. He\u2019s studied several occupational groups from top-notch winning athletes to traders on the floor of the exchange, and in all these studies, he\u2019s found that optimists do better.", "What\u2019s their secret? It is in how they explain setbacks or failures. They don\u2019t blame themselves. They don\u2019t believe that success or failure is a matter of enduring personality traits. Instead, they explain setbacks as the result of minor, controllable, situations that have nothing to do with them personally. They believe that with enough persistence, they can overcome a setback. If you want to succeed as a trader, you must cultivate an optimistic thinking style. You\u2019ll face a lot more losers than winners as a trader, and it will take persistence in the face of defeat to keep going until you hit upon a series of winning trades. Whatever you do, though, don\u2019t blame yourself. Don\u2019t think, \u201cI\u2019m a loser.\u201d Instead, focus on how you can take decisive action to change external events and how you react to them. You\u2019ll go much further.", "That said, pessimism has its virtues. Pessimists may feel badly most of the time but research studies have shown that they more accurately judge how much control they have over situational circumstances. Pessimists are more realistic in their judgments, and thus, it may be beneficial to think pessimistically occasionally. Optimism may make you feel good, but pessimism helps you evaluate the feasibility of your plans, goals, or ideas. Traders, especially novices, are notoriously overly confident. According to behavioral economist Terrance Odean, novice traders tend to over-trade and are unrealistically optimistic.", "It\u2019s vital for survival to have realistic expectations when it comes to trading. Optimism helps you persist in the face of a setback, but a healthy sense of skepticism will keep you based in reality. It\u2019s useful to question your trading plan before you implement it, for example. Ask yourself, \u201cHave I accounted for every possible adverse event that may go against my plan? Have I managed my risk appropriately? Do I have enough capital to reach my financial objectives? Do I have enough time to devote to learning how to trade profitably?\u201d", "Asking such questions and making sure you have the answers will help you survive in the long run. There are real setbacks and obstacles to becoming a profitable trader. Sugarcoating reality will only make you feel better in the short run. In the long run, you\u2019ll see the bleak realities. Rather than set yourself up for disappointment, it\u2019s better to face the obstacles head-on. It may seem overwhelming at first, but making a realistic action plan, with sub-plans to overcome the endless roadblocks, will keep you grounded. You\u2019ll have an optimistic, yet realistic, plan for becoming a winning trader, and in the long run, you\u2019ll be one of the few who make it.", "Comments are closed.", "Varsity by Zerodha \u00a9 2015 \u2013 2024.\r\n\t\t\t\t\tAll rights reserved.\r\n\t\t\t\t\tReproduction of the Varsity materials, text and images,\r\n\t\t\t\t\tis not permitted. For media queries, contact [email\u00a0protected]"], "images": ["https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo.png", "https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo-small.png", "https://zerodha.com/varsity/wp-content/uploads/2020/01/Innerworth_47-e1578305718933.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/playstore.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/appstore.png"], "tables": [], "videos": []}

{"title": "48. Don\u2019t Forget to Take a Break", "text": ["Reality is subjective. There are different states of reality in the same way that there are different states of mind or different states of emotion. After a series of setbacks, for example, the world can look bleak. Yet after a series of big wins, in contrast, you can feel euphoric, even omnipotent. So which is the true reality? This is a hard question to answer. Perhaps it is best to consider that there are multiple realities and that some are more conducive to optimal trading than others.", "", "One reality is that you must make profits. If you don\u2019t make enough winning trades, you will blow out your account. As true as this fact of trading is, however, forcing yourself to make a trade after winning trade can actually make you choke under the pressure. While trading the markets, it is best to put this reality out of your mind. The more you can stay focused on your ongoing experience, rather than dwelling on your performance, the better. The more you just don\u2019t care, the better you will trade.", "Psychologists call this phenomenon the paradox of control: You have to give up control to actually gain control. If you feel that you can lose money and survive, you\u2019ll actually make more money. It sounds strange, but it\u2019s true. That said, it is hard to forget about your financial needs, aspirations, and expectations. If you are serious about the trading profession, you are probably the type of person who has high aspirations. You seek out success and you are ready to do whatever it takes to make your mark. But again, it can be difficult at times to forget about your expectations. It can be difficult to avoid putting pressure on yourself.", "If you want to trade in a peak performance mindset, however, it is vital to get away from it all, psychologically, that is. You need to let your mind relax. You need to let your thoughts slow down. You must occasionally get away from the competitive world of trading. Everyone has his or her approach. Some use meditation. Others work out at the gym until they let off pent up energy and are fully relaxed. And many people get a massage to relieve physical tension. The key is to shake your mind out of one reality and put it into another.", "Here\u2019s one method that can really give your mind the shock it needs. You can immerse your body in warm water (hot but not scalding and preferably at a professionally operated spa) for two minutes and then jump into a pool of cold water. When you immerse your body in a pool of hot water, all you can think about is coping with the heat. It\u2019s a little painful and so you must maintain concentration to avoid jumping out. It\u2019s a great way to focus on it. Your mind can\u2019t actually think of anything else but concentrating on how you will cope with the intense heat surrounding your body. You soon enter a meditative state. You aren\u2019t thinking at all about how well you are doing in the markets! Next, you immerse your body in a pool of cold water. The rapid change in body temperature allows your mind to slow down. You feel relaxed, and somewhat in a daze. By repeating the process a few times, you will be able to fully relax. You will be in a new reality.", "From a psychological standpoint, getting into this new reality can have rejuvenating effects. You will put things in perspective. You will see that trading activities, and the high standards you try to attain, are only one aspect of your life. This realization can provide solace during a stressful trading day. You\u2019ll remember that there are other realities in the midst of chaos. But more importantly, you will feel relaxed and ready to tackle the stresses and strains of the markets with renewed vigor.", "Trading is inherently stressful. As much as we try to avoid it, our ego is often on the line with our money. It\u2019s essential to psychologically get away from it all. Whether it is meditation, exercise or a vacation on a tropical island, it\u2019s vital to shake up your reality, rest, and rejuvenate.", "Comments are closed.", "Varsity by Zerodha \u00a9 2015 \u2013 2024.\r\n\t\t\t\t\tAll rights reserved.\r\n\t\t\t\t\tReproduction of the Varsity materials, text and images,\r\n\t\t\t\t\tis not permitted. For media queries, contact [email\u00a0protected]"], "images": ["https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo.png", "https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo-small.png", "https://zerodha.com/varsity/wp-content/uploads/2020/01/Innerworth_48-e1578306030332.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/playstore.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/appstore.png"], "tables": [], "videos": []}

{"title": "49. They Say it Couldn\u2019t be Done", "text": ["Jim has been trading for six months. He started at $5,000, but he only has $1,500 left. He is starting to get worried. He\u2019s frustrated and upset. He tells his friend Jason, \u201cI think it is impossible to trade and make a living. I\u2019ve worked at it for six months and I\u2019ve lost money. I haven\u2019t made a dime. I don\u2019t believe it is possible to be a profitable trader.\u201d", "", "Does any of this sound familiar? Jim is facing an ailment of many novice traders. He had high hopes for achieving early success, but the downside of trading is more than he bargained for, and more than he can handle. Success has eluded him, and he is understandably upset. Indeed, trading profitably is difficult. Many people try to trade every year, and conventional wisdom among experts is that less than 20% realize long-term success.", "If you want to believe that it is impossible to trade profitably, you\u2019ll be able to find a lot of people who agree with you. Trading isn\u2019t easy. As they say, \u201cIf trading were easy, everyone would be millionaires.\u201d Trading is a profession where a relatively small group of persistent, dedicated people hone their skills until they achieve a level of mastery that sustains success. If you want to join the chosen few, then you can\u2019t give up so easily. You can\u2019t become discouraged by what others say. If you do, then it will be difficult for you to achieve success. Similarly, if you are the kind of person who can\u2019t face the fact that trading requires special skills and dedication, you\u2019ll just end up quitting before you achieve success. You need to be the kind of person who is willing to beat the odds and achieve success.", "To be a successful trader, you must be optimistic. You must truly believe that if you put in the effort, you will eventually achieve success. That doesn\u2019t mean that you should have a Pollyanna attitude. It doesn\u2019t mean that you should be afraid to face the challenges of trading or try to deny that trading is difficult and requires you to overcome many obstacles. Instead, you must be ready to face the challenges and welcome them. You must identify them and tackle them with resolution. This is hard to do.", "For example, you must make sure your capital matches your goals. The more capital you have available, the more likely you will be able to achieve lasting success. You must also put in long hours initially to learn how to trade and gain the experience you need to hone your trading skills. Pretending that you don\u2019t need to meet these prerequisites isn\u2019t going to allow you to reach your goals. You can\u2019t become discouraged easily. You must be able to persist in the face of seemingly insurmountable obstacles. And you must not care what anyone says. If they say it can\u2019t be done, you must reply, \u201cMaybe it can\u2019t be done, but I\u2019m going to do whatever I can to see if I\u2019m one of the few who can do it.\u201d", "Comments are closed.", "Varsity by Zerodha \u00a9 2015 \u2013 2024.\r\n\t\t\t\t\tAll rights reserved.\r\n\t\t\t\t\tReproduction of the Varsity materials, text and images,\r\n\t\t\t\t\tis not permitted. For media queries, contact [email\u00a0protected]"], "images": ["https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo.png", "https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo-small.png", "https://zerodha.com/varsity/wp-content/uploads/2020/01/Innerworth_49-e1578306239261.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/playstore.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/appstore.png"], "tables": [], "videos": []}

{"title": "50. Waiting for the Payoff", "text": ["Are you ready to work all day and make absolutely no money at all? If you ask most people that are accustomed to working a 9-to-5 job, they would say, \u201cNo way, are you kidding?\u201d But if you are a serious, active trader, there are many days that you must accept the fact that you aren\u2019t going to take home any money.", "", "There are various reasons that you may decide to work for no immediate payoff. For example, market conditions may not be optimal, and should you try to trade under such conditions, you may actually end up losing money. On another day, you may be tired, overly anxious, or just feel awful. If you were to trade with less than an optimal mindset, you could make trading errors that have lasting repercussions. Sometimes you need to merely study the markets and figure out what\u2019s going on, the mode the markets are in. And at other times, you may just want to read up on new trading methods to stay ahead of the crowd.", "There are still other times when you need to intensely focus on learning new methods and building new skills rather than trying to gain an immediate profit. Seasoned, active traders look at their profession quite differently than many people view their typical blue- or white-collar jobs. It\u2019s a creative job where part of the skill is the ability to intuitively get a feel for the markets, and understand when they should push themselves and when they should stand aside, and wait for better times.", "Spending time that doesn\u2019t directly lead to an immediate payoff is hard for many people to accept. Many people are used to making an hourly, weekly, or monthly wage. But in the trading business, you have to think about things differently. You can\u2019t focus on taking home a steady paycheck. Consider what would happen if you inflexibly thought you had to take home a target profit of $200 day. It\u2019s quite likely that on many days you would work for a solid eight hours without realizing a profit.", "If you work under the assumption that it is critically necessary to reach the $200 goal each and every single day, it\u2019s likely that you may start wondering how you\u2019d meet your expectations in the last 30 minutes of the session, and feel a need to get there no matter what. While under pressure, you might take low probability setups or impulsively make trading errors. The end result may be substantial losses that you would need to make up the next day. Rather than making the $200 profit, you could be down $200. You would have been better off standing aside that day.", "Trading is a profession where you have to think freely and creatively. Sure, you can push yourself to your limits while studying the markets off-hours, but during the trading day, you have to stay calm and open to your intuition. You have to work with current market conditions, and use your talents to take out profits. Sometimes those profits are huge. At other times, you won\u2019t make anything. But it\u2019s all right. Your overall profits are all that matters, not what happens on any given day. So when you have those days when things don\u2019t seem to be going your way, don\u2019t get upset or disappointed.", "If you patiently wait for the markets to move in your favor, you can apply your specific talents to making a profit. It\u2019s just a matter of going where the markets take you.", "Comments are closed.", "Varsity by Zerodha \u00a9 2015 \u2013 2024.\r\n\t\t\t\t\tAll rights reserved.\r\n\t\t\t\t\tReproduction of the Varsity materials, text and images,\r\n\t\t\t\t\tis not permitted. For media queries, contact [email\u00a0protected]"], "images": ["https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo.png", "https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo-small.png", "https://zerodha.com/varsity/wp-content/uploads/2020/01/Innerworth_50-e1578306402390.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/playstore.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/appstore.png"], "tables": [], "videos": []}

{"title": "51. Modest and Realistic Goals", "text": ["Stan is disappointed with his life. He views his life as a consolation prize, a series of concessions that fail to meet his desires in the end. He wishes he had more money. He fantasizes, \u201cIf I can make huge profits trading, maybe all my worries would be solved. I\u2019ll gain the respect and recognition I\u2019ve always wanted. Perhaps I\u2019ll find an exciting, new romantic partner who will satisfy all my needs for love and contentment. If only I could make enough profits to solve all my problems.\u201d", "Have you ever felt like Stan? Have you ever dreamed of making a series of huge wins and having all your problems solved? It may be enjoyable to occasionally dream of how you\u2019ll solve all life\u2019s problems by making a few million dollars trading the markets, but it\u2019s unlikely to happen. It\u2019s hard to make that kind of money under most market conditions and without sufficient investment capital. In the end, that kind of thinking will just get you discouraged. It is vital that you identify such flawed plans and develop more modest and realistic goals.", "", "In setting goals, it\u2019s important to have realistic expectations. Trying to make huge profits quickly is unrealistic; modest goals are more realistic, and thus, more satisfying. Yet most novice traders reject modest, achievable goals for ones they can\u2019t possibly achieve. Since their expectations are often unrealistic, they fail quickly, feel disappointed, and just give up. Examples of unrealistic goals are trading with an insufficiently funded account that can\u2019t possibly cover drawdowns or fees and commissions. They may also trade with unreliable trading strategies and expect to make a profit even as new market conditions make their methods obsolete. It\u2019s not only impossible to achieve unrealistic goals, it creates a great deal of stress, which itself can produce trading errors. Setting more realistic expectations eases some of the pressure and helps you build up sound trading skills.", "Many novice traders also underestimate how long it takes to achieve sustained profitability. For example, they assume they can trade profitably in a matter of months, whereas seasoned traders emphasize that such consistently profitable trading may take several years. And it\u2019s hard to achieve. It requires a heroic effort, yet many novice traders think only minimal effort is needed. For example, they may think they can trade profitably by treating trading as a hobby rather than as a serious business. They over-estimate their ability level. They overconfidently think that they have the skills and abilities that they do not yet have. Don\u2019t ever underestimate the tendency to be overconfident. Conquer the tendency to trade beyond your skills by cultivating a sense of healthy skepticism regarding your trading skills and your trading strategies. Be realistic about what you can actually achieve.", "In the end, it\u2019s important not to get your hopes up too high. Just like Stan who wants to achieve bliss through trading, novice traders think they\u2019ll make more profits than they can realistically see, or they believe that when they achieve huge profits, all of their life problems will be solved. They may believe their spouses will love them more (or they will find the ideal romantic partner). They believe they\u2019ll achieve the recognition and respect they\u2019ve been searching for their whole lives. But these expectations rarely materialize. And even when they do, they fail to meet one\u2019s expectations. Motivating yourself by fantasizing about these potential rewards will likely fail in the end. The only way you\u2019ll achieve profitability is by setting realistic goals. You must accept the fact that trading is just plain hard work. You\u2019ll have to put in a heroic effort to achieve success. With enough persistence, hard work, and determination, however, you will build up the skills you need to become a consistently profitable trader.", "Comments are closed.", "Varsity by Zerodha \u00a9 2015 \u2013 2024.\r\n\t\t\t\t\tAll rights reserved.\r\n\t\t\t\t\tReproduction of the Varsity materials, text and images,\r\n\t\t\t\t\tis not permitted. For media queries, contact [email\u00a0protected]"], "images": ["https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo.png", "https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo-small.png", "https://zerodha.com/varsity/wp-content/uploads/2020/01/Innerworth_51-e1578306702829.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/playstore.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/appstore.png"], "tables": [], "videos": []}

{"title": "52. Clear and Specific Goals", "text": ["Trading can be tedious at times. Day in and day out you have to look for market opportunities, and once you find them, you have to put your money and a little bit of ego on the line, and suffer the consequences, good or bad. If your heart isn\u2019t in it, you\u2019ll eventually join the disillusioned minions who have left the trading profession. To make it as a trader in the long run, you must love the process of trading. You must think it\u2019s so exhilarating that you would do it for minimum wage if that were the only way you could trade. It\u2019s not about the prize. It\u2019s a calling, a noble mission.", "", "Who would not want to be a winning trader? With complete financial freedom, you could do anything you wanted. It\u2019s necessary, however, to turn the abstract goal of becoming a winning trader into a specific, concrete plan. In their book, \u201cThe Inner Game of Trading,\u201d Robert Koppel and Howard Abell argue that your trading goals should be clear, precise, and well defined. You must also try to complete your goals within a reasonable time. You should state your goals in an empowering way, and your goals should be realistic. And it\u2019s also necessary to set a goal that is easy to quantify.", "There are a variety of ways to define trading goals, according to Koppel and Abell. First, you can set performance goals in which you focus on how well you are doing in terms of your own personal standards. When trying to achieve a performance goal, you try to increase your physical and psychological skills related to trading. Second, you can set outcome goals. Outcome goals help determine what\u2019s important to you. They allow you to develop trading techniques and strategies that match your personality. Third, a motivation goal helps increase your effort\u00a0you to focus your attention on honing your trading skills. Motivation goals allow you to maintain a high level of enthusiasm and confidence.", "Koppel and Abell list some important goals that novice traders should set. It\u2019s important, for example, to learn to control your emotions. Many traders act emotionally rather than rationally. They also have difficulty taking losses. It\u2019s necessary to take losses quickly and easily, rather than dwell on them. It\u2019s also important to develop a trading system that is consistent with your personality. All traders should also limit their risk. These are just some examples, but with each of them, it\u2019s essential to strive to achieve specific goals every day. On some days, you might just try to set a performance goal. You might practice a trading skill you\u2019re trying to hone based on a standard you personally define as adequate. On other days, you might try to achieve a specific outcome, and see how well you do. It\u2019s vital, however, to set clearly defined goals, and enthusiastically pursue them. Log your advancement, and reward yourself when you make significant progress.", "Many traders make the mistake of trading aimlessly every day without trying to achieve specific goals. As Koppel and Abell put it, it\u2019s like trying to saw down a tree without making sure that your blade is sharp enough to cut wood. Goals direct and motivate. Without clear and specific goals, you\u2019re making a journey without a map.", "Comments are closed.", "Varsity by Zerodha \u00a9 2015 \u2013 2024.\r\n\t\t\t\t\tAll rights reserved.\r\n\t\t\t\t\tReproduction of the Varsity materials, text and images,\r\n\t\t\t\t\tis not permitted. For media queries, contact [email\u00a0protected]"], "images": ["https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo.png", "https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo-small.png", "https://zerodha.com/varsity/wp-content/uploads/2020/01/Innerworth_52-300x300.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/playstore.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/appstore.png"], "tables": [], "videos": []}

{"title": "53. Setting Goals for the New Year", "text": ["With the New Year upon us, it\u2019s time to make plans for the future, and set exciting new goals. Goals can be motivating. When we think of where we want to go next in our lives, and when we formulate specific goals, the goals suddenly seem possible. We start thinking of various possibilities. The more we think, the more plans we make, and the more the possibilities seem realistic. We suddenly feel energized and ready to take on the world. But it\u2019s important to not get too carried away. Whether you are making plans for your personal life or setting new trading goals, you must set goals carefully. It\u2019s vital that you set realistic goals, goals that are challenging enough to take you to new heights, yet humble enough to match your actual available resources.", "", "At the start of the new year, it\u2019s tempting to be extremely optimistic. Why not shoot for the stars? Although high aspirations are necessary for one to achieve ambitious goals, \u201cshooting for the stars\u201d usually leads to unrealistic goals, and that usually leads to failure. For example, about 90% of the people who set New Year\u2019s resolutions fail. Most of these failures occur because people were too optimistic when setting their goals. They started to think, \u201canything is possible\u201d if one \u201cdares to dream.\u201d As inspiring as the \u201canything is possible\u201d attitude is, it rarely proves true. You can\u2019t merely think your way into success. It takes hard work and planning. And all the hoping in the world can\u2019t make one achieve the impossible. You must have the proper resources.", "Most people set unrealistic goals when making a New Year\u2019s resolution. They think they can lose more weight than they really can lose. They tend to want to achieve personal projects that can\u2019t possibly be completed with the resources they have available. And when it comes to trading, many novice traders plan on making more money than they can possibly make. (For example, one can\u2019t hope to make a living with a $10,000 trading account.) Instead of setting goals that are difficult to achieve, it\u2019s essential to set realistic goals. Don\u2019t think you can trade profitably if you are just starting out, for example. Give yourself some time to hone your trading skills. (Many seasoned traders say that if you\u2019ve been trading for less than five years, you are still a newbie. Keep that in mind when you plan your trading goals.)", "When setting goals, it\u2019s useful to make them specific, but not unrealistic. It is useful to distinguish learning goals from performance goals and set both kinds of goals. A novice trader, for example, doesn\u2019t have the skills and resources to trade consistently or make big profits. Setting the goal of making a 40% profit in six months, for example, is difficult if one doesn\u2019t have the requisite skills. That\u2019s an example of setting an impossibly high \u201cperformance goal.\u201d Unrealistic performance goals usually lead to failure and extreme disappointment.", "This is when hopes are dashed, and most want to just give up. Instead of setting a high-performance goal, novice traders should set high learning goals. A learning goal, such as spending 20 hours a week learning new strategies and putting on 10 practice trades (whether profitable or not), is easier to achieve. One will be likely to achieve success and meet the goal. Rather than feeling a sense of disappointment, one will feel accomplished, as if he or she has beaten the odds and triumphed. One will be energized and ready to move on to achieve even higher goals.", "The start of the new year is a great time to set new and exciting goals. But be careful. Set realistic goals that you know you can achieve. For the New Year, many people set their sights too high, fail, and experience extreme disappointment. By setting realistic goals, however, you\u2019ll be more likely to achieve success, feel energized, and maximize your potential.", "Comments are closed.", "Varsity by Zerodha \u00a9 2015 \u2013 2024.\r\n\t\t\t\t\tAll rights reserved.\r\n\t\t\t\t\tReproduction of the Varsity materials, text and images,\r\n\t\t\t\t\tis not permitted. For media queries, contact [email\u00a0protected]"], "images": ["https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo.png", "https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo-small.png", "https://zerodha.com/varsity/wp-content/uploads/2020/01/Innerworth_53-300x300.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/playstore.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/appstore.png"], "tables": [], "videos": []}

{"title": "54. Goal Setting Enhances Motivation", "text": ["The goals we set often dictate our motivation level. In his book, \u201cThe Mentally Tough Online Trader,\u201d Robert Koppel (2000) argues, \u201cSetting goals is imperative for the trader to enhance motivation and optimize performance. Goals should be realistic and measurable, within one\u2019s control, and realized within a specific time frame.\u201d Setting high-level goals are the hallmark of success, but on the other hand, if you set your sights too high, you will often end up failing. And repeated failure can damage your ego to the point that you just want to give up. The trick to setting goals is to find the right balance between being unrealistically ambitious and being too modest.", "", "In setting goals, it\u2019s important for your emotional well being to hold realistic expectations. For example, many novice traders try to turn a small stake into a huge fortune and end up feeling frustrated. Trading an insufficiently funded account can\u2019t possibly cover drawdowns or fees and commissions. Novice traders also trade beyond their skill level. They may use unreliable trading strategies and expect to make a profit even as new market conditions make their methods obsolete. It\u2019s difficult to achieve unrealistic goals. It creates a great deal of stress, which itself can produce trading errors. Setting more realistic expectations eases some of the pressure and helps you build up sound trading skills. As you achieve each goal, you feel a sense of satisfaction. You feel empowered and ready to achieve your next goal.", "Many novice traders also underestimate how long it takes to achieve sustained profitability. For example, they assume they can trade profitably in a matter of months, whereas seasoned traders emphasize that such consistently profitable trading may take several years. And it\u2019s hard to achieve. It requires a heroic effort, yet many novice traders think the only minimal effort is needed. For example, they may think they can trade profitably by treating trading as a hobby rather than as a serious business. They over-estimate their ability level. They overconfidently think that they have the skills and abilities that they do not yet have. Don\u2019t ever underestimate the tendency to be overconfident. It is crucial to conquering the tendency to trade beyond your skill level by cultivating a sense of healthy skepticism regarding your trading skills and your trading strategies. Be realistic about what you can actually achieve.", "In addition to setting realistic goals, it\u2019s also important to set specific goals. Many people make the mistake of setting vague, non-specific goals. It is useful to set specific goals and reward yourself as you make progress. Goals don\u2019t necessarily need to focus on profits. You may want to initially set goals regarding the development of skills. You can decide to study charts for three hours a day or read one new trading book a week. As you complete each goal, you\u2019ll naturally feel a sense of satisfaction for your progress.", "As you develop your skills, you can gradually reach for higher and higher goals. Your progress may be slow at first, but over time, you\u2019ll make significant progress. The key is to avoid trying to do too much. Take it slow. Work at your own speed and according to your own timeline. Don\u2019t make it a race. The only person you need to please is you. If you set goals realistically and strive to achieve them with a resolution, you\u2019ll master the markets, and achieve enduring financial success.", "Comments are closed.", "Varsity by Zerodha \u00a9 2015 \u2013 2024.\r\n\t\t\t\t\tAll rights reserved.\r\n\t\t\t\t\tReproduction of the Varsity materials, text and images,\r\n\t\t\t\t\tis not permitted. For media queries, contact [email\u00a0protected]"], "images": ["https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo.png", "https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo-small.png", "https://zerodha.com/varsity/wp-content/uploads/2020/01/Innerworth_54-294x300.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/playstore.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/appstore.png"], "tables": [], "videos": []}

{"title": "55. Go For It", "text": ["When your money is on the line, you can\u2019t help but act cautiously. You don\u2019t want to impulsively gamble with your account, dig yourself into a financial hole, and need to work twice as hard just to break even. On the other hand, you don\u2019t want to stagnate. Winning traders are carefree when making trades. They don\u2019t strive for an unrealistic level of perfection. They take action, solve problems as they come, and most importantly, make trades.", "", "In many professions, striving for perfectionism is rewarded. Studies of ambitious, successful people, for example, have illustrated that they will persistent at completing a task until their relatively high standards are met, but they don\u2019t overdo it to the point of procrastination. They set a specific standard, and once they reach it, they complete the task and move on. Many people, however, are afraid to put their ego on the line and possibly feel humiliated by failure.", "In his book, \u201cTrading in the zone,\u201d Mark Douglas notes that novice traders find reasons to avoid executing trades. They may convince themselves that they may need to learn new trading strategies, for example. But these excuses are often just ways to avoid taking responsibility for putting on a trade. They would rather mull over a trading decision than executing a trade and facing their limitations. It is vital for traders to take action, though. Shrinking back from a challenge can never lead to success. That said, it\u2019s quite natural to want to make sure everything is just right before executing a trade. How many times have you failed to account for a potential adverse event and paid the price? Through hard knocks, you\u2019ve learned the virtues of extreme caution. But, in the end, you also know you must take action. You must accept responsibility, and make a trade.", "How can you ease the pressure of taking risks? First, the obvious solution is to minimize potential losses through risk management. If you limit the amount of risk to only a small percentage of your account, you will really feel that you have little to lose. Second, don\u2019t imbue a trade with more emotional significance than it\u2019s worth. It isn\u2019t your baby; it\u2019s just your job. If you look at it from an objective, businesslike perspective, you\u2019ll feel more relaxed and will be able to make the trade more easily. Third, from a purely psychological standpoint, you must be willing to accept the fact that trading outcomes are uncertain.", "You\u2019ll never truly know how a trade will turn out unless you execute it and find out what happens. It\u2019s hard to face the consequences at the time, but it\u2019s all part of the learning experience. It may be unpleasant to find out just how hard trading can be, but you\u2019ll find that in the long run, if you take personal risks, minimize the real financial consequences, and learn from your mistakes, you\u2019ll master the markets. And all the psychological pain you had to endure in the process of learning was well worth it. So don\u2019t be afraid to take the plunge. As long as you\u2019re not risking money you cannot afford to lose, you\u2019ll be building up a repertoire of trading experiences that will ensure you are on the path to success.", "Comments are closed.", "Varsity by Zerodha \u00a9 2015 \u2013 2024.\r\n\t\t\t\t\tAll rights reserved.\r\n\t\t\t\t\tReproduction of the Varsity materials, text and images,\r\n\t\t\t\t\tis not permitted. For media queries, contact [email\u00a0protected]"], "images": ["https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo.png", "https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo-small.png", "https://zerodha.com/varsity/wp-content/uploads/2020/01/Innerworth_55-294x300.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/playstore.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/appstore.png"], "tables": [], "videos": []}

{"title": "56. The Golden Mean: Real Trading Phenomenon or Just Wishful Thinking?", "text": ["If you\u2019ve spent any time around trading, you\u2019ve probably run into the Golden Mean. You may have seen it represented as Fibonacci lines on a price chart. The Fibonacci sequence is a string of numbers in which two consecutive numbers are added together to produce the third, for example, 1, 1, 2, 3, 5, 8, 13, 21, 34, 55, and so on. Some traders use ratios derived from the Fibonacci number series to define key support and resistance levels, often with the belief that such estimates are more \u201cnatural\u201d because they are based on the Fibonacci sequence. Fibonacci claimed that consistent patterns could be found in what appeared to be random numbers. Subsequent followers of Fibonacci extended his theory to the trading of futures and stocks as they attempted to find patterns in random price activity. But are there \u201cnatural and pristine\u201d patterns in the seemingly random movements of prices, or is it just wishful thinking?", "", "", "One way of calculating the Golden Mean Ratio is to add two random numbers together. That result is then added to the sum. After eight reverberations, one can divide the former number into the latter and find a definable pattern, which is represented mathematically as 0.618 or its reciprocal, 1.618. This Golden Mean is thought to reside in the most beautiful architecture, music, and art. It is commonly found in nature in the structure of many of the most beautiful flowers, animals, and seashells. Greek philosophers and mathematicians saw the Golden Mean as significant because it illustrated balance in nature, the arts, and even the human body. It was the epitome of balance\u2014the perfect shape \u2026 the most pleasing vision.", "In the natural world, it is amazing how consistent patterns abound, but when it comes to human behavior, social scientists have long known that such consistencies are rare and almost non-existent. And what is trading? It is human behavior. It\u2019s not a natural phenomenon but made up by humans. It\u2019s not perfect. It\u2019s not pristine. It is in disarray and unpredictable. To be a successful trader, one must accept the uncertainty of human behavior and engage in the daunting task of finding consistency where there is little.", "Nevertheless, many traders find ideas, such as the Fibonacci number sequence, fascinating, almost mystical. But not all traders appreciate the beauty of the Fibonacci number sequence. Indeed, the Editor of a popular trading magazine noted that there might be nothing mystical about the sequence. It may seem to work merely by coincidence (the market is likely to correct somewhere between one-third and two-thirds of the previous trend, which is similar to the commonly used Fibonacci ratios of .382 and .618.) Where you stand on such issues may reveal a lot about your trading personality.", "Many traders are drawn to the superstitious aspects of trading. They don\u2019t have confidence in themselves, so they start searching for methods based on the \u201claws of nature\u201d that can give them a solid, yet false, sense of reassurance. They seek out universal and general rules, all in an attempt to seek out certainty and the security it provides. Concepts, such as the Fibonacci number sequence, do just that. They offer promise. One has the luxury of not believing in oneself but in the greater omnipotent laws of nature. It\u2019s like believing in luck, fate, or destiny.", "One can choose to live one\u2019s life passively believing in external forces, waiting for the proverbial stars to line up in one\u2019s favor. But the most successful members of society don\u2019t have time to wait for fate or to depend on luck. And if you want to be a profitable trader, or stay that way, it would be wise to abandon any forms of superstition. The surest way to succeed is to build up your trading skills. Build them up to the point that you can\u2019t wait for so-called \u201cluck\u201d to move against you so that you can demonstrate your actual fortitude. With solid trading skills, and the rock-solid confidence it will give you, you\u2019ll find that you can accept the uncertainty involved in trading the market, and depend on you, your skills, and nothing else.", "Comments are closed.", "Varsity by Zerodha \u00a9 2015 \u2013 2024.\r\n\t\t\t\t\tAll rights reserved.\r\n\t\t\t\t\tReproduction of the Varsity materials, text and images,\r\n\t\t\t\t\tis not permitted. For media queries, contact [email\u00a0protected]"], "images": ["https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo.png", "https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo-small.png", "https://zerodha.com/varsity/wp-content/uploads/2020/01/Innerworth_56-300x300.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/playstore.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/appstore.png"], "tables": [], "videos": []}

{"title": "57. Putting Up a Good Fight", "text": ["The outcome of a trade is never a sure thing. There\u2019s always an element of chance. When going long, for example, all indicators may suggest a strong and solid trend, but it\u2019s possible that an unanticipated, adverse event could ruin it all. You can never know for sure what will happen. But that\u2019s all right. You don\u2019t need to have everything fall into place every time you make a trade. It\u2019s not the outcome of any single trade that matters, it\u2019s the big picture. The bottom line is the total profits you make across a series of trades.", "Thinking of the big picture helps relieve pressure. You can calmly think, \u201cWhat\u2019s there to worry about? It\u2019s just one trade among many.\u201d Thinking of the bigger picture is a great thinking strategy that you can use to calm down. Here\u2019s another one: Fight like you deserve to win, but don\u2019t focus on the outcome.", "", "In his book \u201c1776,\u201d author David McCullough described how the Founding Fathers of the United States didn\u2019t focus on whether or not they would win the Revolutionary War. In their minds, the final outcome of the war was not in their control. In the end, victory was in the control of a higher power, destiny, or fate. All they could do was gallantly fight the war to the point that they deserved to win. That isn\u2019t to say that they just thought they should give up and assume they couldn\u2019t win. Indeed, it was far from that. They believed in fighting persistently and gracefully so that regardless of the outcome, they could feel at peace knowing that they fought as bravely as they could.", "Ever heard the phrase, \u201cWinning is the only thing\u201d? Winning is important, but ironically, it can\u2019t be \u201cthe only thing.\u201d A more apt saying for success is, \u201cIt\u2019s not whether you win or lose, but how you play the game.\u201d If you trade with resolution and discipline, you\u2019ll be more likely to achieve success. You must respect trading and the markets. You can\u2019t impose your will on the markets. The markets will do whatever they want. You must be ready to accept what the markets have to offer you. It\u2019s vital to enjoy the process of trading. It\u2019s intellectually challenging.", "You can use your creative abilities to identify trading opportunities and feel a sense of accomplishment by solving difficult problems. Sometimes you\u2019ll win, but many times you will lose. But each trading opportunity has a little something to teach you about yourself, the markets, and trading. It may be just a little thing, like how you can accept taking a loss after a fluke ruined a perfectly good trade. Or maybe you will merely learn something about your current limitations. There\u2019s always something to learn. Whatever you do, though, don\u2019t get caught up focusing entirely on winning. You can\u2019t completely control whether you win or lose and when you think about winning, you just get distracted.", "Enjoy the process of trading. Fight hard; try to overcome every obstacle. But do it because you love it, not because you need to win. If you can step away from the idea that winning is all that matters, you\u2019ll be able to control your emotions. When you encounter a setback, you won\u2019t experience self-doubt or inadequacy. Instead, you will actively and creatively think about what you can do next. What is the next step you can take to bring you closer to your goals? It\u2019s hard to do.", "In modern society, we are driven to win, but ironically, the people who actually win in the long run aren\u2019t consumed with winning. They are consumed with the process of trading, honing their skills, and gaining a sense of peace knowing that they have worked to the best of their abilities. They feel satisfied just knowing that they have put in a noble effort.", "Comments are closed.", "Varsity by Zerodha \u00a9 2015 \u2013 2024.\r\n\t\t\t\t\tAll rights reserved.\r\n\t\t\t\t\tReproduction of the Varsity materials, text and images,\r\n\t\t\t\t\tis not permitted. For media queries, contact [email\u00a0protected]"], "images": ["https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo.png", "https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo-small.png", "https://zerodha.com/varsity/wp-content/uploads/2020/01/Innerworth_57-300x300.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/playstore.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/appstore.png"], "tables": [], "videos": []}

{"title": "58. A Good Mood Is More Important Than You Think", "text": ["Have you felt under extreme pressure while putting on a trade, and found that you just couldn\u2019t think straight? You questioned your trading plan, and suddenly, you hesitated at a critical moment during the trade, a time when decisive action was needed. When you get like this, it may be hard to snap out of it. A bad mood has a lot to do with it. When you\u2019re in a bad mood, you\u2019ll be stuck and paralyzed. Your mood impacts your decisiveness. The better your mood, the more earnestly you\u2019ll trade.", "", "In an innovative experiment, psychologists Benie MacDonald and Graham Davey (2005) showed that seeking extreme perfection is a function of two factors: a bad mood and a belief that mistakes have dire consequences. College students were asked to complete a task that consisted of identifying 100 spelling and punctuation errors. Participants were randomly assigned to one of four experimental groups. Some participants were told that if they made a mistake on the task, they would receive a slight form of punishment, while for others, making a mistake had no consequences. Some people did the task while in a good mood, while others did the task in a bad mood, which was induced experimentally by the researchers.", "The participants who were in a bad mood, and thought that they would be punished for making a mistake, tended to unnecessarily check and recheck their work. In other words, they tried to achieve an unrealistic level of perfectionism. Why did this group of participants obsessively strive for extreme perfection? According to MacDonald and Davey, these participants allowed their mood to dictate their behavior. They thought, \u201cI\u2019m going to look for mistakes until I feel satisfied.\u201d When you\u2019re in a bad mood, however, this isn\u2019t a very useful strategy. A bad mood doesn\u2019t dissipate very quickly, and so if you check and recheck your work until you are satisfied, you\u2019ll check and recheck longer than necessary. Since you\u2019re in a bad mood, you\u2019ll never feel satisfied, no matter how much checking and rechecking you do.", "This experiment explains why people seek out extreme perfectionism while in a bad mood. If you are prone to experience self-doubt, your confidence will be especially shaken when you are in a bad mood. As you try to execute your trading plan, you\u2019ll question whether it is viable or whether current market conditions are optimal. You\u2019ll never be satisfied and think, \u201cSomething doesn\u2019t feel quite right.\u201d At these times, it is vital to do one of two things. Either avoid trading while in a bad mood or don\u2019t let your mood guide your actions.", "Remind yourself that when you are in a bad mood, you will be especially prone to question your actions, and may act irrationally or impulsively. If you are aware of the psychological mechanisms that influence your decision-making, it\u2019s possible to work around them. If you think, \u201cI\u2019m in a bad mood, and thus, I\u2019m irrationally questioning my trading plan or my abilities,\u201d you can try to ignore your mood, and persistently and logically try to follow your trading plan with discipline. But whatever strategy you take, don\u2019t underestimate the powerful influence your mood has on your thoughts and decisions.", "Comments are closed.", "Varsity by Zerodha \u00a9 2015 \u2013 2024.\r\n\t\t\t\t\tAll rights reserved.\r\n\t\t\t\t\tReproduction of the Varsity materials, text and images,\r\n\t\t\t\t\tis not permitted. For media queries, contact [email\u00a0protected]"], "images": ["https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo.png", "https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo-small.png", "https://zerodha.com/varsity/wp-content/uploads/2020/01/Innerworth_58-300x300.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/playstore.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/appstore.png"], "tables": [], "videos": []}

{"title": "59. The Dynamics of Greed", "text": ["In the movie \u201cWall Street,\u201d Gordon Geckko argues, \u201cGreed is good.\u201d Greed can motivate you to strive for perfection and keep you persisting in the face of adversity, but greed has its downside. It is often said that the markets are driven by fear and greed. The masses have a natural desire for wealth and all the advantages that money can buy. In their zeal, the masses invest in stocks and believe that their investments will allow them to achieve their financial goals. When the price starts going down, though, they fear losing their investment and they sell, often too prematurely and at a loss. The dynamics of greed drive the dynamics of the market.", "", "As individual trader greed may drive you. Trading is a challenging profession. Not everyone makes it. You have to study the markets and learn how to take out profits from the market action. How to do this is not obvious. Finding profitable trading strategies is an unending search. You may find a strategy that works for a while, but market conditions change and the strategy no longer works. The challenge is to make profits in the market aftermarket. Why bother? If you aren\u2019t driven to achieve success, you won\u2019t make it. You won\u2019t persist. You won\u2019t try to overcome setback after setback. Greed is a powerful motivator. It is natural to seek out happiness. If you are similar to most people, you dream of eternal bliss.", "For centuries people have fantasized that if they had immense wealth, they could solve all their problems, but this fantasy is often unrealistic. The human mind is capable of fooling itself into falsely believing that unrealistic fantasies can come true. It may be nice to have enough wealth to make your life more pleasant, but money does not buy happiness. Nonetheless, dreaming of wealth and how we can achieve great wealth through trading is a powerful motivator. Sometimes it is useful to indulge in fantasy and enjoy feeling the passion for success. It keeps us going when we are beaten down. It gives us something to strive for. That said, greed does have its downside.", "Money is a powerful motivator, but many people know deep down that money can\u2019t solve all our problems. And those thoughts and feelings that lie deep down in our psyche can often influence us when we don\u2019t want them to. Since we know that money isn\u2019t going to solve our problems, we can lose hope when everything seems to be going against us. It\u2019s vital that we acknowledge how greed can be a motivator but also a barrier. It can distract us from focusing on our trading plan.", "We can become so consumed with the pursuit of money that we fail to appreciate the inherent rewards of trading. Trading offers an intellectual challenge. You can build up your trading skills through practice and experience and feel good knowing that you have mastered a skill that few have developed. Don\u2019t focus all your energy on money and the accumulation of it. Instead, focus on developing your skills and enjoying the process of trading. In the long run, you\u2019ll find that you will enjoy the game, and ironically, when you don\u2019t worry about the profits, you will actually trade more profitably in the long run.", "Comments are closed.", "Varsity by Zerodha \u00a9 2015 \u2013 2024.\r\n\t\t\t\t\tAll rights reserved.\r\n\t\t\t\t\tReproduction of the Varsity materials, text and images,\r\n\t\t\t\t\tis not permitted. For media queries, contact [email\u00a0protected]"], "images": ["https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo.png", "https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo-small.png", "https://zerodha.com/varsity/wp-content/uploads/2020/01/Innerworth_59-300x300.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/playstore.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/appstore.png"], "tables": [], "videos": []}

{"title": "60. Don\u2019t Be a Grinch: Relax and Seek Out Balance", "text": ["\u201cHow the Grinch Stole Christmas\u201d by Dr. Seuss is a parable of modern life. The Grinch sneaked into town and tried to ruin everyone\u2019s Christmas by stealing the presents and materialistic symbols of Christmas, but he couldn\u2019t steal the spirit of Christmas from the hearts of the people. The townspeople felt connected to each other and they celebrated what they did have. The story should remind us that in our hectic lives, it is vital to seek out psychological balance. It is essential that you make sure that you connect with other people and feel a personal bond with others. Trading may be important, but it isn\u2019t the only thing. It\u2019s just one of the many things that you do. The more you can remember that fact, the more successful you\u2019ll be as a trader in the long run.", "", "Trading is a demanding profession. It requires overcoming repeated setbacks and focusing a great deal of energy on staying at the top of your game. But a single-minded focus on success usually fails in the long run. Those traders who maintain a peak performance mindset have long-lasting success. And cultivating a peak performance mindset requires one to seek psychological balance: Make sure that your life is multi-faceted, rather than focusing solely on trading. Make sure that you have fun in areas outside of trading. Enjoy spending time in fulfilling relationships, and enjoy life to the fullest. Don\u2019t be all business and single-mindedly in pursuit of profits.", "Many seasoned traders warn: \u201cDon\u2019t forget to appreciate the advantages of working as a trader.\u201d Trading offers freedom, freedom to spend time with your family, friends, and loved ones. Trading provides the means to enjoy life. So regardless of whether you have had a profitable year or not, reward yourself by taking a nice, well-deserved break. One of the reasons you\u2019re trading is to enrich your life. It\u2019s important to remember that. It\u2019s important to celebrate what life has to offer. If you are not enjoying your life to the fullest, it will gnaw at you. In the back of your mind, you\u2019ll think, \u201cWhy am I spending my life trading?\u201d Use this time to remember why you trade. Use this time to remind yourself about what really matters to you.", "Make sure that you have a balance between working as a trader and the things that give your life a deeper meaning. If you ensure that you lead a balanced life, you\u2019ll be able to cultivate the peak performance mindset that is a key element to consistently profitable trading.", "Comments are closed.", "Varsity by Zerodha \u00a9 2015 \u2013 2024.\r\n\t\t\t\t\tAll rights reserved.\r\n\t\t\t\t\tReproduction of the Varsity materials, text and images,\r\n\t\t\t\t\tis not permitted. For media queries, contact [email\u00a0protected]"], "images": ["https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo.png", "https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo-small.png", "https://zerodha.com/varsity/wp-content/uploads/2020/01/Innerworth_60-300x300.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/playstore.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/appstore.png"], "tables": [], "videos": []}

{"title": "61. Grounded and Objective", "text": ["On Thursday, tech stocks took a dive. Mark lost $5000 on his AAPL position alone. It\u2019s Friday morning, but he still feels guilty. He can\u2019t get the losses out of his mind. He has been trying to scan through a series of charts, but his heart isn\u2019t in it. He has seen a few possible setups, but when he tried to execute a trade, he flinched. All he can think about is the losses he mounted yesterday. He feels afraid as he thinks about the money he could lose today if he isn\u2019t careful. When you trade the markets, however, you can\u2019t be fazed by setbacks. You have to trade calmly, objectively, and decisively.", "", "It\u2019s difficult to be objective when you have lost a significant amount of capital. It\u2019s human nature to feel disappointed after a loss. But if you want to trade profitably, you can\u2019t let it bother you. Somehow you have to truly believe it doesn\u2019t matter. Several steps can be taken to trade more objectively. You can trade with money you can afford to lose so that losing won\u2019t hurt as much. You can also make smaller trades with tight stops to minimize the amount of money you will lose.", "In the end, however, you must find a way to make the whole trading experience impersonal. When it isn\u2019t personal and just business, you trade more freely, creatively, and decisively. The best way to stay free and objective is to ground your identity in an alternative reality. Trading should not be viewed as your reason for living. It is merely a profession. If you make it your reason for living, you will have your ego on the line along with your money, and the extra psychological pressure placed on you can make you buckle. If you ground your identity in another source, though, you will be able to take trading setbacks in stride. You won\u2019t be stressed by trading. You will feel free and be able to analyze the markets objectively and act decisively.", "Trading, in the end, should just be business. Don\u2019t let it define your identity. Your identity should be grounded in other areas: your family, your friends, or the leisurely pursuits you find most important. If you have a solid foundation outside of the trading realm, the events that occur during the trading day will have little impact on your identity. You\u2019ll feel calmer, and take stresses and setbacks in stride. Why should you take it seriously? If you ground your identity in other areas, losses, setbacks, and the uncertainty of the markets can\u2019t hurt you. You\u2019ll be free to trade the markets with a creative spirit that will eventually ensure long-term profitability.", "Comments are closed.", "Varsity by Zerodha \u00a9 2015 \u2013 2024.\r\n\t\t\t\t\tAll rights reserved.\r\n\t\t\t\t\tReproduction of the Varsity materials, text and images,\r\n\t\t\t\t\tis not permitted. For media queries, contact [email\u00a0protected]"], "images": ["https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo.png", "https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo-small.png", "https://zerodha.com/varsity/wp-content/uploads/2020/01/Innerworth_61-300x300.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/playstore.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/appstore.png"], "tables": [], "videos": []}

{"title": "62. A Guidebook for Work Productivity", "text": ["Trading is a demanding profession. If you are a novice trader seeking consistent profitability, you have your work cut out for you. Many people are attracted to trading, but few actually become profitable traders. It takes a special kind of person to pursue trading, the kind of person who takes setbacks in stride and can persist even when all seems hopeless. There are three key strategies the novice traders can use to persist in the face of adversity: (1) Cultivate a fighting spirit, (2) set up an alternative reward system, and (3) focus on the process, not the prize.", "", "Traders often walk a tightrope between arrogant and unrealistic overconfidence and feelings of incompetence and inadequacy. Trading is a profession where it is realistic to work under the assumption that you\u2019ll see many more losses than wins. It\u2019s hard to work under such conditions. We are used to getting paid for a job well done, but novice traders are likely to put in long hours and the only reward they get is losses. Trading requires persistence, especially during times of disappointment and seemingly endless failures. Most people\u2019s confidence is severely shaken upon meeting such circumstances, and they often react with arrogant overconfidence. They build themselves up to the point where they are unrealistically optimistic. But it is vital to remain realistic, ready to face setbacks head-on and unafraid to look at one\u2019s limitations. By cultivating a fighting spirit, one can look at setbacks as minor, commonplace events and take them in stride.", "Although profits are an obvious and natural reward for trading efforts, they are not always tied to the amount of work we put in. If you focus on the profits, it is likely that your mood will rise and fall with your account balance. Setting up an alternative reward schedule will provide more consistent rewards and allow you to persist even when faced with a losing streak. Reward yourself after putting in a fixed amount of time (the end of each day, for example). Buy yourself a nice dinner or do something you find enjoyable. By patting yourself on the back for your efforts, you\u2019ll consistently feel satisfied with your profession and stick with it.", "Finally, it is essential to focus on the process, not the prize. Trading is about making money, but the irony is that if you focus on the outcomes of your trades, you\u2019ll put excessive pressure on yourself and choke under it. By focusing on intrinsic, rather than extrinsic, rewards, you\u2019ll feel more comfortable and creative, and trade more profitably in the long run. It may seem counterintuitive, but by focusing on the process of trading, rather than profits, rewarding yourself for effort rather than outcome, and cultivating a fighting spirit, you\u2019ll trade profitably and consistently.", "Comments are closed.", "Varsity by Zerodha \u00a9 2015 \u2013 2024.\r\n\t\t\t\t\tAll rights reserved.\r\n\t\t\t\t\tReproduction of the Varsity materials, text and images,\r\n\t\t\t\t\tis not permitted. For media queries, contact [email\u00a0protected]"], "images": ["https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo.png", "https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo-small.png", "https://zerodha.com/varsity/wp-content/uploads/2020/01/Innerworth_62-300x300.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/playstore.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/appstore.png"], "tables": [], "videos": []}

{"title": "63. Conquering Guilt and Moving Forward", "text": ["In the trading profession, profits are hardly a sure thing. Even the most seasoned trader makes a big mistake occasionally and pays the price. Professional traders at large financial institutions, for example, can mount huge losses, as well as independent short-term traders. If you are experiencing a severe drawdown, don\u2019t feel bad about it. You\u2019re not the first person and you won\u2019t be the last. Psychologically, however, it is difficult to avoid feeling uneasy. And depending on how severe it is, you may feel afraid, and ready to panic.", "Facing losses is one of the most difficult issues to deal with emotionally. If you are an active professional trader, your identity and livelihood are on the line. If you are a part-time trader, it\u2019s frustrating to feed your account from your day job and wonder if you\u2019ll ever make back the money you\u2019ve lost. Depending on your personality and experience with the market, you may have trouble handling feelings of loss, guilt, and fear. But unless you get your emotions under control, you\u2019ll never be able to get back on track.", "When some traders face a severe drawdown, they become especially guilty. We feel guilty when we break a personal moral rule. Losing money can make almost anyone feel guilty. We want to live by the rules our parents and teachers taught us, and many of them taught us to work hard and save our money. Short-term trading requires us to risk money, and to many, risking money seems to go against how we were brought up. For example, when many novice traders announce to their family and friends that they are going to become an active, short-term trader, the first reaction is \u201cYou\u2019re going to lose your money.\u201d", "They say it as if novice traders are making a big mistake. Well, if you want to make huge profits in the end, you\u2019re going to have to risk money, and in all likelihood, you\u2019re going to lose a lot of it before you develop the skills you need to trade profitably across a variety of market conditions.", "", "Are you going to lose money? Yes. Is it morally wrong? Not from the perspective of a trader. It\u2019s vital that you identify the beliefs underlying your guilt and change them. The first question you must ask, though, is whether your guilt is warranted. Guilt can protect us. It isn\u2019t a good idea to rack up so many losses that you can\u2019t pay it back easily. If you trade money that you just can\u2019t afford to lose or will have great difficulty paying back, you will naturally feel guilty. It is important to make sure that your losses are reasonable, and actually a temporary setback. Or, if the losses reflect a lack of skills, make sure that you can easily cover your losses from another source of income, such as a second job. It will be hard to control guilt if it really reflects losses that will permanently harm your financial security.", "If you determine that you can actually afford trading losses, and still feel guilty, it is useful to look at possible assumptions that may underlie your guilt. One reason is that you may have been taught that money is sacred and that it is morally wrong to risk it and lose it for any reason. Many people hold this belief, but if you want to trade actively, you have to change the way you look at money. From the perspective of the serious trader, money is merely a vehicle to make more money. It is just part of the tools you need to trade successfully. Don\u2019t think of it as \u201cmoney\u201d but as \u201cpoints\u201d you use to keep score of how well you are doing. A second assumption that underlies guilt is the need to be perfect. You may feel guilty because you believe that you must not make trading errors or rack up losses. You may believe that if you do, you are a \u201cbad\u201d person or inadequate. It is essential to avoid taking losses personally.", "Losses are a natural part of trading. If you are a novice trader, you may mount losses, but it doesn\u2019t mean that you are a \u201cbad\u201d person. If you have not yet developed requisite trading skills, you may be an unskilled trader, but you aren\u2019t a bad person or inadequate. And if you are a skilled trader in a severe drawdown, you may feel guilty about something that isn\u2019t your fault. It\u2019s possible that you are merely experiencing a temporary change in market conditions. You may need to change your approach, but it doesn\u2019t mean that you are inadequate. It just means that you need to explore more options. Guilt isn\u2019t productive. When you feel guilty, then you ruminate about how bad things are. There\u2019s no time to ruminate while actively trading, however. It gets you nowhere. If you want to stay ahead of the crowd, you must actively solve the problem. You must find new trading solutions, and guilt distracts you from freely searching for creative, fresh solutions.", "Guilt can protect us at times, but while trading, we often feel guilty about losses that are just commonplace in the trading business. If you are experiencing unproductive guilt, it is essential that you learn to control it. The more you can trade calmly and freely, the more profits you\u2019ll make.", "Comments are closed.", "Varsity by Zerodha \u00a9 2015 \u2013 2024.\r\n\t\t\t\t\tAll rights reserved.\r\n\t\t\t\t\tReproduction of the Varsity materials, text and images,\r\n\t\t\t\t\tis not permitted. For media queries, contact [email\u00a0protected]"], "images": ["https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo.png", "https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo-small.png", "https://zerodha.com/varsity/wp-content/uploads/2020/01/Innerworth_63-300x300.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/playstore.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/appstore.png"], "tables": [], "videos": []}

{"title": "64. Working Through Guilt and Moving On", "text": ["Last night, it all seemed so simple. You had a trading plan all worked out. The stock should dip to $50 around noon. You would patiently wait, buy it, and sell when it hit 52 later in the trading day. Things didn\u2019t work the way you had planned, though. When it came to executing the plan, you got a crazy idea in your head. The price didn\u2019t dip. The stock opened at 51 and kept climbing. You decided to buy it before it went even higher. \u201cIt\u2019s just a modification of the original plan,\u201d you thought. Buy at 52 and wait for it to hit 54. It made sense. At the time, that is. It turned out that your initial hunch was right: 52 was the high of the day. When it hit 52, the price fell hard.", "Before things got worse, you closed the position. Right now, you feel a centrifuge of emotions. You are angry at yourself for making a mistake and disappointed for losing valuable capital, but the most intense emotion you are feeling is guilt. You are guilty of abandoning your trading plan. You feel guilty about the amount of money you\u2019ve lost and can\u2019t stop thinking about how many groceries you could have bought with the money you just lost or how you could have bought your kids a few new videogames. In addition, you have abandoned your trading plan for the fifth time in two months. In the back of your mind, you are wondering if you are trying to unconsciously sabotage your efforts. You\u2019re not only feeling guilty because you have let your discipline waver once again, but you can\u2019t help but worry that if you continue to lose money for a lack of discipline, you will eventually blow out your account.", "", "Feelings of guilt are normal. Guilt is a very adaptive emotion. When we do something that we believe is wrong, and will hurt us in the long run, we feel guilty. For example, you cannot continue to make losing trade after losing trade and continue trading. Eventually, you will blow out your account, or get into so much debt that you can\u2019t climb your way out of it. Indeed, guilt is often adaptive, but while trading, guilt can often be distracting. When you feel guilty, you can\u2019t concentrate. You become absorbed with guilt. It is useful to understand your guilt and work through it.", "Working through guilt is not the same for everyone. If you are a novice trader making too many big losing trades, guilt is protecting you from disaster. It\u2019s sending you a clear message to make smaller trades. You may want to do something safer, such as making a series of practice trades to develop your trading skills (a form of paper trading) instead of trying to make significant profits. You\u2019ll immediately feel less guilty when you start trading with money that you can truly afford to lose. If you are a more skilled trader, guilt may be less adaptive. Traders who are no longer novices, but are still not masters, tend to set high standards that are difficult to reach. For example, abandoning trading plans five times in two months may not be so bad. It\u2019s a matter of how many trades one makes overall. Abandoning a trading plan five times may result in significant losses, but in comparison to over 100 trades, five trades where you abandoned your plan isn\u2019t very many.", "If guilt is preventing you from picking yourself up after a loss and trading the markets with a renewed sense of vigor, it\u2019s vital to control your guilt. First, don\u2019t be so much of a perfectionist. Remember that any type of behavior is hard to change. It is difficult to maintain discipline. It takes practice. Allow yourself time to learn to stick with your trading plan. Second, learn to reframe guilt. You feel guilty when you feel that you have broken a rule. Rather than focusing on the number of times you have abandoned a trading plan (that is, broken a rule), focus on the number of times you have adhered to your plan.", "Some may think that this thinking strategy may be a way of fooling yourself, but it is not. If you followed your trading plan more often than you abandoned it, you are showing self-control. Focusing on the positive, the number of times you successfully followed your plan, reminds you that you are capable of discipline and encourages you to continue developing your self-control skills. Third, tell yourself encouraging thoughts. Forgive yourself for making a mistake. Maybe today you had a bad day; you failed. So what? You\u2019re human, and humans fail. Forgive yourself and move on. Don\u2019t let guilt paralyze you. Work through your guilt. Let it pass, and move on to the next trade.", "Comments are closed.", "Varsity by Zerodha \u00a9 2015 \u2013 2024.\r\n\t\t\t\t\tAll rights reserved.\r\n\t\t\t\t\tReproduction of the Varsity materials, text and images,\r\n\t\t\t\t\tis not permitted. For media queries, contact [email\u00a0protected]"], "images": ["https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo.png", "https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo-small.png", "https://zerodha.com/varsity/wp-content/uploads/2020/01/Innerworth_64-300x300.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/playstore.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/appstore.png"], "tables": [], "videos": []}

{"title": "65. Guilt: Protection Or Distraction", "text": ["Jack just abandoned his trading plan and ended up making a losing trade. He thinks, \u201cWhy did I do it again? Why can\u2019t I stick with my plan?\u201d He feels guilty. He\u2019s kicking himself for making a mistake. Guilt is a common emotion in trading. We may feel guilty for a variety of reasons. Guilt protects us from repeatedly making dumb mistakes, but is it always productive? Just like many unpleasant emotions, guilt can interfere with carefree, effortless trading.", "", "Guilt is a protective emotion. Throughout childhood, our parents taught us right from wrong, and these rules were learned and stored in what Freud called the \u201csuperego.\u201d When we break a rule, we naturally feel anxiety and guilt. Guilt keeps us in line. It prevents us from breaking a moral rule that we hold dear. Some traders report feeling guilty whenever they make a trade. They may have been brought up in a family where trading is viewed as a form of gambling and may have been taught that gambling was immoral. If you were brought up with these values, then you may be especially prone to feeling guilty. Most traders, however, feel guilty when they abandon their trading plan. They break their trading rules, and understandably, feel guilty.", "When you abandon your trading plan, is it useful to feel guilty? Most of the time it is not. Sure, guilt prevents us from risking a huge stake on a half-baked plan. It isn\u2019t a good idea to risk too much on any given trade. If you trade with money you can\u2019t afford to lose, you will understandably feel guilty. In that case, guilty feelings are protecting you from potential financial destruction. But when you make a trading error, it may not be useful to feel guilty. You may want to try to alleviate feelings of guilt in these circumstances. Unless you get your emotions under control, you won\u2019t trade calmly and rationally.", "Guilt isn\u2019t always productive while trading. When you feel guilty, you ruminate about how bad things are. You also tend to think you are a \u201cbad\u201d person and deserving of punishment. There\u2019s no time to ruminate while actively trading, however. It gets you nowhere. If you want to stay ahead of the crowd, you must continually try to solve problems rather than ruminate about what you did wrong and feel down about it. You must find creative solutions to tough problems, but guilt distracts you from freely searching for innovative, fresh solutions. So when you feel guilty, think positively, \u201cSo I made a mistake. That doesn\u2019t mean I\u2019m worthless or prone to make the mistake over and over again. Mistakes are a part of life. I\u2019ll try to follow my plan next time, and develop the confidence I need to stay disciplined.\u201d Why beat yourself up? Take setbacks in stride and move on.", "Guilt can protect us at times, but while trading, we often feel guilty about losses that are just commonplace in the trading business. If you are experiencing unproductive guilt, learn to control it. The more you can trade calmly and freely, the more profitably you will trade in the long run.", "Comments are closed.", "Varsity by Zerodha \u00a9 2015 \u2013 2024.\r\n\t\t\t\t\tAll rights reserved.\r\n\t\t\t\t\tReproduction of the Varsity materials, text and images,\r\n\t\t\t\t\tis not permitted. For media queries, contact [email\u00a0protected]"], "images": ["https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo.png", "https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo-small.png", "https://zerodha.com/varsity/wp-content/uploads/2020/01/Innerworth_65-300x300.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/playstore.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/appstore.png"], "tables": [], "videos": []}

{"title": "66. Going With Your Gut", "text": ["Seasoned traders aren\u2019t afraid to go with their gut instinct. After years of experience, an astute trader\u2019s gut is the unconscious integration of all essential market information, the minimum amount of information required to make a sound action plan. All inputs are filtered through the seasoned trader\u2019s mental working models, analyzed, and reflected as a hunch, a feeling nonetheless, but a valid, comprehensive feeling. Top-notch traders learn how to develop gut instincts and use them properly. But before a novice trader tries to use gut instinct, it is necessary to learn just what a gut instinct is and how it should be developed.", "", "At first glance, going with a gut instinct while trading seems counterintuitive. A popular conception of trading is that market information is painstakingly analyzed and a logical conclusion is drawn. When one first starts out trading, it is essential to carefully understand the processes of how a decision is made. One should clearly specify the indicators, market conditions, and assumptions that are used to arrive at a decision. A novice trader is bound to make bad decisions at first. He or she is unaware of the various market conditions that may exist, or how to use market indicators efficiently and realistically. After years of experience, though, what was once deliberate and conscious becomes automatic and unconscious.", "Similar to learning any skill, trading requires that one behave deliberately and carefully at first, but over time and after various experiences, one can act more naturally. It\u2019s similar to how you learned how to drive a car or play a sport. Initially, you purposefully thought about each step and made sure you didn\u2019t miss an important step, but now, you can act flawlessly and with little mental effort. It is the same for trading. Initially, you have to look at a variety of indicators carefully and think about the usefulness and meaning of each one, but over time and with practice, you can act decisively. That said, it is vital to realize that it is only after years of experience that a trader can make accurate, intuitive judgments. Just as you wouldn\u2019t want to make misinformed, impulsive judgments, you don\u2019t want to assume that you can make experienced decisions without actually having enough experience to rely on.", "It is useful to practice making intuitive decisions. Early decisions may be inaccurate, but by gaining as much experience with the markets as possible and making as many trades as possible, the novice can build up an expert level of trading knowledge and trading perceptions that can be used later to make quick and accurate decisions. And after you develop the ability to make intuitive decisions, you can more easily go with the flow and trade in the zone. You can react quickly to ever-changing market conditions and capitalize on rare market moves. You\u2019ll trade more efficiently, and the more efficiently you can trade, the more profits you\u2019ll realize.", "Comments are closed.", "Varsity by Zerodha \u00a9 2015 \u2013 2024.\r\n\t\t\t\t\tAll rights reserved.\r\n\t\t\t\t\tReproduction of the Varsity materials, text and images,\r\n\t\t\t\t\tis not permitted. For media queries, contact [email\u00a0protected]"], "images": ["https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo.png", "https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo-small.png", "https://zerodha.com/varsity/wp-content/uploads/2020/01/Innerworth_66-300x300.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/playstore.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/appstore.png"], "tables": [], "videos": []}

{"title": "67. Cold, Hard Facts: Look Honestly and Make Adjustments", "text": ["When it comes to evaluating your performance, there are times when there is no substitute for studying the cold, hard facts. In the end, the bottom line is unavoidable: If you are not profitable across a series of trades, you are out of business. It\u2019s vital to realistically gauge your performance. If you are like many traders, however, your unbridled need to win takes over. You see only what you want to see, but an outsider would see that you are about to fall into the abyss yet don\u2019t know it. It\u2019s a more common ailment among traders than most people realize. Looking at the cold, hard facts can ding your ego, and that\u2019s why it is so hard to look at our performance honestly. It\u2019s often easier to put on blinders to avoid seeing how poorly you are actually doing. The winning trader, however, isn\u2019t afraid to coldly and objectively look at performance statistics.", "From a purely psychological view, it isn\u2019t always useful to focus only on performance outcomes. If you are a novice trader, for example, it takes time to build up your trading skills. Expecting too much, too quickly in terms of performance outcomes will frustrate you. That said, if you lose a great deal of money trading, you might end up in so much debt that it would be virtually impossible to break even. Looking at the cold, hard facts realistically is a necessity, not an option. Let\u2019s consider a few popular statistics that indicate how well you are doing.", "", "First, what is your hit rate? How often do you make money? Is it 20%, 10% or less? It\u2019s necessary to look at your past record and calculate a rough estimate with regard to the percentage of trades you make that are winners. This isn\u2019t the only statistic you should look at, but it does suggest how well you are doing. The downside of relying on just this one indicator is that subconsciously, or in the back of your mind, you may want to increase your hit rate by making a few small profitable trades.", "For example, if out of 10 trades, you make eight losing trades, you might be tempted to make two winning trades, even if it is just $20 per trade, to make yourself feel good about having a 20% hit rate. Obviously, the 20% estimate is off. It means essentially nothing if you lost $10,000 on the eight losing trades! That\u2019s why you must also compare the amount of money you lose on your losing trades to the amount of money you gain on your winning trades, what some traders call the dollar-based win-loss ratio. Psychologically, this is a much harder statistic to calculate than your hit rate. It\u2019s hard to look at just how much you are losing compared to how much you are winning.", "Many traders prefer to deceive themselves. They focus on their winning trades, but ignore their losing trades. You can feel like a super-trader if you focus solely on the winning trades where you made huge profits while ignoring losses. All you are doing, though, is fooling yourself. For example, who cares if you made $30,000 on your winning trades if you lost $35,000 on your losing trades and had to feed your account $5,000 last year to make up the difference? It may be hard to put your pride and ego aside, but unless you take an honest look at your dollar-based win-loss ratio, you will not have an accurate gauge of your performance.", "Finally, it\u2019s also important to look at commission costs and the size of your account. If your account is small, commissions will put a dent in your overall profits. Account size does matter, but many newbie traders like to hold on to the dream of striking it rich even though they have a relatively small account, and thus, they avoid taking an honest look at account size and commission costs. Don\u2019t set yourself up for failure. You need money to make money. It\u2019s wise to look at how much it costs you to trade and adjust your goals accordingly. You may have to get a second job to build up investment capital, for example, if your account size is too small for your objectives. Again, it may be hard to admit that you have limited financial resources, but it\u2019s better to look at it now and make plans for the future than unrealistically and fruitlessly waste your time working toward a pipedream.", "Humans are prone to eternal optimism. Optimism is good, but it must be tempered by realism. Don\u2019t be afraid to take a good hard look at your trading performance. By looking at your performance honestly and frequently, you\u2019ll be able to make midcourse corrections so that over the long run, you will end up profitable.", "Comments are closed.", "Varsity by Zerodha \u00a9 2015 \u2013 2024.\r\n\t\t\t\t\tAll rights reserved.\r\n\t\t\t\t\tReproduction of the Varsity materials, text and images,\r\n\t\t\t\t\tis not permitted. For media queries, contact [email\u00a0protected]"], "images": ["https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo.png", "https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo-small.png", "https://zerodha.com/varsity/wp-content/uploads/2020/01/Innerworth_67-300x300.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/playstore.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/appstore.png"], "tables": [], "videos": []}

{"title": "68. A Good Hard Look at the Facts", "text": ["Have you ever made a small losing trade and thought, \u201cIt\u2019s all right. I\u2019ll win on the next one.\u201d The next trade comes along, and you lose. And then the next one is a loser, and so on, and so on\u2026until finally, you are in a severe drawdown. Before you dig yourself into a hole that is virtually impossible to climb out of, it is vital for survival to constantly monitor your progress. Take a good hard look at the facts and make adjustments.", "", "Humans are notorious for their eternal optimism. Who wouldn\u2019t want to think they were making a killing in the markets. When you aren\u2019t profitable, though, it\u2019s easy to fall into a state of denial. In order to build up our ego, we ignore how poorly things are going and tend to look at the world through rose-colored glasses. There are times when it is useful to look on the bright side. To win in the markets, you have to truly believe that you can succeed. Focusing on your limitations or the inherent challenges the markets often pose may get you down. And when that happens, you may think it\u2019s impossible to master the markets.", "On the other hand, too much denial may prevent you from taking the steps you need to improve your trading performance. Denial can go too far. If you feed your account every month, you may not face the fact that your trading strategies just aren\u2019t working. Successful traders carefully monitor the process of trading. They keep a trade diary in order to identify those strategies that work from those that don\u2019t. They identify the specific market conditions that are optimal to their methods. They also report their moods in an attempt to isolate psychological factors from market factors. Some strategies just do not work under particular market conditions. And if you are bogged down with psychological factors, no trading method is going to produce a profit. It may be hard to face the facts, but unless you do, you\u2019ll never be able to identify your weaknesses, make midcourse corrections, and hone your trading skills.", "Don\u2019t be afraid to keep a trade diary. Identify what works and what does not. Don\u2019t let denial prevent you from taking a good honest look at what you\u2019re doing. You may be surprised to find that you are doing a lot right, and that by making a few minor changes, you can greatly improve your trading. The aware trader is the winning trader. By taking an honest look at your limitations, you\u2019ll be able to hone your trading skills, reach ever-higher levels of performance, and take home huge profits.", "Comments are closed.", "Varsity by Zerodha \u00a9 2015 \u2013 2024.\r\n\t\t\t\t\tAll rights reserved.\r\n\t\t\t\t\tReproduction of the Varsity materials, text and images,\r\n\t\t\t\t\tis not permitted. For media queries, contact [email\u00a0protected]"], "images": ["https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo.png", "https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo-small.png", "https://zerodha.com/varsity/wp-content/uploads/2020/01/Innerworth_68-300x300.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/playstore.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/appstore.png"], "tables": [], "videos": []}

{"title": "69. Commitment to Trading: Why It\u2019s So Difficult", "text": ["You\u2019ve been told time and again that a strong commitment is vital to long term trading success. We\u2019ve all seen the adverse consequences of people who are not committed to their goals, in other fields as well as trading. When one is not committed, he or she waxes and wanes, procrastinates, gives up easily, and never seems to achieve one\u2019s goals. Accomplishing significant life goals requires a strong commitment, whether it is graduating from college, starting a business, or getting a significant promotion. But trading seems a little different; many people have a difficult time making a strong commitment. There are several good reasons why. It is useful to gain awareness and come to terms with them.", "", "Trading is different from many professions in that the effort one puts in is not directly related to a clear and immediate payoff. With most professions, it is a certainty that the number of hours you spend learning a craft and applying it has a direct payoff. For example, if one were a mason building a wall, he or she knows with certainty that placing brick upon brick, hour after hour, will lead to the completion of the wall (The wall may look unattractive if the mason is poorly skilled, but the wall will get finished, nevertheless). There is a direct one-to-one correspondence between effort and final outcome.", "When it comes to trading, in contrast, traders can put in hours of effort, but success can elude them. With trading, a threshold of skill must be achieved before rewards, or profits, are consistent. (This may be true of other professions, but whether one has the talent to learn the skills is immediately apparent to teachers and gatekeepers, and one is prevented from even trying to master the profession.) Unless one achieves a high level of trading proficiency, one may never make a dime trading. The possibility that one\u2019s time and effort may not pay off immediately, or at all, makes a strong commitment to trading difficult to nurture. It is reasonable to question whether one will become a successful trader. A Pollyanna \u201ccan do\u201d attitude is not going to alleviate these doubts, if deep down you know that the doubts have some truth to them.", "How can one cope with this issue? There are several ways. First, accept the possibility that it may take you some time to build the skills you need to become a profitable trader. Don\u2019t think that you MUST be profitable immediately. Second, follow the old adage, \u201cPractice makes perfect.\u201d Give yourself time to build the skills you need. Just as with any activity that requires skill-building, such as playing music or sports, it\u2019s vital that you practice, enjoy the process of learning, and patiently wait to build up the necessary skills. Third, put your goals in perspective. You may need to initially set modest goals, such as learning how to \u201cpaper\u201d trade or successfully trade small positions, before deciding to trade full time to make your entire income. Perhaps you will make it as a professional trader, perhaps you will have to settle for being a proficient amateur, but if trading is your passion, and you enjoy it, the idea that you need to spend time developing these skills should not deter you.", "Becoming a trader who is consistently profitable is rare, and this fact hinders one from making a firm commitment. Many professional traders warn novices that trying to gain success overnight is daunting, unrealistic, and quite discouraging. It\u2019s best to take it one step at a time. Gain knowledge, develop skills, and then gradually increase your position size. Even seasoned traders point out that trading is so difficult in the long term that they just take it \u201cone day at a time,\u201d or one trade at a time. It\u2019s easier to develop commitment by first committing to smaller goals before striving for larger goals. Following this wisdom will help you strengthen your long-term commitment to trading.", "Comments are closed.", "Varsity by Zerodha \u00a9 2015 \u2013 2024.\r\n\t\t\t\t\tAll rights reserved.\r\n\t\t\t\t\tReproduction of the Varsity materials, text and images,\r\n\t\t\t\t\tis not permitted. For media queries, contact [email\u00a0protected]"], "images": ["https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo.png", "https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo-small.png", "https://zerodha.com/varsity/wp-content/uploads/2020/01/Innerworth_69-300x300.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/playstore.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/appstore.png"], "tables": [], "videos": []}

{"title": "70. Head-and-Shoulders Pattern is a Psychological Map", "text": ["While charts show a financial instrument\u2019s price history accompanied by volume, they are also exciting reflections of human behavior. And because they reflect basic human nature, they can be used as a psychological map if you learn to read them correctly.", "As technical analysts, we know that stocks, indices, and futures markets often form patterns that appear with similarity, over and over again. While no two patterns resemble each other precisely, recognizable features duplicate each other frequently enough that we can identify and name these patterns and use them to predict price movement. Since these patterns reflect people\u2019s beliefs and emotions, an important aspect of pattern recognition is the ability to understand the underlying human behavior and trade it accordingly.", "", "Many indices and stocks are currently forming\u2014or have already formed\u2014the reversal pattern known as the head-and-shoulders on their daily charts. A head-and-shoulders takes place on a chart (on any time frame), when a stock (for example) rises in an uptrend to a new high. Strong volume lifts the price action to the peak of what results in the top of the left shoulder.", "Next, the pullback takes place. The pullback is a reflection of mass psychology; this is when latecomers to the soaring uptrend jump into the game. The moment the pullback reverts, they leap in, pushing the price up to another new high. Soon, though, the exhausted latecomers stop \u201cpaying up\u201d for the overbought stock. Fear creeps in, hand-in-hand with the sudden reality that they are perched perilously on a crumbling mountaintop (head). Short sellers start attacking and frightened bulls exit at the market\u2019s mercy. The stock tumbles down to the prior support area formed by the completion of the left shoulder. Now the head is completely formed.", "At this area, known as the neckline (of the finished pattern), a small group of hopeful buyers pushes the price up again. This time, however, the lukewarm optimism moves the price up only to the top of the left shoulder, if that high.\u00a0 Volume dissipates and the price rolls over, forming the top of the right shoulder.", "Short-sellers drool and sharpen their claws. When the price falls back to touch the neckline, it completes the head-and-shoulders pattern. By now, some short sellers have entered early (high-risk), waiting for the impending fall below the neckline. Many times the stock will gap down (on a daily chart) the day after the head-and-shoulders is completed, as short-sellers and panicked investors race to flee the unhappy equity.", "Every price pattern has its underlying psychological blueprint, which reflects the emotions and behavior of the masses. Learning to anticipate and trade these emotions is an important tool in every trader\u2019s toolbox.", "Comments are closed.", "Varsity by Zerodha \u00a9 2015 \u2013 2024.\r\n\t\t\t\t\tAll rights reserved.\r\n\t\t\t\t\tReproduction of the Varsity materials, text and images,\r\n\t\t\t\t\tis not permitted. For media queries, contact [email\u00a0protected]"], "images": ["https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo.png", "https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo-small.png", "https://zerodha.com/varsity/wp-content/uploads/2020/01/Innerworth_70-300x300.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/playstore.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/appstore.png"], "tables": [], "videos": []}

{"title": "71. A Healthy Approach to Trading Success", "text": ["Successful traders follow their passion. One often hears traders say, \u201cI love trading so much that I would do it for free if I could.\u201d Indeed, when one looks into the backgrounds of top traders, the story seems to be the same: They all tried to get a job in the trading industry as soon as possible, any job as long as it involved trading in some way. They were fascinated by the markets and the challenges it offered; the money was either secondary or not an issue at all.\u00a0 However, ask a typical non-trader of what he or she thinks of traders, and the impression is quite different.", "Many think that traders are out to make big bucks, achieve high status, and show it all off with luxury cars and nice homes. These may be the side benefits of trading, but they aren\u2019t the primary motivators. Successful traders love the challenges the markets offer and view their work as meaningful. In other words, they take a healthy approach to trading success.", "", "In a recent study, psychologists Say Lim and Donnah Canavan showed the advantages of taking a healthy, versus a conventional, approach to success.\u00a0 Taking a healthy approach to success entails pursuing goals that are intrinsically interesting and personally meaningful. A conventional approach to success, in contrast, is a preference for work that emphasizes competition, financial reward, and high status (which is similar to the inaccurate stereotypical view that non-traders hold of professional traders).", "The advantages of taking a healthy approach to success are notable. Individuals who took a healthy approach to success were better adjusted and more satisfied with life, compared to those taking a conventional approach to success. They were also better able to control their ego; that is, they were able to accept their limitations, rather than have the tendency to exaggerate their abilities and deny their faults. They also put more effort into their work and achieved higher levels of performance.", "These findings illustrate the advantages of a healthy approach to trading success. Those who find trading intrinsically satisfying, enjoyable, and meaningful will put in the necessary hard work and achieve high-performance levels. So cultivate a healthy approach to success. Don\u2019t focus on the money and status that successful trading may bring. Enjoy the process of trading. Seek out challenges and the satisfaction of meeting them.", "Comments are closed.", "Varsity by Zerodha \u00a9 2015 \u2013 2024.\r\n\t\t\t\t\tAll rights reserved.\r\n\t\t\t\t\tReproduction of the Varsity materials, text and images,\r\n\t\t\t\t\tis not permitted. For media queries, contact [email\u00a0protected]"], "images": ["https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo.png", "https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo-small.png", "https://zerodha.com/varsity/wp-content/uploads/2020/01/Innerworth_71-300x300.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/playstore.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/appstore.png"], "tables": [], "videos": []}

{"title": "72. Having, Doing, and Being: Which State of Mind Drives You?", "text": ["Making profits as a trader is often a matter of trading in the proper state of mind. Trading expert Dr. Van K. Tharp, author of several best-selling books on trading psychology and head of the Van Tharp Institute, describes three states of mind that may dictate how you approach trading. As traders gain experience with trading the markets, they move from a \u201chaving\u201d state of mind to a \u201cdoing\u201d state of mind. They achieve profitability when they reach a \u201cbeing\u201d state of mind, though. Which state of mind best characterizes your trading?", "", "Many traders start out using a state of mind that focuses on \u201chaving.\u201d Rather than focus on how to trade in concert with the markets, they are obsessed with profits, and what they can purchase with those profits. The main goal is to make money, money that can be used to purchase objects of desire, such as a shiny red sports car, a spacious, luxurious home, or a large wardrobe of fine clothes. They believe that great financial success will be the solution to all their problems. Trading isn\u2019t just a job; it\u2019s their salvation. Although many traders are motivated by money, there\u2019s a downside to focusing on what you can have as a result of your profits. When traders focus solely on accumulating wealth, on \u201chaving,\u201d they tend to act greedy and may take risks in an effort to win. There is a blind and unrealistic focus on trading at a high level of performance. Unless they trade at a high level of performance, they can\u2019t possibly \u201chave\u201d what they desire.", "But a novice trader can\u2019t achieve a high level of performance, and so, there is a mismatch between skills and goals. Traders in a \u201chaving\u201d state of mind often feel frustrated that their trading efforts fall short of their expectations. And when they feel frustrated, they have difficulty concentrating on their ongoing experience. They tend to make trading errors, which intensify their feelings of anger and frustration. In addition, they are tempted to give up easily and avoid putting in their best effort. They tend to think, \u201cWhy should l even try? I\u2019ll never achieve the level of success I desire.\u201d", "At some point, a trader\u2019s state of mind moves from \u201chaving\u201d to \u201cdoing.\u201d In a \u201cdoing\u201d state of mind, a trader focuses on learning trading methods, and on when these methods work and when they don\u2019t. According to Dr. Tharp, however, traders in the \u201cdoing\u201d state of mind still tend to focus on performance issues. They ask the question, \u201cWhat can this trading method do for me?\u201d They are concerned with how the method can make them rich. Rather than becoming engaged with the markets, trading in the \u201cdoing\u201d state of mind is about evaluating the method, wondering if it is \u201cworking.\u201d", "Trading, however, is not a simple matter of choosing a particular method and arbitrarily applying it. Becoming a winning trader requires honing your trading skills. It is vital that you develop your intuition by trading with a variety of methods under a wide range of market conditions and finding ways that the proper method dovetails with optimal market conditions. Although it doesn\u2019t tend to lead to enduring profitability, trading in a \u201cdoing\u201d state of mind is a vital step on the way to mastery of the markets. During this stage, you gain the experience you need to trade intuitively and in a peak performance mindset.", "The ultimate state of mind for profitable trading is the \u201cbeing\u201d state of mind. Rather than focusing on outcomes, a trader in the \u201cbeing\u201d state of mind is fully in tune with the markets. He or she trades in synchrony with the market action. A firm commitment is made to trading the market and accepting it on its own terms. When a trader works to trade at the moment, he or she intuitively sees profitable setups and effortlessly trades them. It may not happen overnight, but with enough practice and experience, you can trade with a \u201cbeing\u201d state of mind.", "Comments are closed.", "Varsity by Zerodha \u00a9 2015 \u2013 2024.\r\n\t\t\t\t\tAll rights reserved.\r\n\t\t\t\t\tReproduction of the Varsity materials, text and images,\r\n\t\t\t\t\tis not permitted. For media queries, contact [email\u00a0protected]"], "images": ["https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo.png", "https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo-small.png", "https://zerodha.com/varsity/wp-content/uploads/2020/01/Innerworth_72-300x300.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/playstore.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/appstore.png"], "tables": [], "videos": []}

{"title": "73. The Conscious Member of the Herd", "text": ["Do you ever just feel as if you are going through the motions, acting without thinking? Are you surprised that you react emotionally, selling prematurely when you meant to hold out a little longer? Or do you jump into a trade too soon before you have systematically thought out your trading plan? You may be giving into a natural inclination to follow the crowd. It may seem routine, but if you aren\u2019t fully conscious of your actions, you may find yourself giving back profits.", "", "The trading masses often act like a herd of cattle. This is a popular trading analogy, but humans are quite different from a herd. Have you ever closely studied a herd of cattle? Cows aren\u2019t the brightest animals. They can be contained easily with a fence of thin barbed wire, and it\u2019s easy to sneak up on them and tip them over. When one cow decides the grass is greener at the other side of the pasture, the herd just follows for no good reason. It\u2019s instinctive. Cows are \u201cprogrammed\u201d by nature to follow each other. They don\u2019t seem to think at all. By banding together, though, they can feel safe. There is safety in numbers.", "The masses that invest in the markets also seem to act without thinking at times. Again, there is safety in numbers and the masses feel most comfortable when following the crowd. They search for confirmation and try to do whatever is most popular. For example, it is common to see the masses react too quickly to media reports. When a commentator reports that a company has missed an analyst\u2019s estimate, masses of traders start selling as soon as possible, regardless of the underlying dynamics behind the overall trend. When a stock is talked up, even if it is merely based on unfounded rumors, the masses start buying. Fear and greed drive many traders to execute trades on a whim, but if you want to be a winning trader, it is vital that to base your trades on a detailed trading plan.", "Unless you are a scalper, trading quickly and automatically isn\u2019t a very good strategy. It\u2019s much better to develop a sound trading plan and execute it consciously and deliberately. It\u2019s vital that you have a reasonable hypothesis as to how the market should move according to your plan, and also some hunch as to why the market is moving, or going to move, in a particular way. You should spend some time making sure when to enter, when to exit, and you should have a clear sense of what should happen and when. When you go to execute a trade, you may not need to be scrupulously deliberate, but it depends on your experience. If you have a vast amount of experience, you can quickly process a host of information and work from an \u201cintuitive\u201d feel you have about the markets, but if you are a novice trader, it\u2019s usually necessary to be a little more careful. Pay close attention to what the markets are doing and follow your trading plan.", "The conscious trader has a detailed trading plan and follows it. Impulsive traders make it all up as they go along and trade by the seat of their pants. If you are an extremely seasoned trader, trading on the automatic pilot can work, but if you are a novice trader, you can make trading errors. You may give into emotions of fear, greed, hope or regret. When you let your emotions guide you, however, you\u2019ll tend to act like the masses, and when you trade like an unconscious member of a herd, you\u2019ll end up with losses.", "Comments are closed.", "Varsity by Zerodha \u00a9 2015 \u2013 2024.\r\n\t\t\t\t\tAll rights reserved.\r\n\t\t\t\t\tReproduction of the Varsity materials, text and images,\r\n\t\t\t\t\tis not permitted. For media queries, contact [email\u00a0protected]"], "images": ["https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo.png", "https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo-small.png", "https://zerodha.com/varsity/wp-content/uploads/2020/01/Innerworth_73-300x300.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/playstore.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/appstore.png"], "tables": [], "videos": []}

{"title": "74. The Herd Mentality", "text": ["Have you ever watched a herd of cattle as they graze in an open field?\u00a0 It\u2019s quite remarkable. The cows seem content as they eat the grass and stand in a scattered formation.\u00a0 Then, suddenly, for no apparent reason, one cow decides it has eaten enough, turns toward the barn and starts walking.\u00a0 All of the rest of the cows seem to follow, one by one until the entire herd is moving in a straight line toward the barn.\u00a0 It is as if the cows are thinking, \u201cWhere\u2019s that guy going? What\u2019s he going after? I want to get in on this action. I\u2019m going to follow him.\u201d\u00a0 They follow the leader even though the leader does not seem to know what it is doing.", "That\u2019s an extreme example of the herd mentality that some market observers see as analogous to the markets.\u00a0 One person starts buying, then another person, and so on, and so on, until a group of traders are all buying, for no apparent reason. Although humans have more intelligence than cattle, there is an inherent instinct to follow the crowd.\u00a0 It\u2019s as if everyone is thinking, \u201cAll of these people can\u2019t be wrong.\u201d", "", "It makes sense to follow the crowd sometimes.\u00a0 In a bull market, prices continue to rise, so it makes sense to buy and hold.\u00a0 But, when market conditions change, you better be careful to not let the traders in the back of the herd trample you when you try to stop to avoid hitting a brick wall.\u00a0 The crowd is usually right until a turning point occurs. Why? When virtually everyone has taken the position that the market is headed in a particular direction, there are few traders left to push the trend further.", "At that point, a countertrend initiates and moves the market in the opposite direction. The trick is predicting when that turning point will occur, anticipating it, and developing a trading plan to capitalize on it. In the Art of Contrary Thinking, Humphrey Neill discusses how to take a contrary opinion.\u00a0 Taking a contrary opinion is not merely doing the opposite of what everyone else is doing.\u00a0 A true contrarian creatively studies the markets and tries to devise an innovative trading plan.\u00a0 It takes a great deal of experience and thought. One must train his or her mind to think in directions that are opposite to prevailing opinions.\u00a0 It\u2019s sort of like thinking in reverse. Think of reasons why the crowd may be wrong. Try to discover factors that may predict a change in market conditions, or identify new sectors that may prosper from the change.", "For example, during the Great Depression, consumers tended to stay home and listen to the radio, rather than go out to see movies or shows. Thus, radio companies made profits in a time of economic scarcity. A contrarian identifies such opportunities and capitalizes on them.", "Taking a contrarian approach is useful, but it\u2019s often hard to fight the herd instinct.\u00a0 While trading, people have a natural inclination to see what everyone else is doing and to follow.\u00a0 It feels safe and comfortable. But, if one is not careful, following the crowd can lead to disaster.\u00a0 The crowd can be wrong. So, always think like a contrarian. Study the markets carefully. Consider why the crowd may be wrong.\u00a0 Search for evidence that supports the contrarian position. If you are right, you can capitalize on it, and make a big win.", "Comments are closed.", "Varsity by Zerodha \u00a9 2015 \u2013 2024.\r\n\t\t\t\t\tAll rights reserved.\r\n\t\t\t\t\tReproduction of the Varsity materials, text and images,\r\n\t\t\t\t\tis not permitted. For media queries, contact [email\u00a0protected]"], "images": ["https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo.png", "https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo-small.png", "https://zerodha.com/varsity/wp-content/uploads/2020/01/Innerworth_74-300x300.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/playstore.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/appstore.png"], "tables": [], "videos": []}

{"title": "75. Pulling the Trigger Decisively", "text": ["Do you have trouble pulling the trigger? How many profitable trades have you missed because of this affliction? Why do you hesitate? If every trading idea that popped into your head turned out to be profitable, you would never hesitate. Unfortunately, you\u2019ve probably learned the hard way that not every trading idea is a good one. There\u2019s a good chance that a fantastic trading idea may not turn into a profit, and this fact alone can shake your confidence. And when you are not completely sure of yourself, you will hesitate.", "", "Many traders, especially novice traders, yearn for infallible trading information. Their hard-earned money is on the line, and they demand certainty. But they can never know for certain that a planned trading strategy will work when it is actually tried. In the end, you have to be willing to take a risk and lose money. You have to accept the fact that no trading plan is foolproof and trading always involves some risk. Uncertainty and the fear of losing lie behind most traders\u2019 tendency to hesitate. Sometimes there\u2019s a good reason to feel afraid and hesitation is justified. Other times, however, hesitation is a reflection of inexperience or an irrational need to avoid risk and losses, even if it means standing aside unnecessarily and missing a significant market move.", "In his book, \u201cTrading to Win,\u201d Ari Kiev suggests that novice traders don\u2019t trust their instincts. They think they don\u2019t have enough experience to take action on ideas based on sheer intuition. It takes experience to feel at ease with your intuition, and many novice traders understandingly question their instincts. But not all first hunches are inaccurate. Many times, they are right on target. Your first hunch may be astute, and little is to be gained by further deliberation. It is often wise to just act on a first hunch, but many traders don\u2019t want to take the chance.", "They want perfect, infallible information and confirmation. According to Dr. Kiev, however, the need for confirmation can distract you from taking decisive action. Self-doubt is understandable, but it can prevent you from tackling the markets and building up your trading skills. Dr. Kiev points out that over time you will learn to trust your instincts and act on them. In the meantime, many traders will waste time unnecessarily deliberating. But mulling over ideas too much can prevent you from learning to trust yourself. It\u2019s natural to question your trading plan, but when you do so too much, you end up stagnating rather than making trades.", "When your money is on the line, you naturally want to protect it. You have a strong tendency to feel that you must be thoroughly competent, the perfect trader. But when you strive for too much perfection, you will expend most of your limited psychological energy mulling over the negative consequences of failing. Instead, it is vital to focus on your immediate experience, what you are doing in the here-and-now to implement our current trading plan. The quest for perfection and guaranteed wins, however, are distracting and obscure the flow of immediate experience. Dr. Kiev points out that when you are distracted, you will have difficulty sticking with your trading plan. You\u2019ll tend to make mistakes, and mistakes usually produce huge losses.", "If you want to stop hesitating at critical moments of investing, it is vital that you learn to ease up. You don\u2019t have to be perfect. You are bound to make mistakes occasionally, and if you are consumed with avoiding them, you\u2019ll be so anxious and fearful that you will avoid taking action. Sure, you don\u2019t want to make too many mistakes, but you can make a few, occasionally with little repercussions. All you can do in the end is to do your best and keep building up your trading skills. You might as well work hard and think positively. With enough time and effort, you\u2019ll eventually achieve enduring success.", "Comments are closed.", "Varsity by Zerodha \u00a9 2015 \u2013 2024.\r\n\t\t\t\t\tAll rights reserved.\r\n\t\t\t\t\tReproduction of the Varsity materials, text and images,\r\n\t\t\t\t\tis not permitted. For media queries, contact [email\u00a0protected]"], "images": ["https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo.png", "https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo-small.png", "https://zerodha.com/varsity/wp-content/uploads/2020/01/Innerworth_75-300x300.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/playstore.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/appstore.png"], "tables": [], "videos": []}

{"title": "76. Hesitation: A Plethora of Reasons", "text": ["Humans have a tenacious need to protect their assets and avoid risk. This is especially true for novice traders. It took a long time to build up sufficient capital to trade seriously, and it\u2019s understandable to fear losing some of it. Novices tend to seek absolute certainty before taking a risk, and gaining such certainty can take time. But when it comes to short term trading, there isn\u2019t very much time for long deliberations. Market conditions are in continuous flux. Decisions need to be made relatively quickly, and if one waits too long to execute a trade, he or she may miss a significant opportunity. The reasons for hesitation are many, and it\u2019s useful to be aware of them and make a plan to thwart them.", "The complex charting software available these days can often increase the tendency toward hesitation more than reduce it. It\u2019s tempting to look at as many indicators and signals as possible. Doing so, however, can be very time-consuming. That\u2019s why seasoned traders advise looking at only a few key indicators.", "", "Hesitation is usually related to a lack of confidence in one\u2019s trading strategy or trading ability. There may be several reasons for this lack of confidence, with some more deep-seated than others. One may not believe that his or her trading plan is adequately developed. Some traders may question their trading plan because they know that they did not spend enough time preparing it. Sometimes hesitation can be an intuitive warning sign, a way of telling oneself not to be too overconfident. In this case, hesitation can act as a motivator. If you feel you are hesitating because you have not prepared adequately, then spend more time preparing for your trades. Learn about new higher probability setups, reduce your doubt and indecision, and in turn your hesitation through more adequate preparation.", "Hesitation can also reflect a deep desire to be right and a fear of being wrong. We are often afraid to face our inadequacies. By putting off a decision, we don\u2019t have to face our limitations and can pretend that we are better traders than we really are. Extreme perfectionists are especially prone to this type of indecision. They continuously second guess and doubt themselves. They believe that if they are wrong, they cannot handle it. This occurs in trading decisions as well as other life decisions. Extreme perfectionists may fatalistically think that once they make a bad trade, it will be the start of a downward spiral and a complete blowout of one\u2019s trading account.", "Finally, hesitation may relate to low self-esteem or other deep-rooted psychological issues. Individuals with low self-esteem tend to lack confidence in many different life domains. Doubting one\u2019s ability to trade, and thus, hesitating to make a trade may reflect a more pervasive, deep-seated self-doubt. People who hesitate may have a conflict regarding their success. They may have a \u201cfear of success\u201d where at one level they strive for success, but at another level, they secretly believe they cannot attain it, or do not deserve it.", "Identifying and eliminating a problem with hesitation is useful. Chronic hesitation can erode one\u2019s trading confidence. One may put on trades, continue to hesitate, miss important market moves, and see his or her equity begin to dwindle. As one\u2019s confidence is further eroded, hesitation may worsen. So, if you\u2019re prone to hesitation, it\u2019s vital that you address this problem early. Identify the reasons for it, and make changes as soon as possible. By eliminating this common and pervasive ailment, you can trade profitably and consistently.", "Comments are closed.", "Varsity by Zerodha \u00a9 2015 \u2013 2024.\r\n\t\t\t\t\tAll rights reserved.\r\n\t\t\t\t\tReproduction of the Varsity materials, text and images,\r\n\t\t\t\t\tis not permitted. For media queries, contact [email\u00a0protected]"], "images": ["https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo.png", "https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo-small.png", "https://zerodha.com/varsity/wp-content/uploads/2020/01/Innerworth_76-300x300.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/playstore.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/appstore.png"], "tables": [], "videos": []}

{"title": "77. Trading in a Higher Psychological Sphere", "text": ["Top-notch traders trade in a higher psychological sphere. Trading is a peak experience where everything seems to click. Winning traders trade in the zone. They reach a psychological state that is inherently rewarding. The more you can reach this higher psychological sphere, the more profitable you will trade in the long run.", "How does one trade in a higher psychological sphere? It\u2019s vital that you satisfy lower-order needs, such as a need for self-esteem or recognition, so that you can focus on satisfying higher-order psychological needs, such as self-actualization and self-fulfillment. For example, when trying to satisfy a need for self-esteem or recognition, one may think that becoming a success will help him or her feel safe, secure, and loved. This belief can cause major problems when trading, for a variety of reasons.", "First, placing too much emphasis on the outcome is bound to be distracting. Second, believing all your needs will be satisfied through trading will likely increase your fear, anxiety, and tension. Third, these unpleasant and distracting emotions will tend to interfere with your accurate assessment of market conditions and disrupt any clear-headed decision making, hurting your performance and creating a vicious circle of defeat.", "", "What motivates your trading? Do you trade to satisfy social and emotional needs? Do you trade primarily to increase your feelings of safety and security? How do you remedy the situation if you are trying to satisfy these lower-order needs? To remedy this, consider satisfying your safety and security needs in other ways. For example, you could set lower standards for your lifestyle. Trying to maintain a rich, luxurious lifestyle will almost certainly interfere with your trading success. Most successful traders report they have settled into a lifestyle that does not depend very much, if at all, on their trading success.", "Other social needs that may interfere with your trading performance, and should be addressed outside of trading, including the desire for friendship, affection, and love. Some individuals believe that trading is going to improve their ability to form satisfying relationships. For example, many people believe that if they had enough money, their relationships would be far more satisfying. Although this seems reasonable, it is a fallacy. Wealthy people are no better at gaining love and affection than poor people. If you are hoping that your relationships will improve when you make more money through trading, you are mistaken. It\u2019s a far better approach to limit your trading activity and take other steps to develop more satisfying relationships.", "You may also trade because you desire recognition, appreciation, prestige, and status. It\u2019s true that some individuals may give additional respect to those who have a lot of money, but not everyone cares. In addition, needing others\u2019 respect can be very difficult and disappointing. In the end, the road to happiness and success involves having respect for yourself. If you are hoping that you will somehow gain respect through making a bunch of winning trades, you will almost certainly be disappointed, and this drive for respect and continuing disappointment will interfere with a higher sphere of existence.", "Transforming the trading experience into an optimal experience may not be easy, but it\u2019s something that the most profitable traders have achieved and sustain. Make sure that your social and emotional needs are satisfied outside of trading, and that you are able to focus intensely on the trading experience itself. If you can do so, you\u2019ll find trading interesting, enjoyable and engaging, and trade in a higher psychological sphere.", "", "Comments are closed.", "Varsity by Zerodha \u00a9 2015 \u2013 2024.\r\n\t\t\t\t\tAll rights reserved.\r\n\t\t\t\t\tReproduction of the Varsity materials, text and images,\r\n\t\t\t\t\tis not permitted. For media queries, contact [email\u00a0protected]"], "images": ["https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo.png", "https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo-small.png", "https://zerodha.com/varsity/wp-content/uploads/2020/01/20070703-300x300.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/playstore.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/appstore.png"], "tables": [], "videos": []}

{"title": "78. The Highly Motivated Trader", "text": ["Jim is a novice trader who is deeply frustrated and ready to give up. He\u2019s read all the trading books, followed all the trading \u201cgurus,\u201d and worked tirelessly day after day. Despite all his efforts, however, his account is almost completely wiped out. Jim\u2019s experience is common. When they start out, novice traders are extremely excited. They dream of success and the recognition that huge profits will bring. Some achieve early success, but many soon discover that achieving consistent profitability is elusive. Many are drawn to trading, but few can trade profitability. The winning trader is a special breed, a person who is highly motivated, but at the same time, he or she is realistic and able to persist in the face of adversity.", "", "It\u2019s easy to get yourself \u201cpsyched up\u201d when you first start out trading: One can merely convince himself or herself, \u201cAll I have to do is apply myself and I\u2019ll achieve profitability.\u201d This can often be a useful positive attitude, but the \u201cpower of positive thinking\u201d doesn\u2019t usually go very far in terms of achieving trading success. It makes you feel good in the short term, but then you find that mere hard work and persistence doesn\u2019t pay off. It is necessary to use sound trading strategies, expose yourself to a variety of market conditions, and hone your trading skills. Successful trading requires talent, and there\u2019s no way to develop one\u2019s talents without extensive practice.", "Although a positive attitude is useful, a healthy skepticism is paramount. When it comes to trading, you can\u2019t believe anything you read or hear. Even when a trusted mentor teaches you the \u201cconventional wisdom,\u201d it is essential to remember that so-called conventional wisdom is true only when it is true; it is false the rest of the time. History in the markets only repeats itself when it does. And the only time you actually know that you\u2019ve stumbled upon a profitable trading strategy is when it, indeed, produces a profit.", "Convincing yourself you can master the markets with sheer determination and willpower isn\u2019t going to get you very far. You must accept the fact that, in the end, trading is like a game. You\u2019ve got to take it seriously on the one hand, but learn to enjoy the process on the other. Traders take the game seriously in that they acknowledge that real money is on the line and it is likely that real losses can wipe out one\u2019s trading account. They address this issue through risk management.", "On the other hand, they know that no trading strategy is foolproof. They realize that despite all their efforts, it is quite possible that some unforeseen adverse event can go against their trade, or that market conditions may just not be conducive to one\u2019s trading plan. That\u2019s where a happy-go-lucky attitude is useful. It is vital to view trading as a sport. If you score the winning point, fine. But if you miss it, don\u2019t get too bogged down. Just pick yourself up and try again.", "Eventually, with enough practice and experience, many novices will move into the realm of the seasoned professional. It is not going to happen overnight, however. It will take time and practice. That\u2019s where the motivation comes in. It is easy to stay motivated for a short time if you think the payoff will be large and relatively immediate. But trading is a profession where years can go by with little progress. Some seasoned traders warn that it may take several years to achieve consistent profitability.", "Over the years, a great deal of money will be spent on commissions, losses, apparatus, and instructional materials. The would-be professional trader isn\u2019t fazed by it all, though. He or she views the money spent on trading as similar to what any professional spends on college tuition. He or she believes that eventually, his or her time and effort will pay off. The winning trader is highly motivated. He or she admits that trading is a challenge and that success is far from assured. Despite this harsh reality, the winning trader persists until he or she achieve consistent profitability.", "Comments are closed.", "Varsity by Zerodha \u00a9 2015 \u2013 2024.\r\n\t\t\t\t\tAll rights reserved.\r\n\t\t\t\t\tReproduction of the Varsity materials, text and images,\r\n\t\t\t\t\tis not permitted. For media queries, contact [email\u00a0protected]"], "images": ["https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo.png", "https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo-small.png", "https://zerodha.com/varsity/wp-content/uploads/2020/01/20070705-1-300x300.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/playstore.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/appstore.png"], "tables": [], "videos": []}

{"title": "79. Everything Seems Obvious In Hindsight", "text": ["Do you remember your first impressions of trading? Perhaps you were young and had a strong desire to achieve early success, but if you were like most people, you had unrealistic expectations about the financial resources and skill level that were needed to trade profitably. You probably figured that you could just open a typical online brokerage account and turn $1,500 into a fortune. You probably didn\u2019t hold this misconception very long, though. Soon, you learned that you needed a lot more capital than $1,500 to make profits as a trader, and you probably found a brokerage that allowed you to make trades in real-time.", "As you gained knowledge and experience with the markets, you started learning how your original ideas were na\u00efve. Sure, in hindsight, it seemed obvious that your ideas about trading were off base, but at the time, your perceptions seemed quite valid. Everything seems obvious in hindsight, but at the time, you don\u2019t see it that way. In the midst of it all, everything makes perfect sense.", "", "The human mind is capable of extreme optimism. We have a strong desire for success, and it can be so strong that we see things that just aren\u2019t there. Our thinking can be biased and self-serving. We can convince ourselves that making money in the markets is easier than it really is. We can believe that good quality setups are easy to spot, and we can convince ourselves that we will have rock-solid confidence and unwavering discipline when the time comes. But our expectations don\u2019t always match reality.", "Acknowledging the ability of the mind to create a fantasy world that builds up our ego is crucial. When we want to win so badly, we start to distort reality. We can\u2019t see things clearly. In hindsight, though, we look back and think, \u201cHow could I have been so stupid?\u201d It\u2019s useful to cultivate a healthy sense of skepticism. Skepticism isn\u2019t the same thing as pessimism. A pessimist falsely distorts reality to the point that he or she believes that even a reasonable plan is doomed. A skeptic is optimistic yet is also realistic. No trading plan is foolproof. The markets don\u2019t always cooperate with you.", "The winning trader is the person who questions a trading plan before executing it. He or she tries to anticipate what could go wrong and thinks of ways to work around these potential setbacks. Being a healthy skeptic can be difficult at times. Again, most humans are naturally unrealistic. They want to believe in miracles. They tend to wrongly believe that if they can imagine it, then it will happen. But it isn\u2019t that easy.", "It is necessary to plan ahead. Consider what can go wrong and make a plan for what you are going to do to come out unscathed should a trading plan fail. It\u2019s useful to remember the basics: Manage risk and follow a detailed trading plan. If you manage risk, you\u2019ll ease some of the psychological pressure you feel. Psychological pressure can produce denial, and when your vision is clouded with denial, you\u2019ll be prone to feel overconfident, and take risks that don\u2019t make sense in the long run.", "When you risk little on a trade or minimize risks through protective stops, then you will feel free and relaxed. You\u2019ll be open to new experiences and you will be likely to see problems with your trading plan before it is too late. You can make some quick revisions that will prevent you from making big losses. Similarly, if you think through trade, you\u2019ll increase the odds of anticipating adverse events. As you mull things over, you\u2019ll see how you may have given in to self-serving biases and distorted reality.", "Don\u2019t live your life fighting off feelings of regret. Things always look better in hindsight. But if you plan ahead, skeptically anticipate what may go wrong, and take precautions, you will increase your chances of winning.", "Comments are closed.", "Varsity by Zerodha \u00a9 2015 \u2013 2024.\r\n\t\t\t\t\tAll rights reserved.\r\n\t\t\t\t\tReproduction of the Varsity materials, text and images,\r\n\t\t\t\t\tis not permitted. For media queries, contact [email\u00a0protected]"], "images": ["https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo.png", "https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo-small.png", "https://zerodha.com/varsity/wp-content/uploads/2020/01/20071106-300x300.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/playstore.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/appstore.png"], "tables": [], "videos": []}

{"title": "80. The Benefits of Hindsight", "text": ["Have you ever planned a trade that seemed a sure winner, yet we\u2019re surprised to find it had failed? A plan could look great when you think of it, but after it fails, and you had time to think about it a little more, it becomes obvious that it was a bad idea.", "", "A host of information must be considered in order to trade profitably. For example, conventional wisdom suggests avoiding the open. It may also be wise to stand aside when a rate hike is looming, and make sure the company in which you are planning to invest isn\u2019t about to report earnings. But there are times when conventional wisdom is wrong, and the astute trader has learned that there are times when he or she must break the rules, and go against conventional wisdom. That\u2019s what makes trading a challenge: Essentially, conventional wisdom is only right some of the time, and at other times, it\u2019s just wrong. In the end, you must find a solution on your own, and there are times when you may be wrong. You have to trust your instincts and go with your gut, wrong or right, whether you like it or not.", "The human mind has limits. There are times when a fast decision is essential when we have to think quickly. We must use whatever information is available to make these decisions. Behavioral economists, however, have shown that when thinking under pressure, many traders are prone to decision-making biases. For example, we may narrow our focus to what we think is obvious, but upon further consideration, we may wonder why we didn\u2019t see the flaws in our thinking.", "For example, we may wrongly think a stock price is impervious to a prevailing trend. Suppose you were trading a company that was about to report earnings, for example, and you had good reason to believe that it would beat analysts\u2019 expectations. Based on your own analysis of the situation, you may decide to go long. Why not? All indications from your point of view suggest an increase in price. However, you may find that a variety of factors ended up decreasing the price of the stock. Consumer confidence may have been lower than you had expected or an adverse world event may have lowered stock prices across the board. In hindsight, you may think, \u201cHow could I have missed that? I should have known better.\u201d", "It\u2019s impossible to have a God\u2019s eye view when it comes to the market. You can\u2019t know everything. All you can do is use infallible knowledge to make the best judgment you can possibly make. That said, you are bound to make mistakes. All you can do is manage risk and try your best. If you manage risk, you won\u2019t get in much trouble by allowing a judgment bias to cloud your vision.", "People have a natural tendency to think the best, but there are times that an optimistic attitude can bias our views. And when that happens, we end up making mistakes. It\u2019s vital to stay a little skeptical. Don\u2019t get stuck in analysis paralysis, but on the other hand, don\u2019t act too impulsively; think through your decisions. Make sure you look at your trading plan from multiple perspectives. Remember that what might look like a great idea at first glance may look like an obviously flawed idea when it fails. Think things through beforehand. Don\u2019t wait for hindsight to inform you of your mistakes.", "Comments are closed.", "Varsity by Zerodha \u00a9 2015 \u2013 2024.\r\n\t\t\t\t\tAll rights reserved.\r\n\t\t\t\t\tReproduction of the Varsity materials, text and images,\r\n\t\t\t\t\tis not permitted. For media queries, contact [email\u00a0protected]"], "images": ["https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo.png", "https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo-small.png", "https://zerodha.com/varsity/wp-content/uploads/2020/01/20071031-300x300.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/playstore.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/appstore.png"], "tables": [], "videos": []}

{"title": "81. The Future Is Never Certain", "text": ["When trading the markets, uncertainty is often a fact of life. Consider the plight of Jack who tried to add as much certainty into his trading as possible. He decided to invest in a solid retailer. Consumer confidence was high and sales had been high at the retail stores for the past two years. He looked closely at the five-year chart and noticed a clear, upward trend. When the price did temporarily drop, the most it had ever fallen in the past five years was about $3. It was currently trading at $40. He decided to buy 2000 shares and protected himself by placing a stop at $37. He reasoned that the past five years would be a good indicator of what might happen in the next year: the stock price should continue to rise and should only fall by $3 at the most. There was something psychologically pleasing about studying the fundamentals of the company and its past stock performance. He felt assured. Even though his risk was almost 8% of his trading capital, he decided the risk was worth taking.", "", "Unfortunately, history only repeats itself when it does. A month after entering the trade, the stock price fell to $35. Jack couldn\u2019t believe what happened. He thought, \u201cHow could I have been so wrong? I had considered all the possibilities.\u201d Many novice traders think like Jack. They seek out a level of consistency in the financial markets that just do not exist. They believe that the markets follow natural laws and falsely believe that there are some magical mathematical principles that underlie it all. Big time institutional investors may be able to forecast the market action in the long term, but they have mountains of capital and can attempt to hedge risk, and even they have great difficulty merely matching the yearly increases of the indexes. For the smaller investor or trader, there are no secret mathematical formulae. The past is the past, and what happened in the past may not forecast the future.", "Don\u2019t falsely think that you can forecast market action with the same precision a physicist can program a satellite to reach Mars. The markets don\u2019t follow natural laws. There are many unknown factors that underlie the price action. The best you can do is study all the available information and make an educated guess. As long as you manage risk, you can make trade after trade and get the odds to work in your favor. You won\u2019t be right all the time, but you\u2019ll be right enough of the time to make a profit. It may be pleasing to think that you can add certainty to trading, but you can\u2019t. You\u2019ll feel better in the long run and trade more profitably if you accept the fact that the future is uncertain.", "Comments are closed.", "Varsity by Zerodha \u00a9 2015 \u2013 2024.\r\n\t\t\t\t\tAll rights reserved.\r\n\t\t\t\t\tReproduction of the Varsity materials, text and images,\r\n\t\t\t\t\tis not permitted. For media queries, contact [email\u00a0protected]"], "images": ["https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo.png", "https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo-small.png", "https://zerodha.com/varsity/wp-content/uploads/2020/01/20071221-300x300.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/playstore.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/appstore.png"], "tables": [], "videos": []}

{"title": "13. \u0907\u0915\u094d\u0935\u093f\u091f\u0940 \u0930\u093f\u0938\u0930\u094d\u091a (\u092d\u093e\u0917 1)", "text": ["\u0905\u092c \u0939\u092e \u0907\u0915\u094d\u0935\u093f\u091f\u0940 \u0930\u093f\u0938\u0930\u094d\u091a\u00a0 \u0915\u0930\u0928\u0947 \u0915\u093e \u0924\u0930\u0940\u0915\u093e \u0938\u0940\u0916\u0947\u0902\u0917\u0947\u0964 \u092f\u093e\u0926 \u0930\u0916\u093f\u090f \u0915\u093f \u0939\u092e\u093e\u0930\u0947 \u0914\u0930 \u0906\u092a\u0915\u0947 \u091c\u0948\u0938\u093e \u0906\u092e \u0906\u0926\u092e\u0940 \u091c\u092c \u0907\u0915\u094d\u0935\u093f\u091f\u0940 \u0930\u093f\u0938\u0930\u094d\u091a \u0915\u0930\u0924\u093e \u0939\u0948 \u0924\u094b \u0909\u0938\u0915\u094b \u092f\u0939 \u0915\u093e\u092e \u0938\u0940\u092e\u093f\u0924 \u0938\u093e\u0927\u0928\u094b\u0902 \u0938\u0947 \u0915\u0930\u0928\u093e \u0939\u094b\u0924\u093e \u0939\u0948\u0964 \u0907\u0915\u094d\u0935\u093f\u091f\u0940 \u0930\u093f\u0938\u0930\u094d\u091a 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\u0928\u091c\u0930\u093f\u092f\u093e \u092c\u0928\u093e \u092a\u093e\u090f\u0902\u0917\u0947\u0964 \u0932\u0947\u0915\u093f\u0928 \u0907\u0938\u0915\u0947 \u092c\u093e\u0926 \u091c\u093f\u0924\u0928\u093e \u0915\u093e\u0930\u094b\u092c\u093e\u0930 \u0906\u0915\u0930\u094d\u0937\u093f\u0924 \u0932\u0917\u0924\u093e \u0939\u094b, \u0915\u093e\u0930\u094b\u092c\u093e\u0930 \u0915\u0947 \u0928\u0902\u092c\u0930\u094d\u0938 \u092d\u0940 \u0909\u0924\u0928\u0947 \u0939\u0940 \u0906\u0915\u0930\u094d\u0937\u0915 \u0932\u0917\u0928\u0947 \u091a\u093e\u0939\u093f\u090f\u0964", "\u0907\u0915\u094d\u0935\u093f\u091f\u0940 \u0930\u093f\u0938\u0930\u094d\u091a \u0915\u0947 \u0926\u0942\u0938\u0930\u0947 \u091a\u0930\u0923 \u0915\u093e \u0909\u0926\u094d\u0926\u0947\u0936\u094d\u092f \u0915\u093f \u0939\u092e\u0947\u0902 \u0928\u0902\u092c\u0930\u094d\u0938 \u0915\u094b \u0938\u092e\u091d\u0928\u0947 \u092e\u0947\u0902 \u092e\u0926\u0926 \u092e\u093f\u0932\u0947 \u0914\u0930 \u0939\u092e \u092f\u0947 \u0906\u0902\u0915 \u092f\u093e \u091c\u093e\u0902\u091a \u0938\u0915\u0947 \u0915\u093f \u0915\u0902\u092a\u0928\u0940 \u091c\u093f\u0938 \u0924\u0930\u0939 \u0915\u093e \u0915\u093e\u092e \u0915\u0930\u0924\u0940 \u0939\u0948 \u0914\u0930 \u0909\u0938\u0915\u093e \u092b\u093e\u0907\u0928\u0947\u0902\u0936\u093f\u092f\u0932 \u092a\u0930\u092b\u0949\u0930\u092e\u0947\u0902\u0938 \u0926\u094b\u0928\u094b\u0902 \u090f\u0915 \u0926\u0942\u0938\u0930\u0947 \u0915\u0947 \u092a\u0942\u0930\u0915 \u0939\u0948 \u092f\u093e \u0928\u0939\u0940\u0902\u0964\u00a0 \u0905\u0917\u0930 \u092f\u0947 \u090f\u0915 \u0926\u0942\u0938\u0930\u0947 \u0915\u0947 \u092a\u0942\u0930\u0915 \u0928\u0939\u0940\u0902 \u0939\u0948\u0902 \u0924\u094b \u0939\u092e \u092e\u093e\u0928\u0947\u0902\u0917\u0947 \u0915\u093f \u0915\u0902\u092a\u0928\u0940 \u092e\u0947\u0902 \u0928\u093f\u0935\u0947\u0936 \u0915\u0930\u0928\u0947 \u0915\u0947 \u0932\u093f\u090f \u091c\u094b \u0917\u0941\u0923 \u091a\u093e\u0939\u093f\u090f, \u0935\u094b \u0928\u0939\u0940\u0902 \u0939\u0948\u0964", "\u0939\u092e\u0928\u0947 \u092a\u093f\u091b\u0932\u0947 \u0905\u0927\u094d\u092f\u093e\u092f \u092e\u0947\u0902 \u091a\u0947\u0915\u0932\u093f\u0938\u094d\u091f \u0915\u094b \u0926\u0947\u0916\u093e \u0925\u093e\u0964 \u0909\u0938\u0947 \u090f\u0915 \u092c\u093e\u0930 \u092b\u093f\u0930 \u0938\u0947 \u0926\u0947\u0916\u0924\u0947 \u0939\u0948\u0902\u0964", "\u0905\u092c \u0939\u092e \u091a\u0947\u0915\u0932\u093f\u0938\u094d\u091f \u0915\u0947 \u0938\u093e\u0930\u0947 \u092c\u093f\u0928\u094d\u0926\u0941\u0913\u0902 \u0915\u094b \u0905\u092e\u093e\u0930\u093e \u0930\u093e\u091c\u093e \u092c\u0948\u091f\u0930\u0940\u091c \u0932\u093f\u092e\u093f\u091f\u0947\u0921 \u0915\u0947 \u0938\u0902\u0926\u0930\u094d\u092d \u092e\u0947\u0902 \u091c\u093e\u0902\u091a\u0947\u0902\u0917\u0947\u0964 \u0938\u092c\u0938\u0947 \u092a\u0939\u0932\u0947 \u0926\u0947\u0916\u0924\u0947 \u0939\u0948\u0902 P&L \u0906\u0907\u091f\u092e \u2013 \u0917\u094d\u0930\u093e\u0938 \u092a\u094d\u0930\u0949\u092b\u093f\u091f, \u0928\u0947\u091f \u092a\u094d\u0930\u0949\u092b\u093f\u091f \u0914\u0930 \u0915\u0902\u092a\u0928\u0940 \u0915\u093e EPS", "\u0930\u0947\u0935\u0947\u0928\u094d\u092f\u0942 \u0914\u0930 PAT \u0917\u094d\u0930\u094b\u0925 \u2013 Revenue & Pat Growth", "\u0915\u093f\u0938\u0940 \u092d\u0940 \u0915\u0902\u092a\u0928\u0940 \u0915\u0947 \u0928\u093f\u0935\u0947\u0936 \u092f\u094b\u0917\u094d\u092f \u0939\u094b\u0928\u0947 \u0915\u0947 \u0915\u0938 \u0915\u093e \u0938\u092c\u0938\u0947 \u092a\u0939\u0932\u093e \u0938\u0902\u0915\u0947\u0924 \u0939\u094b\u0924\u093e \u0939\u0948 \u0915\u093f \u0935\u0939 \u0915\u0902\u092a\u0928\u0940 \u092c\u0922\u093c \u0930\u0939\u0940 \u0939\u0948 \u092f\u093e\u0928\u0940 \u0909\u0938\u092e\u0947\u0902 \u0917\u094d\u0930\u094b\u0925 \u0939\u094b \u0930\u0939\u0940 \u0939\u0948\u0964 \u092f\u0939\u093e\u0902 \u092a\u0930 \u092c\u0922\u093c\u0928\u0947 \u0915\u093e \u092e\u0924\u0932\u092c \u092f\u0939 \u0939\u094b\u0924\u093e \u0939\u0948 \u0915\u093f \u0915\u0902\u092a\u0928\u0940 \u0915\u0940 \u0906\u092e\u0926\u0928\u0940 \u092c\u0922\u093c \u0930\u0939\u0940 \u0939\u0948 \u0914\u0930 \u0909\u0938\u0915\u093e PAT \u092d\u0940 \u092c\u0922\u093c \u0930\u0939\u093e \u0939\u0948\u0964 \u0907\u0938\u0915\u094b \u0939\u092e \u0926\u094b \u0928\u091c\u0930\u093f\u090f \u0938\u0947 \u0926\u0947\u0916\u0924\u0947 \u0939\u0948\u0902 \u2013", "\u0935\u094d\u092f\u0915\u094d\u0924\u093f\u0917\u0924 \u0924\u094c\u0930 \u092a\u0930 \u092e\u0948\u0902 \u0910\u0938\u0940 \u0915\u0902\u092a\u0928\u093f\u092f\u094b\u0902 \u092e\u0947\u0902 \u0928\u093f\u0935\u0947\u0936 \u0915\u0930\u0928\u093e \u092a\u0938\u0902\u0926 \u0915\u0930\u0924\u093e \u0939\u0942\u0902 \u091c\u093f\u0928\u0915\u0940 \u0906\u092e\u0926\u0928\u0940 \u0914\u0930 PAT 15% CAGR \u0915\u0940 \u0930\u092b\u094d\u0924\u093e\u0930 \u0938\u0947 \u092c\u0922\u093c\u0924\u0940 \u0939\u0948\u0964", "\u090f\u0915 \u092c\u093e\u0930 \u0928\u091c\u0930 \u0921\u093e\u0932\u0924\u0947 \u0939\u0948\u0902\u00a0 \u0915\u093f ARBL \u0915\u0948\u0938\u093e \u0915\u0930 \u0930\u0939\u0940 \u0939\u0948 \u2026", "5 \u0938\u093e\u0932 \u0915\u0940 \u0906\u092e\u0926\u0928\u0940 \u092e\u0947\u0902 CAGR 18.6% \u0914\u0930 5 \u0938\u093e\u0932 \u0915\u0940 PAT \u092e\u0947\u0902 CAGR 17.01% \u0915\u0940 \u092c\u0922\u093c\u0924 \u0926\u093f\u0916 \u0930\u0939\u0940 \u0939\u0948\u0964 \u092f\u0939 \u0906\u0902\u0915\u0921\u093c\u0947 \u092c\u0939\u0941\u0924 \u0905\u091a\u094d\u091b\u0947 \u0926\u093f\u0916 \u0930\u0939\u0947 \u0939\u0948\u0902\u0964 \u0932\u0947\u0915\u093f\u0928 \u0907\u0928\u0915\u094b \u0939\u092e\u0947\u0902 \u0905\u092a\u0928\u0940 \u091a\u0947\u0915 \u0932\u093f\u0938\u094d\u091f \u0915\u0947 \u0926\u0942\u0938\u0930\u0947 \u092a\u0948\u092e\u093e\u0928\u094b\u0902 \u092a\u0930 \u092d\u0940 \u091a\u0947\u0915 \u0915\u0930\u0928\u093e \u0939\u094b\u0917\u093e\u0964", "\u092a\u094d\u0930\u0924\u093f \u0936\u0947\u092f\u0930 \u0915\u092e\u093e\u0908 \u2013 Earnings per Share (EPS)", "\u0905\u0930\u094d\u0928\u093f\u0902\u0917 \u092a\u0930 \u0936\u0947\u092f\u0930 \u092f\u093e \u0905\u0930\u094d\u0928\u093f\u0902\u0917 \u092a\u094d\u0930\u0924\u093f \u0936\u0947\u092f\u0930 \u0939\u092e\u0947\u0902 \u092c\u0924\u093e\u0924\u093e \u0939\u0948 \u0915\u093f \u0915\u0902\u092a\u0928\u0940 \u0939\u0930 \u0936\u0947\u092f\u0930 \u092a\u0930 \u0915\u093f\u0924\u0928\u093e\u00a0 \u092e\u0941\u0928\u093e\u092b\u093e \u0915\u092e\u093e \u0930\u0939\u0940 \u0939\u0948\u0964 \u0905\u0917\u0930 EPS \u0914\u0930 PAT \u090f\u0915 \u0930\u092b\u094d\u0924\u093e\u0930 \u0938\u0947 \u092c\u0922\u093c \u0930\u0939\u0947 \u0939\u0948\u0902 \u0924\u094b \u0907\u0938\u0915\u093e \u092e\u0924\u0932\u092c \u092f\u0939 \u0939\u0948 \u0915\u093f \u0915\u0902\u092a\u0928\u0940 \u0928\u0947 \u0905\u092a\u0928\u0947 \u0936\u0947\u092f\u0930\u094b\u0902 \u0915\u0940 \u0938\u0902\u0916\u094d\u092f\u093e \u0928\u0939\u0940\u0902 \u092c\u0922\u093c\u093e \u0926\u0940 \u0939\u0948 \u091c\u094b \u0915\u093f \u090f\u0915 \u0905\u091a\u094d\u091b\u0940 \u092c\u093e\u0924 \u0939\u0948\u0964 \u0907\u0938\u0938\u0947 \u092f\u0939 \u092a\u0924\u093e \u091a\u0932\u0924\u093e \u0939\u0948 \u0915\u093f \u0915\u0902\u092a\u0928\u0940 \u0915\u093e \u092e\u0948\u0928\u0947\u091c\u092e\u0947\u0902\u091f \u0905\u091a\u094d\u091b\u093e \u0939\u0948\u0964", "", "5 \u0938\u093e\u0932 \u0915\u093e EPS 1.90% CAGR \u0938\u0947 \u092c\u0922\u093c \u0930\u0939\u093e \u0939\u0948\u0964", "\u0917\u094d\u0930\u0949\u0938 \u092a\u094d\u0930\u0949\u092b\u093f\u091f \u092e\u093e\u0930\u094d\u091c\u093f\u0928 \u2013 Gross Profit margins", "\u0917\u094d\u0930\u0949\u0938 \u092a\u094d\u0930\u0949\u092b\u093f\u091f \u092e\u093e\u0930\u094d\u091c\u093f\u0928 \u0939\u092e\u0947\u0936\u093e \u092a\u094d\u0930\u0924\u093f\u0936\u0924 \u092e\u0947\u0902 \u0926\u093f\u0916\u093e\u092f\u093e \u091c\u093e\u0924\u093e \u0939\u0948\u0964 \u0907\u0938\u0915\u094b \u0928\u093f\u0915\u093e\u0932\u0928\u0947 \u0915\u093e \u092b\u093e\u0930\u094d\u092e\u0942\u0932\u093e \u0939\u0948", "\u0917\u094d\u0930\u0949\u0938 \u092a\u094d\u0930\u0949\u092b\u093f\u091f / \u0928\u0947\u091f \u0938\u0947\u0932\u094d\u0938", "\u092f\u0939\u093e\u0901 \u0917\u094d\u0930\u0949\u0938 \u092a\u094d\u0930\u0949\u092b\u093f\u091f = \u0928\u0947\u091f \u0938\u0947\u0932\u094d\u0938 \u2013\u00a0 \u092c\u0947\u091a\u0940 \u0917\u0908 \u0935\u0938\u094d\u0924\u0941\u0913\u0902 \u0915\u0940 \u0915\u0940\u092e\u0924 \u2013 \u0924\u0948\u092f\u093e\u0930 \u0935\u0938\u094d\u0924\u0941\u0913\u0902 \u0915\u0940 \u0915\u0940\u092e\u0924", "Gross Profits = [Net Sales \u2013 Cost of Goods Sold]", "\u0905\u0938\u0932 \u092e\u0947\u0902 \u0924\u0948\u092f\u093e\u0930 \u0935\u0938\u094d\u0924\u0941\u0913\u0902 \u0915\u0940 \u0915\u0940\u092e\u0924 \u0935\u0939 \u0930\u0915\u092e \u0939\u0948 \u091c\u094b \u0915\u0902\u092a\u0928\u0940 \u0915\u0947 \u0909\u0924\u094d\u092a\u093e\u0926 \u092c\u0928\u093e\u0928\u0947 \u092e\u0947\u0902 \u0916\u0930\u094d\u091a \u0939\u0941\u0908 \u0939\u0948\u0964 \u0907\u0938\u0915\u094b \u0928\u093f\u0915\u093e\u0932\u0928\u0947 \u0915\u093e \u0924\u0930\u0940\u0915\u093e \u0939\u092e\u0947 \u0907\u0928\u094d\u0935\u0947\u0902\u091f\u0930\u0940 \u091f\u0930\u094d\u0928\u0913\u0935\u0930 \u0930\u0947\u0936\u094d\u092f\u094b \u0928\u093f\u0915\u093e\u0932\u0928\u0947 \u0915\u0947 \u0938\u092e\u092f \u0926\u0947\u0916\u093e \u0925\u093e\u0964 \u0906\u0907\u090f \u0926\u0947\u0916\u0924\u0947 \u0939\u0948\u0902 \u0915\u093f ARBL \u0915\u093e \u0917\u094d\u0930\u0949\u0938 \u092a\u094d\u0930\u0949\u092b\u093f\u091f \u092e\u093e\u0930\u094d\u091c\u093f\u0928 \u0915\u0948\u0938\u093e \u0930\u0939\u093e \u0939\u0948\u0964", "\u092f\u0939\u093e\u0902 \u092a\u0930 \u0915\u0902\u092a\u0928\u0940 \u0915\u093e \u0917\u094d\u0930\u0949\u0938 \u092a\u094d\u0930\u0949\u092b\u093f\u091f \u092e\u093e\u0930\u094d\u091c\u093f\u0928 \u092c\u0939\u0941\u0924 \u0905\u091a\u094d\u091b\u093e \u0926\u093f\u0916 \u0930\u0939\u093e \u0939\u0948\u0964 \u0939\u092e\u093e\u0930\u0940 \u091a\u0947\u0915\u0932\u093f\u0938\u094d\u091f \u0915\u0947 \u0939\u093f\u0938\u093e\u092c \u0938\u0947 \u0915\u0902\u092a\u0928\u0940 \u0915\u093e \u0917\u094d\u0930\u0949\u0938 \u092a\u094d\u0930\u0949\u092b\u093f\u091f \u092e\u093e\u0930\u094d\u091c\u093f\u0928 \u0915\u092e \u0938\u0947 \u0915\u092e 20% \u0939\u094b\u0928\u093e \u091a\u093e\u0939\u093f\u090f\u0964\u00a0 ARBL \u0915\u093e \u0917\u094d\u0930\u0949\u0938 \u092a\u094d\u0930\u0949\u092b\u093f\u091f \u092e\u093e\u0930\u094d\u091c\u093f\u0928 \u0907\u0938\u0938\u0947 \u0915\u093e\u092b\u0940 \u091c\u094d\u092f\u093e\u0926\u093e \u0939\u0948\u0964 \u0907\u0938\u0915\u093e \u092e\u0924\u0932\u092c \u0939\u0948 \u0915\u093f", "\u0915\u0930\u094d\u091c \u0915\u093e 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Operations", "\u0915\u093f\u0938\u0940 \u0915\u0902\u092a\u0928\u0940 \u092e\u0947\u0902 \u0928\u093f\u0935\u0947\u0936 \u0915\u0930\u0928\u0947 \u0915\u0947 \u0932\u093f\u090f \u0938\u092c\u0938\u0947 \u092e\u0939\u0924\u094d\u0935\u092a\u0942\u0930\u094d\u0923 \u091a\u0940\u091c \u091c\u094b \u0926\u0947\u0916\u0928\u0940 \u0939\u094b\u0924\u0940 \u0939\u0948 \u0935\u0939 \u0939\u0948 \u0911\u092a\u0930\u0947\u0936\u0902\u0938 \u092f\u093e\u0928\u0940 \u0915\u093e\u0930\u094b\u092c\u093e\u0930 \u0938\u0947 \u0906\u0928\u0947 \u0935\u093e\u0932\u093e \u0915\u0948\u0936 \u092b\u094d\u0932\u094b\u0964 \u0915\u0902\u092a\u0928\u0940 \u0915\u094b \u0905\u092a\u0928\u0947 \u0911\u092a\u0930\u0947\u0936\u0928 \u0938\u0947 \u0905\u091a\u094d\u091b\u093e \u0915\u0948\u0936 \u092b\u094d\u0932\u094b \u092c\u0928\u093e\u0928\u093e \u091a\u093e\u0939\u093f\u090f\u0964 \u091c\u094b \u0915\u0902\u092a\u0928\u0940 \u0905\u092a\u0928\u0947 \u0911\u092a\u0930\u0947\u0936\u0902\u0938 \u092e\u0947\u0902 \u0915\u0948\u0936 \u0917\u0902\u0935\u093e \u0930\u0939\u0940 \u0939\u094b \u0935\u0939 \u090f\u0915 \u092c\u0939\u0941\u0924 \u0939\u0940 \u092c\u0941\u0930\u0940 \u0939\u093e\u0932\u0924 \u092e\u0947\u0902 \u0939\u0948\u0964", "\u092f\u0939\u093e\u0902 \u0915\u0948\u0936 \u092b\u094d\u0932\u094b \u0925\u094b\u0921\u093c\u093e \u0938\u093e \u090a\u092a\u0930 \u0928\u0940\u091a\u0947 \u0939\u094b\u0924\u093e \u0926\u093f\u0916 \u0930\u0939\u093e \u0939\u0948 \u092b\u093f\u0930 \u092d\u0940 \u092f\u0939 \u092a\u093f\u091b\u0932\u0947 5 \u0938\u093e\u0932 \u092e\u0947\u0902 \u0932\u0917\u093e\u0924\u093e\u0930 \u092a\u0949\u091c\u093f\u091f\u093f\u0935 \u092c\u0928\u093e \u0939\u0941\u0906 \u0939\u0948\u0964 \u092e\u0924\u0932\u092c \u0915\u0902\u092a\u0928\u0940 \u0915\u093e \u092c\u093f\u091c\u0928\u0947\u0938 \u0920\u0940\u0915-\u0920\u093e\u0915 \u091a\u0932 \u0930\u0939\u093e \u0939\u0948 \u0914\u0930 \u0915\u0948\u0936 \u092a\u0948\u0926\u093e \u0915\u0930 \u0930\u0939\u093e \u0939\u0948 \u092f\u093e\u0928\u0940 \u0915\u0902\u092a\u0928\u0940 \u0938\u092b\u0932 \u0939\u0948", "\u0930\u093f\u091f\u0930\u094d\u0928 \u0911\u0928 \u0907\u0915\u094d\u0935\u093f\u091f\u0940 (Return on Equity- ROE)", "\u0939\u092e\u0928\u0947 \u0907\u0938\u0940 \u092e\u0949\u0921\u094d\u092f\u0942\u0932 \u0915\u0947 \u0905\u0927\u094d\u092f\u093e\u092f 9 \u092e\u0947\u0902 \u0930\u093f\u091f\u0930\u094d\u0928 \u0911\u0928 \u0907\u0915\u094d\u0935\u093f\u091f\u0940 \u092a\u0930 \u0935\u093f\u0938\u094d\u0924\u093e\u0930 \u0938\u0947 \u092c\u093e\u0924 \u0915\u0940 \u0939\u0948\u0964 \u092e\u0948\u0902 \u091a\u093e\u0939\u0942\u0902\u0917\u093e \u0915\u093f \u0906\u092a \u090f\u0915 \u092c\u093e\u0930 \u092b\u093f\u0930 \u0938\u0947 \u0909\u0938\u0947 \u092a\u0922\u093c \u0932\u0947\u0902\u0964 ROE \u092c\u0924\u093e\u0924\u093e \u0939\u0948 \u0915\u093f \u0915\u0902\u092a\u0928\u0940 \u0928\u0947 \u0936\u0947\u092f\u0930\u0927\u093e\u0930\u0915\u094b\u0902 \u0915\u0947 \u0932\u093f\u0939\u093e\u091c \u0938\u0947 \u0915\u093f\u0924\u0928\u093e \u092a\u094d\u0930\u0924\u093f\u0936\u0924 \u092e\u0941\u0928\u093e\u092b\u093e \u0915\u092e\u093e \u0915\u0930 \u0926\u093f\u092f\u093e \u0939\u0948\u0964 \u090f\u0915 \u0924\u0930\u0939 \u0938\u0947 \u092f\u0947 \u092c\u0924\u093e\u0924\u093e \u0939\u0948 \u0915\u093f \u092a\u094d\u0930\u092e\u094b\u091f\u0930\u094d\u0938 \u0928\u0947 \u0905\u092a\u0928\u093e \u092a\u0948\u0938\u093e \u0932\u0917\u093e \u0915\u0930 \u0915\u093f\u0924\u0928\u093e \u0915\u092e\u093e\u092f\u093e \u0939\u0948\u0964", "ABRL \u0915\u0947 \u092a\u093f\u091b\u0932 \u092a\u093e\u0902\u091a \u0938\u093e\u0932 \u0915\u0947 ROE \u0915\u094b \u0928\u0940\u091a\u0947 \u0926\u093f\u0916\u093e\u092f\u093e \u0917\u092f\u093e \u0939\u0948-", "\u090a\u092a\u0930 \u0926\u093f\u090f \u0917\u090f ROE \u0915\u0947 \u0928\u0902\u092c\u0930 \u0915\u093e\u092b\u0940 \u0905\u091a\u094d\u091b\u0947 \u0939\u0948\u0902\u0964 \u092e\u0948\u0902 \u0916\u0941\u0926 \u0909\u0928 \u0915\u0902\u092a\u0928\u093f\u092f\u094b\u0902 \u092e\u0947\u0902 \u0928\u093f\u0935\u0947\u0936 \u0915\u0930\u0928\u093e \u092a\u0938\u0902\u0926 \u0915\u0930\u0924\u093e \u0939\u0942\u0902 \u091c\u093f\u0928\u0915\u093e ROE 20 \u092a\u0930\u0938\u0947\u0902\u091f \u0938\u0947 \u090a\u092a\u0930 \u0939\u094b\u0964", "\u0928\u093f\u0937\u094d\u0915\u0930\u094d\u0937", "\u092f\u093e\u0926 \u0930\u0916\u093f\u090f \u0915\u093f \u0939\u092e \u0907\u0915\u094d\u0935\u093f\u091f\u0940 \u0930\u093f\u0938\u0930\u094d\u091a \u0915\u0947 \u0926\u0942\u0938\u0930\u0947 \u091a\u0930\u0923 \u092e\u0947\u0902 \u0939\u0948\u0902\u0964 ARBL \u0926\u0942\u0938\u0930\u0947 \u091a\u0930\u0923 \u092e\u0947\u0902 \u091c\u093c\u0930\u0942\u0930\u0924 \u0915\u0947 \u0938\u092d\u0940 \u092e\u093e\u092a\u0926\u0902\u0921\u094b\u0902 \u092a\u0930 \u0916\u0930\u093e \u0909\u0924\u0930\u093e \u0939\u0948\u0964 \u0905\u092c \u090f\u0915 \u0907\u0915\u094d\u0935\u093f\u091f\u0940 \u0930\u093f\u0938\u0930\u094d\u091a \u090f\u0928\u093e\u0932\u093f\u0938\u094d\u091f \u0915\u0947 \u0924\u094c\u0930 \u092a\u0930 \u0906\u092a\u0915\u094b \u0926\u0942\u0938\u0930\u0947 \u091a\u0930\u0923 \u0915\u0947 \u0906\u0909\u091f\u092a\u0941\u091f \u0915\u094b \u092a\u0939\u0932\u0947 \u091a\u0930\u0923 \u092e\u0947\u0902 \u091c\u0941\u091f\u093e\u0908 \u0917\u0908 \u091c\u093e\u0928\u0915\u093e\u0930\u0940 \u0915\u0947 \u0938\u0902\u0926\u0930\u094d\u092d \u092e\u0947\u0902 \u0930\u0916 \u0915\u0930 \u0926\u0947\u0916\u0928\u093e \u0939\u0948\u0964 \u0926\u094b\u0928\u094b\u0902 \u091a\u0930\u0923\u094b\u0902 \u0915\u0947 \u092c\u093e\u0926 \u0905\u0917\u0930 \u0906\u092a \u0924\u0925\u094d\u092f\u094b\u0902 \u0915\u0947 \u0906\u0927\u093e\u0930 \u092a\u0930 \u0915\u0902\u092a\u0928\u0940 \u0915\u0947 \u092c\u093e\u0930\u0947 \u092e\u0947\u0902 \u092a\u0949\u091c\u093f\u091f\u093f\u0935 \u0930\u093e\u092f \u092c\u0928\u093e \u092a\u093e \u0930\u0939\u0947 \u0939\u0948\u0902, \u0924\u094b \u0915\u0902\u092a\u0928\u0940 \u092e\u0947\u0902 \u0935\u094b \u0917\u0941\u0923 \u092e\u094c\u091c\u0942\u0926 \u0939\u0948 \u091c\u094b \u0907\u0938\u0947 \u0928\u093f\u0935\u0947\u0936 \u0915\u0930\u0928\u0947 \u0915\u0947 \u0932\u093e\u092f\u0915 \u092c\u0928\u093e\u0924\u0940 \u0939\u0948\u0964", "\u0939\u093e\u0932\u093e\u0902\u0915\u093f \u0938\u094d\u091f\u0949\u0915 \u0916\u0930\u0940\u0926\u0928\u0947 \u0938\u0947 \u092a\u0939\u0932\u0947 \u092f\u0947 \u091a\u0947\u0915 \u0915\u0930 \u0932\u0947\u0902 \u0915\u093f \u0915\u0940\u092e\u0924 \u0938\u0939\u0940 \u0939\u0948\u0964 \u0914\u0930 \u0939\u092e \u092f\u0939\u0940 \u0915\u093e\u092e \u0907\u0915\u094d\u0935\u093f\u091f\u0940 \u0930\u093f\u0938\u0930\u094d\u091a \u0915\u0947 \u0924\u0940\u0938\u0930\u0947 \u091a\u0930\u0923 \u092e\u0947\u0902 \u0915\u0930\u0924\u0947 \u0939\u0948\u0902\u0964", "GIVE STUDY MATERIAL OF OPTION IN HINDI", "We are working on it, Ranjeet. Soon it will be made available.", "\u0915\u094d\u092f\u093e \u0938\u093e\u0930\u0947 \u0915\u093e\u0930\u0916\u093e\u0928\u0947 \u092a\u0941\u0930\u0940 \u0909\u0924\u094d\u092a\u093e\u0926\u0928 \u0915\u094d\u0937\u092e\u0924\u093e \u0915\u0947 \u0938\u093e\u0925 \u0915\u093e\u092e \u0915\u0930 \u0930\u0939\u0947 \u0939\u0948\u0902?\n\u0905\u092c \u0939\u092e \u0907\u0915\u094d\u0935\u093f\u091f\u0940 \u0930\u093f\u0938\u0930\u094d\u091a \u0915\u0947 \u0926\u0942\u0938\u0930\u0947 \u091a\u0930\u0923 \u0915\u0940 \u0924\u0930\u0939 \u092c\u0922\u093c\u0947\u0902\u0917\u0947\u0964", "\u0924\u094b \u0909\u0938 \u0915\u0902\u092a\u0928\u0940 \u0915\u094b \u092a\u0930 \u0906\u0917\u0947 \u0915\u093e\u092e \u0915\u0930\u0928\u0947 \u0915\u0940 \u091c\u0930\u0942\u0930\u0924 \u0928\u0939\u0940\u0902 \u0939\u0948 \u092d\u0932\u0947 \u0939\u0940 \u0915\u0902\u092a\u0928\u0940 \u0915\u093f\u0924\u0928\u0940 \u092d\u0940 \u0906\u0915\u0930\u094d\u0937\u0915 \u0915\u094d\u092f\u094b\u0902 \u0928\u093e \u0932\u0917 \u0930\u0939\u0940 \u0939\u094b\u0964\n \u0938\u0930 \u090a\u092a\u0930 \u0926\u093f\u090f \u0917\u092f\u0947 \u0935\u093e\u0915\u094d\u092f\u094b \u092e\u0947\u0902 \u0915\u094d\u0930\u092e\u0936\u0903 \u092a\u0942\u0930\u0940 \u0935 \u0924\u0930\u092b \u090f\u0935\u0902 \u0915\u094b \u0915\u0940 \u0915\u094b\u0908 \u0906\u0935\u0936\u094d\u092f\u0915\u0924\u093e \u0928\u0939\u0940 \u092a\u095c \u0930\u0939\u0940 \u0939\u0948\u0964", "\u0938\u0942\u091a\u093f\u0924 \u0915\u0930\u0928\u0947 \u0915\u0947 \u0932\u093f\u090f \u0927\u0928\u094d\u092f\u0935\u093e\u0926, \u0939\u092e\u0928\u0947 \u0907\u0938\u0947 \u0938\u0939\u0940 \u0915\u0930 \u0926\u093f\u092f\u093e \u0939\u0948\u0964", "5 \u0938\u093e\u0932 \u0915\u093e EPS 1.90% CAGR 5 \u0938\u093e\u0932 \u0915\u0940 \u0906\u092e\u0926\u0928\u0940 \u092e\u0947\u0902 CAGR 18.6% \u0914\u0930 5 \u0938\u093e\u0932 \u0915\u0940 PAT \u092e\u0947\u0902 CAGR 17.01% kai se nikalna hai ????", "\u0938\u092d\u0940 \u0915\u093e \u092b\u093e\u0930\u094d\u092e\u0942\u0932\u093e \u0907\u0938 \u0905\u0927\u094d\u092f\u093e\u092f \u092e\u0947\u0902 \u0909\u092a\u0932\u092c\u094d\u0927 \u0939\u0948\u0964", "\u0938\u0930 %CAGR \u0915\u0947\u0938\u0947 \u0928\u093f\u0915\u093e\u0932\u0924\u0947 \u0939\u0948\u0902", "\u0939\u092e\u0928\u0947 \u0907\u0938\u0915\u094b \u0909\u0938\u0940 \u0905\u0927\u094d\u092f\u093e\u092f \u092e\u0947\u0902 \u092c\u0924\u093e\u092f\u093e \u0939\u0948 \u0915\u0943\u092a\u092f\u093e \u0907\u0938\u0915\u094b \u092a\u0942\u0930\u093e \u092a\u095d\u0947\u0902\u0964 \ud83d\ude42", "varsity \u092a\u0930 \u0909\u092a\u0932\u092c\u094d\u0927 \u0907\u0902\u0917\u094d\u0932\u093f\u0936 \u092e\u0949\u0921\u0941\u0906\u0932 \u0915\u094b \u0921\u093e\u0909\u0928\u0932\u094b\u0921 \u0915\u0930 \u0938\u0915\u0924\u0947 \u0939\u0948 \u092a\u0930 \u0939\u093f\u0928\u094d\u0926\u0940 \u0915\u0947 \u092e\u0949\u0921\u0941\u0906\u0932 \u0921\u093e\u0909\u0928\u0932\u094b\u0921 \u0928\u0939\u0940\u0902 \u0939\u094b \u0930\u0939\u0947 \u0915\u0943\u092a\u092f\u093e \u0939\u093f\u0928\u094d\u0926\u0940 \u0915\u0947 \u092e\u0949\u0921\u0941\u0906\u0932 \u092d\u0940 \u0921\u093e\u0909\u0928\u0932\u094b\u0921 \u0915\u0930\u0928\u0947 \u0926\u0940\u091c\u093f\u090f \u0915\u094d\u092f\u094b\u0902\u0915\u093f \u0939\u092e\u093e\u0930\u0947 \u0915\u094d\u0937\u0947\u0924\u094d\u0930 \u092e\u0947 \u0907\u0902\u091f\u0930\u0928\u0947\u091f \u0915\u093e\u0928\u0947\u0915\u094d\u091f\u093f\u0935\u093f\u091f\u0940 \u0938\u0939\u0940 \u0928\u0939\u0940\u0902 \u0939\u0948 \u0907\u0938 \u0932\u093f\u090f \u0939\u092e \u0921\u093e\u0909\u0928\u0932\u094b\u0921 \u0915\u0930\u0928\u093e \u091a\u093e\u0939\u0924\u0947 \u0939\u0948", "\u0939\u092e \u0909\u0938 \u092a\u0930 \u0915\u093e\u092e \u0915\u0930 \u0930\u0939\u0947 \u0939\u0948\u0902, \u091c\u0932\u094d\u0926 \u0939\u0940 \u0909\u092a\u0932\u092c\u094d\u0927 \u0915\u0930\u093e\u092f\u093e \u091c\u093e\u092f\u0947\u0917\u093e\u0964", "Name (required)", "Mail (will not be published) (required)", "", "Post comment", "", "\u0394", "Varsity by Zerodha \u00a9 2015 \u2013 2024.\r\n\t\t\t\t\tAll rights reserved.\r\n\t\t\t\t\tReproduction of the Varsity materials, text and images,\r\n\t\t\t\t\tis not permitted. For media queries, contact [email\u00a0protected]"], "images": ["https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo.png", "https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo-small.png", "https://zerodha.com/varsity/wp-content/uploads/2014/12/M3-Ch13-title.jpg", "https://secure.gravatar.com/avatar/58a2637e710674040825536b48b61a80?s=32&d=identicon&r=g", "https://secure.gravatar.com/avatar/f77c3f8361982099ed9ac6d852b2e2b1?s=32&d=identicon&r=g", "https://secure.gravatar.com/avatar/652a8bff5fdd4e21638d9fd1570a19c5?s=32&d=identicon&r=g", "https://secure.gravatar.com/avatar/be5de1b57c0a4cfdd8c128e3b984d149?s=32&d=identicon&r=g", "https://secure.gravatar.com/avatar/a70198e3b96bfc89db1e4b73be1f1a31?s=32&d=identicon&r=g", "https://secure.gravatar.com/avatar/be5de1b57c0a4cfdd8c128e3b984d149?s=32&d=identicon&r=g", "https://secure.gravatar.com/avatar/75e08cbded8ad9a8542c0ff1826e6366?s=32&d=identicon&r=g", "https://secure.gravatar.com/avatar/be5de1b57c0a4cfdd8c128e3b984d149?s=32&d=identicon&r=g", "https://secure.gravatar.com/avatar/ecc97e791be9a14c8fd870a4288cedc7?s=32&d=identicon&r=g", "https://secure.gravatar.com/avatar/be5de1b57c0a4cfdd8c128e3b984d149?s=32&d=identicon&r=g", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/playstore.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/appstore.png"], "tables": ["<table>\n<tbody>\n<tr>\n<td>\n<p style=\"text-align: center;\"><strong>\u0915\u094d\u0930\u092e\u093e\u0902\u0915</strong></p>\n</td>\n<td style=\"text-align: center;\"><strong>\u0938\u0935\u093e\u0932</strong></td>\n<td>\n<p style=\"text-align: center;\"><strong>\u0938\u0935\u093e\u0932 \u0915\u093e \u0924\u0930\u094d\u0915</strong></p>\n</td>\n</tr>\n<tr>\n<td><span style=\"font-weight: 400;\">1</span></td>\n<td><span style=\"font-weight: 400;\">\u0915\u0902\u092a\u0928\u0940 \u0915\u093e\u092e \u0915\u094d\u092f\u093e \u0915\u0930\u0924\u0940 \u0939\u0948?</span></td>\n<td><span style=\"font-weight: 400;\">\u092c\u093f\u091c\u0928\u0947\u0938 \u0915\u0940 \u0939\u093e\u0932\u0924 \u0915\u094b \u0938\u092e\u091d\u0928\u0947 \u0915\u0947 \u0932\u093f\u090f</span></td>\n</tr>\n<tr>\n<td><span style=\"font-weight: 400;\">2</span></td>\n<td><span style=\"font-weight: 400;\">\u0915\u0902\u092a\u0928\u0940 \u0915\u0947 \u092a\u094d\u0930\u092e\u094b\u091f\u0930\u094d\u0938 \u0915\u094c\u0928 \u0939\u0948\u0902 \u0914\u0930 \u0909\u0928\u0915\u093e \u092c\u0948\u0915\u0917\u094d\u0930\u093e\u0909\u0902\u0921 \u0915\u094d\u092f\u093e \u0939\u0948?\u00a0</span></td>\n<td><span style=\"font-weight: 400;\">\u092f\u0947 \u092a\u0924\u093e \u0915\u0930\u0928\u0947 \u0915\u0947 \u0932\u093f\u090f \u0915\u093f \u0915\u094b\u0908 \u0906\u092a\u0930\u093e\u0927\u093f\u0915 \u0930\u093f\u0915\u093e\u0930\u094d\u0921 \u0924\u094b \u0928\u0939\u0940\u0902 \u0939\u0948, \u0915\u094b\u0908 \u0930\u093e\u091c\u0928\u0940\u0924\u093f\u0915 \u0938\u0902\u092c\u0902\u0927 \u0924\u094b \u0928\u0939\u0940\u0902 \u0939\u0948</span></td>\n</tr>\n<tr>\n<td><span style=\"font-weight: 400;\">3</span></td>\n<td><span style=\"font-weight: 400;\">\u0915\u0902\u092a\u0928\u0940 \u0915\u094d\u092f\u093e \u092e\u0948\u0928\u094d\u092f\u0942\u092b\u0948\u0915\u094d\u091a\u0930 (\u0909\u0924\u094d\u092a\u093e\u0926) \u0915\u0930\u0924\u0940 \u0939\u0948? (\u0905\u0917\u0930 \u092e\u0948\u0928\u094d\u092f\u0941\u092b\u0948\u0915\u094d\u091a\u0930\u093f\u0902\u0917 \u0915\u0902\u092a\u0928\u0940 \u0939\u0948 \u0924\u094b)</span></td>\n<td><span style=\"font-weight: 400;\">\u0915\u0902\u092a\u0928\u0940 \u0915\u0947 \u0909\u0924\u094d\u092a\u093e\u0926 \u0915\u094b \u091c\u093e\u0928\u0928\u0947 \u0938\u0947 \u092f\u0947 \u092a\u0924\u093e \u091a\u0932\u0924\u093e \u0939\u0948 \u0915\u093f \u092c\u093e\u091c\u093e\u0930 \u092e\u0947\u0902 \u092e\u093e\u0901\u0917 \u0915\u093f\u0924\u0928\u0940 \u0939\u0948 \u0914\u0930 \u0938\u092a\u094d\u0932\u093e\u0908 \u0915\u093f\u0924\u0928\u0940?</span></td>\n</tr>\n<tr>\n<td><span style=\"font-weight: 400;\">4</span></td>\n<td><span style=\"font-weight: 400;\">\u0915\u0902\u092a\u0928\u0940 \u0915\u0947 \u0915\u093f\u0924\u0928\u0947 \u0915\u093e\u0930\u0916\u093e\u0928\u0947 \u0939\u0948\u0902 \u0914\u0930 \u0915\u0939\u093e\u0902-\u0915\u0939\u093e\u0902 \u0939\u0948\u0902?</span></td>\n<td><span style=\"font-weight: 400;\">\u0907\u0938\u0938\u0947 \u092a\u0924\u093e \u091a\u0932\u0924\u093e \u0939\u0948 \u0915\u093f \u0915\u0902\u092a\u0928\u0940 \u0915\u093f\u0928 \u091c\u0917\u0939\u094b\u0902 \u092a\u0930 \u092e\u094c\u091c\u0942\u0926 \u0939\u0948\u0964 \u0938\u093e\u0925 \u0939\u0940, \u0905\u0917\u0930 \u0915\u0902\u092a\u0928\u0940 \u0915\u0947 \u0915\u093e\u0930\u0916\u093e\u0928\u0947 \u092c\u0939\u0941\u0924 \u092e\u0939\u0902\u0917\u0947 \u0907\u0932\u093e\u0915\u094b\u0902 \u092e\u0947\u0902 \u0939\u0948\u0902 \u0924\u094b \u0907\u0928\u0915\u0940 \u0915\u0940\u092e\u0924 \u092d\u0932\u0947 \u0939\u0940 \u092c\u0948\u0932\u0947\u0902\u0936 \u0936\u0940\u091f \u092a\u0930 \u0928\u093e \u0926\u093f\u0916 \u0930\u0939\u0940 \u0939\u094b \u0932\u0947\u0915\u093f\u0928 \u092f\u0947 \u0915\u0902\u092a\u0928\u0940 \u0915\u094b \u0915\u093e\u092b\u0940 \u092e\u0942\u0932\u094d\u092f\u0935\u093e\u0928 \u092c\u0928\u093e\u0928\u0947 \u0935\u093e\u0932\u0940 \u091c\u093e\u0928\u0915\u093e\u0930\u0940 \u0939\u0948\u0964</span></td>\n</tr>\n<tr>\n<td><span style=\"font-weight: 400;\">5</span></td>\n<td><span style=\"font-weight: 400;\">\u0915\u094d\u092f\u093e \u0938\u093e\u0930\u0947 \u0915\u093e\u0930\u0916\u093e\u0928\u0947 \u092a\u0941\u0930\u0940 \u0909\u0924\u094d\u092a\u093e\u0926\u0928 \u0915\u094d\u0937\u092e\u0924\u093e \u0915\u0947 \u0938\u093e\u0925 \u0915\u093e\u092e \u0915\u0930 \u0930\u0939\u0947 \u0939\u0948\u0902?</span></td>\n<td><span style=\"font-weight: 400;\">\u0915\u093e\u092e\u0915\u093e\u091c \u0915\u0940 \u0915\u094d\u0937\u092e\u0924\u093e \u0915\u093e \u092a\u0924\u093e \u0932\u0917\u0924\u093e \u0939\u0948, \u092f\u0947 \u092d\u0940 \u092a\u0924\u093e \u091a\u0932\u0924\u093e \u0939\u0948 \u0915\u093f \u092e\u093e\u0901\u0917 \u092c\u0922\u093c\u0928\u0947 \u092a\u0930 \u0915\u0902\u092a\u0928\u0940 \u0909\u0938\u0947 \u092a\u0942\u0930\u093e \u0915\u0930 \u092a\u093e\u090f\u0917\u0940 \u092f\u093e \u0928\u0939\u0940\u0902</span></td>\n</tr>\n<tr>\n<td><span style=\"font-weight: 400;\">6</span></td>\n<td><span style=\"font-weight: 400;\">\u0909\u0924\u094d\u092a\u093e\u0926\u0928 \u0915\u0947 \u0932\u093f\u090f \u0932\u093f\u090f \u0915\u093f\u0938 \u0924\u0930\u0939 \u0915\u0947 \u0915\u091a\u094d\u091a\u0947 \u092e\u093e\u0932 \u0915\u0940 \u091c\u093c\u0930\u0942\u0930\u0924 \u0939\u094b\u0924\u0940 \u0939\u0948?</span></td>\n<td><span style=\"font-weight: 400;\">\u0915\u0902\u092a\u0928\u0940 \u0915\u0947 \u0915\u091a\u094d\u091a\u0947 \u092e\u093e\u0932 \u0915\u094b \u0938\u0930\u0915\u093e\u0930 \u0928\u093f\u092f\u0902\u0924\u094d\u0930\u093f\u0924 \u0924\u094b \u0928\u0939\u0940\u0902 \u0915\u0930\u0924\u0940, \u0915\u0902\u092a\u0928\u0940 \u0915\u093e \u0915\u091a\u094d\u091a\u093e \u092e\u093e\u0932 \u0906\u092f\u093e\u0924 \u0924\u094b \u0928\u0939\u0940\u0902 \u0915\u0930\u0928\u093e \u0939\u094b\u0924\u093e? \u0907\u0938\u0938\u0947 \u0915\u0902\u092a\u0928\u0940 \u0915\u0947 \u0915\u0930\u094b\u092c\u093e\u0930 \u092a\u0930 \u0905\u0938\u0930 \u092a\u0921\u093c \u0938\u0915\u0924\u093e \u0939\u0948\u0964</span></td>\n</tr>\n<tr>\n<td><span style=\"font-weight: 400;\">7</span></td>\n<td><span style=\"font-weight: 400;\">\u0915\u0902\u092a\u0928\u0940 \u0915\u093e \u092e\u093e\u0932 \u0915\u094c\u0928 \u0916\u0930\u0940\u0926\u0924\u093e \u0939\u0948, \u092f\u093e \u0915\u0902\u092a\u0928\u0940 \u0915\u0947 \u0915\u094d\u0932\u093e\u092f\u0902\u091f \u0915\u094c\u0928 \u0939\u0948\u0902?\u00a0</span></td>\n<td><span style=\"font-weight: 400;\">\u0907\u0938\u0938\u0947 \u0915\u0902\u092a\u0928\u0940 \u0915\u0947 \u092c\u093f\u091c\u0928\u0947\u0938 \u0938\u093e\u0907\u0915\u093f\u0932 \u0915\u093e \u092a\u0924\u093e \u091a\u0932\u0924\u093e \u0939\u0948,\u092f\u0947 \u092d\u0940 \u092a\u0924\u093e \u091a\u0932\u0924\u093e \u0939\u0948 \u0915\u093f \u092e\u093e\u0932 \u092c\u0947\u091a\u0928\u0947 \u092e\u0947\u0902 \u0915\u093f\u0924\u0928\u093e \u092e\u0941\u0936\u094d\u0915\u093f\u0932 \u0939\u0948\u0964</span></td>\n</tr>\n<tr>\n<td><span style=\"font-weight: 400;\">8</span></td>\n<td><span style=\"font-weight: 400;\">\u0915\u0902\u092a\u0928\u0940 \u0915\u0947 \u092a\u094d\u0930\u0924\u093f\u0926\u094d\u0935\u0902\u0926\u0940 \u0915\u094c\u0928 \u0939\u0948\u0902?</span></td>\n<td><span style=\"font-weight: 400;\">\u0905\u0917\u0930 \u0915\u0908 \u092a\u094d\u0930\u0924\u093f\u0926\u094d\u0935\u0902\u0926\u0940 \u0939\u0948\u0902 \u0924\u094b \u0915\u0902\u092a\u0928\u0940 \u0915\u0947 \u092e\u093e\u0930\u094d\u091c\u093f\u0928 \u092a\u0930 \u0905\u0938\u0930 \u092a\u0921\u093c \u0938\u0915\u0924\u093e \u0939\u0948\u0964 \u0905\u0917\u0930 \u0915\u092e \u0939\u0948\u0902 \u0924\u094b \u0915\u0902\u092a\u0928\u0940 \u0915\u093e \u092e\u093e\u0930\u094d\u091c\u093f\u0928 \u0932\u0902\u092c\u0947 \u0938\u092e\u092f \u0924\u0915 \u092c\u0928\u093e \u0930\u0939 \u0938\u0915\u0924\u093e \u0939\u0948\u0964\u00a0</span></td>\n</tr>\n<tr>\n<td><span style=\"font-weight: 400;\">9</span></td>\n<td><span style=\"font-weight: 400;\">\u0915\u0902\u092a\u0928\u0940 \u0915\u0947 \u092e\u0939\u0924\u094d\u0935\u092a\u0942\u0930\u094d\u0923 \u0936\u0947\u092f\u0930\u0939\u094b\u0932\u094d\u0921\u0930 \u0915\u094c\u0928-\u0915\u094c\u0928 \u0939\u0948\u0902?</span></td>\n<td><span style=\"font-weight: 400;\">\u0905\u0917\u0930 \u0915\u0941\u091b \u092c\u0921\u093c\u0947 \u0914\u0930 \u0938\u092b\u0932 \u0928\u093f\u0935\u0947\u0936\u0915\u094b\u0902 \u0928\u0947 \u0915\u0902\u092a\u0928\u0940 \u092e\u0947\u0902 \u0928\u093f\u0935\u0947\u0936 \u0915\u0930 \u0930\u0916\u093e \u0939\u0948 \u0924\u094b \u092f\u0947 \u0905\u091a\u094d\u091b\u093e \u0938\u0902\u0915\u0947\u0924 \u0939\u0948</span></td>\n</tr>\n<tr>\n<td><span style=\"font-weight: 400;\">10</span></td>\n<td><span style=\"font-weight: 400;\">\u0915\u094d\u092f\u093e \u0915\u092a\u0902\u0928\u0940 \u0928\u092f\u093e \u092a\u094d\u0930\u094b\u0921\u0915\u094d\u091f \u0932\u093e\u0902\u091a \u0915\u0930\u0928\u0947 \u0935\u093e\u0932\u0940 \u0939\u0948?</span></td>\n<td><span style=\"font-weight: 400;\">\u0907\u0938\u0938\u0947 \u0915\u0902\u092a\u0928\u0940 \u0915\u0947 \u0907\u0930\u093e\u0926\u0947 \u0914\u0930 \u0928\u092f\u093e \u0915\u0930\u0928\u0947 \u0915\u0940 \u0907\u091a\u094d\u091b\u093e \u0915\u093e \u092a\u0924\u093e \u091a\u0932\u0924\u093e \u0939\u0948\u0964 \u0905\u0917\u0930 \u0915\u0902\u092a\u0928\u0940 \u0905\u092a\u0928\u0940 \u0915\u0941\u0936\u0932\u0924\u093e \u0935\u093e\u0932\u0947 \u0915\u094d\u0937\u0947\u0924\u094d\u0930 \u0938\u0947 \u0939\u091f \u0915\u0930 \u0928\u092f\u093e \u0909\u0924\u094d\u092a\u093e\u0926 \u0932\u093e \u0930\u0939\u0940 \u0939\u0948 \u0924\u094b \u0915\u0902\u092a\u0928\u0940 \u0915\u0947 \u092b\u094b\u0915\u0938 \u092a\u0930 \u0938\u0935\u093e\u0932 \u0909\u0920 \u0938\u0915\u0924\u093e \u0939\u0948</span></td>\n</tr>\n<tr>\n<td><span style=\"font-weight: 400;\">11</span></td>\n<td><span style=\"font-weight: 400;\">\u0915\u094d\u092f\u093e \u0915\u0902\u092a\u0928\u0940 \u0915\u0940 \u0935\u093f\u0926\u0947\u0936\u094b\u0902 \u092e\u0947\u0902 \u0935\u093f\u0938\u094d\u0924\u093e\u0930 \u0915\u0930\u0928\u0947 \u0915\u0940 \u092f\u094b\u091c\u0928\u093e \u0939\u0948?</span></td>\n<td><span style=\"font-weight: 400;\">\u0907\u0938\u0938\u0947 \u0915\u0902\u092a\u0928\u0940 \u0915\u0947 \u0907\u0930\u093e\u0926\u0947 \u0914\u0930 \u0928\u092f\u093e \u0915\u0930\u0928\u0947 \u0915\u0940 \u0907\u091a\u094d\u091b\u093e \u0915\u093e \u092a\u0924\u093e \u091a\u0932\u0924\u093e \u0939\u0948\u0964 \u0905\u0917\u0930 \u0915\u0902\u092a\u0928\u0940 \u0905\u092a\u0928\u0940 \u0915\u0941\u0936\u0932\u0924\u093e \u0935\u093e\u0932\u0947 \u0915\u094d\u0937\u0947\u0924\u094d\u0930 \u0938\u0947 \u0939\u091f \u0915\u0930 \u0928\u092f\u093e \u0909\u0924\u094d\u092a\u093e\u0926 \u0932\u093e \u0930\u0939\u0940 \u0939\u0948 \u0924\u094b \u0915\u0902\u092a\u0928\u0940 \u0915\u0947 \u092b\u094b\u0915\u0938 \u092a\u0930 \u0938\u0935\u093e\u0932 \u0909\u0920 \u0938\u0915\u0924\u093e \u0939\u0948</span></td>\n</tr>\n<tr>\n<td><span style=\"font-weight: 400;\">12</span></td>\n<td><span style=\"font-weight: 400;\">\u0915\u0902\u092a\u0928\u0940 \u0915\u093e \u0930\u0947\u0935\u0947\u0928\u094d\u092f\u0942 \u092e\u093f\u0915\u094d\u0938 (revenue mix)\u0915\u094d\u092f\u093e \u0939\u0948?\u0915\u094c\u0928 \u0938\u093e \u092a\u094d\u0930\u094b\u0921\u0915\u094d\u091f \u0938\u092c\u0938\u0947 \u091c\u094d\u092f\u093e\u0926\u093e \u092c\u093f\u0915\u0924\u093e \u0939\u0948?</span></td>\n<td><span style=\"font-weight: 400;\">\u092a\u0924\u093e \u091a\u0932\u0924\u093e \u0939\u0948 \u0915\u093f \u0915\u093f\u0938 \u0909\u0924\u094d\u092a\u093e\u0926 \u0938\u0947 \u0915\u0902\u092a\u0928\u0940 \u0938\u092c\u0937\u0947 \u091c\u094d\u092f\u093e\u0926\u093e \u0915\u092e\u093e \u0930\u0939\u0940 \u0939\u0948\u0964 \u0907\u0938\u0938\u0947 \u0915\u0902\u092a\u0928\u0940 \u0915\u0947 \u092d\u0935\u093f\u0937\u094d\u092f \u0915\u093e \u0905\u0902\u0926\u093e\u091c\u093e \u0932\u0917\u0924\u093e \u0939\u0948\u0964</span></td>\n</tr>\n<tr>\n<td><span style=\"font-weight: 400;\">13</span></td>\n<td><span style=\"font-weight: 400;\">\u0915\u094d\u092f\u093e \u0915\u0902\u092a\u0928\u0940 \u0915\u093e\u092b\u0940 \u091c\u094d\u092f\u093e\u0926\u093e \u0928\u093f\u092f\u0902\u0924\u094d\u0930\u0923 \u0935\u093e\u0932\u0947 \u0915\u093e\u0930\u094b\u092c\u093e\u0930 \u092e\u0947\u0902 \u0939\u0948?</span></td>\n<td><span style=\"font-weight: 400;\">\u092f\u0947 \u0905\u091a\u094d\u091b\u093e \u092d\u0940 \u0939\u094b \u0938\u0915\u0924\u093e \u0939\u0948 \u0914\u0930 \u092c\u0941\u0930\u093e \u092d\u0940\u0964 \u0928\u093f\u092f\u0902\u0924\u094d\u0930\u0923 \u0905\u0927\u093f\u0915 \u0939\u094b\u0928\u0947 \u0915\u093e \u092e\u0924\u0932\u092c \u0939\u0948 \u0915\u093f \u0928\u092f\u093e \u092a\u094d\u0930\u0924\u093f\u0926\u094d\u0935\u0902\u0926\u0940 \u0906\u0938\u093e\u0928\u0940 \u0938\u0947 \u0928\u0939\u0940\u0902 \u0906 \u0938\u0915\u0924\u093e\u0964 \u0932\u0947\u0915\u093f\u0928 \u091c\u094d\u092f\u093e\u0926\u093e \u0928\u093f\u092f\u0902\u0924\u094d\u0930\u0923 \u0915\u0902\u092a\u0928\u0940 \u0915\u0947 \u0906\u0917\u0947 \u0915\u0941\u091b \u0928\u092f\u093e \u0915\u0930\u0928\u0947 \u0915\u0940 \u0915\u094d\u0937\u092e\u0924\u093e \u0915\u094b \u0915\u092e \u0915\u0930\u0924\u093e \u0939\u0948\u0964</span></td>\n</tr>\n<tr>\n<td><span style=\"font-weight: 400;\">14</span></td>\n<td><span style=\"font-weight: 400;\">\u0909\u0928\u0915\u0947 \u092c\u0948\u0902\u0915\u0930\u094d\u0938 \u0914\u0930 \u0911\u0921\u093f\u091f\u0930\u094d\u0938 \u0915\u094c\u0928 \u0939\u0948\u0902?</span></td>\n<td><span style=\"font-weight: 400;\">\u0907\u0938\u0938\u0947 \u092f\u0947 \u092a\u0924\u093e \u091a\u0932\u0924\u093e \u0939\u0948 \u0915\u093f \u0915\u0902\u092a\u0928\u0940 \u092e\u0947\u0902 \u0915\u093f\u0938\u0940 \u0917\u0921\u093c\u092c\u0921\u093c\u0940 \u0915\u0940 \u0938\u0902\u092d\u093e\u0935\u0928\u093e \u0915\u093f\u0924\u0928\u0940 \u0939\u0948\u0964</span></td>\n</tr>\n<tr>\n<td><span style=\"font-weight: 400;\">15</span></td>\n<td><span style=\"font-weight: 400;\">\u0915\u0902\u092a\u0928\u0940 \u092e\u0947\u0902 \u0915\u093f\u0924\u0928\u0947 \u0915\u0930\u094d\u092e\u091a\u093e\u0930\u0940 \u0939\u0948? \u0915\u0902\u092a\u0928\u0940 \u092e\u0947\u0902 \u0936\u094d\u0930\u092e\u093f\u0915\u094b\u0902 \u0914\u0930 \u0915\u0930\u094d\u092e\u091a\u093e\u0930\u093f\u092f\u094b\u0902 \u0938\u0947 \u091c\u0941\u0921\u093c\u0940 \u0938\u092e\u0938\u094d\u092f\u093e \u0924\u094b \u0928\u0939\u0940\u0902 \u0939\u0948?\u00a0</span></td>\n<td><span style=\"font-weight: 400;\">\u092a\u0924\u093e \u091a\u0932\u0924\u093e \u0939\u0948 \u0915\u093f \u0915\u0902\u092a\u0928\u0940 \u0915\u0930\u094d\u092e\u091a\u093e\u0930\u093f\u092f\u094b\u0902 \u0914\u0930 \u0909\u0928\u0915\u0940 \u0915\u0941\u0936\u0932\u0924\u093e \u092a\u0930 \u0915\u093f\u0924\u0928\u0940 \u0928\u093f\u0930\u094d\u092d\u0930 \u0939\u0948\u0964 \u0905\u0917\u0930 \u0915\u093f\u0938\u0940 \u0916\u093e\u0938 \u0915\u0941\u0936\u0932\u0924\u093e \u0915\u0947 \u0915\u0930\u094d\u092e\u091a\u093e\u0930\u093f\u092f\u094b\u0902 \u0915\u0940 \u091c\u0930\u0942\u0930\u0924 \u0939\u0948 \u0924\u094b \u092f\u0947 \u0915\u0902\u092a\u0928\u0940 \u0915\u0947 \u0932\u093f\u090f \u090f\u0915 \u0916\u0924\u0930\u093e \u092c\u0928 \u0938\u0915\u0924\u093e \u0939\u0948\u0964</span></td>\n</tr>\n<tr>\n<td><span style=\"font-weight: 400;\">16</span></td>\n<td><span style=\"font-weight: 400;\">\u0907\u0902\u0921\u0938\u094d\u091f\u094d\u0930\u0940 \u092e\u0947\u0902 \u0928\u090f \u0916\u093f\u0932\u093e\u0921\u093c\u0940 \u0915\u0947 \u0906\u0928\u0947 \u092e\u0947\u0902 \u0915\u094d\u092f\u093e \u0915\u094d\u092f\u093e \u092c\u093e\u0927\u093e\u090f\u0902 \u092f\u093e \u0930\u0941\u0915\u093e\u0935\u091f\u0947\u0902 \u0939\u0948\u0902?</span></td>\n<td><span style=\"font-weight: 400;\">\u092a\u0924\u093e \u091a\u0932\u0947\u0917\u093e \u0915\u093f \u0915\u0902\u092a\u0928\u0940 \u0915\u0947 \u0938\u093e\u092e\u0928\u0947 \u0928\u090f \u092a\u094d\u0930\u0924\u093f\u0926\u094d\u0935\u0928\u094d\u0926\u0940 \u0915\u093e \u0906\u0928\u093e \u0915\u093f\u0924\u0928\u093e \u0906\u0938\u093e\u0928 \u092f\u093e \u092e\u0941\u0936\u094d\u0915\u093f\u0932 \u0939\u0948</span></td>\n</tr>\n<tr>\n<td><span style=\"font-weight: 400;\">17</span></td>\n<td><span style=\"font-weight: 400;\">\u0915\u094d\u092f\u093e \u0915\u0902\u092a\u0928\u0940 \u0915\u093e \u092a\u094d\u0930\u094b\u0921\u0915\u094d\u091f \u092c\u0939\u0941\u0924 \u0906\u0938\u0928\u0940 \u0938\u0947 \u0926\u0942\u0938\u0930\u0947 \u0926\u0947\u0936\u094b\u0902 \u092e\u0947\u0902 \u092c\u0928\u093e\u092f\u093e \u091c\u093e \u0938\u0915\u0924\u093e \u0939\u0948, \u091c\u0939\u093e\u0901 \u0936\u094d\u0930\u092e \u0938\u0938\u094d\u0924\u093e \u0939\u094b?</span></td>\n<td><span style=\"font-weight: 400;\">\u0905\u0917\u0930 \u0939\u093e\u0901, \u0924\u094b \u0915\u0902\u092a\u0928\u0940 \u0915\u092d\u0940 \u092d\u0940 \u092e\u0941\u0936\u094d\u0915\u093f\u0932 \u092e\u0947\u0902 \u092a\u0921\u093c \u0938\u0915\u0924\u0940 \u0939\u0948</span></td>\n</tr>\n<tr>\n<td><span style=\"font-weight: 400;\">18</span></td>\n<td><span style=\"font-weight: 400;\">\u0915\u094d\u092f\u093e \u0915\u0902\u092a\u0928\u0940 \u0915\u0940 \u092c\u0939\u0941\u0924 \u0938\u093e\u0930\u0940 \u0938\u092c\u094d\u0938\u093f\u0921\u093f\u092f\u0930\u0940 \u092f\u093e\u0928\u0940 \u0938\u0939\u093e\u092f\u0915 \u0915\u0902\u092a\u0928\u0940 \u0939\u0948?</span></td>\n<td><span style=\"font-weight: 400;\">\u092f\u0926\u093f \u0939\u093e\u0901, \u0924\u094b \u092f\u0947 \u0938\u0935\u093e\u0932 \u091c\u0930\u0942\u0930\u0940 \u0939\u0948 \u0915\u093f \u0907\u0938\u0915\u0940 \u091c\u0930\u0942\u0930\u0924 \u0939\u0948 \u092f\u093e \u0928\u0939\u0940\u0902? \u0915\u0939\u0940\u0902 \u0915\u0902\u092a\u0928\u0940 \u0928\u0947 \u092a\u0948\u0938\u0947 \u0915\u093e \u0918\u093e\u0932\u092e\u0947\u0932 \u0915\u0930\u0928\u0947 \u0915\u0947 \u0932\u093f\u090f \u0924\u094b \u0910\u0938\u093e \u0928\u0939\u0940\u0902 \u0915\u093f\u092f\u093e \u0939\u0948?</span></td>\n</tr>\n</tbody>\n</table>", "<table>\n<tbody>\n<tr>\n<td style=\"text-align: center;\"><b>\u0915\u094d\u0930\u092e \u0938\u0902</b></td>\n<td style=\"text-align: center;\"><b>\u0915\u094c\u0928 \u0938\u093e \u0906\u0902\u0915\u0921\u093c\u093e</b></td>\n<td style=\"text-align: center;\"><b>\u091f\u093f\u092a\u094d\u092a\u0923\u0940</b></td>\n<td style=\"text-align: center;\"><b>\u0915\u094d\u092f\u093e \u092c\u0924\u093e\u0924\u093e \u0939\u0948</b></td>\n</tr>\n<tr>\n<td><span style=\"font-weight: 400;\">1</span></td>\n<td><span style=\"font-weight: 400;\">\u0928\u0947\u091f \u092a\u094d\u0930\u0949\u092b\u093f\u091f \u092e\u0947\u0902 \u092c\u0922\u0924\u00a0</span></td>\n<td><span style=\"font-weight: 400;\">\u0915\u0941\u0932 \u092f\u093e \u0917\u094d\u0930\u0949\u0938 \u092a\u094d\u0930\u0949\u092b\u093f\u091f \u0938\u0947 \u092e\u0947\u0932 \u0916\u093e\u0924\u0940 \u0939\u0941\u0908\u00a0</span></td>\n<td><span style=\"font-weight: 400;\">\u0906\u092e\u0926\u0928\u0940 \u092e\u0947\u0902 \u092d\u0940 \u092a\u094d\u0930\u0949\u092b\u093f\u091f \u0915\u0947 \u0938\u093e\u0925 \u092c\u0922\u0924</span></td>\n</tr>\n<tr>\n<td><span style=\"font-weight: 400;\">2</span></td>\n<td><span style=\"font-weight: 400;\">EPS</span></td>\n<td><span style=\"font-weight: 400;\">\u0928\u0947\u091f \u092a\u094d\u0930\u0949\u092b\u093f\u091f \u0915\u0947 \u0938\u093e\u0925 EPS \u092d\u0940 \u092c\u0922\u093c\u0928\u093e \u091a\u093e\u0939\u093f\u090f</span></td>\n<td><span style=\"font-weight: 400;\">\u0905\u0917\u0930 \u0915\u0902\u092a\u0928\u0940 \u0905\u092a\u0928\u0947 \u0907\u0915\u094d\u0935\u093f\u091f\u0940 \u0936\u0947\u092f\u0930 \u092c\u0922\u093c\u093e \u0930\u0939\u0940 \u0939\u0948 \u0924\u094b \u092f\u0947 \u0936\u0947\u092f\u0930\u0927\u093e\u0930\u0915\u094b\u0902 \u0932\u093f\u090f \u0905\u091a\u094d\u091b\u093e \u0928\u0939\u0940\u0902 \u0939\u0948\u0964</span></td>\n</tr>\n<tr>\n<td><span style=\"font-weight: 400;\">3</span></td>\n<td><span style=\"font-weight: 400;\">\u0917\u094d\u0930\u0949\u0938 \u092a\u094d\u0930\u0949\u092b\u093f\u091f \u092e\u093e\u0930\u094d\u091c\u093f\u0928 (GPM)</span></td>\n<td><span style=\"font-weight: 400;\">&gt; 20%</span></td>\n<td><span style=\"font-weight: 400;\">\u091c\u094d\u092f\u093e\u0926\u093e \u092c\u0921\u093c\u093e \u092e\u093e\u0930\u091c\u093f\u0928 \u092c\u0924\u093e\u0924\u093e \u0939\u0948 \u0915\u093f \u0915\u0902\u092a\u0928\u0940 \u0915\u0947 \u092a\u093e\u0938 \u090f\u0915 \u0905\u091a\u094d\u091b\u093e \u0916\u093e\u0938\u093e \u092e\u094b\u091f (\u0916\u093e\u0908) \u0939\u0948</span></td>\n</tr>\n<tr>\n<td><span style=\"font-weight: 400;\">4</span></td>\n<td><span style=\"font-weight: 400;\">\u0915\u0930\u094d\u091c \u0915\u093e \u0938\u094d\u0924\u0930</span></td>\n<td><span style=\"font-weight: 400;\">\u0915\u0902\u092a\u0928\u0940 \u0915\u0930\u094d\u091c \u092e\u0947\u0902 \u0921\u0942\u092c\u0940 \u0928\u0939\u0940\u0902 \u0939\u094b\u0928\u0940 \u091a\u093e\u0939\u093f\u090f</span></td>\n<td><span style=\"font-weight: 400;\">\u0905\u0927\u093f\u0915 \u0915\u0930\u094d\u091c \u0915\u093e \u092e\u0924\u0932\u092c \u0939\u0948 \u0915\u093f \u0915\u0902\u092a\u0928\u0940 \u0905\u091a\u094d\u091b\u0940 \u0939\u093e\u0932\u0924 \u092e\u0947\u0902 \u0928\u0939\u0940\u0902 \u0939\u0948 \u092b\u093e\u0907\u0928\u0947\u0902\u0938 \u0915\u0949\u0938\u094d\u091f \u092d\u0940 \u090a\u092a\u0930 \u0939\u094b\u0917\u093e \u0914\u0930 \u0907\u0938\u0938\u0947 \u0915\u0902\u092a\u0928\u0940 \u0915\u0940 \u0915\u092e\u093e\u0908 \u0915\u092e \u0939\u094b\u0917\u0940\u0964</span></td>\n</tr>\n<tr>\n<td><span style=\"font-weight: 400;\">5</span></td>\n<td><span style=\"font-weight: 400;\">\u0907\u0928\u094d\u0935\u0947\u0902\u091f\u0930\u0940</span></td>\n<td><span style=\"font-weight: 400;\">\u092e\u0948\u0928\u094d\u092f\u0942\u092b\u0948\u0915\u094d\u091a\u0930\u093f\u0902\u0917 \u0915\u0930\u0928\u0947 \u0935\u093e\u0932\u0940 \u0915\u0902\u092a\u0928\u093f\u092f\u094b\u0902 \u0915\u0947 \u0932\u093f\u090f</span></td>\n<td><span style=\"font-weight: 400;\">\u0907\u0928\u094d\u0935\u0947\u0902\u091f\u0930\u0940 \u0914\u0930 PAT \u0915\u093e \u0938\u093e\u0925 \u092e\u0947\u0902 \u092c\u0922\u093c\u0928\u093e \u0905\u091a\u094d\u091b\u093e \u0938\u0902\u0915\u0947\u0924 \u0939\u0948\u0964 \u0907\u0928\u094d\u0935\u0947\u0902\u091f\u0930\u0940 \u0928\u0902\u092c\u0930 \u0911\u092b \u0921\u0947\u091c \u091c\u0930\u0942\u0930 \u091a\u0947\u0915 \u0915\u0930\u0947\u0902</span></td>\n</tr>\n<tr>\n<td><span style=\"font-weight: 400;\">6</span></td>\n<td><span style=\"font-weight: 400;\">\u0938\u0947\u0932\u094d\u0938 Vs \u0930\u093f\u0938\u0940\u0935\u0947\u092c\u0932\u094d\u0938</span></td>\n<td><span style=\"font-weight: 400;\">\u0930\u093f\u0938\u0940\u0935\u0947\u092c\u0932\u094d\u0938 \u0915\u0947 \u0930\u093e\u0938\u094d\u0924\u0947 \u092c\u093f\u0915\u094d\u0930\u0940 \u092c\u0922\u093c\u0928\u093e \u0905\u091a\u094d\u091b\u093e \u0928\u0939\u0940\u0902 \u0939\u0948</span></td>\n<td><span style=\"font-weight: 400;\">\u0907\u0938\u0938\u0947 \u092a\u0924\u093e \u091a\u0932\u0924\u093e \u0939\u0948 \u0915\u093f \u0915\u0902\u092a\u0928\u0940 \u0938\u093f\u0930\u094d\u092b \u0915\u092e\u093e\u0908 \u0926\u093f\u0916\u093e\u0928\u0947 \u0915\u0947 \u0932\u093f\u090f \u091c\u092c\u0930\u0926\u0938\u094d\u0924\u0940 \u092c\u093f\u0915\u094d\u0930\u0940 \u092c\u0922\u093e \u0930\u0939\u0940 \u0939\u0948</span></td>\n</tr>\n<tr>\n<td><span style=\"font-weight: 400;\">7</span></td>\n<td><span style=\"font-weight: 400;\">\u0911\u092a\u0930\u0947\u0936\u0928 \u0938\u0947 \u0915\u0948\u0936 \u092b\u094d\u0932\u094b</span></td>\n<td><span style=\"font-weight: 400;\">\u092a\u0949\u091c\u093f\u091f\u093f\u0935 \u0939\u094b\u0928\u093e \u091a\u093e\u0939\u093f\u090f</span></td>\n<td><span style=\"font-weight: 400;\">\u0905\u0917\u0930 \u0915\u0902\u092a\u0928\u0940 \u0915\u0947 \u0911\u092a\u0930\u0947\u0936\u0928 \u092f\u093e\u0928\u0940 \u0915\u0930\u094b\u092c\u093e\u0930 \u0938\u0947 \u0915\u0948\u0936 \u0928\u0939\u0940\u0902 \u0906 \u0930\u0939\u093e \u0924\u094b \u092f\u0947 \u0911\u092a\u0930\u0947\u0936\u0928 \u092a\u0930 \u0926\u092c\u093e\u0935 \u0915\u093e \u0938\u0902\u0915\u0947\u0924 \u0939\u0948</span></td>\n</tr>\n<tr>\n<td><span style=\"font-weight: 400;\">8</span></td>\n<td><span style=\"font-weight: 400;\">\u0930\u093f\u091f\u0930\u094d\u0928 \u0911\u0928 \u0907\u0915\u094d\u0935\u093f\u091f\u0940</span></td>\n<td><span style=\"font-weight: 400;\">&gt;25%</span></td>\n<td><span style=\"font-weight: 400;\"> ROE, \u091c\u093f\u0924\u0928\u093e \u090a\u092a\u0930 \u0939\u094b\u0917\u093e \u0928\u093f\u0935\u0947\u0936\u0915 \u0915\u0947 \u0932\u093f\u090f \u0909\u0924\u0928\u093e \u092c\u0947\u0939\u0924\u0930 \u0939\u094b\u0917\u093e \u0932\u0947\u0915\u093f\u0928 \u0915\u0930\u094d\u091c \u0915\u093e \u0938\u094d\u0924\u0930 \u091a\u0947\u0915 \u0915\u0930 \u0932\u0947\u0902</span></td>\n</tr>\n</tbody>\n</table>", "<table>\n<tbody>\n<tr>\n<td></td>\n<td><b>FY 09 -10</b></td>\n<td><b>FY 10-11</b></td>\n<td><b>FY 11-12</b></td>\n<td><b>FY 12 -13</b></td>\n<td><b>FY 13 \u2013 14</b></td>\n</tr>\n<tr>\n<td><span style=\"font-weight: 400;\">\u0930\u0947\u0935\u0947\u0928\u094d\u092f\u0942/\u0906\u092e\u0926\u0928\u0940 (\u0915\u0930\u094b\u0921\u093c \u0930\u0941.)</span></td>\n<td><span style=\"font-weight: 400;\">1481</span></td>\n<td><span style=\"font-weight: 400;\">1769</span></td>\n<td><span style=\"font-weight: 400;\">2392</span></td>\n<td><span style=\"font-weight: 400;\">3005</span></td>\n<td><span style=\"font-weight: 400;\">3482</span></td>\n</tr>\n<tr>\n<td><span style=\"font-weight: 400;\">\u0906\u092e\u0926\u0928\u0940 \u092e\u0947\u0902 \u092c\u0922\u093c\u0924 (Revenue Growth)</span></td>\n<td></td>\n<td><span style=\"font-weight: 400;\">19.4%</span></td>\n<td><span style=\"font-weight: 400;\">35.3%</span></td>\n<td><span style=\"font-weight: 400;\">25.6%</span></td>\n<td><span style=\"font-weight: 400;\">15.9%</span></td>\n</tr>\n<tr>\n<td><span style=\"font-weight: 400;\">PAT (\u0915\u0930\u094b\u0921\u093c \u0930\u0941)</span></td>\n<td><span style=\"font-weight: 400;\">167</span></td>\n<td><span style=\"font-weight: 400;\">148</span></td>\n<td><span style=\"font-weight: 400;\">215</span></td>\n<td><span style=\"font-weight: 400;\">287</span></td>\n<td><span style=\"font-weight: 400;\">367</span></td>\n</tr>\n<tr>\n<td><span style=\"font-weight: 400;\">PAT \u092e\u0947\u0902 \u092c\u0922\u093c\u0924\u00a0</span></td>\n<td></td>\n<td><span style=\"font-weight: 400;\">(11.3%)</span></td>\n<td><span style=\"font-weight: 400;\">45.2%</span></td>\n<td><span style=\"font-weight: 400;\">33.3%</span></td>\n<td><span style=\"font-weight: 400;\">27.8</span></td>\n</tr>\n</tbody>\n</table>", "<table>\n<tbody>\n<tr>\n<td><b>FV Rs.1</b></td>\n<td><b>FY 09 -10</b></td>\n<td><b>FY 10-11</b></td>\n<td><b>FY 11-12</b></td>\n<td><b>FY 12 -13</b></td>\n<td><b>FY 13 \u2013 14</b></td>\n</tr>\n<tr>\n<td><span style=\"font-weight: 400;\">EPS (\u0930\u0941\u092a\u092f\u0947)</span></td>\n<td><span style=\"font-weight: 400;\">19.56</span></td>\n<td><span style=\"font-weight: 400;\">17.34</span></td>\n<td><span style=\"font-weight: 400;\">12.59</span></td>\n<td><span style=\"font-weight: 400;\">16.78</span></td>\n<td><span style=\"font-weight: 400;\">21.51</span></td>\n</tr>\n<tr>\n<td><span style=\"font-weight: 400;\">\u0936\u0947\u092f\u0930 \u0915\u0948\u092a\u093f\u091f\u0932 (\u0915\u0930\u094b\u0921\u093c \u0930\u0941\u092a\u092f\u0947)</span></td>\n<td><span style=\"font-weight: 400;\">17.08</span></td>\n<td><span style=\"font-weight: 400;\">17.08</span></td>\n<td><span style=\"font-weight: 400;\">17.08</span></td>\n<td><span style=\"font-weight: 400;\">17.08</span></td>\n<td><span style=\"font-weight: 400;\">17.08</span></td>\n</tr>\n<tr>\n<td><span style=\"font-weight: 400;\">EPS \u0917\u094d\u0930\u094b\u0925/\u092c\u0922\u093c\u0924</span></td>\n<td><span style=\"font-weight: 400;\">\u00a0 \u2013</span></td>\n<td><span style=\"font-weight: 400;\">-11.35%</span></td>\n<td><span style=\"font-weight: 400;\">\u00a0\u2013 27.39%</span></td>\n<td><span style=\"font-weight: 400;\">33.28%</span></td>\n<td><span style=\"font-weight: 400;\">28.18%</span></td>\n</tr>\n</tbody>\n</table>", "<table>\n<tbody>\n<tr>\n<td><b>\u0915\u0930\u094b\u0921\u093c \u0930\u0941\u092a\u092f\u0947 \u092e\u0947\u0902</b></td>\n<td><b>FY 09-10</b></td>\n<td><b>FY 10-11</b></td>\n<td><b>FY 11-12</b></td>\n<td><b>FY 12 -13</b></td>\n<td><b>FY 13 \u2013 14</b></td>\n</tr>\n<tr>\n<td><span style=\"font-weight: 400;\">\u0928\u0947\u091f \u0938\u0947\u0932\u094d\u0938</span></td>\n<td><span style=\"font-weight: 400;\">1464</span></td>\n<td><span style=\"font-weight: 400;\">1757</span></td>\n<td><span style=\"font-weight: 400;\">2359</span></td>\n<td><span style=\"font-weight: 400;\">2944</span></td>\n<td><span style=\"font-weight: 400;\">3404</span></td>\n</tr>\n<tr>\n<td><span style=\"font-weight: 400;\">COGS</span></td>\n<td><span style=\"font-weight: 400;\">1014</span></td>\n<td><span style=\"font-weight: 400;\">1266</span></td>\n<td><span style=\"font-weight: 400;\">1682</span></td>\n<td><span style=\"font-weight: 400;\">2159</span></td>\n<td><span style=\"font-weight: 400;\">2450</span></td>\n</tr>\n<tr>\n<td><span style=\"font-weight: 400;\">\u0917\u094d\u0930\u0949\u0938 \u092a\u094d\u0930\u0949\u092b\u093f\u091f</span></td>\n<td><span style=\"font-weight: 400;\">450</span></td>\n<td><span style=\"font-weight: 400;\">491</span></td>\n<td><span style=\"font-weight: 400;\">677</span></td>\n<td><span style=\"font-weight: 400;\">785</span></td>\n<td><span style=\"font-weight: 400;\">954</span></td>\n</tr>\n<tr>\n<td><span style=\"font-weight: 400;\">\u0917\u094d\u0930\u0949\u0938 \u092a\u094d\u0930\u0949\u092b\u093f\u091f \u092e\u093e\u0930\u094d\u091c\u093f\u0928</span></td>\n<td><span style=\"font-weight: 400;\">30.7%</span></td>\n<td><span style=\"font-weight: 400;\">27.9%</span></td>\n<td><span style=\"font-weight: 400;\">28.7%</span></td>\n<td><span style=\"font-weight: 400;\">26.7%</span></td>\n<td><span style=\"font-weight: 400;\">28.0%</span></td>\n</tr>\n</tbody>\n</table>", "<table>\n<tbody>\n<tr>\n<td><span style=\"font-weight: 400;\">\u0915\u0930\u094d\u091c/Debt</span></td>\n<td><span style=\"font-weight: 400;\">91.19</span></td>\n<td><span style=\"font-weight: 400;\">95.04</span></td>\n<td><span style=\"font-weight: 400;\">84.07</span></td>\n<td><span style=\"font-weight: 400;\">87.17</span></td>\n<td><span style=\"font-weight: 400;\">84.28</span></td>\n</tr>\n<tr>\n<td><span style=\"font-weight: 400;\">EBIT</span></td>\n<td><span style=\"font-weight: 400;\">261</span></td>\n<td><span style=\"font-weight: 400;\">223</span></td>\n<td><span style=\"font-weight: 400;\">321</span></td>\n<td><span style=\"font-weight: 400;\">431</span></td>\n<td><span style=\"font-weight: 400;\">541</span></td>\n</tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Debt/EBIT (%)</span></td>\n<td><span style=\"font-weight: 400;\">35%</span></td>\n<td><span style=\"font-weight: 400;\">42.61%</span></td>\n<td><span style=\"font-weight: 400;\">26.19%</span></td>\n<td><span style=\"font-weight: 400;\">20.22%</span></td>\n<td><span style=\"font-weight: 400;\">15.57%</span></td>\n</tr>\n</tbody>\n</table>", "<table>\n<tbody>\n<tr>\n<td></td>\n<td><b>FY 09-10</b></td>\n<td><b>FY 10-11</b></td>\n<td><b>FY 11-12</b></td>\n<td><b>FY 12 -13</b></td>\n<td><b>FY 13 \u2013 14</b></td>\n</tr>\n<tr>\n<td><span style=\"font-weight: 400;\">\u0907\u0928\u094d\u0935\u0947\u0902\u091f\u0930\u0940 ( \u0915\u0930\u094b\u0921\u093c \u0930\u0941)</span></td>\n<td><span style=\"font-weight: 400;\">217.6</span></td>\n<td><span style=\"font-weight: 400;\">284.7</span></td>\n<td><span style=\"font-weight: 400;\">266.6</span></td>\n<td><span style=\"font-weight: 400;\">292.9</span></td>\n<td><span style=\"font-weight: 400;\">335.0</span></td>\n</tr>\n<tr>\n<td><span style=\"font-weight: 400;\">\u0907\u0928\u094d\u0935\u0947\u0902\u091f\u0930\u0940 \u0921\u0947\u091c</span></td>\n<td><span style=\"font-weight: 400;\">68</span></td>\n<td><span style=\"font-weight: 400;\">72</span></td>\n<td><span style=\"font-weight: 400;\">60</span></td>\n<td><span style=\"font-weight: 400;\">47</span></td>\n<td><span style=\"font-weight: 400;\">47</span></td>\n</tr>\n<tr>\n<td><span style=\"font-weight: 400;\">PAT (\u0915\u0930\u094b\u0921\u093c \u0930\u0941)</span></td>\n<td><span style=\"font-weight: 400;\">167</span></td>\n<td><span style=\"font-weight: 400;\">148</span></td>\n<td><span style=\"font-weight: 400;\">215</span></td>\n<td><span style=\"font-weight: 400;\">287</span></td>\n<td><span style=\"font-weight: 400;\">367</span></td>\n</tr>\n</tbody>\n</table>", "<table>\n<tbody>\n<tr>\n<td></td>\n<td><span style=\"font-weight: 400;\">FY 09-10</span></td>\n<td><span style=\"font-weight: 400;\">FY 10-11</span></td>\n<td><span style=\"font-weight: 400;\">FY 11-12</span></td>\n<td><span style=\"font-weight: 400;\">FY 12-13</span></td>\n<td><span style=\"font-weight: 400;\">FY 13-14</span></td>\n</tr>\n<tr>\n<td><span style=\"font-weight: 400;\">\u0915\u0941\u0932 \u092c\u093f\u0915\u094d\u0930\u0940</span></td>\n<td><span style=\"font-weight: 400;\">1464</span></td>\n<td><span style=\"font-weight: 400;\">1758</span></td>\n<td><span style=\"font-weight: 400;\">2360</span></td>\n<td><span style=\"font-weight: 400;\">2944</span></td>\n<td><span style=\"font-weight: 400;\">3403</span></td>\n</tr>\n<tr>\n<td><span style=\"font-weight: 400;\">\u0930\u093f\u0938\u0940\u0935\u0947\u092c\u0932</span></td>\n<td><span style=\"font-weight: 400;\">242.3</span></td>\n<td><span style=\"font-weight: 400;\">305.7</span></td>\n<td><span style=\"font-weight: 400;\">319.7</span></td>\n<td><span style=\"font-weight: 400;\">380.7</span></td>\n<td><span style=\"font-weight: 400;\">452.6</span></td>\n</tr>\n<tr>\n<td><span style=\"font-weight: 400;\">\u0930\u093f\u0938\u0940\u0935\u0947\u092c\u0932 \u2013 \u092a\u094d\u0930\u0924\u093f\u0936\u0924 \u092e\u0947\u0902</span></td>\n<td><span style=\"font-weight: 400;\">16.5%</span></td>\n<td><span style=\"font-weight: 400;\">17.4%</span></td>\n<td><span style=\"font-weight: 400;\">13.5%</span></td>\n<td><span style=\"font-weight: 400;\">12.9%</span></td>\n<td><span style=\"font-weight: 400;\">13.3%</span></td>\n</tr>\n</tbody>\n</table>", "<table>\n<tbody>\n<tr>\n<td><span style=\"font-weight: 400;\">\u0915\u0930\u094b\u0921\u093c \u0930\u0941\u092a\u092f\u0947 \u092e\u0947\u0902</span></td>\n<td><span style=\"font-weight: 400;\">FY 09-10</span></td>\n<td><span style=\"font-weight: 400;\">FY 10-11</span></td>\n<td><span style=\"font-weight: 400;\">FY 11-12</span></td>\n<td><span style=\"font-weight: 400;\">FY 12-13</span></td>\n<td><span style=\"font-weight: 400;\">FY 13-14</span></td>\n</tr>\n<tr>\n<td><span style=\"font-weight: 400;\">\u0911\u092a\u0930\u0947\u0936\u0928 \u0938\u0947 \u0915\u0948\u0936 \u092b\u094d\u0932\u094b</span></td>\n<td><span style=\"font-weight: 400;\">214.2</span></td>\n<td><span style=\"font-weight: 400;\">86.1</span></td>\n<td><span style=\"font-weight: 400;\">298.4</span></td>\n<td><span style=\"font-weight: 400;\">335.4</span></td>\n<td><span style=\"font-weight: 400;\">278.7</span></td>\n</tr>\n</tbody>\n</table>", "<table>\n<tbody>\n<tr>\n<td><span style=\"font-weight: 400;\">\u0915\u0930\u094b\u0921\u093c \u0930\u0941\u092a\u092f\u0947 \u092e\u0947\u0902</span></td>\n<td><span style=\"font-weight: 400;\">FY 09-10</span></td>\n<td><span style=\"font-weight: 400;\">FY 10-11</span></td>\n<td><span style=\"font-weight: 400;\">FY 11-12</span></td>\n<td><span style=\"font-weight: 400;\">FY 12-13</span></td>\n<td><span style=\"font-weight: 400;\">FY 13-14</span></td>\n</tr>\n<tr>\n<td><span style=\"font-weight: 400;\">PAT</span></td>\n<td><span style=\"font-weight: 400;\">167</span></td>\n<td><span style=\"font-weight: 400;\">148</span></td>\n<td><span style=\"font-weight: 400;\">215</span></td>\n<td><span style=\"font-weight: 400;\">287</span></td>\n<td><span style=\"font-weight: 400;\">367</span></td>\n</tr>\n<tr>\n<td><span style=\"font-weight: 400;\">\u0936\u0947\u092f\u0930\u0939\u094b\u0932\u094d\u0921\u0930 \u0907\u0915\u094d\u0935\u093f\u091f\u0940</span></td>\n<td><span style=\"font-weight: 400;\">543.6</span></td>\n<td><span style=\"font-weight: 400;\">645.7</span></td>\n<td><span style=\"font-weight: 400;\">823.5</span></td>\n<td><span style=\"font-weight: 400;\">1059.8</span></td>\n<td><span style=\"font-weight: 400;\">1362.7</span></td>\n</tr>\n<tr>\n<td><span style=\"font-weight: 400;\">ROE</span></td>\n<td><span style=\"font-weight: 400;\">30.7%</span></td>\n<td><span style=\"font-weight: 400;\">22.9%</span></td>\n<td><span style=\"font-weight: 400;\">26.1%</span></td>\n<td><span style=\"font-weight: 400;\">27.1%</span></td>\n<td><span style=\"font-weight: 400;\">27.0%</span></td>\n</tr>\n</tbody>\n</table>"], "videos": []}

{"title": "82. Using the Success History Search To Cultivate a Winning Attitude", "text": ["Making profits is often a matter of thinking and feeling like a winner. In their book, \u201cThe Mental Edge,\u201d Kenneth Baum and Richard Trubo (1999) argue that tapping into your history of success can put you in a winning mindset.", "", "When trying to maximize your performance, it\u2019s useful to set your sights high. \u201cThe more you expect from yourself, the more you will achieve. Modest expectations produce modest results,\u201d according to Baum and Trubo. The images that come into your mind dictate your expectations. A baseball player who tries for a home run is more likely to do better than a player hoping to merely hit the ball to first base.", "Similarly, if you don\u2019t expect to see a profitable opportunity during the trading day, you won\u2019t. On the other hand, if you think optimistically, you\u2019ll reach your potential: \u201cIf I study the markets carefully enough, I\u2019ll find at least one way to make a profit today.\u201d As a trader, your goal should always be to reach your potential. That isn\u2019t the same thing as unrealistically thinking you\u2019ll make a 500% return on your money on any given day if you are a novice trader, but achieving your peak performance, whatever it is, each and every day.", "Not everyone has the same abilities. It doesn\u2019t make sense for an amateur golfer to think that he or she can play like Tiger Woods. And it isn\u2019t realistic to think that an average trader can approach the success of a \u201cMarket Wizard.\u201d But whatever your skill level is, you should try to maximize it. For some, that may just mean putting on a few small trades a day to develop an intuitive feel for the markets. For others, it may mean making $1,000 a day. The main point is to maximize your performance. Try to achieve a level of performance that exemplifies the best that you can be.", "When you strive to be your best, your confidence increases. Suddenly, you\u2019re enthusiastic and ready to achieve success. Baum and Trubo suggest using positive mental imagery to put you in the proper, optimal mood. They call this mental imagery task the \u201cSuccess History Search.\u201d Here\u2019s how it works: Close your eyes. Let yourself relax. Now think of a recent time when you\u2019ve accomplished something important, a task you\u2019re proud of. It could be a recent winning trade. Or it could be an athletic event you won recently.", "Perhaps it\u2019s a big business deal you closed, or even an A+ you received on a test in college. It could have happened yesterday or 10 years ago. The main issue, however, is that the event you remember should provide a clear image that inspires you, an event that makes you feel good about yourself, and makes you feel that you can do anything. Focus on the image. Try to remember the positive, optimistic thoughts that were running through your mind. Allow yourself to feel good about the experience. Remember how it felt like to win. Soon, you\u2019ll find that you become optimistic, focused, and ready for action.", "Use the Success History Search before you start the trading day or when you are about to execute a trade. If you find that replaying just one winning accomplishment isn\u2019t enough, replay two or three until you cultivate a winning attitude. Images are powerful. By remembering vivid images of past successes, you\u2019ll feel optimistic and ready to master the markets.", "Comments are closed.", "Varsity by Zerodha \u00a9 2015 \u2013 2024.\r\n\t\t\t\t\tAll rights reserved.\r\n\t\t\t\t\tReproduction of the Varsity materials, text and images,\r\n\t\t\t\t\tis not permitted. For media queries, contact [email\u00a0protected]"], "images": ["https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo.png", "https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo-small.png", "https://zerodha.com/varsity/wp-content/uploads/2020/01/20070420-300x300.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/playstore.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/appstore.png"], "tables": [], "videos": []}

{"title": "83. Don\u2019t Dig the Hole Deeper", "text": ["Bill has had a bad day. He\u2019s down $1,000. He thinks, \u201cI can\u2019t end the day down $1,000. I\u2019ve just got to make that money back by the end of the day.\u201d He continues to trade even though his performance is off, and he feels the pressure to make back what he\u2019s lost. He makes a few trading mistakes and loses another $5,000. His account balance has taken a big hit. In hindsight, Bill realizes that he would have been better off if he had just stood aside, rested, and regained his composure before continuing to trade. Instead, he has dug a deeper hole than necessary, and it will be even harder to get out of it. Sound familiar?", "Many traders are afraid to accept their limitations. Rather than face facts, they continue to trade and pay the price in terms of severe losses. Winning traders, in contrast, monitor their mood, mindset, and skill level every minute of the day. If any of these factors are off, they take a break. It\u2019s vital for long-term success to develop a self-monitoring plan. Monitor your general mood and your specific emotions. When you aren\u2019t feeling up to par, stop trading.", "", "Systematically monitoring your mood is essential. Some traders suggest rating one\u2019s mood before the markets open on a 1-10 point scale, ranging from out of sorts, pessimistic (1) to full of energy, optimistic (10). Unless they rate themselves at an 8 or above, they take the day off. They rest, relax and re-energize before returning to the markets.", "In addition to rating your general mood, it\u2019s also important to identify feelings of regret and revenge. When we\u2019ve made a series of losing trades, we regret it. Regret is a powerful emotion; it\u2019s often more powerful than fear and greed. Traders have a strong need to avoid regret. Feeling regret forces us to admit that we were wrong. It makes us feel guilty. We entertain \u201cif-only\u201d scenarios: \u201cIf only I had done X or Y, I would not have lost.\u201d Regret makes us feel inadequate and uncomfortable.", "The easiest way to avoid regret is to deny you\u2019ve made a mistake, to believe that one can still make back what one has lost. The problem with avoiding regret is that you shift your attention away from the problem. You don\u2019t notice that something is wrong. You fail to see that a fundamental factor has changed, either you have changed psychologically or the market conditions have changed. In either case, it\u2019s better to stand aside than continue trading. Look for signs that you are avoiding regret. Focus on feelings of anger, frustration, or revenge. When you\u2019ve made a series of losses that you view as unfair, you will feel angry; you\u2019ll want to take your revenge out on the markets. When you feel these emotions, it\u2019s probably a way of avoiding subsequent feelings of regret upon admitting a loss.", "It\u2019s vital for your survival to stop trading at that point. You\u2019ve lost your objectivity and it\u2019s likely that you will trade impulsively because your full attention is not on your immediate experience. A related emotion is a fear. When you are afraid of the consequences of losing money, you are also avoiding regret. It\u2019s better to stop trading, regain your composure, and start up again when you are refreshed, which may be the next day.", "You should also take active steps to minimize feelings of regret. Neutralize these emotions by monitoring your self-talk. When one feels regret, he or she usually thinks, \u201cI should have done X, and I\u2019m an unworthy person for not doing X.\u201d The truth, however, is that the markets are unpredictable. You can\u2019t blame yourself for not anticipating every possible influence that may go against your trading strategy.", "And if you lost money because you didn\u2019t clearly specify a trading plan or stick with it, feeling regret isn\u2019t going to help you very much. It may be useful in this case to kick yourself a little, but it\u2019s much more useful to take a more positive outlook, and think, \u201cTrading takes practice; the more I practice, the more I\u2019ll develop the discipline I need to be a profitable trader.\u201d By acknowledging that you\u2019ve made a little mistake and reminding yourself that you will do everything possible to minimize its significance, you\u2019ll feel less regret. You can acknowledge your limitations more easily. But, whatever you do, don\u2019t dig the hole deeper. Face your limitations, regain your composure, and go back in when your mindset and market conditions are just right. You\u2019ll find that you will make more profits in the long run.", "Comments are closed.", "Varsity by Zerodha \u00a9 2015 \u2013 2024.\r\n\t\t\t\t\tAll rights reserved.\r\n\t\t\t\t\tReproduction of the Varsity materials, text and images,\r\n\t\t\t\t\tis not permitted. For media queries, contact [email\u00a0protected]"], "images": ["https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo.png", "https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo-small.png", "https://zerodha.com/varsity/wp-content/uploads/2020/01/20070615-300x300.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/playstore.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/appstore.png"], "tables": [], "videos": []}

{"title": "84. Trading From Home: Avoiding the Traps", "text": ["Jim was tired of commuting to work in two hours of rush hour traffic every day. He thought, \u201cIf I could only work from home and avoid the stress and monotony of driving day in and day out, I\u2019d be much happier.\u201d Trading from home offered him a solution. No more commuting. No more worrying about his boss\u2019s performance evaluations. Finally, the freedom to do what he wanted and when he wanted.", "", "Many are lured to trading for the sense of independence it offers, but working from home isn\u2019t always as advantageous as one had planned. It requires discipline, self-control, and in many cases, the ability to protect one\u2019s time assertively. Let\u2019s review some of the pitfalls to watch out for. Make sure you\u2019ve identified them and have a plan for dealing with them.", "These days, most couples have two family incomes. Both partners work. When children are involved, however, the trader who works at home may be expected to pitch in more than he or she had done when commuting to work. This is a reasonable expectation, but as a novice trader, one may not have enough free time to devote to extra child-rearing duties.", "Indeed, one may end up devoting so much time to taking care of the kids that insufficient time is devoted to trading. Similarly, when one partner is at home, it may be expected that he or she put in extra time to do the needed chores around the house. Again, it\u2019s a reasonable expectation, but it\u2019s important to realize that a novice trader may not have the time to devote to these errands. One must assertively protect his or her time.", "Another problem is self-motivation. It may be stressful to work in a structured office environment, but structure and routine have its advantages. One knows what he or she is supposed to do and when to do it. When one works at home, in contrast, the rules are often left to one\u2019s discretion, and that can mean no structure or no clear reward systems.", "One must motivate oneself to get work done, and since trading is a demanding profession requiring an enormous amount of self-restraint and discipline, one is prone to procrastination. Time may slip away with little accomplished. It\u2019s easy to get distracted. Your wife or children may expect more time now that you\u2019re at home. There may be endless interruptions and distractions, such as trips to the kitchen for a snack, or flipping on the television for a quick break. These distractions can sap up precious time.", "If one is not careful, he or she may waste more time working at home than it would take to commute to the office. But there\u2019s a lot you can do to remedy the situation. First, separate your office space from your workspace. Second, set clearly defined times for work and make a clear distinction between work hours and leisure/family hours. And finally, perhaps the most important issue is to communicate clearly and assertively with your family.", "Make it clear that you have specific hours in which you plan to work, and that just because you are at home, it doesn\u2019t mean that all hours are available for leisure activities, family discussions or chores. By establishing firm agreements between you and your family, you can prevent them from distracting you from your trading tasks. So, learn how to work at home efficiently. You\u2019ll be more productive and profitable in the long run.", "Comments are closed.", "Varsity by Zerodha \u00a9 2015 \u2013 2024.\r\n\t\t\t\t\tAll rights reserved.\r\n\t\t\t\t\tReproduction of the Varsity materials, text and images,\r\n\t\t\t\t\tis not permitted. For media queries, contact [email\u00a0protected]"], "images": ["https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo.png", "https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo-small.png", "https://zerodha.com/varsity/wp-content/uploads/2020/01/20071224-300x300.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/playstore.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/appstore.png"], "tables": [], "videos": []}

{"title": "85. High Hopes", "text": ["Can an ant move a rubber tree plant? Perhaps it can if it has \u201chigh hopes.\u201d This image exemplifies the eternal optimist. The power of positive thinking, if only we could muster enough of it, we could move mountains. You must have high hopes to trade successfully. Many people attempt to master the markets, but few achieve enduring success. If you don\u2019t push yourself, you\u2019ll never make it. But optimism has its time and place. There\u2019s optimism on the one hand and set yourself up for failure on the other. It\u2019s vital for your long term well being that you are optimistic yet realistic. In other words, hope for the best but don\u2019t expect miracles. Cultivating the proper amount of optimism is essential for maintaining a peak performance mindset.", "", "What\u2019s the harm in being overly optimistic? Nothing, as long as you don\u2019t create false hope or set overly high expectations for yourself. A common malady for novice and expert traders alike is the belief that they can take out more profits from the market than is possible. Trading is not a solitary profession, like being a writer or an artist. It requires creativity, but traders must interact with the markets. Writers or artists work by themselves, and completely on their own terms. They can keep at it day in and day out, and the more effort they put in, the more success they achieve. It isn\u2019t quite the same for a trader.", "The markets don\u2019t always provide opportunities. There must be a match between current market conditions and a given trader\u2019s specific talents and trading style. When the two don\u2019t match, it\u2019s impossible to make a profit. A trader must continually monitor current market conditions and decide if he or she can trade under such conditions and make a profit. If the market conditions are not optimal, it is wise to stand aside and wait for conditions to change. When market conditions are ideal, however, it is vital for a trader to push himself or herself to take advantage of those conditions.", "An overly optimistic trader, though, may not recognize his or her limitations. Unless you are one of the rare super-traders who can trade in almost any market, you can\u2019t expect yourself to trade in every possible market condition and make the same amount of profits. Depending on your skills, the amount of profits you can realistically make depends on the market conditions on that day. But if you believe you can make large profits daily, regardless of the time of day, the day of the week, or the time of the year, you\u2019ll likely fail to reach your expectations, and you\u2019ll feel disappointed. And when you are disappointed and frustrated, you will make the most trading errors. You start thinking in terms of \u201cshoulds\u201d and \u201cmusts.\u201d You think, \u201cI should make $2,000 a day and I must do it or else I\u2019m letting myself down.\u201d Such thinking often does more harm than good. At that point, you\u2019re just setting yourself up for a letdown. You become your own worst enemy.", "One of the greatest obstacles that traders face is their own unrealistic expectations. If you set expectations too high, you\u2019ll fail to meet them, and you\u2019ll feel disappointed. It\u2019s unfortunate. There is no reason to set high expectations, fail to reach them and then beat yourself up for it. It\u2019s better to live by the old adage, \u201cI accept what the markets give me.\u201d You don\u2019t control the markets. You have to accept what you can get, and feel good that you got anything. If you adjust your expectations to market conditions, you\u2019ll feel better. And in the long run, this can do wonders for your overall mood. If you continually feel that you are missing the mark day after day, though, you\u2019ll become especially discouraged, and in all likelihood, you\u2019ll think about giving up trading and looking for a new job.", "Although a positive mindset can do wonders, it\u2019s essential that you be flexible. It\u2019s necessary to be realistic when setting goals. Research studies have shown time and time again that when we set goals that are too high, we fail, and give up. That\u2019s why people can\u2019t lose weight or keep New Year\u2019s resolutions. They set goals that are impossible to achieve. So set realistic goals. You don\u2019t have to take home huge profits every day. Just accept what you can get. You\u2019ll be happier, and ironically, you\u2019ll trade more profitably.", "Comments are closed.", "Varsity by Zerodha \u00a9 2015 \u2013 2024.\r\n\t\t\t\t\tAll rights reserved.\r\n\t\t\t\t\tReproduction of the Varsity materials, text and images,\r\n\t\t\t\t\tis not permitted. For media queries, contact [email\u00a0protected]"], "images": ["https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo.png", "https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo-small.png", "https://zerodha.com/varsity/wp-content/uploads/2020/01/20070508-300x300.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/playstore.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/appstore.png"], "tables": [], "videos": []}

{"title": "86. Next Time You Get a Hot Tip\u2026Beware", "text": ["Few things appeal more to our sense of greed than a hot stock-tip. Sometimes it comes in the form of a phone call: \u201cI\u2019ve got a buddy who works for Ajax Widgets,\u201d the tipster will tell you, \u201cand he says the company\u2019s going to announce a huge deal with China next week.\u201d Or you might be playing golf and someone in the foursome mentions that she has just bought 10,000 shares of XYZ Corp. because her broker says some \u201cbig news\u201d is due out on the company \u201cany day.\u201d Or a friend of your friend\u2019s lawyer confides that the \u201cink is dry\u201d on a deal that will seal the acquisition of one corporate biggie by another.", "", "The temptation to act on such tips can be hard to resist, notwithstanding the fact that you could be breaking the law by doing so. Indeed, any tip that proves \u201chot\u201d enough to act upon is probably illegal, coming from corporate insiders and revealing facts that public investors know nothing about. As we know, acting on such information is insider trading, a felony for which some violators have received large fines or even jail time.", "That\u2019s one reason why it\u2019s a good idea to tell the would-be tipster \u201cthanks, but no thanks\u201d when he or she calls. But if the temptation seems too great to resist, there are two other reasons to consider before you take the plunge. First, relatively few hot tips pan out; and second, even when they do, it\u2019s often impossible to accurately predict how the stock will react.", "Of course, no one keeps statistics on the percentage of hot tips that worked or didn\u2019t. But if you\u2019re the sort of investor who talks about stocks at cocktail parties, chances are you\u2019ve heard a few hot tips yourself. But ask yourself, how many of them panned out? And how often did the supposed insider news become public within the predicted time span? If your answer to either question was \u201cmost of the time,\u201d then you\u2019re probably getting your information from sources that even the CIA would envy.", "But for each person who has gotten rich acting on a hot tip, there are probably fifty who have been burned when it failed to materialize. And there are twenty-five more losers who acted on the tip, only to see the stock react in an unexpected way. We\u2019ve all seen stocks fall on ostensibly good earnings news, and rise when the news seemed outright bearish. Take note of these occasions, for they are not so uncommon as you might think. And to be sure, tally up the tips that turned out to be winners, for that\u2019s the best way to build up resistance to the gambling fever that sometimes possesses us when some alleged insider has a secret to share.", "Comments are closed.", "Varsity by Zerodha \u00a9 2015 \u2013 2024.\r\n\t\t\t\t\tAll rights reserved.\r\n\t\t\t\t\tReproduction of the Varsity materials, text and images,\r\n\t\t\t\t\tis not permitted. For media queries, contact [email\u00a0protected]"], "images": ["https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo.png", "https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo-small.png", "https://zerodha.com/varsity/wp-content/uploads/2020/01/20070425-300x300.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/playstore.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/appstore.png"], "tables": [], "videos": []}

{"title": "87. It\u2019s How You Play the Game That Matters", "text": ["The old saying, \u201cIt\u2019s not whether you win or lose but how you play the game\u201d is especially relevant to trading. Many novice traders work under the assumption that winning is all that matters. But winning over the long term eludes many traders. Sure, you might win over the short term, but it\u2019s difficult to continue winning. Winning requires discipline. It is vital to have a clearly defined trading plan and to trade it. If you trade by the seat of your pants, you won\u2019t trade consistently and you won\u2019t accumulate profits.", "", "How do you approach trades? Do you try to follow a detailed trading plan or do you rely on luck and hope that all your trades work out the way you want? If you rely on fate, you may pay a psychological price when it comes to your discipline. Making a quick profit without a trading plan may provide a short-term pleasure, but these kinds of winning trades can adversely influence discipline in the long term.", "Rather than developing a well-defined trading plan, following it, and getting rewarded by trading it, an undisciplined trader puts on a trade haphazardly and is coincidently rewarded. In this case, a lack of discipline is rewarded, and this unjustified reward may increase a trader\u2019s tendency to abandon trading plans in the future because he or she has been rewarded for doing so in the past. However, the positive outcomes are usually short-lived, and a lack of discipline ultimately produces trading losses.", "It\u2019s useful to distinguish justified wins from unjustified wins. A justified win is when a trader makes a very detailed trading plan and follows the plan. A win that results from following a trading plan is justified and reinforces discipline. An unjustified win occurs when a trader doesn\u2019t make a plan or drifts from the plan. He or she may be rewarded, but the outcome occurred by chance. The win is unjustified and can reinforce undisciplined trading.", "Cultivating discipline is vital for profitable trading. Trading is basically capitalizing on chance. One implements proven trading strategies, over and over, so that across a series of trades, the strategies work enough to produce an overall profit. It\u2019s like making shot after shot on the basketball court so as to accumulate a winning number of points. The more shots you take, the more likely you will amass points. But the winning player is the person who first develops the skill to make the shot consistently so that at every possible opportunity, the ball is likely to go through the basket.", "To a great extent, consistency is key. It\u2019s the same for trading. One must trade consistently, following a specific trading plan on each and every single trade (the plans are different, but some sort of plan is used each time). This allows the law of averages to work in your favor so that across the series of trades, you will make an overall profit. Don\u2019t let unjustified wins interfere with your ability to maintain discipline. Follow your trading plan, and reinforce the idea that if you follow your plan, you will end up with profits in the long run. If you abandon your trading plan and get an unjustified win, you may feel good in the short term, but you\u2019ll pay a long term price when it comes to your ability to maintain discipline.", "Comments are closed.", "Varsity by Zerodha \u00a9 2015 \u2013 2024.\r\n\t\t\t\t\tAll rights reserved.\r\n\t\t\t\t\tReproduction of the Varsity materials, text and images,\r\n\t\t\t\t\tis not permitted. For media queries, contact [email\u00a0protected]"], "images": ["https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo.png", "https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo-small.png", "https://zerodha.com/varsity/wp-content/uploads/2020/01/20070409-300x300.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/playstore.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/appstore.png"], "tables": [], "videos": []}

{"title": "88. A Humble and Modest Approach", "text": ["It\u2019s exciting to win. Trading is challenging. It requires well-honed skills and rock-solid confidence. After a winning streak, it\u2019s easy to get a \u201cswelled head\u201d or a big ego. Why not? When you\u2019ve just accomplished a feat seldom achieved, it\u2019s hard not to think one is special. Most seasoned traders will tell you, however, that when you start thinking you have superior abilities as a trader, you may arrogantly think you can do the impossible. And when that happens, it usually spells doom and despair. To maintain long-term success, it\u2019s vital to stay humble and modest.", "", "It\u2019s healthy to occasionally pat yourself on the back for a job well done, but be careful not to go to extremes. Don\u2019t get too full of yourself. Just when everything seems to be going well, market conditions change, and your foolproof methods will stop working. Suddenly you start seeing losses rather than profits. By taking a humble and modest approach, though, you\u2019ll always be prepared for this eventuality. But when you start thinking, \u201cI\u2019m a natural-born trader\u201d or \u201cI\u2019m the king of the world,\u201d you may be caught off guard. You may start to think you can take riskier trades, let your discipline falter, or fail to adequately control your risk.", "It\u2019s important to always remain focused on trading. You must stay calm, objective, and unemotional. Getting a swelled head often interferes with maintaining such a mindset. Basking in the glory of success can be intoxicating. You may start to think you are invincible and can do no wrong. You may then start bragging to your friends about how well you\u2019re doing, or start spending money extravagantly. When that happens, it may be the start of a downward spiral. In a subtle way, you will start to put extra pressure on yourself to perform up to these especially high standards. You will feel a need to maintain your high opinion of yourself.", "You may dread failure because should you fail, you will have to admit to yourself and friends that you were not as invincible as you had claimed. At that point, you may engage in denial. Because you can\u2019t face your limitations, you may deny you have any. And once you start distorting reality, it\u2019s bound to impact your trading. The added pressure to perform, along with the psychological need to save face, will take a toll on your limited psychological resources. You\u2019ll have less energy to focus on your trading, and you will likely make trading mistakes that will lead to your downfall.", "In the final analysis, the best way to ensure long-term trading success is to stay humble and modest. The more you can stay humble, the more you can stay impartial, relaxed, and alert. You won\u2019t feel you have to prove anything to anyone. You\u2019ll be able to stay detached and objective, even in the most uncertain and chaotic market conditions. So stay humble and modest and you\u2019ll stay consistently profitable.", "", "Comments are closed.", "Varsity by Zerodha \u00a9 2015 \u2013 2024.\r\n\t\t\t\t\tAll rights reserved.\r\n\t\t\t\t\tReproduction of the Varsity materials, text and images,\r\n\t\t\t\t\tis not permitted. For media queries, contact [email\u00a0protected]"], "images": ["https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo.png", "https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo-small.png", "https://zerodha.com/varsity/wp-content/uploads/2020/02/20070702-300x300.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/playstore.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/appstore.png"], "tables": [], "videos": []}

{"title": "89. Winning Traders Are Humble", "text": ["It is important to reward yourself for a job well done. We feel pride after making a significant achievement and are especially proud when the achievement has increased our social status. Pride can be a powerful motivator. If you are one of the rare few who have achieved consistent profitability, you should feel proud. Trading is difficult. Few people master it, so when one is doing well, it\u2019s natural to feel a sense of accomplishment and pride. That said, it is vital that you rein in your pride and stay humble. Don\u2019t become arrogant and overly proud. Winning traders are humble.", "", "Too much pride often leads to disaster. Pride can be a competitive emotion. Those who are especially proud have a burning desire to brag about their accomplishments and feel superior to others. This can go too far. When people speak of their successes too often, others often resent them, and can\u2019t wait for them to fail. The overly proud trader is likely to cave into strong social pressure to continue making large financial gains to save face. There\u2019s also a risk of becoming stubbornly proud. Stubborn pride occurs when people have spent so much of their life feeling proud of their accomplishments, and trying to feel superior to others, that they have difficulty admitting when they have made mistakes. At an extreme, the overly proud become afraid to face mistakes and may even deny that they have faults.", "Extreme pride can be a danger for trading and is the downfall for many. Trading is hard enough without introducing additional psychological pressures to feel superior to others, maintain social status, or save face. When pride drives trading decisions, one is likely to take unnecessary risks in order to make big wins to keep up appearances.", "Controlling pride is vital. It is important to develop internal standards of self-worth. Don\u2019t compete with other people. Learn to compete with yourself. Develop your own rules and standards related to your skill as a trader. When you reach your standard, you can feel a little pride, but don\u2019t feel the need to tell others about it. If you can feel proud of your accomplishments, without feeling the need to brag about how well you have done or exaggerate how well you are doing, then you will have learned to feel a true sense of pride and self-worth.", "Successful trading requires that one knows how to experience the proper amount of pride. When one achieves a goal, it\u2019s natural to feel a sense of accomplishment. But it\u2019s vital to maintain an objective, non-emotional approach. Pride usually prevents one from cultivating this approach. The more you can keep your pride under control, the more successful you will be at making rational, unbiased decisions.", "Comments are closed.", "Varsity by Zerodha \u00a9 2015 \u2013 2024.\r\n\t\t\t\t\tAll rights reserved.\r\n\t\t\t\t\tReproduction of the Varsity materials, text and images,\r\n\t\t\t\t\tis not permitted. For media queries, contact [email\u00a0protected]"], "images": ["https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo.png", "https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo-small.png", "https://zerodha.com/varsity/wp-content/uploads/2020/02/20070424-300x300.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/playstore.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/appstore.png"], "tables": [], "videos": []}

{"title": "90. The Humble Trader is the Winning Trader", "text": ["Trading can be frustrating at times. You put in a heroic effort, but it doesn\u2019t always pay off in the way that you had hoped. When you finally do win big, you naturally want to celebrate. You may even get a \u201cswelled head,\u201d and feel invincible as if you are on top of the world. Why not celebrate? You deserve it. It\u2019s healthy to occasionally pat yourself on the back for a job well done, but don\u2019t get too full of yourself.", "", "There are many tales of expert, skilled traders who were at the top of the field and the idol of many, but due to changes in the markets, they ended up busted. Just when everything seems to be going well, market conditions change, and methods that once brought in steady profits suddenly stop working. That\u2019s why seasoned traders suggest staying humble. You must stay humble, and focused on continually honing your trading skills in anticipation of the next major change in the markets. A humble approach to trading will help you stay calm and focused.", "Getting a swelled head often interferes with maintaining a calm, objective, and unemotional mindset. Basking in the glory of success can be intoxicating. You may start to think you are invincible as if you can\u2019t lose. You may then start bragging to your friends about how well you\u2019re doing, or start spending money extravagantly. When that happens, it may be the start of your demise. In a subtle way, you will start to put extra pressure on yourself to perform up to especially high standards that are almost impossible to maintain.", "You\u2019ll try to keep up your reputation. You may dread failure because should you fail, you will have to admit to yourself and friends that you were not as invincible as you had claimed. At that point, you\u2019ll have trouble staying objective. And once that happens, it\u2019s bound to impact your trading. The added pressure to perform, along with the psychological need to save face, will take a toll on your limited psychological resources. You\u2019ll have less energy to focus on your trading, and you will likely make trading mistakes that will lead to your downfall.", "It\u2019s important to keep your ego out of trading. Don\u2019t build yourself up, but don\u2019t overly criticize or condemn yourself either. Stay realistically upbeat and focus on developing your skills as a trader. Work toward excellence, not perfection. You have to be good, but not perfect. You must have top-notch trading skills, but you don\u2019t need to be the best trader in history. When you take your ego out of the picture and stay modest, you\u2019ll find it easier to concentrate. And when you focus on the process of trading, rather than the prize, you\u2019ll trade more profitably.", "Comments are closed.", "Varsity by Zerodha \u00a9 2015 \u2013 2024.\r\n\t\t\t\t\tAll rights reserved.\r\n\t\t\t\t\tReproduction of the Varsity materials, text and images,\r\n\t\t\t\t\tis not permitted. For media queries, contact [email\u00a0protected]"], "images": ["https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo.png", "https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo-small.png", "https://zerodha.com/varsity/wp-content/uploads/2020/02/20070410-300x300.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/playstore.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/appstore.png"], "tables": [], "videos": []}

{"title": "16. \u0905\u0902\u0924\u093f\u092e \u0939\u093f\u0938\u094d\u0938\u093e", "text": ["\u0907\u0938 \u0905\u0927\u094d\u092f\u093e\u092f \u092e\u0947\u0902 \u0939\u092e \u0915\u0941\u091b \u0910\u0938\u0947 \u092e\u0939\u0924\u094d\u0935\u092a\u0942\u0930\u094d\u0923 \u092e\u0941\u0926\u094d\u0926\u094b\u0902 \u0915\u0940 \u092c\u093e\u0924 \u0915\u0930\u0947\u0902\u0917\u0947 \u091c\u094b \u0906\u092a\u0915\u0947 \u0928\u093f\u0935\u0947\u0936 \u0915\u0947 \u092b\u0948\u0938\u0932\u094b\u0902 \u092a\u0930 \u092c\u0939\u0941\u0924 \u0905\u0938\u0930 \u0921\u093e\u0932 \u0938\u0915\u0924\u0947 \u0939\u0948\u0902\u0964 \u092a\u093f\u091b\u0932\u0947 \u0905\u0927\u094d\u092f\u093e\u092f \u092e\u0947\u0902 \u0939\u092e\u0928\u0947 \u0926\u0947\u0916\u093e \u0925\u093e \u0915\u093f \u0915\u0948\u0938\u0947 DCF \u092e\u0949\u0921\u0932 \u0938\u0947\u00a0 \u0915\u0902\u092a\u0928\u0940 \u0915\u0947 \u0936\u0947\u092f\u0930 \u0915\u0940 \u0906\u0902\u0924\u0930\u093f\u0915 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\u092c\u093e\u091c\u093e\u0930 \u0915\u0947 \u092b\u0902\u0921\u093e\u092e\u0947\u0902\u091f\u0932 \u090f\u0928\u093e\u0932\u093f\u0938\u093f\u0938 \u0915\u094b \u0938\u092e\u091d\u093e \u091c\u093e \u0938\u0915\u0947\u0964 \u0905\u092c \u090f\u0915 \u092c\u093e\u0930 \u092b\u093f\u0930 \u0938\u0947 \u0928\u091c\u0930 \u0921\u093e\u0932 \u0932\u0947\u0924\u0947 \u0939\u0948\u0902 \u0909\u0928 \u092e\u0939\u0924\u094d\u0935\u092a\u0942\u0930\u094d\u0923 \u092c\u093e\u0924\u094b\u0902 \u0915\u094b \u091c\u093f\u0928\u0915\u094b \u0939\u092e\u0947\u0902 \u092f\u093e\u0926 \u0930\u0916\u0928\u093e \u091a\u093e\u0939\u093f\u090f\u2013", "\u0905\u092c \u092e\u0948\u0902 \u0906\u092a\u0915\u094b \u091a\u093e\u0930 \u0910\u0938\u0940 \u0915\u093f\u0924\u093e\u092c\u094b\u0902 \u0915\u0947 \u092c\u093e\u0930\u0947 \u092e\u0947\u0902 \u092c\u0924\u093e\u0928\u093e \u091a\u093e\u0939\u0924\u093e \u0939\u0942\u0902 \u091c\u094b \u0906\u092a\u0915\u094b \u0928\u093f\u0935\u0947\u0936 \u0938\u092e\u091d\u0928\u0947 \u092e\u0947\u0902 \u092e\u0926\u0926 \u0915\u0930\u0947\u0902\u0917\u0940\u0964", "Thank you so much", "\u0939\u0947\u0932\u094b \u0938\u0930 \u0928\u092e\u0938\u094d\u0924\u0947 \u0915\u0902\u092a\u0928\u0940 \u0915\u0947 \u0915\u094d\u0935\u093e\u0930\u094d\u091f\u0930\u0932\u0940 \u0930\u093f\u091c\u0932\u094d\u091f \u0930\u093f\u092f\u0932 \u091f\u093e\u0907\u092e \u0939\u092e \u0915\u0939\u093e\u0902 \u0926\u0947\u0916 \u0938\u0915\u0924\u0947 \u0939\u0948\u0902 \u0938\u0930 \u0907\u0938\u0915\u0947 \u092c\u093e\u0930\u0947 \u092e\u0947\u0902 \u090f\u0915 \u0915\u094b\u0908 \u0906\u0930\u094d\u091f\u093f\u0915\u0932 \u0932\u093f\u0916\u093f\u090f \u0938\u0930 \u092b\u094d\u092f\u0942\u091a\u0930 \u091f\u094d\u0930\u0947\u0921\u093f\u0902\u0917 \u0915\u094b \u092d\u0940 \u0939\u093f\u0902\u0926\u0940 \u092e\u0947\u0902 \u0915\u0930\u093f\u090f", "Hi Rahul, \u0905\u0928\u094d\u092f \u092e\u0949\u0921\u094d\u092f\u0942\u0932 \u092d\u0940 \u091c\u0932\u094d\u0926 \u0939\u0940 \u0909\u092a\u0932\u092c\u094d\u0927 \u0915\u0930\u093e\u090f \u091c\u093e\u090f\u0902\u0917\u0947\u0964", "Sir Yeah P/B ratio kitna important h invest me\nAur ideal P/B ratio kya u", "Hi Bhavesh, P/B ratio, price-to-book ratio \u0939\u0948, \u0907\u0938 ratio \u0915\u094b \u090f\u0915 \u0936\u0947\u092f\u0930 \u0915\u0947 \u092a\u0941\u0938\u094d\u0924\u0915 \u092e\u0942\u0932\u094d\u092f (book value) \u0938\u0947 \u090f\u0915 \u0936\u0947\u092f\u0930 \u0915\u0947 current closing price \u0915\u094b \u0935\u093f\u092d\u093e\u091c\u093f\u0924 \u0915\u0930\u0915\u0947 \u0928\u093f\u0915\u093e\u0932\u093e \u091c\u093e\u0924\u093e \u0939\u0948\u0964 \u0907\u0938\u0915\u093e \u0909\u092a\u092f\u094b\u0917 \u0915\u093f\u0938\u0940 \u0936\u0947\u092f\u0930 \u0915\u0947 \u092c\u093e\u091c\u093e\u0930 \u092e\u0942\u0932\u094d\u092f (market value) \u0915\u0940 \u0909\u0938\u0915\u0947 \u092a\u0941\u0938\u094d\u0924\u0915 \u092e\u0942\u0932\u094d\u092f \u0938\u0947 \u0924\u0941\u0932\u0928\u093e \u0915\u0930\u0928\u0947 \u0915\u0947 \u0932\u093f\u090f \u0915\u093f\u092f\u093e \u091c\u093e\u0924\u093e \u0939\u0948\u0964", "hi\nhow r u\nye char books kya hindi main available hai ?", "\u092e\u0949\u0921\u0932 \u096c \u0924\u0915 \u0939\u093f\u0902\u0926\u0940 \u092e\u0947\u0902 \u0909\u092a\u0932\u092c\u094d\u0927 \u0939\u0948\u0964", "Good information..thanks to zerodha for given valuable knowledge", "You\u2019re welcome Rakesh, keep reading \ud83d\ude42", "Name (required)", "Mail (will not be published) (required)", "", "Post comment", "", "\u0394", "Varsity by Zerodha \u00a9 2015 \u2013 2024.\r\n\t\t\t\t\tAll rights reserved.\r\n\t\t\t\t\tReproduction of the Varsity materials, text and images,\r\n\t\t\t\t\tis not permitted. For media queries, contact [email\u00a0protected]"], "images": ["https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo.png", "https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo-small.png", "https://zerodha.com/varsity/wp-content/uploads/2014/12/M3-Ch16-title.jpg", "https://secure.gravatar.com/avatar/2f6e6f10cba8dcff149e6389410ce013?s=32&d=identicon&r=g", "https://secure.gravatar.com/avatar/73537ca85355236213d47617e8897b27?s=32&d=identicon&r=g", "https://secure.gravatar.com/avatar/be5de1b57c0a4cfdd8c128e3b984d149?s=32&d=identicon&r=g", "https://secure.gravatar.com/avatar/f0aa2d0b58339801b0fb34b97577824d?s=32&d=identicon&r=g", "https://secure.gravatar.com/avatar/be5de1b57c0a4cfdd8c128e3b984d149?s=32&d=identicon&r=g", "https://secure.gravatar.com/avatar/f804989570313b805148fa9ad633ee8b?s=32&d=identicon&r=g", "https://secure.gravatar.com/avatar/be5de1b57c0a4cfdd8c128e3b984d149?s=32&d=identicon&r=g", "https://secure.gravatar.com/avatar/51da8d36e29bba0899255f79adf898cc?s=32&d=identicon&r=g", "https://secure.gravatar.com/avatar/be5de1b57c0a4cfdd8c128e3b984d149?s=32&d=identicon&r=g", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/playstore.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/appstore.png"], "tables": [], "videos": []}

{"title": "91. Humility", "text": ["Why are folks initially attracted to trading? For many, it\u2019s the money, especially the prestige and status that money can bring. But seasoned traders warn that when money, riches, respect, or any other human needs enter the picture, failure is not far off. It\u2019s common lore among those who have been in this business a long time that humility is associated with success, while pride, ego, and avarice lead to failure. Popular anecdotes recount stories of how a successful trader buys a big new house or luxury car and soon fails. The lesson: control your pride.", "", "Pride can be a powerful motivator. We feel pride after making a significant achievement and are especially proud when the achievement has increased our social status. Trading is difficult. Few people master it, so when one is doing well, it\u2019s natural to feel a sense of accomplishment and pride. But too much pride often leads to disaster. Pride can be a competitive emotion. Those who are especially proud have a burning desire to brag about their accomplishments and feel superior to others. This can go too far.", "When people speak of their successes too often, others will resent them, and be waiting for them to fail. The overly proud trader is likely to feel strong social pressure to continue making large financial gains to save face. There\u2019s also a risk of becoming stubbornly proud. Stubborn pride occurs when people have spent so much of their life feeling proud of their accomplishments, and trying to feel superior to others, that they have difficulty admitting when they have made mistakes. At an extreme, the overly proud become afraid to face mistakes and may even deny that they have faults.", "Extreme pride can be a danger for trading and is the downfall for many. Trading is hard enough without introducing additional psychological pressures to feel superior to others, maintain social status, or save face. When pride drives trading decisions, one is likely to take unnecessary risks in order to make big wins to keep up appearances.", "Controlling pride is vital. It is important to develop internal standards of self-worth. Don\u2019t compete with other people. Learn to compete with yourself. Develop your own rules and standards related to your skill as a trader. When you reach your standard, you can feel a little pride, but don\u2019t feel the need to tell others about it. If you can feel proud of your accomplishments, without feeling the need to brag about how well you have done or exaggerate how well you are doing, then you will have learned to feel a true sense of pride and self-worth.", "Successful trading requires that one knows how to experience the proper amount of pride. When one achieves a goal, it\u2019s useful to reward oneself for a job well done. But it\u2019s vital to maintain an objective, non-emotional approach. Pride usually prevents one from cultivating this approach. The more you can keep your pride under control, the more successful you will be at making rational, unbiased decisions.", "Comments are closed.", "Varsity by Zerodha \u00a9 2015 \u2013 2024.\r\n\t\t\t\t\tAll rights reserved.\r\n\t\t\t\t\tReproduction of the Varsity materials, text and images,\r\n\t\t\t\t\tis not permitted. For media queries, contact [email\u00a0protected]"], "images": ["https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo.png", "https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo-small.png", "https://zerodha.com/varsity/wp-content/uploads/2020/02/20070524-300x300.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/playstore.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/appstore.png"], "tables": [], "videos": []}

{"title": "92. Striving for an Ideal: Art or Science?", "text": ["Many trading books describe the ideal trader as disciplined, a rule follower who devises a trading plan and sticks with it. Trading requires a certain kind of discipline, however. Not just any kind of discipline will do. Most disciplined people tend to seek out security and certainty. They prefer facts to abstract theories and ideas. This isn\u2019t always ideal for trading, though. There is an intuitive side to trading that is equally important.", "", "The market only follows the rules when it does; the rest of the time it goes another way. There is an endless number of inputs and it takes an intuitive mind to piece them all together to come up with a reasonable plan of action. A common and simple way to classify people is to focus on the extent to which they approach life as an artist or as a scientist. This is also a useful way to look at trading types. The artsy person thinks in abstract rather than concrete terms. He or she knows how to use intuition to look at the world.", "The artist sees reality as a subjective illusion, with each person creating his or her own reality. The scientist, in contrast, believes that there is a single true, objective reality. \u201cIf you can\u2019t measure it, it isn\u2019t there\u201d is a credo most scientists live by. \u201cThere are cold hard facts out there and it is possible to find them.\u201d Perhaps few artists are steadfastly so abstract, and few scientists believe in a universal reality. But as fuzzy categories, these are useful stereotypes, and ones that are apt to trading. Which type describes you? Are you more of the scientist or the artist? Are you a blend of these two types?", "Some traders are 90-10 in favor of science. They are usually interested in developing computerized trading systems that generate automatic buy and sell signals with as little discretion as possible. This type of trader may fall into the trap known as paralysis-by-analysis, an ailment in which far too much time is spent tinkering with the computer program than trading. One may spend more time backtesting and mining historical data than decisively putting on a trade. It is useful for these traders to work at bringing the blend into more of a balance by injecting more art or human intuition into the trading process. And for these people, it\u2019s useful for them to practice trusting their intuition and taking action rather than being stunned by indecision.", "The opposite end of this spectrum is the all-art, no-theory type traders. Their perception of the market is based entirely on abstract feelings and spontaneous emotional response to stimuli. Naturally, this rarely works. Although an intuitive feel for the markets is useful, it\u2019s essential to also look at some \u201cobjective\u201d inputs, consider them carefully, and make a sound decision based on the data.", "What type of trader are you? Where do you fit in the spectrum between art and science? Take some time to find out and adjust your trading personality accordingly. You\u2019ll find that the right blend will help you trade profitably and consistently.", "", "Comments are closed.", "Varsity by Zerodha \u00a9 2015 \u2013 2024.\r\n\t\t\t\t\tAll rights reserved.\r\n\t\t\t\t\tReproduction of the Varsity materials, text and images,\r\n\t\t\t\t\tis not permitted. For media queries, contact [email\u00a0protected]"], "images": ["https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo.png", "https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo-small.png", "https://zerodha.com/varsity/wp-content/uploads/2020/02/20070523-300x300.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/playstore.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/appstore.png"], "tables": [], "videos": []}

{"title": "93. Idealism: Dare to Dream", "text": ["Dreamers are often exalted because they dared to achieve the seemingly impossible, but unless one\u2019s dreams match specific and realistic actions, little becomes of them. Without well-defined plans, aspirations can merely turn out to be pipedreams. That said, it is often useful to break away from real-world constraints and to daydream. Rather than bound our thoughts by the realistic restrictions that stop us dead in our tracks, one can dream about the perfect set of circumstances that will ensure success. Lifting all restrictions, such as cost, internal/external politics, or technology can produce creative solutions to even the most difficult problems.", "", "In your mind consider what characteristics describe an ideal trader. What attributes would you list? This exercise can be useful. It will allow you to consider the characteristics that define the ideal trader and compare yourself to the ideal. A comparison may create awareness of realms that you\u2019ve never considered, areas that may be impeding your ability to reach the level of success you desire or expect.", "For example, perhaps the single most important characteristic for someone to thrive in any field is a pure, unadulterated passion to succeed. Unadulterated means that the primary motivation is to become the best\u2014not the richest, most famous, or the most often seen on CNBC. The very best traders are people that would be trading even if they were not making big money. It is a passion for trading that gives them the focus to concentrate on their objective, to spend the time and energy to learn this business thoroughly and to endure the inevitable setbacks indigenous to trading.", "However, most traders\u2019 motives are mixed. Their motivation is often adulterated with dreams of unlimited financial success and la dolce vita.\u00a0 But just because your motivation is weakened by self-serving needs of fame and fortune, that doesn\u2019t mean that you can\u2019t become a successful trader. By airing these feelings and questioning one\u2019s motives, a trader can develop the proper kind of motivation. It\u2019s better to acknowledge how your motives may be influenced by base human needs than to pretend these powerful desires have no influence.", "There are other characteristics that the ideal trader should possess, yet many traders lack. The ideal trader is fearless. He or she can put on a trade with unfailing objectivity. You may know of some traders who are fearless and lose big because they don\u2019t take proper risk controls. So although complete objectivity is a desirable characteristic, it must be tempered with a healthy skepticism of the markets. There are instances when the ideals are hard to pin down, and the right balance between risk-seeking and risk aversion is one of those areas.", "Besides the psychological characteristics, one can dream of other areas where working under ideal circumstances can ensure success. An arsenal of tried and true winning trading strategies and virtually unlimited trading capital exemplify the ideal, for example. These circumstances are certainly a fantasy, but thinking of them is a useful exercise. One is able to consider all possibilities, both achievable and unrealistic, and identity how close he or she is to the ideal. Such self-exploration allows you to identify what you can and cannot change, and in the end, it\u2019s informative to know where you stand.", "Comments are closed.", "Varsity by Zerodha \u00a9 2015 \u2013 2024.\r\n\t\t\t\t\tAll rights reserved.\r\n\t\t\t\t\tReproduction of the Varsity materials, text and images,\r\n\t\t\t\t\tis not permitted. For media queries, contact [email\u00a0protected]"], "images": ["https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo.png", "https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo-small.png", "https://zerodha.com/varsity/wp-content/uploads/2020/02/20070517-300x300.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/playstore.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/appstore.png"], "tables": [], "videos": []}

{"title": "12. \u0928\u093f\u0935\u0947\u0936 \u0915\u0947 \u092a\u0939\u0932\u0947 \u0915\u0947 \u091c\u0930\u0942\u0930\u0940 \u0915\u093e\u092e (The Investment Due Diligence)", "text": ["\u092a\u093f\u091b\u0932\u0947 \u0915\u0941\u091b \u0905\u0927\u094d\u092f\u093e\u092f\u094b\u0902 \u092e\u0947\u0902 \u0939\u092e\u0928\u0947 \u0938\u092e\u091d\u093e \u0939\u0948 \u0915\u093f \u092b\u093e\u0907\u0928\u0947\u0902\u0936\u093f\u092f\u0932 \u0938\u094d\u091f\u0947\u091f\u092e\u0947\u0902\u091f \u0915\u094b \u0915\u0948\u0938\u0947 \u092a\u0922\u093c\u093e \u091c\u093e\u090f \u0914\u0930 \u0915\u0941\u091b \u091c\u0930\u0942\u0930\u0940 \u092b\u093e\u0907\u0928\u0947\u0902\u0936\u093f\u092f\u0932 \u0930\u0947\u0936\u094d\u092f\u094b \u0915\u094b \u0915\u0948\u0938\u0947 \u0928\u093f\u0915\u093e\u0932\u093e \u091c\u093e\u090f\u0964\u00a0 \u0907\u0928 \u0938\u092c \u0915\u093e \u0907\u0938\u094d\u0924\u0947\u092e\u093e\u0932 \u0915\u0930\u0915\u0947 \u0939\u092e \u092b\u0902\u0921\u093e\u092e\u0947\u0902\u091f\u0932 \u090f\u0928\u093e\u0932\u093f\u0938\u093f\u0938 \u0915\u0947 \u0906\u0927\u093e\u0930 \u092a\u0930 \u0936\u0947\u092f\u0930 \u091a\u0941\u0928\u0928\u0947 \u0915\u093e \u0905\u092a\u0928\u0940 \u0936\u0930\u094d\u0924\u0947\u0902 \u092c\u0928\u093e\u0928\u093e \u0936\u0941\u0930\u0942 \u0915\u0930 \u0938\u0915\u0924\u0947 \u0939\u0948\u0902\u0964 \u0939\u092e\u0928\u0947 \u092a\u0939\u0932\u0947 \u092d\u0940 \u092c\u093e\u0924 \u0915\u0940 \u0939\u0948 \u0915\u093f \u0939\u0930 \u0915\u0902\u092a\u0928\u0940 \u092e\u0947\u0902 \u0928\u093f\u0935\u0947\u0936 \u0915\u0947 \u092a\u0939\u0932\u0947 \u092f\u0939 \u0926\u0947\u0916\u0928\u093e \u0939\u094b\u0924\u093e \u0939\u0948 \u0915\u093f \u0935\u0939 \u0928\u093f\u0935\u0947\u0936 \u0915\u0947 \u0932\u093e\u092f\u0915 \u0915\u0902\u092a\u0928\u0940 \u0939\u0948 \u092f\u093e \u0928\u0939\u0940\u0902\u0964\u00a0 \u0939\u0930 \u0935\u0939 \u0915\u0902\u092a\u0928\u0940 \u091c\u094b \u0928\u093f\u0935\u0947\u0936 \u092f\u094b\u0917\u094d\u092f \u0915\u0902\u092a\u0928\u0940 \u0915\u0940 \u0936\u0930\u094d\u0924\u094b\u0902 \u0915\u094b \u092a\u0942\u0930\u093e \u0915\u0930\u0924\u0940 \u0939\u0948 \u0909\u0938\u092e\u0947\u0902 \u0928\u093f\u0935\u0947\u0936 \u0915\u093f\u092f\u093e \u091c\u093e \u0938\u0915\u0924\u093e \u0939\u0948\u0964", "\u0938\u092c\u0938\u0947 \u092e\u0939\u0924\u094d\u0935\u092a\u0942\u0930\u094d\u0923 \u092c\u093e\u0924 \u092f\u0939\u0940 \u0939\u0948 \u0915\u093f \u0928\u093f\u0935\u0947\u0936 \u0915\u0947 \u092f\u094b\u0917\u094d\u092f \u0915\u0902\u092a\u0928\u0940 \u0915\u094c\u0928 \u0938\u0940 \u0939\u094b\u0924\u0940 \u0939\u0948? \u0939\u094b \u0938\u0915\u0924\u093e \u0939\u0948 \u0915\u093f \u092e\u0947\u0930\u0947 \u0932\u093f\u090f \u091c\u094b \u0928\u093f\u0935\u0947\u0936 \u092f\u094b\u0917\u094d\u092f \u0915\u0902\u092a\u0928\u0940 \u0939\u094b \u0906\u092a \u0915\u0947 \u0932\u093f\u090f \u0935\u094b 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ki wo aane wale samay me bank corrupt nhi hogi", "Hi,\u0906\u092a \u0915\u0902\u092a\u0928\u0940 \u0915\u0940 \u092c\u0941\u0928\u093f\u092f\u093e\u0926\u0940 \u092c\u093e\u0924\u094b\u0902 \u092a\u0930 \u0928\u091c\u093c\u0930 \u0930\u0916 \u0938\u0915\u0924\u0947 \u0939\u0948\u0902 \u091c\u0948\u0938\u0947 \u0915\u093f \u092f\u0939 \u092c\u0948\u0932\u0947\u0902\u0938 \u0936\u0940\u091f, quick ratio, \u0915\u0948\u0936\u092b\u094d\u0932\u094b \u0938\u094d\u091f\u0947\u091f\u092e\u0947\u0902\u091f \u0906\u0926\u093f \u0939\u0948\u0964 \u092f\u0939 \u0921\u0947\u091f\u093e \u0906\u092a\u0915\u094b \u091f\u093f\u0915\u0930 \u091f\u0947\u092a \u0926\u094d\u0935\u093e\u0930\u093e \u092d\u0940 \u0909\u092a\u0932\u092c\u094d\u0927 \u0915\u0930\u093e\u092f\u093e \u091c\u093e\u0924\u093e \u0939\u0948\u0964 \u0905\u0927\u093f\u0915 \u091c\u093e\u0928\u0915\u093e\u0930\u0940 \u0915\u0947 \u0932\u093f\u090f \u0915\u0943\u092a\u092f\u093e \u0909\u0928\u0915\u0940 \u0935\u0947\u092c\u0938\u093e\u0907\u091f \u092a\u0930 \u091c\u093e\u090f\u0901\u0964 \u0907\u0938 \u091c\u093e\u0928\u0915\u093e\u0930\u0940 \u0938\u0947 \u0906\u092a \u0915\u0902\u092a\u0928\u0940 \u0915\u0947 \u092c\u093e\u0930\u0947 \u092e\u0947\u0902 \u090f\u0915 \u0938\u0902\u0915\u094d\u0937\u093f\u092a\u094d\u0924 \u0935\u093f\u091a\u093e\u0930 \u092a\u094d\u0930\u093e\u092a\u094d\u0924 \u0915\u0930 \u092a\u093e\u090f\u0902\u0917\u0947 \u0914\u0930 \u092f\u0939 \u0915\u093f\u0924\u0928\u093e \u0905\u091a\u094d\u091b\u093e \u092a\u094d\u0930\u0926\u0930\u094d\u0936\u0928 \u0915\u0930 \u0930\u0939\u093e \u0939\u0948\u0964", "Sir maine bhi knowledge ke abaav me apne 12lac rs dead kr diye h share market me pandemic ke time par maine investment kiya but no bhi stock choose kiye usme hi nuksaan utaana pada jo maine short term base par kiya jisme intraday v stoploss factor involve h\nMere stocks bajaj finance, page industry, sbi, petromet, reliance, future retail, edelweiss securities liye mera experience ye rha jb purchase kiya tb yhi stock ki value down chale gye jb sold kiye TB value increase huvi kuch smj nhi aaya kya krna chahiye stock market se out kru ya investment strategy ke liye kya karna chahiye plz suggest kre", "Hi Dinesh, \u0906\u092a \u0935\u0930\u094d\u0938\u093f\u091f\u0940 \u0915\u0947 \u0938\u093e\u0930\u0947 \u092e\u0949\u0921\u094d\u092f\u0942\u0932\u094d\u0938 \u0915\u094b \u092a\u095d\u0947\u0902 \u0906\u092a\u0915\u094b \u0915\u0948\u0938\u0947 \u0928\u093f\u0935\u0947\u0936 \u0915\u0930\u0928\u093e \u0939\u0948 \u0909\u0938\u0915\u093e \u090f\u0915 \u0906\u0908\u0921\u093f\u092f\u093e \u092e\u093f\u0932\u0947\u0917\u093e \u0906\u092a \u0939\u092e\u093e\u0930\u0947 Innerworth \u2013 Mind over Markets \u0935\u093e\u0932\u093e \u092e\u0949\u0921\u094d\u092f\u0942\u0932 \u092d\u0940 \u0905\u0930\u094d\u0939 \u0938\u0915\u0924\u0947 \u0939\u0948\u0902 \u0907\u0938\u092e\u0947\u0902 \u0909\u091a\u094d\u091a \u091f\u094d\u0930\u0947\u0921\u093f\u0902\u0917 \u0938\u093e\u0907\u0915\u094b\u0932\u0949\u091c\u0940 \u0915\u0947 \u0915\u0941\u091b \u0906\u0930\u094d\u091f\u093f\u0915\u0932\u094d\u0938 \u0939\u0948\u0902 \u091c\u094b \u0906\u092a\u0915\u094b \u090f\u0915 \u092e\u093f\u0902\u0921\u0938\u0947\u091f \u092c\u0928\u093e\u0928\u0947 \u092e\u0947\u0902 \u092e\u0926\u0926 \u0915\u0930 \u0938\u0915\u0924\u0947 \u0939\u0948\u0901\u0964", "\u0915\u0943\u092a\u092f\u093e \u0939\u093f\u0902\u0926\u0940 \u092d\u093e\u0937\u093e \u092e\u0947\u0902 \u092a\u0940\u0921\u0940\u090f\u092b \u095e\u093e\u0907\u0932 \u0909\u092a\u0932\u092c\u094d\u0927 \u0915\u0930\u093e\u090f\u0902\nThanks to team Zerodha", "Please provide pdf file in Hindi\nThanks", "We are working on it, it will soon be made available.", "Name (required)", "Mail (will not be published) (required)", "", "Post comment", "", "\u0394", "Varsity by Zerodha \u00a9 2015 \u2013 2024.\r\n\t\t\t\t\tAll rights reserved.\r\n\t\t\t\t\tReproduction of the Varsity materials, text and images,\r\n\t\t\t\t\tis not permitted. For media queries, contact [email\u00a0protected]"], "images": ["https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo.png", "https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo-small.png", "https://zerodha.com/varsity/wp-content/uploads/2014/11/M3-Ch12-title1.jpg", "https://zerodha.com/varsity/wp-content/uploads/2014/11/M3-Ch12-title21.jpg", "https://secure.gravatar.com/avatar/796d48b7c29183df3f12b7523901b10d?s=32&d=identicon&r=g", "https://secure.gravatar.com/avatar/be5de1b57c0a4cfdd8c128e3b984d149?s=32&d=identicon&r=g", "https://secure.gravatar.com/avatar/f0aa2d0b58339801b0fb34b97577824d?s=32&d=identicon&r=g", "https://secure.gravatar.com/avatar/be5de1b57c0a4cfdd8c128e3b984d149?s=32&d=identicon&r=g", "https://secure.gravatar.com/avatar/bb542fe934df6fe9200e8c2272dc78eb?s=32&d=identicon&r=g", "https://secure.gravatar.com/avatar/be5de1b57c0a4cfdd8c128e3b984d149?s=32&d=identicon&r=g", "https://secure.gravatar.com/avatar/e1231dc42057b4aecde22e4a66a8e627?s=32&d=identicon&r=g", "https://secure.gravatar.com/avatar/35f5a7a41f6eaa1a1e9faa16f0e4c0c0?s=32&d=identicon&r=g", "https://secure.gravatar.com/avatar/be5de1b57c0a4cfdd8c128e3b984d149?s=32&d=identicon&r=g", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/playstore.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/appstore.png"], "tables": ["<table>\n<tbody>\n<tr>\n<td>\n<p style=\"text-align: center;\"><b>\u0915\u094d\u0930\u092e \u0938\u0902\u0916\u094d\u092f\u093e</b></p>\n</td>\n<td style=\"text-align: center;\"><b>\u0915\u093e\u092e \u0915\u0940 \u0936\u0930\u094d\u0924</b></td>\n<td style=\"text-align: center;\"><b>\u091f\u093f\u092a\u094d\u092a\u0923\u0940</b></td>\n<td>\n<p style=\"text-align: center;\"><b>\u0907\u0938\u0915\u093e \u0905\u0930\u094d\u0925</b></p>\n</td>\n</tr>\n<tr>\n<td><span style=\"font-weight: 400;\">1</span></td>\n<td><span style=\"font-weight: 400;\">\u0917\u094d\u0930\u0949\u0938 \u092a\u094d\u0930\u0949\u092b\u093f\u091f \u092e\u093e\u0930\u094d\u091c\u093f\u0928</span><span style=\"font-weight: 400;\"> (GPM)</span></td>\n<td><span style=\"font-weight: 400;\">&gt; 20%</span></td>\n<td><span style=\"font-weight: 400;\">GPM </span><span style=\"font-weight: 400;\">\u091c\u093f\u0924\u0928\u093e \u0905\u0927\u093f\u0915 \u0939\u094b \u0909\u0924\u0928\u093e \u0905\u091a\u094d\u091b\u093e</span><span style=\"font-weight: 400;\">, </span><span style=\"font-weight: 400;\">\u0915\u0902\u092a\u0928\u0940 \u0915\u093e \u092e\u094b\u091f \u092f\u093e \u0916\u093e\u0908 \u0909\u0924\u0928\u0940 \u092c\u0921\u093c\u0940 \u0939\u094b\u0917\u0940</span></td>\n</tr>\n<tr>\n<td><span style=\"font-weight: 400;\">2</span></td>\n<td><span style=\"font-weight: 400;\">\u0906\u092e\u0926\u0928\u0940 \u092e\u0947\u0902 \u092c\u0922\u0924</span></td>\n<td><span style=\"font-weight: 400;\">\u092e\u0941\u0928\u093e\u092b\u0947 \u0915\u0940 \u0926\u093f\u0936\u093e \u092e\u0947\u0902 \u0939\u094b\u0928\u0940 \u091a\u093e\u0939\u093f\u090f</span></td>\n<td><span style=\"font-weight: 400;\">\u092e\u0941\u0928\u093e\u092b\u0947 \u0915\u0947 \u092c\u0930\u093e\u092c\u0930 \u0915\u0940 \u0930\u092b\u094d\u0924\u093e\u0930 \u0938\u0947 \u092c\u0922\u093c\u0928\u0940 \u091a\u093e\u0939\u093f\u090f</span></td>\n</tr>\n<tr>\n<td><span style=\"font-weight: 400;\">3</span></td>\n<td><span style=\"font-weight: 400;\">EPS</span></td>\n<td><span style=\"font-weight: 400;\">EPS </span><span style=\"font-weight: 400;\">\u0915\u094b \u0928\u0947\u091f \u092a\u094d\u0930\u0949\u092b\u093f\u091f \u0915\u0940 \u0930\u092b\u094d\u0924\u093e\u0930 \u0938\u0947 \u092c\u0922\u093c\u0928\u093e \u091a\u093e\u0939\u093f\u090f</span></td>\n<td><span style=\"font-weight: 400;\">\u0905\u0917\u0930 \u0915\u094b\u0908 \u0915\u0902\u092a\u0928\u0940 \u0928\u0908 \u0907\u0915\u094d\u0935\u093f\u091f\u0940 \u091c\u093e\u0930\u0940 \u0915\u0930 \u0930\u0939\u0940 \u0939\u0948 \u0924\u094b \u092f\u0947 \u0905\u091a\u094d\u091b\u0940 \u092c\u093e\u0924 \u0928\u0939\u0940\u0902 \u0939\u0948\u0964 \u092e\u094c\u091c\u0942\u0926\u093e \u0936\u0947\u092f\u0930\u0927\u093e\u0930\u0915\u094b\u0902 \u0915\u093e \u0939\u093f\u0938\u094d\u0938\u093e \u0915\u092e \u0939\u094b \u091c\u093e\u090f\u0917\u093e\u00a0</span></td>\n</tr>\n<tr>\n<td><span style=\"font-weight: 400;\">4</span></td>\n<td><span style=\"font-weight: 400;\">\u0915\u0930\u094d\u091c \u0915\u093e \u0938\u094d\u0924\u0930</span></td>\n<td><span style=\"font-weight: 400;\">\u0915\u0902\u092a\u0928\u0940 \u092c\u0939\u0941\u0924 \u0915\u0930\u094d\u091c \u092e\u0947\u0902 \u0928\u093e \u0921\u0942\u092c\u0940 \u0939\u094b</span></td>\n<td><span style=\"font-weight: 400;\">\u091c\u094d\u092f\u093e\u0926\u093e \u0915\u0930\u094d\u091c \u0915\u093e \u092e\u0924\u0932\u092c \u0939\u094b\u0924\u093e \u0939\u0948 \u0915\u093f \u0915\u0902\u092a\u0928\u0940 \u0915\u093e\u0930\u094b\u092c\u093e\u0930 \u0915\u0947 \u0932\u093f\u090f \u0915\u0930\u094d\u091c \u092a\u0930 \u0928\u093f\u0930\u094d\u092d\u0930 \u0939\u0948\u0964 \u0907\u0938\u0938\u0947 \u092b\u093e\u0907\u0928\u0947\u0902\u0938 \u0915\u0949\u0938\u094d\u091f \u092c\u0922\u093c\u0924\u0940 \u0939\u0948 \u0914\u0930 \u092e\u0941\u0928\u093e\u092b\u093e \u0907\u0938\u092e\u0947\u0902 \u091c\u093e\u0928\u0947 \u0932\u0917\u0924\u093e \u0939\u0948</span></td>\n</tr>\n<tr>\n<td><span style=\"font-weight: 400;\">5</span></td>\n<td><span style=\"font-weight: 400;\">\u0907\u0928\u094d\u0935\u0947\u0902\u091f\u0930\u0940</span></td>\n<td><span style=\"font-weight: 400;\">\u092e\u0948\u0928\u094d\u092f\u0941\u092b\u0948\u0915\u094d\u091a\u0930\u093f\u0902\u0917 \u092f\u093e \u0909\u0924\u094d\u092a\u093e\u0926\u0928 \u0938\u0947 \u091c\u0941\u0921\u093c\u0940 \u0915\u0902\u092a\u0928\u093f\u092f\u094b\u0902 \u092a\u0930 \u0932\u093e\u0917\u0942</span></td>\n<td><span style=\"font-weight: 400;\">\u0907\u0928\u094d\u0935\u0947\u0902\u091f\u0930\u0940 \u0914\u0930 </span><span style=\"font-weight: 400;\">\u00a0PAT </span><span style=\"font-weight: 400;\">\u092e\u093e\u0930\u094d\u091c\u093f\u0928 \u0915\u093e \u0938\u093e\u0925 \u0938\u093e\u0925 \u092c\u0922\u093c\u0928\u093e \u090f\u0915 \u0905\u091a\u094d\u091b\u093e \u0938\u0902\u0915\u0947\u0924 \u0939\u094b\u0924\u093e \u0939\u0948\u0964 \u0907\u0928\u094d\u0935\u0947\u0902\u091f\u0930\u0940 \u0928\u0902\u092c\u0930 \u0911\u092b \u0921\u0947\u091c \u091c\u0930\u0942\u0930 \u091a\u0947\u0915 \u0915\u0930\u0947\u0902\u00a0</span></td>\n</tr>\n<tr>\n<td><span style=\"font-weight: 400;\">6</span></td>\n<td><span style=\"font-weight: 400;\">\u0938\u0947\u0932\u094d\u0938</span><span style=\"font-weight: 400;\"> vs </span><span style=\"font-weight: 400;\">\u0930\u093f\u0938\u0940\u0935\u0947\u092c\u0932\u094d\u0938</span></td>\n<td><span style=\"font-weight: 400;\">\u0930\u093f\u0938\u0940\u0935\u0947\u092c\u0932\u094d\u0938 \u0915\u0947 \u092d\u0930\u094b\u0938\u0947 \u0938\u0947\u0932\u094d\u0938 (\u092c\u093f\u0915\u094d\u0930\u0940)</span> <span style=\"font-weight: 400;\">\u0906 \u092c\u0922\u093c\u0928\u093e \u0905\u091a\u094d\u091b\u093e \u0938\u0902\u0915\u0947\u0924 \u0928\u0939\u0940\u0902 \u0939\u0948</span></td>\n<td><span style=\"font-weight: 400;\">\u0910\u0938\u093e \u0939\u094b\u0928\u0947 \u0915\u093e \u092e\u0924\u0932\u092c \u0939\u0948 \u0915\u093f \u0915\u0902\u092a\u0928\u0940 \u0938\u093f\u0930\u094d\u092b \u092c\u093f\u0915\u094d\u0930\u0940 \u0915\u0947 \u0906\u0902\u0915\u0921\u093c\u0947 \u091c\u094d\u092f\u093e\u0926\u093e \u0926\u093f\u0916\u093e\u0928\u0947 \u0915\u0940 \u0915\u094b\u0936\u093f\u0936 \u092e\u0947\u0902 \u0932\u0917\u0940 \u0939\u0948</span></td>\n</tr>\n<tr>\n<td><span style=\"font-weight: 400;\">7</span></td>\n<td><span style=\"font-weight: 400;\">\u0911\u092a\u0930\u0947\u0936\u0928 \u0915\u093e \u0915\u0948\u0936 \u092b\u094d\u0932\u094b</span></td>\n<td><span style=\"font-weight: 400;\">\u0915\u0948\u0936 \u092b\u094d\u0932\u094b \u092a\u0949\u091c\u093f\u091f\u093f\u0935 \u0939\u094b\u0928\u093e \u091a\u093e\u0939\u093f\u090f</span></td>\n<td><span style=\"font-weight: 400;\">\u0905\u0917\u0930 \u0915\u0902\u092a\u0928\u0940 \u0915\u0947 \u092a\u093e\u0938 \u0909\u0938\u0915\u0947 \u0915\u093e\u0930\u094b\u092c\u093e\u0930 \u0938\u0947 \u0915\u0948\u0936 \u0928\u0939\u0940\u0902 \u0906 \u0930\u0939\u093e \u0924\u094b \u0938\u093e\u092b \u0939\u0948 \u0915\u093f \u0915\u0902\u092a\u0928\u0940 \u092a\u0930 \u0926\u092c\u093e\u0935 \u0939\u0948\u0964</span></td>\n</tr>\n<tr>\n<td><span style=\"font-weight: 400;\">8</span></td>\n<td><span style=\"font-weight: 400;\">\u0930\u093f\u091f\u0930\u094d\u0928 \u0911\u0928 \u0907\u0915\u094d\u0935\u093f\u091f\u0940</span></td>\n<td><span style=\"font-weight: 400;\">&gt;25%</span></td>\n<td><span style=\"font-weight: 400;\">ROE </span><span style=\"font-weight: 400;\">\u091c\u093f\u0924\u0928\u093e \u0905\u0927\u093f\u0915 \u0939\u094b \u0928\u093f\u0935\u0947\u0936\u0915 \u0915\u0947 \u0932\u093f\u090f \u0909\u0924\u0928\u093e \u0905\u091a\u094d\u091b\u093e \u0939\u0948</span><span style=\"font-weight: 400;\"> , </span><span style=\"font-weight: 400;\">\u0932\u0947\u0915\u093f\u0928 \u0938\u093e\u0925 \u0939\u0940 \u092e\u0947\u0902 \u0915\u0930\u094d\u091c \u0915\u093e \u0938\u094d\u0924\u0930 \u092d\u0940 \u091c\u093e\u0902\u091a \u0932\u0947\u0902\u0964</span></td>\n</tr>\n<tr>\n<td><span style=\"font-weight: 400;\">9</span></td>\n<td><span style=\"font-weight: 400;\">\u0915\u093e\u0930\u094b\u092c\u093e\u0930 \u092e\u0947\u0902 \u0935\u093f\u0935\u093f\u0927\u0924\u093e</span></td>\n<td><span style=\"font-weight: 400;\">\u0915\u0902\u092a\u0928\u0940 \u0938\u093f\u0930\u094d\u092b 1 \u092f\u093e 2 \u0924\u0930\u0939 \u0915\u0947 \u0915\u093e\u0930\u094b\u092c\u093e\u0930 \u092e\u0947\u0902 \u0939\u094b</span></td>\n<td><span style=\"font-weight: 400;\">\u0938\u0940 \u0915\u0902\u092a\u0928\u093f\u092f\u094b\u0902 \u0938\u0947 \u092c\u091a\u0947\u0902 \u091c\u093f\u0928\u0915\u0947 \u0915\u0908 \u0924\u0930\u0939 \u0915\u0947 \u0927\u0902\u0927\u0947 \u0939\u094b\u0902\u0964 \u0938\u093f\u0930\u094d\u092b \u090f\u0915 \u092f\u093e \u0926\u094b \u0924\u0930\u0939 \u0915\u093e \u0915\u093e\u0930\u094b\u092c\u093e\u0930 \u0915\u0930\u0928\u0947 \u0935\u093e\u0932\u0940 \u0915\u0902\u092a\u0928\u0940 \u092c\u0947\u0939\u0924\u0930 \u0939\u094b\u0924\u0940 \u0939\u0948</span></td>\n</tr>\n<tr>\n<td><span style=\"font-weight: 400;\">10</span></td>\n<td><span style=\"font-weight: 400;\">\u0938\u092c\u094d\u0938\u093f\u0921\u093f\u092f\u0930\u0940</span></td>\n<td><span style=\"font-weight: 400;\">\u0915\u092e \u0939\u094b\u0928\u0940 \u091a\u093e\u0939\u093f\u090f</span></td>\n<td><span style=\"font-weight: 400;\">\u0905\u0917\u0930 \u0915\u0902\u092a\u0928\u0940 \u0915\u0940 \u092c\u0939\u0941\u0924 \u0938\u093e\u0930\u0940 \u0938\u092c\u094d\u0938\u093f\u0921\u093f\u092f\u0930\u0940 \u0915\u0902\u092a\u0928\u093f\u092f\u093e\u0902 \u0939\u0948\u0902 \u0924\u094b \u092f\u0947 \u090f\u0915 \u0938\u0902\u0915\u0947\u0924 \u0939\u094b \u0938\u0915\u0924\u093e \u0939\u0948 \u0915\u093f \u0915\u0902\u092a\u0928\u0940 \u0909\u0928\u0915\u0947 \u092c\u0939\u093e\u0928\u0947 \u092a\u0948\u0938\u0947 \u0928\u093f\u0915\u093e\u0932 \u0930\u0939\u0940 \u0939\u0948\u0964 \u0910\u0938\u0940 \u0915\u0902\u092a\u0928\u0940 \u092e\u0947\u0902 \u0928\u093f\u0935\u0947\u0936 \u0938\u0947 \u092c\u091a\u0947\u0902</span></td>\n</tr>\n</tbody>\n</table>"], "videos": []}

{"title": "94. Striving for Ideals", "text": ["When you look at the best and the brightest, it\u2019s often necessary to merely admire them rather than actually become them. Not everyone can be the best and the brightest, but it\u2019s nice to know that ideals are possible, at least one person made it. It\u2019s tempting to elevate them to the status of an idol, hoping that if we emulate them, we can be like them. Trading is a field where few reach the status of an elite trader. The closest most traders ever get to such greatness is reading about Jesse Livermore or the \u201cMarket Wizards.\u201d Although we may never join this elite group of super-traders, it\u2019s inspiring to study them. It\u2019s motivating to emulate them and believe that someday if we work hard enough, we\u2019ll achieve just some of their greatness.", "", "It is motivating at times to forget about how you are doing right now as a trader and dream about what you can be. Rather than limit our thoughts, we can dream about the perfect set of circumstances that will ensure success. What would you need in terms of equipment and resources? How much money would you need? What kind of time commitment is necessary? You might not meet the ideals, but it is useful to think about how close you can get.", "Perhaps the single most important asset you can have as a trader is a pure passion to succeed. That doesn\u2019t mean focusing on becoming the richest, most famous, or the best trader in the history of the profession. It means loving what you do and not caring about the outcome. Upon reading the interviews with the \u201cMarket Wizards,\u201d one can\u2019t help but notice that they all had a long love affair with trading. Many took any job they could find in this business, just to get the exposure.", "It is apparent that they would trade even if they merely made a living wage. The irony is that they have such a passion for trading that they voluntarily work tirelessly and achieve profitability as a consequence of their efforts. It is a passion for trading that gives them the focus to concentrate on studying the markets, learning the nuances of the game, and working hour after hour to build up their repertoire of skills to the point where they can handle anything the market throws at them.", "The ideal trader is fearless but knows how to control risk. He or she can put on a trade with unfailing objectivity. You may know of some traders who are fearless, yet give it all back because they don\u2019t take proper risk controls. So although the ability to take risks in an ideal characteristic, it must be tempered with a healthy skepticism of the markets. The ideal trader finds the proper balance between risk-seeking and risk aversion.", "Besides psychological characteristics, the ideal trader has a wealth of experience with the markets. They have an arsenal of tried and true winning trading strategies and virtually unlimited trading capital. If only we could be the ideal trader? We could conquer the world of trading. Some will make it, some won\u2019t. But it\u2019s fun to dream, and it is often useful to think about what you need to do to become a market wizard.", "Comments are closed.", "Varsity by Zerodha \u00a9 2015 \u2013 2024.\r\n\t\t\t\t\tAll rights reserved.\r\n\t\t\t\t\tReproduction of the Varsity materials, text and images,\r\n\t\t\t\t\tis not permitted. For media queries, contact [email\u00a0protected]"], "images": ["https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo.png", "https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo-small.png", "https://zerodha.com/varsity/wp-content/uploads/2020/02/20070626-300x300.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/playstore.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/appstore.png"], "tables": [], "videos": []}

{"title": "95. How Much Are You Making?", "text": ["Tim asks, \u201cSo how much money are you making?\u201d His friend James timidly replies, \u201cI\u2019m doing all right.\u201d Tim boasts, \u201cWow, I\u2019m making so much money today. This market is so easy, right?\u201d Tim is not only bragging about how well he is doing, but he is taunting James. He\u2019s trying to intimidate him, and get him off of his game. Some traders are not only interested in trading for the money, but for the competition, and the enjoyment of basking in the glory of success. The competitive spirit can bring out the best in some traders, but for those who are not rugged individualists with rock-solid self-confidence, such taunting can shake one\u2019s confidence.", "", "One may feel a need to compare oneself to others, and beat them at their own game, which often distracts rather than motivates. It\u2019s more useful to compare your current performance to your past performance. When you hear that someone is doing better than you, it\u2019s natural to wonder whether you are doing something wrong. But, in fact, you may be doing nothing wrong. Another trader\u2019s apparent success may be an exaggeration, an outright lie, or just a run of good luck. So it\u2019s wise to look only at your own personal internal standards, and not be thrown off by goading comments meant as subtle digs.", "Traders, new or experienced, who have not yet developed a sturdy sense of self-confidence or control over their emotions, are easily dissuaded by subtle put-downs. They may question and abandon their trading plans, or trade impulsively to make some big wins to build up ammunition to fire back at the instigator. Seasoned traders, in contrast, filter out goading comments. They expect them, and since they deeply trust their skills and abilities, they don\u2019t care what others think or say. But novice traders, or experienced traders with wavering self-confidence, can\u2019t ignore these jabs so easily.", "Isolating oneself from other traders is a possible line of defense but it is not without flaws. It\u2019s difficult to trade by oneself, especially when you\u2019re a novice. A social support network can be crucial. Members of the social support network can provide advice, serve as mentors, or provide emotional support. Ideally, everyone should provide support and want nothing more than success for all. But some people just don\u2019t know how to be supportive, and can even be exploitive, using you to fulfill their own personal needs to feel superior.", "For example, they may relish in your losses, making them feel like winners. Or they may need you to share their frustration and pain. They may try to taunt you and disrupt you from winning so that you\u2019ll feel as poorly about your trading as they do about theirs. Others are just plain overly competitive, and feel pleasure in taunting their competition, like when a football team scores a touchdown and tries to secure their winning momentum by psyching out the opposition. On a trading desk, or when talking with fellow traders, such goading is more subtle. Nonetheless, it is still imperative to decipher the underlying motive and see the put-down for what it is.", "It\u2019s difficult to cope with subtle attacks on your self-confidence, and perhaps the only way you can fully cope is to develop a strong sense of self-confidence so that no matter what anyone says, you will not falter. But until then, be on the lookout for those traders who are trying to build themselves up by putting you down. It\u2019s often hard to escape them. They are usually loud, obnoxious, and very matter-of-fact in their outlook on the market. Could these traders actually be making the thousands upon thousands they claim? Some may, but it\u2019s unlikely. What they aren\u2019t telling you is how much they have lost. Indeed, they veil their losses by bragging about their wins.", "Slowly but surely, however, they stop showing up altogether as their trading account all but evaporates. It\u2019s poetic justice. Nevertheless, don\u2019t let these blowhards stop you from succeeding. When you hear others trying to put you down, and trying to throw you off, realize it\u2019s not about you. It\u2019s about them trying to deal with their own personal conflicts. Ignore it. Pay attention to what you are doing. Look inward for a sense of validation, and you will be one of the select few who trades profitably and consistently.", "Comments are closed.", "Varsity by Zerodha \u00a9 2015 \u2013 2024.\r\n\t\t\t\t\tAll rights reserved.\r\n\t\t\t\t\tReproduction of the Varsity materials, text and images,\r\n\t\t\t\t\tis not permitted. For media queries, contact [email\u00a0protected]"], "images": ["https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo.png", "https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo-small.png", "https://zerodha.com/varsity/wp-content/uploads/2020/02/20070622-300x300.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/playstore.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/appstore.png"], "tables": [], "videos": []}

{"title": "96. Intuition: It May Be Illogical But It\u2019s A Trader\u2019s Most Valuable Asset", "text": ["If only humans were more like machines. In theory, the ultimate trader would act like a robot, analyzing market data with unfailing accuracy, devising a trading plan, and executing it without flaw. But does trading work that way? Trading is more art than science. Without an intuitive grasp of the markets, it\u2019s difficult to successfully trade the markets using short-term trading strategies.", "", "As Captain Kirk would constantly remind Mr. Spock on \u201cStar Trek,\u201d humans have the potential to intuitively grasp situations that evade pure logic. There are times when the world doesn\u2019t operate in terms of logic. The physical world is the exception. The universe surely operates according to the laws of physics. If it didn\u2019t, we could never travel through space or reach the moon. The human world, however, rarely operates with precise accuracy. Sure, there are those traders with fancy algorithms and mathematical equations to forecast the market action, but ultimately, the markets are really just humans making decisions and acting on their beliefs and emotions.", "Psychologists learned long ago that people\u2019s actually real-life behavior could not be broken down and predicted with mathematical equations. The most famous individual in the history of psychology was Professor Clark Hull. In his day, he was the leading figure in the science of psychology. He tried to illustrate how mathematical concepts can be used to forecast human behavior, but it didn\u2019t work. Today, Professor Hull is merely a footnote in the history of psychology.", "It\u2019s vital to remember the fact that people are not machines, and because they aren\u2019t, their behavior cannot be reduced down to simple formulae. As much as we want to believe science can do anything, it\u2019s hard to fully account for human motives. You may ask, \u201cCan\u2019t we put multiple streams of information together in a multiple regression equation and forecast what the masses will do?\u201d The answer is no, not in the short term. The best you can do is use past data to forecast the future. But history only repeats itself when it does. The \u201cweighting\u201d of a variable in the equation is not fixed, as it is in the physical sciences.", "One day the weight maybe 1 while on another day, it maybe 0. We don\u2019t know what the precise weighting of the variable is until it\u2019s too late. What can you do instead? You must trust your intuition. Again, trading is more art than science. You have to look at patterns and try to anticipate where the market will go next. Is it perfect? No. Is it uncertain and chaotic? Yes. You must accept uncertainty in your life. You must work under the assumption that you will be wrong more often than right. Over time, and with enough practice, you\u2019ll see patterns emerge. You\u2019ll see how market conditions change, and how trading is a matter of knowing what to do under specific conditions. There are consistencies when it comes to the market, but they are not always obvious. You must look for them. The more practice you have at studying the markets, the more you will trust your intuition and trade like a master trader.", "Comments are closed.", "Varsity by Zerodha \u00a9 2015 \u2013 2024.\r\n\t\t\t\t\tAll rights reserved.\r\n\t\t\t\t\tReproduction of the Varsity materials, text and images,\r\n\t\t\t\t\tis not permitted. For media queries, contact [email\u00a0protected]"], "images": ["https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo.png", "https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo-small.png", "https://zerodha.com/varsity/wp-content/uploads/2020/02/20070621-300x300.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/playstore.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/appstore.png"], "tables": [], "videos": []}

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\u092a\u0948\u0938\u0947 \u092c\u0928\u0947\u0902\u0917\u0947 (far/ \u092b\u093e\u0930) OTM \u0911\u0936\u0928 \u092e\u0947\u0902\u0964 \u091c\u0948\u0938\u093e \u0915\u093f \u0906\u092a \u091a\u093e\u0930\u094d\u091f \u092e\u0947\u0902 \u092d\u0940 \u0926\u0947\u0916 \u0938\u0915\u0924\u0947 \u0939\u0948\u0902 \u0915\u093f \u0938\u092c\u0938\u0947 \u091c\u094d\u092f\u093e\u0926\u093e \u092a\u0948\u0938\u0947 5400 \u0914\u0930 5500 \u0915\u0940 \u0938\u094d\u091f\u094d\u0930\u093e\u0907\u0915 \u092a\u0930 \u092c\u0928\u0947\u0902\u0917\u0947\u0964", "\u0928\u093f\u0937\u094d\u0915\u0930\u094d\u0937\u2013 \u091c\u092c \u0939\u092e \u0938\u0940\u0930\u0940\u091c \u0915\u0947 \u092a\u0939\u0932\u0947 \u0939\u093f\u0938\u094d\u0938\u0947 (\u092a\u0939\u0932\u0947 15 \u0926\u093f\u0928\u094b\u0902) \u092e\u0947\u0902 \u0939\u094b\u0902 \u0914\u0930 \u0906\u092a\u0915\u094b \u0909\u092e\u094d\u092e\u0940\u0926 \u0939\u094b \u0915\u093f \u091f\u093e\u0930\u0917\u0947\u091f \u091c\u0932\u094d\u0926\u0940 (\u0905\u0917\u0932\u0947 \u0915\u0941\u091b \u0926\u093f\u0928\u094b\u0902 \u092e\u0947\u0902) \u092a\u0942\u0930\u093e \u0939\u094b \u091c\u093e\u090f\u0917\u093e \u0924\u094b OTM \u0911\u092a\u094d\u0936\u0928 \u0916\u0930\u0940\u0926\u093f\u090f\u0964 \u092e\u0947\u0930\u0940 \u0938\u0932\u093e\u0939 \u092f\u0939 \u0939\u094b\u0917\u0940 \u0915\u093f \u0906\u092a ATM \u0911\u092a\u094d\u0936\u0928 \u0938\u0947 \u0926\u094b \u092f\u093e \u0924\u0940\u0928 \u0938\u094d\u091f\u094d\u0930\u093e\u0907\u0915 \u0915\u0940 \u0926\u0942\u0930\u0940 \u0924\u0915 \u0939\u0940 \u0905\u092a\u0928\u093e \u0938\u094d\u091f\u094d\u0930\u093e\u0907\u0915 \u091a\u0941\u0928\u0947\u0902 \u0907\u0938\u0938\u0947 \u091c\u094d\u092f\u093e\u0926\u093e \u0926\u0942\u0930 \u0928\u0939\u0940\u0902\u0964", "\u0905\u092c \u090a\u092a\u0930 \u0915\u0947 \u0926\u0942\u0938\u0930\u0947 \u091a\u093e\u0930\u094d\u091f \u092a\u0930 \u0928\u091c\u0930 \u0921\u093e\u0932\u0924\u0947 \u0939\u0948\u0902 \u091c\u094b \u0915\u093f \u0926\u093e\u0939\u093f\u0928\u0940 \u0924\u0930\u092b \u0939\u0948\u0964 \u092f\u0939\u093e\u0902 \u092d\u0940 \u092f\u0939\u0940 \u092e\u093e\u0928\u093e \u0917\u092f\u093e \u0939\u0948 \u0915\u093f \u091f\u094d\u0930\u0947\u0921 \u0938\u0940\u0930\u0940\u091c \u0915\u0947 \u092a\u0939\u0932\u0947 \u0939\u093f\u0938\u094d\u0938\u0947 \u092f\u093e\u0928\u0940 \u092a\u0939\u0932\u0947 15 \u0926\u093f\u0928\u094b\u0902 \u092e\u0947\u0902 \u0915\u093f\u092f\u093e \u0917\u092f\u093e \u0939\u0948\u0964 \u0938\u094d\u091f\u0949\u0915 \u0915\u0947 4% \u090a\u092a\u0930 \u091c\u093e\u0928\u0947 \u0915\u0940 \u0909\u092e\u094d\u092e\u0940\u0926 \u0939\u0948 \u0932\u0947\u0915\u093f\u0928 \u091f\u093e\u0930\u0917\u0947\u091f \u092f\u0939\u093e\u0901 15 \u0926\u093f\u0928\u094b\u0902 \u092e\u0947\u0902 \u092a\u0942\u0930\u093e \u0939\u094b\u0928\u0947 \u0935\u093e\u0932\u0940 \u0909\u092e\u094d\u092e\u0940\u0926 \u0939\u0948\u0964 \u0924\u094b \u0938\u092e\u092f (\u091f\u093e\u0930\u0917\u0947\u091f \u092a\u0942\u0930\u093e \u0939\u094b\u0928\u0947 \u0915\u093e \u0938\u092e\u092f) \u0915\u0947 \u0905\u0932\u093e\u0935\u093e \u092f\u0939\u093e\u0902 \u0914\u0930 \u0915\u0941\u091b \u0928\u0939\u0940\u0902 \u092c\u0926\u0932\u093e \u0939\u0948\u0964 \u0927\u094d\u092f\u093e\u0928 \u0938\u0947 \u0926\u0947\u0916\u093f\u090f \u0915\u093f \u092f\u0939\u093e\u0902 \u092a\u0930 \u092e\u0941\u0928\u093e\u092b\u093e \u0915\u093f\u0938 \u0924\u0930\u0939 \u0938\u0947 \u092c\u0926\u0932\u0924\u093e \u0939\u0948\u0964 \u092f\u0939\u093e\u0902 \u092a\u0930 OTM \u0911\u092a\u094d\u0936\u0928 \u0916\u0930\u0940\u0926\u0928\u093e \u092e\u0941\u0928\u093e\u092b\u0947 \u0915\u093e \u0938\u094c\u0926\u093e \u0928\u0939\u0940\u0902 \u0939\u0948\u0964 \u0905\u0917\u0930 \u0906\u092a \u092f\u0939\u093e\u0901 OTM \u0911\u092a\u094d\u0936\u0928 \u0916\u0930\u0940\u0926\u0924\u0947 \u0939\u0948\u0902, \u0924\u094b \u0906\u092a \u092a\u0948\u0938\u0947 \u092d\u0940 \u0917\u0902\u0935\u093e \u092d\u0940 \u0938\u0915\u0924\u0947 \u0939\u0948\u0902(5500 \u0915\u0940 \u0938\u094d\u091f\u094d\u0930\u093e\u0907\u0915 \u092a\u0930 \u0939\u094b\u0928\u0947 \u0935\u093e\u0932\u0947 \u092e\u0941\u0928\u093e\u092b\u0947 \u0915\u094b \u0926\u0947\u0916\u093f\u090f)", "\u0928\u093f\u0937\u094d\u0915\u0930\u094d\u0937 \u2013 \u091c\u092c \u0906\u092a \u090f\u0915\u094d\u0938\u092a\u093e\u092f\u0930\u0940 \u0938\u0940\u0930\u0940\u091c \u0915\u0947 \u092a\u0939\u0932\u0947 \u0939\u093f\u0938\u094d\u0938\u0947 \u092e\u0947\u0902 \u092f\u093e\u0928\u0940 \u092a\u0939\u0932\u0947 15 \u0926\u093f\u0928 \u092e\u0947\u0902 \u0939\u0948\u0902 \u0914\u0930 \u0906\u092a \u0915\u094b \u0909\u092e\u094d\u092e\u0940\u0926 \u0939\u0948 \u0915\u093f \u091f\u093e\u0930\u0917\u0947\u091f \u0905\u0917\u0932\u0947 15 \u0926\u093f\u0928\u094b\u0902 \u092e\u0947\u0902 \u092a\u0942\u0930\u093e \u0939\u094b\u0917\u093e, \u0924\u094b \u092c\u0947\u0939\u0924\u0930 \u092f\u0939 \u0939\u094b\u0917\u093e \u0915\u093f \u0906\u092a ATM \u0911\u092a\u094d\u0936\u0928 \u0916\u0930\u0940\u0926\u0947\u0902 \u092f\u093e \u092b\u093f\u0930 \u0938\u094d\u0932\u093e\u0907\u091f\u0932\u0940 (slightly) OTM \u0911\u092a\u094d\u0936\u0928 \u0916\u0930\u0940\u0926\u0947\u0964\u092e\u0948\u0902 \u0906\u092a\u0915\u094b \u0938\u0932\u093e\u0939 \u0926\u0942\u0902\u0917\u093e \u0915\u093f \u0906\u092a \u0910\u0938\u0947 \u0938\u094d\u091f\u094d\u0930\u093e\u0907\u0915 \u091a\u0941\u0928\u0947 \u091c\u094b ATM \u0938\u0947 \u090f\u0915 \u0938\u094d\u091f\u094d\u0930\u093e\u0907\u0915 \u0939\u0940 \u0926\u0942\u0930 \u0939\u094b\u0902 \u0909\u0938\u0938\u0947 \u091c\u094d\u092f\u093e\u0926\u093e \u0928\u0939\u0940\u0902\u0964 \u0915\u093f\u0938\u0940 \u092d\u0940 \u0939\u093e\u0932\u0924 \u092e\u0947\u0902 \u092b\u093e\u0930 (Far) OTM \u0911\u092a\u094d\u0936\u0928 \u0928\u093e \u0916\u0930\u0940\u0926\u0947\u0902", "\u0905\u092c \u0924\u0940\u0938\u0930\u0947 \u091a\u093e\u0930\u094d\u091f \u092a\u0930 \u0928\u091c\u0930 \u0921\u093e\u0932\u0924\u0947 \u0939\u0948\u0902 \u091c\u094b \u0928\u0940\u091a\u0947 \u092c\u093e\u0908 \u0924\u0930\u092b \u0939\u0948\u0964 \u092f\u0939\u093e\u0902 \u092d\u0940 \u091f\u094d\u0930\u0947\u0921 \u0938\u0940\u0930\u0940\u091c \u0915\u0947 \u092a\u0939\u0932\u0947 \u0939\u093f\u0938\u094d\u0938\u0947 \u092e\u0947\u0902 \u0915\u093f\u092f\u093e \u0917\u092f\u093e \u0939\u0948 \u0914\u0930 \u0938\u094d\u091f\u0949\u0915 \u0915\u0947 4% \u090a\u092a\u0930 \u091c\u093e\u0928\u0947 \u0915\u0940 \u0909\u092e\u094d\u092e\u0940\u0926 \u0939\u0948\u0964 \u0932\u0947\u0915\u093f\u0928 \u092f\u0939\u093e\u0902 \u092d\u0940 \u0938\u092e\u092f \u092c\u0926\u0932 \u0917\u092f\u093e \u0939\u0948\u0964 \u0905\u092c \u091f\u093e\u0930\u0917\u0947\u091f \u0915\u0947 25 \u0926\u093f\u0928 \u092e\u0947\u0902 \u092a\u0942\u0930\u093e \u0939\u094b\u0928\u0947 \u0915\u0940 \u0909\u092e\u094d\u092e\u0940\u0926 \u0939\u0948\u0964 \u0939\u092e \u0938\u093e\u092b \u0926\u0947\u0916 \u0938\u0915\u0924\u0947 \u0939\u0948\u0902 \u0915\u093f OTM \u0911\u092a\u094d\u0936\u0928 \u0915\u094b \u0916\u0930\u0940\u0926\u0928\u093e \u092e\u0941\u0928\u093e\u092b\u0947 \u0915\u093e \u0938\u094c\u0926\u093e \u0928\u0939\u0940\u0902 \u0939\u0948\u0964 \u0938\u092d\u0940 \u0924\u0930\u0939 \u0915\u0947 OTM \u0911\u092a\u094d\u0936\u0928 \u092e\u0947\u0902 \u0906\u092a\u0915\u0947 \u092a\u0948\u0938\u0947 \u0921\u0942\u092c \u0930\u0939\u0947 \u0939\u0948\u0902\u0964 \u092f\u0939\u093e\u0902 \u092a\u0930 ITM \u0911\u092a\u094d\u0936\u0928 \u0916\u0930\u0940\u0926\u0928\u093e \u092b\u093e\u092f\u0926\u093e \u0926\u093f\u0932\u093e \u0938\u0915\u0924\u093e \u0939\u0948\u0964", "\u092f\u0939\u093e\u0902 \u092a\u0930 \u092e\u0948\u0902 \u0906\u092a\u0915\u094b \u092f\u093e\u0926 \u0926\u093f\u0932\u093e \u0926\u0942\u0902 \u0915\u093f \u091c\u094d\u092f\u093e\u0926\u093e\u0924\u0930 \u0932\u094b\u0917 OTM \u0911\u092a\u094d\u0936\u0928 \u0939\u0940 \u0916\u0930\u0940\u0926 \u0932\u0947\u0924\u0947 \u0939\u0948\u0902 \u0915\u094d\u092f\u094b\u0902\u0915\u093f \u0909\u0938\u0915\u093e \u092a\u094d\u0930\u0940\u092e\u093f\u092f\u092e \u0915\u092e \u0939\u094b\u0924\u093e \u0939\u0948\u0964 \u092e\u0941\u091d\u0947 \u0932\u0917\u0924\u093e \u0939\u0948 \u0915\u093f \u0906\u092a\u0915\u094b \u0907\u0938 \u0915\u0947 \u091a\u0915\u094d\u0915\u0930 \u092e\u0947\u0902 \u0928\u0939\u0940\u0902 \u092a\u0921\u093c\u0928\u093e \u091a\u093e\u0939\u093f\u090f\u0964 OTM \u0911\u092a\u094d\u0936\u0928 \u0915\u093e \u0915\u092e \u092a\u094d\u0930\u0940\u092e\u093f\u092f\u092e \u092f\u0939 \u092d\u094d\u0930\u092e \u092a\u0948\u0926\u093e \u0915\u0930\u0924\u093e \u0939\u0948 \u0915\u093f \u0906\u092a\u0915\u094b \u0928\u0941\u0915\u0938\u093e\u0928 \u0915\u092e \u0939\u094b\u0917\u093e, \u0932\u0947\u0915\u093f\u0928 \u0907\u0938\u092e\u0947\u0902 \u0907\u0938 \u092c\u093e\u0924 \u0915\u0940 \u0938\u0902\u092d\u093e\u0935\u0928\u093e \u0915\u093e\u092b\u0940 \u091c\u094d\u092f\u093e\u0926\u093e \u0930\u0939\u0924\u0940 \u0939\u0948 \u0915\u093f \u0906\u092a \u0905\u092a\u0928\u0947 \u0938\u093e\u0930\u0947 \u092a\u0948\u0938\u0947 \u0921\u0941\u092c\u093e \u0926\u0947\u0902\u0964 \u0916\u093e\u0938\u0915\u0930 \u0910\u0938\u0940 \u0938\u094d\u0925\u093f\u0924\u093f \u092e\u0947\u0902 \u091c\u092c \u092c\u093e\u091c\u093e\u0930 \u091a\u0932 \u0924\u094b \u0930\u0939\u093e \u0939\u094b \u0932\u0947\u0915\u093f\u0928 \u0909\u0938\u0915\u0940 \u0930\u092b\u094d\u0924\u093e\u0930 \u0906\u092a\u0915\u0940 \u0909\u092e\u094d\u092e\u0940\u0926 \u0915\u0947 \u0939\u093f\u0938\u093e\u092c \u0938\u0947 \u0928\u093e \u0939\u094b\u0964 \u0909\u0926\u093e\u0939\u0930\u0923 \u0915\u0947 \u0932\u093f\u090f \u092c\u093e\u091c\u093e\u0930 \u092e\u0947\u0902 4% \u0915\u0940 \u0924\u0947\u091c\u0940 \u0924\u094b \u0906 \u0917\u092f\u0940 \u0939\u094b \u0932\u0947\u0915\u093f\u0928 \u092f\u0939 \u0924\u0947\u091c\u0940 15 \u0926\u093f\u0928 \u092e\u0947\u0902 \u0906\u0908 \u0939\u094b\u0964 \u0924\u092c \u092b\u093e\u0930 (Far) OTM \u0915\u094b \u0939\u094b\u0932\u094d\u0921 \u0915\u0930\u0928\u0947 \u0915\u094b\u0908 \u092b\u093e\u092f\u0926\u093e \u0928\u0939\u0940\u0902 \u0939\u0948\u0964 \u092b\u093e\u0930 (Far) OTM \u0911\u092a\u094d\u0936\u0928 \u092e\u0947\u0902 \u092a\u0948\u0938\u0947 \u0924\u092c \u092c\u0928\u0924\u0947 \u0939\u0948\u0902 \u091c\u092c \u092c\u093e\u091c\u093e\u0930 \u0915\u0940 \u091a\u093e\u0932 \u0924\u0947\u091c \u0939\u094b\u0964 \u0909\u0926\u093e\u0939\u0930\u0923 \u0915\u0947 \u0932\u093f\u090f 4% \u0915\u0940 \u0924\u0947\u091c\u0940 1 \u092f\u093e 2 \u0926\u093f\u0928 \u092e\u0947\u0902 \u0939\u0940 \u0906 \u091c\u093e\u090f, \u0924\u092c \u092b\u093e\u0930 (Far) OTM \u0911\u092a\u094d\u0936\u0928 \u092e\u0947\u0902 \u092e\u0941\u0928\u093e\u092b\u093e \u0939\u094b\u0924\u093e \u0939\u0948\u0964", "\u0928\u093f\u0937\u094d\u0915\u0930\u094d\u0937 \u2013 \u091c\u092c \u0939\u092e \u0938\u0940\u0930\u0940\u091c \u0915\u0940 \u0936\u0941\u0930\u0941\u0906\u0924 \u092e\u0947\u0902 \u0939\u094b \u0914\u0930 \u0939\u092e\u0947\u0902 \u0909\u092e\u094d\u092e\u0940\u0926 \u0939\u094b \u0915\u093f \u091f\u093e\u0930\u0917\u0947\u091f 25 \u0926\u093f\u0928 \u092e\u0947\u0902 \u092a\u0942\u0930\u093e \u0939\u094b\u0917\u093e. \u0924\u092c ITM \u0911\u092a\u094d\u0936\u0928 \u0916\u0930\u0940\u0926\u0928\u093e \u092b\u093e\u092f\u0926\u0947 \u0915\u093e \u0938\u094c\u0926\u093e \u0939\u094b \u0938\u0915\u0924\u093e \u0939\u0948\u0964 \u0915\u093f\u0938\u0940 \u092d\u0940 \u0939\u093e\u0932\u0924 \u092e\u0947\u0902 ATM \u092f\u093e\u00a0 OTM \u0911\u092a\u094d\u0936\u0928 \u0916\u0930\u0940\u0926\u0928\u0947 \u0938\u0947 \u092c\u091a\u0928\u093e \u091a\u093e\u0939\u093f\u090f\u0964", "\u0905\u092c \u0905\u0902\u0924\u093f\u092e \u091a\u093e\u0930\u094d\u091f \u092a\u0930 \u0928\u091c\u0930 \u0921\u093e\u0932\u0924\u0947 \u0939\u0948\u0902 \u091c\u094b \u0928\u0940\u091a\u0947 \u0926\u093e\u090f\u0902 \u0924\u0930\u092b \u0939\u0948\u0964 \u092f\u0939 \u0924\u0940\u0938\u0930\u0947 \u091a\u093e\u0930\u094d\u091f \u0915\u0940 \u0924\u0930\u0939 \u0939\u0940 \u0939\u0948 \u092c\u0938 \u092f\u0939\u093e\u0902 \u092a\u0930 \u092f\u0939 \u0909\u092e\u094d\u092e\u0940\u0926 \u0915\u0940 \u091c\u093e \u0930\u0939\u0940 \u0939\u0948 \u0915\u093f \u091f\u093e\u0930\u0917\u0947\u091f \u090f\u0915\u094d\u0938\u092a\u093e\u092f\u0930\u0940 \u0924\u0915 \u092a\u0942\u0930\u093e \u0939\u094b\u0917\u093e (\u092f\u093e \u092b\u093f\u0930 \u090f\u0915\u094d\u0938\u092a\u093e\u092f\u0930\u0940 \u0915\u0947 \u0915\u093e\u092b\u0940 \u0915\u0930\u0940\u092c \u091c\u093e\u0915\u0930)\u0964 \u092f\u0939\u093e\u0902 \u092a\u0930 \u0928\u093f\u0937\u094d\u0915\u0930\u094d\u0937 \u0928\u093f\u0915\u093e\u0932\u0928\u093e \u0915\u093e\u092b\u0940 \u0906\u0938\u093e\u0928 \u0939\u0948 \u0915\u094d\u092f\u094b\u0902\u0915\u093f \u092f\u0939\u093e\u0902 \u092a\u0930 ITM \u0911\u092a\u094d\u0936\u0928 \u0915\u094b \u091b\u094b\u0921\u093c\u0915\u0930 \u0939\u0930 \u0924\u0930\u0940\u0915\u0947 \u0915\u0947 \u0911\u092a\u094d\u0936\u0928 \u092e\u0947\u0902 \u0906\u092a\u0915\u094b \u0928\u0941\u0915\u0938\u093e\u0928 \u0939\u094b\u0917\u093e\u0964 \u0915\u093f\u0938\u0940 \u092d\u0940 \u091f\u094d\u0930\u0947\u0921\u0930 \u0915\u094b \u092f\u0939\u093e\u0901 ATM \u00a0\u092f\u093e OTM \u0911\u092a\u094d\u0936\u0928 \u0928\u0939\u0940\u0902 \u0916\u0930\u0940\u0926\u0928\u093e \u091a\u093e\u0939\u093f\u090f\u0964", "\u0905\u092c \u0939\u092e \u091a\u093e\u0930\u094d\u091f \u0915\u0947 \u090f\u0915 \u0926\u0942\u0938\u0930\u0947 \u0938\u092e\u0942\u0939 \u092a\u0930 \u0928\u091c\u0930 \u0921\u093e\u0932\u0924\u0947 \u0939\u0948\u0902\u0964 \u092f\u0939\u093e\u0902 \u092a\u0930 \u092f\u0939 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\u0915\u093e \u091f\u094d\u0930\u0947\u0921\u0964 \u091c\u0948\u0938\u093e \u0915\u093f \u0939\u092e\u0947\u0902 \u091a\u093e\u0930\u094d\u091f \u092e\u0947\u0902 \u0926\u093f\u0916 \u0930\u0939\u093e \u0939\u0948 \u0915\u093f \u091c\u092c \u091f\u093e\u0930\u0917\u0947\u091f \u0909\u0938\u0940 \u0926\u093f\u0928 \u092a\u0942\u0930\u093e \u0939\u094b \u091c\u093e\u090f \u0924\u094b\u00a0 \u0938\u092d\u0940 \u0924\u0930\u0939 \u0915\u0940 \u0938\u094d\u091f\u094d\u0930\u093e\u0907\u0915 \u092e\u0947\u0902 \u092a\u0948\u0938\u0947 \u092c\u0928\u0924\u0947 \u0939\u0948\u0902, \u0932\u0947\u0915\u093f\u0928 \u0938\u092c\u0938\u0947 \u091c\u094d\u092f\u093e\u0926\u093e \u092b\u093e\u092f\u0926\u093e \u092b\u093e\u0930 (Far) OTM \u0911\u092a\u094d\u0936\u0928 \u092e\u0947\u0902 \u0939\u094b\u0924\u093e \u0939\u0948 \u0964", "\u092f\u0939\u093e\u0902 \u092a\u0930 \u0906\u092a\u0915\u094b \u092a\u0940\u091b\u0947 \u0915\u0940 \u0917\u092f\u0940 \u091a\u0930\u094d\u091a\u093e \u0915\u094b 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\u0915\u092d\u0940 \u092d\u0940 \u0939\u094b) \u0924\u094b \u092b\u093e\u0930 (Far) OTM \u0916\u0930\u0940\u0926\u0928\u093e \u091a\u093e\u0939\u093f\u090f\u0964 \u092e\u0948\u0902 \u0906\u092a\u0915\u094b ATM \u0911\u092a\u094d\u0936\u0928 \u0938\u0947 2 \u092f\u093e 3 \u0938\u094d\u091f\u094d\u0930\u093e\u0907\u0915 \u0915\u0940 \u0926\u0942\u0930\u0940 \u092a\u0930 \u0939\u0940 \u0911\u092a\u094d\u0936\u0928 \u0916\u0930\u0940\u0926\u0928\u0947 \u0915\u0940 \u0938\u0932\u093e\u0939 \u0926\u0942\u0902\u0917\u093e \u0909\u0938\u0938\u0947 \u091c\u094d\u092f\u093e\u0926\u093e \u0926\u0942\u0930 \u0928\u0939\u0940\u0902\u0964 ITM \u0914\u0930 ATM \u0911\u092a\u094d\u0936\u0928 \u0924\u094b \u092c\u093f\u0932\u094d\u0915\u0941\u0932 \u0928\u0939\u0940\u0902 \u0916\u0930\u0940\u0926\u0928\u093e \u091a\u093e\u0939\u093f\u090f\u0964", "\u0926\u0942\u0938\u0930\u093e \u091a\u093e\u0930\u094d\u091f (\u0926\u093e\u0939\u093f\u0928\u0940 \u0924\u0930\u092b \u090a\u092a\u0930) \u092f\u0947 \u091a\u093e\u0930\u094d\u091f \u092f\u0939 \u092a\u0924\u093e \u0915\u0930\u0928\u0947 \u0915\u0940 \u0915\u094b\u0936\u093f\u0936 \u0915\u0930 \u0930\u0939\u093e \u0939\u0948 \u0915\u093f \u091c\u092c \u091f\u094d\u0930\u0947\u0921 \u0938\u0940\u0930\u0940\u091c \u0915\u0947 \u0926\u0942\u0938\u0930\u0947 15 \u0926\u093f\u0928\u094b\u0902 \u092e\u0947\u0902 \u0939\u0941\u0906 \u0939\u094b \u0914\u0930 \u091f\u093e\u0930\u0917\u0947\u091f 5 \u0926\u093f\u0928 \u0915\u0947 \u0905\u0902\u0926\u0930 \u092a\u0942\u0930\u093e \u0939\u094b\u0928\u0947 \u0915\u0940 \u0909\u092e\u094d\u092e\u0940\u0926 \u0939\u094b \u0924\u094b \u0905\u0932\u0917 \u0905\u0932\u0917 \u0938\u094d\u091f\u094d\u0930\u093e\u0907\u0915 \u0915\u093e \u092e\u0941\u0928\u093e\u092b\u093e \u0915\u093f\u0924\u0928\u093e \u0939\u094b\u0917\u093e? \u0927\u094d\u092f\u093e\u0928 \u0926\u0940\u091c\u093f\u090f \u0915\u093f \u092b\u093e\u0930 (Far) OTM \u0911\u092a\u094d\u0936\u0928 \u0915\u093e \u092e\u0941\u0928\u093e\u092b\u093e \u092f\u0939\u093e\u0902 \u0915\u093f\u0938 \u0924\u0930\u0939 \u0938\u0947 \u0915\u092e \u0939\u094b \u0917\u092f\u093e \u0939\u0948\u0964 \u092a\u0939\u0932\u0947 \u091a\u093e\u0930\u094d\u091f \u092e\u0947\u0902 \u091f\u093e\u0930\u0917\u0947\u091f \u090f\u0915 \u0939\u0940 \u0926\u093f\u0928 \u092e\u0947\u0902 \u092a\u0942\u0930\u093e \u0939\u094b\u0928\u0947 \u0935\u093e\u0932\u093e \u0925\u093e \u0914\u0930 \u0907\u0938\u0940\u0932\u093f\u090f \u0935\u0939\u093e\u0902 \u092a\u0930 \u092b\u093e\u0930 (Far) OTM \u0911\u092a\u094d\u0936\u0928 \u0916\u0930\u0940\u0926\u0928\u093e \u092b\u093e\u092f\u0926\u0947 \u0915\u093e \u0938\u094c\u0926\u093e \u0925\u093e\u0964 \u0932\u0947\u0915\u093f\u0928 \u092f\u0939\u093e\u0902 \u092a\u0930 \u091f\u093e\u0930\u0917\u0947\u091f 5 \u0926\u093f\u0928 \u092e\u0947\u0902 \u092a\u0942\u0930\u093e \u0939\u094b\u0928\u0947 \u0935\u093e\u0932\u093e \u0939\u0948\u0964 \u0907\u0938\u0932\u093f\u090f \u0938\u0940\u0930\u0940\u091c \u0915\u0947 \u0926\u0942\u0938\u0930\u0947 \u0939\u093f\u0938\u094d\u0938\u0947 \u092e\u0947\u0902 \u0907\u0938 \u091f\u094d\u0930\u0947\u0921 \u0915\u094b 5 \u0926\u093f\u0928 \u0924\u0915 \u0905\u092a\u0928\u0947 \u092a\u093e\u0938 \u0930\u0916\u0928\u093e \u0939\u094b\u0917\u093e\u0964 \u0905\u092c \u0925\u0940\u091f\u093e \u0915\u093e \u0905\u0938\u0930 \u091c\u094d\u092f\u093e\u0926\u093e \u0939\u094b\u0917\u093e \u0910\u0938\u0947 \u092e\u0947\u0902 \u092b\u093e\u0930 (Far) OTM \u0911\u092a\u094d\u0936\u0928 \u0916\u0930\u0940\u0926\u0928\u0947 \u0915\u093e \u0930\u093f\u0938\u094d\u0915 \u0932\u0947\u0928\u093e \u0920\u0940\u0915 \u0928\u0939\u0940\u0902 \u0939\u0948\u0964 \u0910\u0938\u0947 \u092e\u0947\u0902 \u0938\u094d\u0932\u093e\u0907\u091f\u0932\u0940 (slightly) OTM \u0911\u092a\u094d\u0936\u0928 \u0938\u094d\u091f\u094d\u0930\u093e\u0907\u0915 \u0916\u0930\u0940\u0926\u0928\u093e \u090f\u0915 \u092c\u0947\u0939\u0924\u0930 \u092b\u0948\u0938\u0932\u093e \u0939\u094b\u0917\u093e \u0939\u0948\u0964", "\u0928\u093f\u0937\u094d\u0915\u0930\u094d\u0937 \u091c\u092c \u0906\u092a \u0938\u0940\u0930\u0940\u091c \u0915\u0947 \u0926\u0942\u0938\u0930\u0947 \u0939\u093f\u0938\u094d\u0938\u0947 \u092e\u0947\u0902 \u0939\u094b \u0914\u0930 \u0906\u092a \u091f\u093e\u0930\u0917\u0947\u091f \u0915\u0947 5 \u0926\u093f\u0928 \u092e\u0947\u0902 \u092a\u0942\u0930\u093e \u0939\u094b\u0928\u0947 \u0915\u0940 \u0909\u092e\u094d\u092e\u0940\u0926 \u0915\u0930 \u0930\u0939\u0947 \u0939\u094b \u0924\u094b \u0938\u094d\u0932\u093e\u0907\u091f\u0932\u0940 (slightly) OTM \u0938\u094d\u091f\u094d\u0930\u093e\u0907\u0915 \u0916\u0930\u0940\u0926\u0947\u0902\u0964 \u092e\u0947\u0930\u0940 \u0938\u0932\u093e\u0939 \u092f\u0947\u00a0 \u0939\u094b\u0917\u0940 \u0915\u093f \u0906\u092a ATM \u0911\u092a\u094d\u0936\u0928 \u0938\u0947 \u090f\u0915 \u0938\u094d\u091f\u094d\u0930\u093e\u0907\u0915 \u0926\u0942\u0930 \u0915\u093e \u0915\u093e \u0911\u092a\u094d\u0936\u0928 \u0916\u0930\u0940\u0926\u0947\u0902 \u0909\u0938\u0938\u0947 \u091c\u094d\u092f\u093e\u0926\u093e \u0926\u0942\u0930 \u0915\u093e \u0928\u0939\u0940\u0902\u0964", "\u091a\u093e\u0930\u094d\u091f 3 (\u0928\u0940\u091a\u0947 \u0926\u093e\u0939\u093f\u0928\u0940 \u0924\u0930\u092b) \u0914\u0930 \u091a\u093e\u0930\u094d\u091f 4 (\u0928\u0940\u091a\u0947 \u092c\u093e\u092f\u0940\u0902 \u0924\u0930\u092b)- \u092f\u0939 \u0926\u094b\u0928\u094b\u0902 \u091a\u093e\u0930\u094d\u091f \u090f\u0915 \u091c\u0948\u0938\u0947 \u0939\u0948\u0902\u0964 \u092b\u0930\u094d\u0915 \u092c\u0938 \u0907\u0924\u0928\u093e \u0939\u0948 \u091a\u093e\u0930\u094d\u091f 3 \u092e\u0947\u0902 \u091f\u093e\u0930\u0917\u0947\u091f 10 \u0926\u093f\u0928 \u092e\u0947\u0902 \u092a\u0942\u0930\u093e \u0939\u094b \u0930\u0939\u093e \u0939\u0948 \u091c\u092c\u0915\u093f \u091a\u093e\u0930\u094d\u091f 4 \u092e\u0947\u0902 \u091f\u093e\u0930\u0917\u0947\u091f \u090f\u0915\u094d\u0938\u092a\u093e\u092f\u0930\u0940 \u0915\u0947 \u0926\u093f\u0928 \u092a\u0942\u0930\u093e \u0939\u094b \u0930\u0939\u093e \u0939\u0948\u0964 \u0932\u0947\u0915\u093f\u0928 \u0915\u094d\u092f\u094b\u0902\u0915\u093f \u0939\u092e \u0938\u0940\u0930\u0940\u091c \u0915\u0947 \u092e\u0939\u0940\u0928\u0947 \u0915\u0947 \u0926\u0942\u0938\u0930\u0947 \u0939\u093f\u0938\u094d\u0938\u0947 \u092f\u093e\u0928\u0940 \u0905\u0902\u0924\u093f\u092e 15 \u0926\u093f\u0928\u094b\u0902 \u0915\u0940 \u092c\u093e\u0924 \u0915\u0930 \u0930\u0939\u0947 \u0939\u0948\u0902 \u0907\u0938\u0932\u093f\u090f \u0907\u0928 \u0926\u094b\u0928\u094b\u0902 \u091a\u093e\u0930\u094d\u091f \u092e\u0947\u0902 \u090f\u0915\u094d\u0938\u092a\u093e\u092f\u0930\u0940 \u0915\u0947 \u092c\u091a\u0947 \u0939\u0941\u090f \u0926\u093f\u0928\u094b\u0902 \u0915\u0940 \u0938\u0902\u0916\u094d\u092f\u093e \u0915\u093e \u092c\u0939\u0941\u0924 \u092e\u0939\u0924\u094d\u0935 \u0928\u0939\u0940\u0902 \u0939\u0948\u0964 \u0907\u0938\u0932\u093f\u090f \u092e\u0948\u0902 \u0907\u0928 \u0926\u094b\u0928\u094b\u0902 \u091a\u093e\u0930\u094d\u091f \u0915\u094b \u090f\u0915 \u091c\u0948\u0938\u093e \u0939\u0940 \u092e\u093e\u0928\u0942\u0902\u0917\u093e\u0964", "\u0928\u093f\u0937\u094d\u0915\u0930\u094d\u0937\u2013 \u091c\u092c \u091f\u093e\u0930\u0917\u0947\u091f \u090f\u0915\u094d\u0938\u092a\u093e\u092f\u0930\u0940 \u0915\u0947 \u092a\u093e\u0938 \u091c\u093e\u0915\u0930 \u092a\u0942\u0930\u093e \u0939\u094b\u0924\u093e \u0939\u0948 \u0924\u094b OTM \u0911\u092a\u094d\u0936\u0928 \u092e\u0947\u0902 \u0928\u0941\u0915\u0938\u093e\u0928 \u091c\u094d\u092f\u093e\u0926\u093e \u0939\u094b\u0924\u093e \u0939\u0948\u0964 \u0938\u093f\u0930\u094d\u092b ATM \u0914\u0930 \u0914\u0930 \u0938\u094d\u0932\u093e\u0907\u091f\u0932\u0940 (slightly) ITM \u0911\u092a\u094d\u0936\u0928 \u092e\u0947\u0902 \u0939\u0940 \u092a\u0948\u0938\u0947 \u092c\u0928\u0924\u0947 \u0939\u0948\u0902\u0964", "\u0939\u092e\u0928\u0947 \u0905\u092c \u0924\u0915 \u0915\u0949\u0932 \u0911\u092a\u094d\u0936\u0928 \u0915\u094b \u0916\u0930\u0940\u0926\u0928\u0947 \u0915\u0947 \u092c\u093e\u0930\u0947 \u092e\u0947\u0902 \u091a\u0930\u094d\u091a\u093e \u0915\u0940 \u0939\u0948, \u0932\u0947\u0915\u093f\u0928 \u092a\u0941\u091f \u0911\u092a\u094d\u0936\u0928 \u0915\u0947 \u0932\u093f\u090f \u092d\u0940 \u0907\u0938\u0940 \u0924\u0930\u0940\u0915\u0947 \u0915\u0947 \u0928\u093f\u0937\u094d\u0915\u0930\u094d\u0937 \u0928\u093f\u0915\u093e\u0932\u0947 \u091c\u093e \u0938\u0915\u0924\u0947 \u0939\u0948\u0902\u0964 \u0905\u092c \u0939\u092e \u091c\u0930\u093e \u0907\u0928\u0915\u0947 \u091a\u093e\u0930\u094d\u091f \u092a\u0930 \u092d\u0940 \u0928\u091c\u0930 \u0921\u093e\u0932\u0924\u0947 \u0939\u0948\u0902-", "", "\u092f\u0939 \u091a\u093e\u0930\u094d\u091f \u0926\u0947\u0916 \u0915\u0930 \u0939\u092e\u0947\u0902 \u092a\u0924\u093e \u091a\u0932 \u0938\u0915\u0924\u093e \u0939\u0948 \u0915\u093f \u091c\u092c \u0939\u092e \u0938\u0940\u0930\u0940\u091c \u0915\u0947 \u092a\u0939\u0932\u0947 15 \u0926\u093f\u0928\u094b\u0902 \u092e\u0947\u0902 \u091f\u094d\u0930\u0947\u0921 \u0936\u0941\u0930\u0942 \u0915\u0930\u0924\u0947 \u0939\u0948\u0902 \u0914\u0930 \u091f\u093e\u0930\u0917\u0947\u091f \u0905\u0932\u0917-\u0905\u0932\u0917 \u0938\u092e\u092f \u092e\u0947\u0902 \u092a\u0942\u0930\u093e \u0939\u094b\u0928\u0947 \u0935\u093e\u0932\u093e \u0939\u094b \u0924\u094b \u0915\u094c\u0928 \u0938\u093e \u0938\u094d\u091f\u094d\u0930\u093e\u0907\u0915 \u091f\u094d\u0930\u0947\u0921 \u0915\u0930\u0928\u093e \u0920\u0940\u0915 \u0939\u094b\u0917\u093e\u0964", "", "\u092f\u0939 \u091a\u093e\u0930\u094d\u091f \u0939\u092e\u0947\u0902 \u0926\u093f\u0916\u093e \u0930\u0939\u0947 \u0939\u0948\u0902 \u0915\u093f \u091c\u092c \u0939\u092e \u0938\u0940\u0930\u0940\u091c \u0915\u0947 \u0926\u0942\u0938\u0930\u0947 \u0939\u093f\u0938\u094d\u0938\u0947 (\u0905\u0902\u0924\u093f\u092e 15 \u0926\u093f\u0928) \u092e\u0947\u0902 \u0905\u092a\u0928\u093e \u091f\u094d\u0930\u0947\u0921 \u0932\u0947\u0924\u0947 \u0939\u0948\u0902 \u0914\u0930 \u091f\u093e\u0930\u0917\u0947\u091f \u0905\u0932\u0917-\u0905\u0932\u0917 \u0938\u092e\u092f \u092a\u0930 \u092a\u0942\u0930\u093e \u0939\u094b\u0924\u093e \u0939\u0948 \u0924\u094b \u0915\u094c\u0928 \u0938\u0947 \u0938\u094d\u091f\u094d\u0930\u093e\u0907\u0915 \u091f\u094d\u0930\u0947\u0921 \u0915\u0930\u0928\u093e \u091a\u093e\u0939\u093f\u090f\u0964", "\u0905\u0917\u0930 \u0906\u092a \u0907\u0928 \u0938\u092d\u0940 \u091a\u093e\u0930\u094d\u091f \u0915\u094b \u0927\u094d\u092f\u093e\u0928 \u0938\u0947 \u0926\u0947\u0916\u0947\u0902\u0917\u0947 \u0924\u094b \u0906\u092a\u0915\u094b \u0938\u092e\u091d \u092e\u0947\u0902 \u0906\u090f\u0917\u093e \u0915\u093f \u0915\u0949\u0932 \u0911\u092a\u094d\u0936\u0928 \u092e\u0947\u0902 \u0939\u092e\u0928\u0947 \u091c\u094b \u0928\u093f\u0937\u094d\u0915\u0930\u094d\u0937\u00a0 \u0928\u093f\u0915\u093e\u0932\u0947 \u0925\u0947, \u0935\u094b \u092a\u0941\u091f \u0911\u092a\u094d\u0936\u0928 \u092a\u0930 \u092d\u0940 \u0932\u093e\u0917\u0942 \u0939\u094b\u0924\u0947 \u0939\u0948\u0902\u0964 \u0924\u094b \u0905\u0917\u0930 \u0939\u092e\u0947\u0902 \u0911\u092a\u094d\u0936\u0928 \u0915\u094b \u0916\u0930\u0940\u0926\u0928\u0947 \u0915\u0947 \u0932\u093f\u090f \u0938\u092c\u0938\u0947 \u0905\u091a\u094d\u091b\u0947 \u0938\u092e\u092f \u0914\u0930 \u0938\u092c\u0938\u0947 \u0905\u091a\u094d\u091b\u0947 \u0938\u094d\u091f\u094d\u0930\u093e\u0907\u0915 \u0915\u093e \u090f\u0915 \u091a\u093e\u0930\u094d\u091f \u092c\u0928\u093e\u0928\u093e \u0939\u094b \u0924\u094b-", "\u0924\u094b \u0905\u0917\u0932\u0940 \u092c\u093e\u0930 \u0905\u0917\u0930 \u0906\u092a\u0915\u094b \u0915\u0949\u0932 \u092f\u093e \u092a\u0941\u091f \u0911\u092a\u094d\u0936\u0928 \u0916\u0930\u0940\u0926\u0928\u093e \u0939\u094b \u0924\u094b \u0927\u094d\u092f\u093e\u0928 \u0930\u0916\u093f\u090f \u0915\u093f \u0938\u0940\u0930\u0940\u091c \u0915\u0947 \u0915\u093f\u0938 \u0939\u093f\u0938\u094d\u0938\u0947 (\u092a\u0939\u0932\u0947 \u0939\u093f\u0938\u094d\u0938\u0947 \u092f\u093e \u0926\u0942\u0938\u0930\u0947 \u0939\u093f\u0938\u094d\u0938\u0947) \u092e\u0947\u0902 \u092f\u0939 \u091f\u094d\u0930\u0947\u0921 \u0932\u0947 \u0930\u0939\u0947 \u0939\u0948\u0902 \u0914\u0930 \u091f\u093e\u0930\u0917\u0947\u091f \u0915\u092c \u0924\u0915 \u092a\u0942\u0930\u093e \u0939\u094b\u0928\u0947 \u0915\u0940 \u0909\u092e\u094d\u092e\u0940\u0926 \u0939\u0948\u0964 \u0909\u0938\u0915\u0947 \u092c\u093e\u0926 \u0906\u092a \u090a\u092a\u0930 \u0915\u0947 \u0907\u0938 \u091f\u0947\u092c\u0932 \u0915\u093e \u0907\u0938\u094d\u0924\u0947\u092e\u093e\u0932 \u0915\u0930 \u0938\u0915\u0924\u0947 \u0939\u0948\u0902 \u0914\u0930 \u092a\u0924\u093e \u0915\u0930 \u0938\u0915\u0924\u0947 \u0939\u0948\u0902 \u0915\u093f \u0915\u094c\u0928 \u0938\u0940 \u0938\u094d\u091f\u094d\u0930\u093e\u0907\u0915 \u0906\u092a\u0915\u0947 \u0932\u093f\u090f \u092e\u0941\u0928\u093e\u092b\u0947 \u0915\u093e \u0938\u094c\u0926\u093e \u0939\u094b\u0917\u0940 \u0914\u0930 \u0915\u093f\u0938 \u0924\u0930\u0939 \u0915\u0940 \u0938\u094d\u091f\u094d\u0930\u093e\u0907\u0915 \u0938\u0947 \u0906\u092a\u0915\u094b \u092c\u091a\u0928\u093e \u091a\u093e\u0939\u093f\u090f\u0964", "\u0907\u0938\u0915\u0947 \u0938\u093e\u0925 \u0905\u092c \u0939\u092e \u0907\u0938 \u092e\u0949\u0921\u094d\u092f\u0942\u0932 \u0915\u094b \u0915\u0930\u0940\u092c-\u0915\u0930\u0940\u092c \u092a\u0942\u0930\u093e \u0915\u0930 \u091a\u0941\u0915\u0947 \u0939\u0948\u0902\u0964 \u0905\u0917\u0932\u0947 \u0905\u0927\u094d\u092f\u093e\u092f \u092e\u0947\u0902 \u0939\u092e \u0915\u0941\u091b \u0938\u094c\u0926\u094b\u0902 \u092f\u093e\u0928\u0940 \u091f\u094d\u0930\u0947\u0921 \u0915\u0940 \u092c\u093e\u0924 \u0915\u0930\u0947\u0902\u0917\u0947 \u091c\u094b \u0915\u093f \u092e\u0948\u0902\u0928\u0947 \u092a\u093f\u091b\u0932\u0947 \u0915\u0941\u091b \u0926\u093f\u0928\u094b\u0902 \u092e\u0947\u0902 \u0915\u093f\u090f \u0939\u0948\u0902\u0964 \u092e\u0948\u0902 \u092f\u0939 \u092d\u0940 \u092c\u0924\u093e\u090a\u0902\u0917\u093e \u0915\u093f \u0915\u094c\u0928 \u0938\u0947 \u091f\u094d\u0930\u0947\u0921 \u0915\u0947 \u092a\u0940\u091b\u0947 \u0915\u093f \u092e\u0947\u0930\u0940 \u0938\u094b\u091a \u0915\u094d\u092f\u093e \u0925\u0940\u0964 \u092e\u0941\u091d\u0947 \u0909\u092e\u094d\u092e\u0940\u0926 \u0939\u0948 \u0915\u093f \u0909\u0928 \u0938\u094c\u0926\u094b\u0902 \u0915\u094b \u0926\u0947\u0916\u0915\u0930 \u0906\u092a\u0915\u094b \u0938\u092e\u091d \u092e\u0947\u0902 \u0906\u090f\u0917\u093e \u0915\u093f \u0911\u092a\u094d\u0936\u0928 \u091f\u094d\u0930\u0947\u0921 \u092e\u0947\u0902 \u0915\u093f\u0938 \u0924\u0930\u0940\u0915\u0947 \u0915\u0940 \u0938\u094b\u091a \u0939\u094b\u0928\u0940 \u091a\u093e\u0939\u093f\u090f\u0964", "Sir please provide all Hindi modules in PDF (as per English modules). Versity is very nice. Thanks for giving proper knowledge.", "\u092c\u093e\u0915\u093f \u092e\u0949\u0921\u094d\u092f\u0942\u0932\u094d\u0938 \u092a\u0930 \u0939\u092e \u0915\u093e\u092e \u0915\u0930 \u0930\u0939\u0947 \u0939\u0948\u0902, \u0935\u0947 \u092d\u0940 \u091c\u0932\u094d\u0926 \u0939\u0940 \u0909\u092a\u0932\u092c\u094d\u0927 \u0915\u0930\u093e\u092f\u0947 \u091c\u093e\u090f\u0902\u0917\u0947.", "Want download option in PDF format for hindi modules.", "PDF \u092d\u0940 \u091c\u0932\u094d\u0926 \u0939\u0940 \u0909\u092a\u0932\u092c\u094d\u0927 \u0915\u0930\u093e\u092f\u093e \u091c\u093e\u092f\u0947\u0917\u093e\u0964", "sir , jaisa ki aapne kha ki sharuaati daur me hume Far OTM option (call) buy krna chahiye , so,\nSuppose, if Far OTM (strike price if we choose as u told in theory) for above example is = 5300 , , but target is 5200 in 5 days\n and ATM = 5000", "Intrinsic Value : (call) = Spot price \u2013 Strike price\n = 5000-5300\n = -300", "So as per P&L formula , we only get profit when P&L is more than premium,", "P&L = max[ 0 , (Spot price \u2013 Strike price) ] \u2013 Premium", "But if we put above value here , we have loss , instead of profit\u2026. so please make it clear am i right or wrong?\nand if i\u2019m wrong , then explain why this formula give negative P&L value.", "I would be happy if i get my answer on mail as well as here.", "Thank you.\ud83d\ude0a", "That equation is valid only if you hold the position to expiry. Before expiry, your P&L is dependent on the difference in the premium.", "Please clear series first part and second part , (can I suppose first part first 15 days and second part next 15 days of monthly expiry)", "\u0906\u092a\u0915\u093e \u0938\u0935\u093e\u0932 \u0938\u092e\u091d \u0928\u0939\u0940\u0902 \u0906\u092f\u093e, \u0915\u094d\u092f\u093e \u0906\u092a \u0935\u093f\u0938\u094d\u0924\u093e\u0930 \u092e\u0947\u0902 \u092c\u0924\u093e \u0938\u0915\u0924\u0947 \u0939\u0948\u0902?", "Thanks for giving proper knowledge. Its very very\u2026\u2026. useful. Thanks\u2026\u2026\u2026\u2026\u2026", "Happy reading \ud83d\ude42", "Name (required)", "Mail (will not be published) (required)", "", "Post comment", "", "\u0394", "Varsity by Zerodha \u00a9 2015 \u2013 2024.\r\n\t\t\t\t\tAll rights reserved.\r\n\t\t\t\t\tReproduction of the Varsity materials, text and images,\r\n\t\t\t\t\tis not permitted. For media queries, contact [email\u00a0protected]"], "images": ["https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo.png", "https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo-small.png", "https://zerodha.com/varsity/wp-content/uploads/2015/10/Image-1_CE.png", "https://zerodha.com/varsity/wp-content/uploads/2015/10/Image-2_PE.png", "https://zerodha.com/varsity/wp-content/uploads/2015/10/Image-3_CE_Theta.png", "https://zerodha.com/varsity/wp-content/uploads/2015/10/Image-4_CE_Theta.png", "https://zerodha.com/varsity/wp-content/uploads/2015/10/Image-5_PE_Theta.png", "https://zerodha.com/varsity/wp-content/uploads/2015/10/Image-6_PE_Theta.png", "https://secure.gravatar.com/avatar/b04c507e3a0b7910d87ceec952e1ac36?s=32&d=identicon&r=g", "https://secure.gravatar.com/avatar/be5de1b57c0a4cfdd8c128e3b984d149?s=32&d=identicon&r=g", "https://secure.gravatar.com/avatar/b04c507e3a0b7910d87ceec952e1ac36?s=32&d=identicon&r=g", "https://secure.gravatar.com/avatar/be5de1b57c0a4cfdd8c128e3b984d149?s=32&d=identicon&r=g", "https://secure.gravatar.com/avatar/f3affc5393b83329e70fd3a23dd45ac9?s=32&d=identicon&r=g", "https://secure.gravatar.com/avatar/f77c3f8361982099ed9ac6d852b2e2b1?s=32&d=identicon&r=g", "https://secure.gravatar.com/avatar/3aafd4e673bb7d685c2922a98bf60a0b?s=32&d=identicon&r=g", "https://secure.gravatar.com/avatar/be5de1b57c0a4cfdd8c128e3b984d149?s=32&d=identicon&r=g", "https://secure.gravatar.com/avatar/53f86fbaae5833e271993de376acb10e?s=32&d=identicon&r=g", "https://secure.gravatar.com/avatar/f77c3f8361982099ed9ac6d852b2e2b1?s=32&d=identicon&r=g", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/playstore.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/appstore.png"], "tables": ["<table>\n<tbody>\n<tr>\n<th><b>\u092a\u094b\u091c\u0940\u0936\u0928 \u0915\u0940 \u0936\u0941\u0930\u0941\u0906\u0924</b></th>\n<th><b>\u091f\u093e\u0930\u0917\u0947\u091f \u0915\u0940 \u0909\u092e\u094d\u092e\u0940\u0926</b></th>\n<th><b>\u091f\u094d\u0930\u0947\u0921 \u0915\u0947 \u0932\u093f\u090f \u0938\u092c\u0938\u0947 \u0905\u091a\u094d\u091b\u0940 \u0938\u094d\u091f\u094d\u0930\u093e\u0907\u0915</b></th>\n</tr>\n<tr>\n<td><span style=\"font-weight: 400;\">\u0938\u0940\u0930\u0940\u091c \u0915\u093e \u092a\u0939\u0932\u093e \u0939\u093f\u0938\u094d\u0938\u093e</span></td>\n<td><span style=\"font-weight: 400;\">\u0936\u0941\u0930\u0942\u0906\u0924 \u0938\u0947 5 \u0926\u093f\u0928 \u092c\u093e\u0926</span></td>\n<td><span style=\"font-weight: 400;\">\u092b\u093e\u0930 (</span><span style=\"font-weight: 400;\">Far) OTM</span> <span style=\"font-weight: 400;\">( ATM</span> <span style=\"font-weight: 400;\">\u0938\u0947 2 \u0938\u094d\u091f\u094d\u0930\u093e\u0907\u0915 \u0926\u0942\u0930</span><span style=\"font-weight: 400;\">)</span></td>\n</tr>\n<tr>\n<td><span style=\"font-weight: 400;\">\u0938\u0940\u0930\u0940\u091c \u0915\u093e \u092a\u0939\u0932\u093e \u0939\u093f\u0938\u094d\u0938\u093e</span></td>\n<td><span style=\"font-weight: 400;\">\u0936\u0941\u0930\u0942\u0906\u0924 \u0938\u0947 15 \u0926\u093f\u0928 \u092c\u093e\u0926</span></td>\n<td><span style=\"font-weight: 400;\">ATM </span><span style=\"font-weight: 400;\">\u092f\u093e</span> <span style=\"font-weight: 400;\">\u0938\u094d\u0932\u093e\u0907\u091f\u0932\u0940 (</span><span style=\"font-weight: 400;\">slightly) OTM</span><span style=\"font-weight: 400;\"> ( ATM</span><span style=\"font-weight: 400;\"> \u0938\u0947 1 \u0938\u094d\u091f\u094d\u0930\u093e\u0907\u0915 \u0926\u0942\u0930</span><span style=\"font-weight: 400;\">)</span></td>\n</tr>\n<tr>\n<td><span style=\"font-weight: 400;\">\u0938\u0940\u0930\u0940\u091c \u0915\u093e \u092a\u0939\u0932\u093e \u0939\u093f\u0938\u094d\u0938\u093e</span></td>\n<td><span style=\"font-weight: 400;\">\u0936\u0941\u0930\u0942\u0906\u0924 \u0938\u0947 25 \u0926\u093f\u0928 \u092c\u093e\u0926</span></td>\n<td><span style=\"font-weight: 400;\">\u0938\u094d\u0932\u093e\u0907\u091f\u0932\u0940 (</span><span style=\"font-weight: 400;\">slightly) ITM </span><span style=\"font-weight: 400;\">\u0911\u092a\u094d\u0936\u0928</span></td>\n</tr>\n<tr>\n<td><span style=\"font-weight: 400;\">\u0938\u0940\u0930\u0940\u091c \u0915\u093e \u092a\u0939\u0932\u093e \u0939\u093f\u0938\u094d\u0938\u093e</span></td>\n<td><span style=\"font-weight: 400;\">\u090f\u0915\u094d\u0938\u092a\u093e\u092f\u0930\u0940 \u0915\u0947 \u0926\u093f\u0928</span></td>\n<td><span style=\"font-weight: 400;\">ITM</span></td>\n</tr>\n<tr>\n<td><span style=\"font-weight: 400;\">\u0938\u0940\u0930\u0940\u091c \u0915\u093e \u0926\u0942\u0938\u0930\u093e \u0939\u093f\u0938\u094d\u0938\u093e</span></td>\n<td><span style=\"font-weight: 400;\">\u0909\u0938\u0940 \u0926\u093f\u0928</span></td>\n<td><span style=\"font-weight: 400;\">\u092b\u093e\u0930 (</span><span style=\"font-weight: 400;\">Far) OTM</span> <span style=\"font-weight: 400;\">(ATM</span><span style=\"font-weight: 400;\"> \u0938\u0947 </span><span style=\"font-weight: 400;\">2 </span><span style=\"font-weight: 400;\">\u092f\u093e</span><span style=\"font-weight: 400;\"> 3</span><span style=\"font-weight: 400;\"> \u0938\u094d\u091f\u094d\u0930\u093e\u0907\u0915 \u0926\u0942\u0930</span><span style=\"font-weight: 400;\">)</span></td>\n</tr>\n<tr>\n<td><span style=\"font-weight: 400;\">\u0938\u0940\u0930\u0940\u091c \u0915\u093e \u0926\u0942\u0938\u0930\u093e \u0939\u093f\u0938\u094d\u0938\u093e</span></td>\n<td><span style=\"font-weight: 400;\">\u0936\u0941\u0930\u0942\u0906\u0924 \u0938\u0947 5 \u0926\u093f\u0928 \u092c\u093e\u0926</span></td>\n<td><span style=\"font-weight: 400;\">\u0938\u094d\u0932\u093e\u0907\u091f\u0932\u0940 (</span><span style=\"font-weight: 400;\">slightly) </span><span style=\"font-weight: 400;\">\u00a0OTM (ATM</span><span style=\"font-weight: 400;\"> \u0938\u0947 1 \u0938\u094d\u091f\u094d\u0930\u093e\u0907\u0915 \u0926\u0942\u0930</span><span style=\"font-weight: 400;\">)</span></td>\n</tr>\n<tr>\n<td><span style=\"font-weight: 400;\">\u0938\u0940\u0930\u0940\u091c \u0915\u093e \u0926\u0942\u0938\u0930\u093e \u0939\u093f\u0938\u094d\u0938\u093e</span></td>\n<td><span style=\"font-weight: 400;\">\u0936\u0941\u0930\u0942\u0906\u0924 \u0938\u0947 10 \u0926\u093f\u0928 \u092c\u093e\u0926</span></td>\n<td><span style=\"font-weight: 400;\">\u0938\u094d\u0932\u093e\u0907\u091f\u0932\u0940 (</span><span style=\"font-weight: 400;\">slightly)</span><span style=\"font-weight: 400;\"> ITM or ATM</span></td>\n</tr>\n<tr>\n<td><span style=\"font-weight: 400;\">\u0938\u0940\u0930\u0940\u091c \u0915\u093e \u0926\u0942\u0938\u0930\u093e \u0939\u093f\u0938\u094d\u0938\u093e</span></td>\n<td><span style=\"font-weight: 400;\">\u090f\u0915\u094d\u0938\u092a\u093e\u092f\u0930\u0940 \u0915\u0947 \u0926\u093f\u0928</span></td>\n<td><span style=\"font-weight: 400;\">ITM</span></td>\n</tr>\n</tbody>\n</table>"], "videos": []}

{"title": "18. \u0935\u094b\u0932\u0948\u091f\u093f\u0932\u093f\u091f\u0940 \u0915\u093e \u0907\u0938\u094d\u0924\u0947\u092e\u093e\u0932", "text": ["", "\u092a\u093f\u091b\u0932\u0947 \u0915\u0941\u091b \u0905\u0927\u094d\u092f\u093e\u092f\u094b\u0902 \u092e\u0947\u0902 \u0939\u092e\u0928\u0947 \u0935\u094b\u0932\u0948\u091f\u093f\u0932\u093f\u091f\u0940, \u0938\u094d\u091f\u0948\u0902\u0921\u0930\u094d\u0921 \u0921\u0947\u0935\u093f\u090f\u0936\u0928 \u0914\u0930 \u0928\u0949\u0930\u094d\u092e\u0932 \u0921\u093f\u0938\u094d\u091f\u094d\u0930\u0940\u092c\u094d\u092f\u0942\u0936\u0928 \u091c\u0948\u0938\u0940 \u091a\u0940\u091c\u0947\u0902 \u0915\u0947 \u092c\u093e\u0930\u0947 \u092e\u0947\u0902 \u091c\u093e\u0928\u093e \u0939\u0948\u0964 \u0905\u092c \u0939\u092e \u0907\u0938 \u091c\u093e\u0928\u0915\u093e\u0930\u0940 \u0915\u093e \u0907\u0938\u094d\u0924\u0947\u092e\u093e\u0932 \u091f\u094d\u0930\u0947\u0921\u093f\u0902\u0917 \u092e\u0947\u0902 \u0915\u0930\u0928\u093e \u0938\u0940\u0916\u0947\u0902\u0917\u0947\u0964 \u0936\u0941\u0930\u0941\u0906\u0924 \u092e\u0947\u0902 \u0939\u092e \u0910\u0938\u0947 \u0926\u094b \u0907\u0938\u094d\u0924\u0947\u092e\u093e\u0932 \u0915\u0947 \u092c\u093e\u0930\u0947 \u092e\u0947\u0902 \u091a\u0930\u094d\u091a\u093e \u0915\u0930\u0947\u0902\u0917\u0947-", "\u0906\u0917\u0947 \u091a\u0932\u0924\u0947 \u0939\u0941\u090f \u090f\u0915 \u0905\u0932\u0917 \u092e\u0949\u0921\u094d\u092f\u0942\u0932 \u092e\u0947\u0902 \u0939\u092e \u0907\u0938\u0915\u0947 \u0907\u0938\u094d\u0924\u0947\u092e\u093e\u0932 \u0915\u094b \u092b\u093f\u0930 \u0938\u0947 \u0938\u092e\u091d\u0947\u0902\u0917\u0947, \u091c\u092c \u0939\u092e \u2018\u0930\u093f\u0932\u0947\u091f\u093f\u0935 \u0935\u0948\u0932\u094d\u092f\u0942 \u0906\u0930\u094d\u092c\u093f\u091f\u0930\u093e\u091c \u2013Relative value Arbitrage (\u092a\u0947\u092f\u0930 \u091f\u094d\u0930\u0947\u0921\u093f\u0902\u0917/Pair Trading) \u0914\u0930 \u0935\u094b\u0932\u0948\u091f\u093f\u0932\u093f\u091f\u0940 \u0906\u0930\u094d\u092c\u093f\u091f\u094d\u0930\u093e\u091c\u2013 Volatility Arbitrage\u2019 \u0915\u0947 \u092c\u093e\u0930\u0947 \u092e\u0947\u0902 \u092c\u093e\u0924 \u0915\u0930 \u0930\u0939\u0947 \u0939\u094b\u0902\u0917\u0947\u0964 \u0905\u092d\u0940 \u0915\u0947 \u0932\u093f\u090f \u0939\u092e \u0938\u093f\u0930\u094d\u092b \u092b\u094d\u092f\u0942\u091a\u0930\u094d\u0938 \u0914\u0930 \u0911\u092a\u094d\u0936\u0902\u0938 \u091f\u094d\u0930\u0947\u0921\u093f\u0902\u0917 \u0915\u0947 \u092c\u093e\u0930\u0947 \u092e\u0947\u0902 \u092c\u093e\u0924 \u0915\u0930\u0947\u0902\u0917\u0947\u0964", "\u0924\u094b \u0906\u0907\u090f \u0936\u0941\u0930\u0942 \u0915\u0930\u0924\u0947 \u0939\u0948\u0902\u0964", "\u0915\u093f\u0938\u0940 \u092d\u0940 \u0911\u092a\u094d\u0936\u0928 \u0930\u093e\u0907\u091f\u0930 \u092f\u093e\u0928\u0940 \u092c\u0947\u091a\u0928\u0947 \u0935\u093e\u0932\u0947 \u0915\u0947 \u0932\u093f\u090f \u0938\u092c\u0938\u0947 \u092c\u0921\u093c\u0940 \u091a\u0941\u0928\u094c\u0924\u0940 \u0939\u094b\u0924\u0940 \u0939\u0948, \u0935\u0939 \u0938\u0939\u0940 \u0938\u094d\u091f\u094d\u0930\u093e\u0907\u0915 \u091a\u0941\u0928\u0928\u093e \u091c\u093f\u0938 \u092a\u0930 \u0935\u0939 \u0936\u093e\u0930\u094d\u091f \u0915\u0930 \u0938\u0915\u0947 \u092f\u093e \u0911\u092a\u094d\u0936\u0928 \u0915\u094b \u0930\u093e\u0907\u091f \u0915\u0930 \u0938\u0915\u0947 \u0914\u0930 \u0905\u092a\u0928\u093e \u092a\u094d\u0930\u0940\u092e\u093f\u092f\u092e \u0932\u0947 \u0938\u0915\u0947\u0964 \u092c\u093f\u0928\u093e \u0907\u0938 \u092c\u093e\u0924 \u0915\u0940 \u091a\u093f\u0902\u0924\u093e \u0915\u093f\u090f \u0939\u0941\u090f \u0915\u093f \u0938\u094d\u092a\u0949\u091f \u0915\u0940 \u0915\u0940\u092e\u0924 \u0909\u0938\u0915\u0947 \u0935\u093f\u092a\u0930\u0940\u0924 \u091c\u093e\u090f\u0917\u0940\u0964 \u0935\u0948\u0938\u0947 \u0924\u094b \u0938\u094d\u092a\u0949\u091f \u0915\u0940 \u0915\u0940\u092e\u0924 \u0915\u0947 \u0935\u093f\u092a\u0930\u0940\u0924 \u091c\u093e\u0928\u0947 \u0915\u0940 \u0938\u0902\u092d\u093e\u0935\u0928\u093e \u0939\u092e\u0947\u0936\u093e \u092c\u0928\u0940 \u0930\u0939\u0924\u0940 \u0939\u0948, \u0932\u0947\u0915\u093f\u0928 \u090f\u0915 \u0938\u092e\u091d\u0926\u093e\u0930 \u091f\u094d\u0930\u0947\u0921\u0930 \u0907\u0938 \u0938\u0902\u092d\u093e\u0935\u0928\u093e \u0915\u094b \u0915\u092e \u0915\u0930 \u0938\u0915\u0924\u093e \u0939\u0948\u0964", "\u0928\u0949\u0930\u094d\u092e\u0932 \u0921\u093f\u0938\u094d\u091f\u094d\u0930\u0940\u092c\u094d\u092f\u0942\u0936\u0928 \u0907\u0938 \u0915\u093e\u092e \u092e\u0947\u0902 \u091f\u094d\u0930\u0947\u0921\u0930 \u0915\u0940 \u092e\u0926\u0926 \u0915\u0930 \u0938\u0915\u0924\u093e \u0939\u0948 \u0914\u0930 \u0909\u0938\u0915\u0940 \u091a\u093f\u0902\u0924\u093e \u0915\u094b \u0915\u092e \u0915\u0930\u0924\u0947 \u0939\u0941\u090f \u0909\u0938\u0915\u0947 \u0906\u0924\u094d\u092e\u0935\u093f\u0936\u094d\u0935\u093e\u0938 \u0915\u094b \u092c\u0922\u093c\u093e \u0938\u0915\u0924\u093e \u0939\u0948\u0964", "\u0939\u092e\u0928\u0947 \u091c\u094b \u0938\u0940\u0916\u093e \u0939\u0948 \u0909\u0938\u0947 \u090f\u0915 \u092c\u093e\u0930 \u092b\u093f\u0930 \u0926\u094b\u0939\u0930\u093e\u0924\u0947 \u0939\u0948\u0902-", "", "\u090a\u092a\u0930 \u0915\u093e \u092c\u0947\u0932 \u0915\u0930\u094d\u0935 \u0939\u092e\u0947\u0902 \u092f\u0939 \u092c\u0924\u093e\u0924\u093e \u0939\u0948 \u0915\u093f \u0914\u0938\u0924/\u092e\u093e\u0927\u094d\u092f/\u092e\u0940\u0928 (Mean) \u0915\u0947 \u0938\u0902\u0926\u0930\u094d\u092d \u092e\u0947\u0902-", "\u0915\u094d\u092f\u094b\u0902\u0915\u093f \u0939\u092e\u0947\u0902 \u092f\u0939 \u092a\u0924\u093e \u0939\u0948 \u0915\u093f \u0928\u093f\u092b\u094d\u091f\u0940 \u0915\u093e \u0921\u0947\u0932\u0940 \u0930\u093f\u091f\u0930\u094d\u0928 \u092d\u0940 \u0928\u0949\u0930\u094d\u092e\u0932 \u0921\u093f\u0938\u094d\u091f\u094d\u0930\u0940\u092c\u094d\u092f\u0942\u0936\u0928 \u0915\u0947 \u0906\u0927\u093e\u0930 \u092a\u0930 \u0939\u0940 \u0939\u094b\u0924\u093e \u0939\u0948, \u0907\u0938\u0932\u093f\u090f \u092f\u0939 \u0938\u093e\u0930\u0940 \u0938\u0902\u092d\u093e\u0935\u0928\u093e\u090f\u0902 \u0928\u093f\u092b\u094d\u091f\u0940 \u092a\u0930 \u092d\u0940 \u0932\u093e\u0917\u0942 \u0939\u094b\u0924\u0940 \u0939\u0948\u0902\u0964 \u0924\u094b \u0907\u0938\u0915\u093e \u0915\u094d\u092f\u093e \u092e\u0924\u0932\u092c \u0939\u0941\u0906?", "\u0907\u0938\u0915\u093e \u092e\u0924\u0932\u092c \u0939\u0948 \u0915\u093f \u0905\u0917\u0930 \u0939\u092e\u0947\u0902 \u0928\u093f\u092b\u094d\u091f\u0940 \u0915\u093e \u0914\u0938\u0924/\u092e\u093e\u0927\u094d\u092f \u0914\u0930 SD \u00a0\u092a\u0924\u093e \u0939\u0948, \u0924\u094b \u0939\u092e \u092c\u0939\u0941\u0924 \u0905\u091a\u094d\u091b\u0947 \u0938\u0947 \u090f\u0915 \u0938\u094b\u091a\u093e \u0938\u092e\u091d\u093e \u0905\u0928\u0941\u092e\u093e\u0928 \u0932\u0917\u093e \u0938\u0915\u0924\u0947 \u0939\u0948\u0902 \u0915\u093f \u090f\u0915 \u0926\u093f\u090f \u0939\u0941\u090f \u0938\u092e\u092f \u0915\u0947 \u0932\u093f\u090f \u0928\u093f\u092b\u094d\u091f\u0940 \u0915\u093e \u0930\u0947\u0902\u091c \u0915\u094d\u092f\u093e \u0939\u094b\u0917\u093e? \u00a0\u0907\u0938 \u0909\u0926\u093e\u0939\u0930\u0923 \u092a\u0930 \u0928\u091c\u0930 \u0921\u093e\u0932\u093f\u090f\u2013", "\u0924\u093e\u0930\u0940\u0916 = 11 \u0905\u0917\u0938\u094d\u0924 2015", "\u090f\u0915\u094d\u0938\u092a\u093e\u092f\u0930\u0940 \u092e\u0947\u0902 \u092c\u091a\u0947 \u0939\u0941\u090f \u0926\u093f\u0928 = 16", "\u0928\u093f\u092b\u094d\u091f\u0940 \u0915\u0940 \u092e\u094c\u091c\u0942\u0926\u093e \u092c\u093e\u091c\u093e\u0930 \u0915\u0940\u092e\u0924 =8462", "\u0921\u0947\u0932\u0940 \u090f\u0935\u0930\u0947\u091c \u0930\u093f\u091f\u0930\u094d\u0928 (Daily Average Return) = 0.04%", "\u0938\u093e\u0932\u093e\u0928\u093e \u0930\u093f\u091f\u0930\u094d\u0928 = 14.8%", "\u0921\u0947\u0932\u0940/\u0926\u0948\u0928\u093f\u0915 SD = 0.89%", "\u0938\u093e\u0932\u093e\u0928\u093e SD = 17.04%", "\u0907\u0938\u0915\u0947 \u0906\u0927\u093e\u0930 \u092a\u0930 \u092e\u0948\u0902 \u090f\u0915\u094d\u0938\u092a\u093e\u092f\u0930\u0940 \u0924\u0915 \u092f\u093e\u0928\u0940 \u0905\u0917\u0932\u0947 16 \u0926\u093f\u0928 \u0915\u0947 \u0932\u093f\u090f \u0928\u093f\u092b\u094d\u091f\u0940 \u0915\u0940 \u0930\u0947\u0902\u091c \u0915\u094b \u091c\u093e\u0928\u0928\u093e \u091a\u093e\u0939\u0924\u093e \u0939\u0942\u0902\u0964", "16 \u0926\u093f\u0928 SD = \u0921\u0947\u0932\u0940 SD*SQRT (16)", "= 0.89% * SQRT (16)", "= 3.567%", "16 \u0926\u093f\u0928 \u0915\u093e \u0914\u0938\u0924 = \u0926\u0948\u0928\u093f\u0915 \u0914\u0938\u0924*16", "= 0.04% * 16 = 0.65%", "\u0907\u0928 \u0906\u0902\u0915\u0921\u093c\u094b\u0902 \u0915\u0947 \u0906\u0927\u093e\u0930 \u092a\u0930 \u092e\u0948\u0902 \u0928\u093f\u092b\u094d\u091f\u0940 \u0915\u093e \u0909\u092a\u0930\u0940 \u0914\u0930 \u0928\u093f\u091a\u0932\u093e \u0930\u0947\u0902\u091c \u092a\u0924\u093e \u0915\u0930 \u0938\u0915\u0924\u093e \u0939\u0942\u0902\u0964 \u092f\u0939 \u0935\u0939 \u0926\u093e\u092f\u0930\u093e \u0939\u0948 \u091c\u093f\u0938\u0915\u0947 \u091c\u093f\u0938\u0915\u0947 \u0905\u0902\u0926\u0930 \u0928\u093f\u092b\u094d\u091f\u0940 \u0905\u0917\u0932\u0947 16 \u0926\u093f\u0928 \u0924\u0915 \u091f\u094d\u0930\u0947\u0921 \u0915\u0930 \u0938\u0915\u0924\u093e \u0939\u0948\u0964", "\u0909\u092a\u0930\u0940 \u0930\u0947\u0902\u091c = 16 \u0926\u093f\u0928 \u0914\u0938\u0924 + 16 \u0926\u093f\u0928 SD", "= 0.65% + 3.567%", "= 4.215%, \u0909\u092a\u0930\u0940 \u0930\u0947\u0902\u091c \u0928\u093f\u0915\u093e\u0932\u0928\u0947 \u0915\u0947 \u0932\u093f\u090f \u2013", "= 8462*(1+4.215%)", "= 8818", "\u0928\u093f\u091a\u0932\u0940 \u0930\u0947\u0902\u091c = 16 \u0926\u093f\u0928 \u0914\u0938\u0924 \u2013 16 \u0926\u093f\u0928 SD", "=0.65% \u2013 3.567%", "= 2.920% \u0928\u093f\u091a\u0932\u0940 \u0930\u0947\u0902\u091c \u0928\u093f\u0915\u093e\u0932\u0928\u0947 \u0915\u0947 \u0932\u093f\u090f", "= 8462* (1 \u2013 2.920%)", "= 8214", "\u092f\u0939 \u0917\u0923\u0928\u093e \u0939\u092e\u0947\u0902 \u092c\u0924\u093e\u0924\u0940 \u0939\u0948 \u0915\u093f \u0928\u093f\u092b\u094d\u091f\u0940 8214 \u0938\u0947 8818 \u0915\u0947 \u092c\u0940\u091a \u092e\u0947\u0902 \u0915\u0939\u0940\u0902 \u0930\u0939\u0947\u0917\u093e\u0964 \u0935\u0948\u0938\u0947, \u0907\u0938 \u092c\u093e\u0924 \u0915\u0940 \u0938\u0902\u092d\u093e\u0935\u0928\u093e \u0915\u093f\u0924\u0928\u0940 \u0939\u0948- \u0939\u092e\u0947\u0902 \u092a\u0924\u093e \u0939\u0948 \u0915\u093f \u0907\u0938 \u092c\u093e\u0924 \u0915\u0940 \u0938\u0902\u092d\u093e\u0935\u0928\u093e 68% \u0939\u0948\u0964 \u0907\u0938\u0915\u093e \u092e\u0924\u0932\u092c \u0939\u0948 \u0915\u093f 32% \u0938\u0902\u092d\u093e\u0935\u0928\u093e \u0907\u0938 \u092c\u093e\u0924 \u0915\u0940 \u0939\u0948 \u0915\u093f \u0928\u093f\u092b\u094d\u091f\u0940 \u0907\u0938 \u0926\u093e\u092f\u0930\u0947 \u092f\u093e\u0928\u0940 8214 \u0938\u0947 8818 \u0915\u0947 \u092c\u093e\u0939\u0930 \u091f\u094d\u0930\u0947\u0921 \u0915\u0930\u0947\u0964 \u0907\u0938\u0915\u093e \u092f\u0947 \u092d\u0940 \u092e\u0924\u0932\u092c \u0939\u0948 \u0915\u093f \u0907\u0938 \u0926\u093e\u092f\u0930\u0947 \u0915\u0947 \u092c\u093e\u0939\u0930 \u0915\u0947 \u0938\u092d\u0940 \u0938\u094d\u091f\u094d\u0930\u093e\u0907\u0915 \u0915\u0947 \u0935\u0930\u094d\u0925\u0932\u0947\u0938 (worthless) \u0939\u094b\u0928\u0947 \u092f\u093e\u0928\u0940 \u0907\u0928\u0915\u0940 \u0915\u0940\u092e\u0924 \u091c\u0940\u0930\u094b \u0939\u094b\u0928\u0947 \u0915\u0947 \u0938\u0902\u092d\u093e\u0935\u0928\u093e \u0939\u0948\u0964", "\u0907\u0938\u0932\u093f\u090f-", "\u0905\u0917\u0930 \u0906\u092a 8814 \u0915\u0947 \u090a\u092a\u0930 \u0915\u0949\u0932 \u0911\u092a\u094d\u0936\u0928 \u0916\u0930\u0940\u0926\u0928\u0947 \u092f\u093e 8214 \u0915\u0947 \u0928\u0940\u091a\u0947 \u0915\u0947 \u092a\u0941\u091f \u0911\u092a\u094d\u0936\u0928 \u0916\u0930\u0940\u0926\u0928\u0947 \u0915\u0947 \u092c\u093e\u0930\u0947 \u092e\u0947\u0902 \u0938\u094b\u091a \u0930\u0939\u0947 \u0939\u0948\u0902 \u0924\u094b \u0906\u092a\u0915\u094b \u0926\u094b\u092c\u093e\u0930\u093e \u0938\u094b\u091a\u0928\u093e \u091a\u093e\u0939\u093f\u090f \u0915\u094d\u092f\u094b\u0902\u0915\u093f \u0907\u0938 \u092c\u093e\u0924 \u0915\u0940 \u0938\u0902\u092d\u093e\u0935\u0928\u093e \u092c\u0939\u0941\u0924 \u0915\u092e \u0939\u0948 \u0915\u093f \u0906\u092a\u0915\u093e \u092f\u0947 \u0911\u092a\u094d\u0936\u0928 \u0907\u0928 \u0926 \u092e\u0928\u0940 (ITM) \u0939\u094b\u0915\u0930 \u090f\u0915\u094d\u0938\u092a\u093e\u092f\u0930 \u0939\u094b\u0964 \u0907\u0938 \u0935\u091c\u0939 \u0938\u0947 \u0905\u091a\u094d\u091b\u093e \u092f\u0939 \u0939\u094b\u0917\u093e \u0915\u093f \u0907\u0938 \u0911\u092a\u094d\u0936\u0928 \u0938\u094d\u091f\u094d\u0930\u093e\u0907\u0915 \u0915\u094b \u0916\u0930\u0940\u0926\u0928\u0947 \u0938\u0947 \u092c\u091a\u093e \u091c\u093e\u090f\u0964", "\u0928\u093f\u092b\u093c\u094d\u091f\u0940 \u0915\u0949\u0932 \u0911\u092a\u094d\u0936\u0928 \u0915\u0947 8818 \u0915\u0947 \u090a\u092a\u0930 \u0915\u0947 \u0935\u094b \u0915\u0949\u0932 \u0911\u092a\u094d\u0936\u0928 \u0938\u094d\u091f\u094d\u0930\u093e\u0907\u0915 \u091c\u0939\u093e\u0902 \u092a\u0930 \u0906\u092a \u0936\u0949\u0930\u094d\u091f (\u0930\u093e\u0907\u091f) \u0915\u0930 \u0938\u0915\u0924\u0947 \u0939\u0948\u0902 \u0914\u0930 \u092a\u094d\u0930\u0940\u092e\u093f\u092f\u092e \u0932\u0947 \u0938\u0915\u0924\u0947 \u0939\u0948\u0902, \u0909\u0928\u0915\u094b \u0928\u0940\u091a\u0947 \u0915\u0947 \u091a\u093f\u0924\u094d\u0930 \u092e\u0947\u0902 \u0926\u093f\u0916\u093e\u092f\u093e \u0917\u092f\u093e \u0939\u0948-", "", "\u0905\u0917\u0930 \u092e\u0941\u091d\u0947 \u0935\u094d\u092f\u0915\u094d\u0924\u093f\u0917\u0924 \u0924\u094c\u0930 \u092a\u0930 \u0915\u094b\u0908 \u0938\u094d\u091f\u094d\u0930\u093e\u0907\u0915 \u091a\u0941\u0928\u0928\u093e \u0939\u094b \u0924\u094b \u092e\u0948\u0902 \u0907\u0928\u092e\u0947\u0902 \u0938\u0947 8850 \u092f\u093e 8900 \u0915\u094b \u0938\u0947\u0932\u0947\u0915\u094d\u091f \u0915\u0930\u0942\u0902\u0917\u093e \u0914\u0930 \u20b9 7.45 \u0914\u0930 \u20b9 4.85 \u0915\u0947 \u092a\u094d\u0930\u0940\u092e\u093f\u092f\u092e \u0915\u094b \u0932\u0947 \u0932\u0942\u0902\u0917\u093e\u0964 \u0907\u0928 \u0926\u094b\u0928\u094b\u0902 \u0938\u094d\u091f\u094d\u0930\u093e\u0907\u0915 \u0915\u094b \u091a\u0941\u0928\u0928\u0947 \u0915\u0940 \u0935\u091c\u0939 \u092c\u0939\u0941\u0924 \u0938\u0940\u0927\u0940 \u0939\u0948 \u092e\u0941\u091d\u0947 \u0930\u093f\u0938\u094d\u0915 (1 SD \u0926\u0942\u0930) \u00a0\u0914\u0930 \u0930\u093f\u0935\u093e\u0930\u094d\u0921 (\u0939\u0930 \u0932\u0949\u091f \u092a\u0930 7.45 \u092f\u093e 4.85) \u0915\u0947 \u092c\u0940\u091a \u092e\u0947\u0902 \u092c\u0939\u0941\u0924 \u0905\u091a\u094d\u091b\u093e \u0938\u0902\u0924\u0941\u0932\u0928 \u0926\u093f\u0916\u093e\u0908 \u0926\u0947 \u0930\u0939\u093e \u0939\u0948\u0964", "\u0906\u092a \u092e\u0947\u0902 \u0938\u0947 \u092c\u0939\u0941\u0924 \u0915\u0947 \u0932\u094b\u0917\u094b\u0902 \u0915\u0947 \u0926\u093f\u092e\u093e\u0917 \u092e\u0947\u0902 \u092f\u0939 \u0938\u0935\u093e\u0932 \u0909\u0920 \u0938\u0915\u0924\u093e \u0939\u0948 \u0915\u093f \u0905\u0917\u0930 \u092e\u0948\u0902 8850 \u0915\u093e \u0915\u0949\u0932 \u0911\u092a\u094d\u0936\u0928 \u0930\u093e\u0907\u091f \u0915\u0930\u0942\u0902 \u0914\u0930 \u20b97.45 \u0915\u093e \u092a\u094d\u0930\u0940\u092e\u093f\u092f\u092e \u0932\u0947 \u0930\u0939\u093e \u0939\u0942\u0902 \u0924\u094b \u092f\u0939 \u092c\u0939\u0941\u0924 \u091b\u094b\u091f\u0940 \u0930\u0915\u092e \u092c\u0928\u0924\u0940 \u0939\u0948\u0964 \u20b97.45 \u092a\u0930 \u092f\u0947 \u0930\u0915\u092e \u092c\u0928\u0924\u0940 \u0939\u0948-", "= 7.45*25 (\u0932\u0949\u091f \u0938\u093e\u0907\u091c)", "= \u20b9 186.25", "\u092f\u0939\u0940 \u0935\u0939 \u091c\u0917\u0939 \u0939\u0948 \u091c\u0939\u093e\u0902 \u092a\u0930 \u0906\u092e\u0924\u094c\u0930 \u092a\u0930 \u092c\u0939\u0941\u0924 \u0938\u093e\u0930\u0947 \u091f\u094d\u0930\u0947\u0921\u0930 \u0917\u0932\u0924\u0940 \u0915\u0930\u0924\u0947 \u0939\u0948\u0902 \u0915\u094d\u092f\u094b\u0902\u0915\u093f \u0935\u0939 \u0939\u092e\u0947\u0936\u093e \u0915\u092e\u093e\u0908 \u0915\u0940 \u0930\u0915\u092e \u0915\u094b \u0926\u0947\u0916\u0924\u0947 \u0939\u0948\u0902, \u092f\u0939 \u0928\u0939\u0940\u0902 \u0926\u0947\u0916\u0924\u0947 \u0939\u0948\u0902 \u0915\u093f \u0909\u0928\u0915\u093e \u0930\u093f\u091f\u0930\u094d\u0928 \u0911\u0928 \u0907\u0928\u094d\u0935\u0947\u0938\u094d\u091f\u092e\u0947\u0902\u091f \u2013 Return on Investment \u0915\u093f\u0924\u0928\u093e \u0939\u0948?", "\u091c\u0930\u093e \u0938\u094b\u091a\u093f\u090f \u0915\u093f \u0907\u0938 \u091f\u094d\u0930\u0947\u0921 \u0915\u0947 \u0932\u093f\u090f \u092e\u093e\u0930\u094d\u091c\u093f\u0928 \u0915\u093f\u0924\u0928\u0940 \u092c\u0928\u0924\u0940 \u0939\u0948 \u0938\u093f\u0930\u094d\u092b \u20b912000, \u0906\u092a \u091a\u093e\u0939\u0947\u0902 \u0924\u094b \u091c\u0947\u0930\u094b\u0927\u093e \u0915\u0947 \u092e\u093e\u0930\u094d\u091c\u093f\u0928 \u0915\u0947\u0932\u0915\u0941\u0932\u0947\u091f\u0930 \u092a\u0930 \u092d\u0940 \u092e\u093e\u0930\u094d\u091c\u093f\u0928 \u0928\u093f\u0915\u093e\u0932 \u0915\u0930 \u0926\u0947\u0916 \u0938\u0915\u0924\u0947 \u0939\u0948\u0902\u0964", "\u0924\u094b \u20b9186.25 \u0915\u093e \u092a\u094d\u0930\u0940\u092e\u093f\u092f\u092e \u091c\u094b \u0915\u093f \u0938\u093f\u0930\u094d\u092b \u20b912000 \u0915\u0947 \u092e\u093e\u0930\u094d\u091c\u093f\u0928 \u0921\u093f\u092a\u0949\u091c\u093f\u091f \u092a\u0930 \u092e\u093f\u0932 \u0930\u0939\u093e \u0939\u0948, \u092f\u0939 \u0915\u0930\u0940\u092c 1.55% \u092c\u0928\u0924\u093e \u0939\u0948 \u091c\u094b \u0915\u093f \u092c\u0941\u0930\u093e \u0930\u093f\u091f\u0930\u094d\u0928 \u0928\u0939\u0940\u0902 \u0939\u0948\u0964 \u0916\u093e\u0938\u0915\u0930 \u0938\u093f\u0930\u094d\u092b 16 \u0926\u093f\u0928 \u0924\u0915 \u0939\u094b\u0932\u094d\u0921 \u0915\u0930\u0928\u0947 \u0915\u0947 \u092c\u093e\u0926\u0964 \u0905\u0917\u0930 \u0906\u092a \u0910\u0938\u093e \u0939\u0930 \u092e\u0939\u0940\u0928\u0947 \u092a\u0930 \u0938\u0915\u0947\u0902 \u0924\u094b \u0906\u092a \u0915\u094b \u0938\u093e\u0932\u093e\u0928\u093e \u0924\u094c\u0930 \u092a\u0930 18% \u0915\u093e \u0930\u093f\u091f\u0930\u094d\u0928 \u092e\u093f\u0932\u0928\u0947 \u0935\u093e\u0932\u093e \u0939\u0948\u0964", "\u0935\u094d\u092f\u0915\u094d\u0924\u093f\u0917\u0924 \u0924\u094c\u0930 \u092a\u0930 \u092e\u0947\u0902 \u0911\u092a\u094d\u0936\u0928 \u0930\u093e\u0907\u091f \u0915\u0930\u0928\u0947 \u0915\u0947 \u0932\u093f\u090f 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\u092a\u091b\u0924\u093e\u0928\u0947 \u0915\u0947 \u092c\u091c\u093e\u092f \u0907\u0938\u0915\u094b \u092a\u0942\u0930\u0940 \u0924\u0930\u0940\u0915\u0947 \u0938\u0947 \u092c\u091a\u0947\u0902\u0964", "\u0915\u0949\u0932 \u0911\u092a\u094d\u0936\u0928\u2013 \u0906\u092a\u0915\u094b \u092c\u0938 \u090a\u092a\u0930 \u092a\u0941\u091f \u0911\u092a\u094d\u0936\u0928 \u0935\u093e\u0932\u0947 \u0924\u0930\u094d\u0915 \u0915\u094b \u0909\u0932\u094d\u091f\u093e \u0915\u0930 \u0926\u0947\u0928\u093e \u0939\u0948 \u0914\u0930 \u0906\u092a \u0938\u092e\u091d \u091c\u093e\u090f\u0902\u0917\u0947 \u0915\u093f \u0915\u0949\u0932 \u0911\u092a\u094d\u0936\u0928 \u0915\u094b \u0930\u093e\u0907\u091f \u0915\u0930\u0928\u093e \u092a\u0941\u091f \u0911\u092a\u094d\u0936\u0928 \u0915\u094b \u0930\u093e\u0907\u091f \u0915\u0930\u0928\u0947 \u0938\u0947 \u0915\u094d\u092f\u094b\u0902 \u092c\u0947\u0939\u0924\u0930 \u0939\u0948\u0964\u00a0 \u0916\u0942\u0926 \u0926\u0947\u0916 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\u0907\u0938 \u091f\u094d\u0930\u0947\u0921 \u0938\u0947 \u091c\u0941\u0921\u093c\u0940 \u091c\u093e\u0928\u0915\u093e\u0930\u093f\u092f\u093e\u0902 \u092f\u0939 \u0939\u0948\u0902", "\u0932\u093e\u0901\u0917 @ 395", "\u0938\u094d\u091f\u0949\u092a\u0932\u0949\u0938 @ 385", "\u091f\u093e\u0930\u0917\u0947\u091f @ 417", "\u0930\u093f\u0938\u094d\u0915 = 395 \u2013 385 = 10\u00a0 \u090f\u0928\u094d\u091f\u094d\u0930\u0940 \u0938\u0947 \u0915\u0930\u0940\u092c 2.5% \u0928\u0940\u091a\u0947", "\u0930\u093f\u0935\u093e\u0930\u094d\u0921 = 417 \u2013 385 = 32\u00a0 \u090f\u0928\u094d\u091f\u094d\u0930\u0940 \u0938\u0947 \u0915\u0930\u0940\u092c 8.1% \u090a\u092a\u0930", "\u0930\u093f\u0935\u093e\u0930\u094d\u0921 \u0930\u093f\u0938\u094d\u0915 \u0930\u0947\u0936\u094d\u092f\u094b = 32/10 = 3.2 \u092e\u0924\u0932\u092c \u0939\u0930 \u090f\u0915 \u092a\u094d\u0935\u093e\u0907\u0902\u091f \u0915\u0947 \u0930\u093f\u0938\u094d\u0915 \u092a\u0930 3.2 \u092a\u094d\u0935\u093e\u0907\u0902\u091f \u0915\u093e \u0930\u093f\u0935\u093e\u0930\u094d\u0921 \u092e\u093f\u0932\u0928\u0947 \u0915\u0940 \u0909\u092e\u094d\u092e\u0940\u0926 \u0939\u0948", "\u0930\u093f\u0938\u094d\u0915 \u0914\u0930 \u0930\u093f\u0935\u093e\u0930\u094d\u0921 \u0915\u0947 \u0928\u091c\u0930\u093f\u090f \u0938\u0947 \u092f\u0939 \u090f\u0915 \u092c\u0939\u0941\u0924 \u0939\u0940 \u0905\u091a\u094d\u091b\u093e \u091f\u094d\u0930\u0947\u0921 \u0926\u093f\u0916 \u0930\u0939\u093e \u0939\u0948\u0964 \u0935\u094d\u092f\u0915\u094d\u0924\u093f\u0917\u0924 \u0924\u094c\u0930 \u092a\u0930 \u0910\u0938\u093e \u0915\u094b\u0908 \u092d\u0940 \u0936\u0949\u0930\u094d\u091f \u091f\u0930\u094d\u092e \u091f\u094d\u0930\u0947\u0921 \u0915\u094b \u0905\u091a\u094d\u091b\u093e \u091f\u094d\u0930\u0947\u0921 \u092e\u093e\u0928\u0924\u093e \u0939\u0942\u0902 \u091c\u093f\u0938\u092e\u0947\u0902 \u0930\u093f\u0935\u093e\u0930\u094d\u0921 \u0930\u093f\u0938\u094d\u0915 \u0930\u0947\u0936\u094d\u092f\u094b 1.5 \u0915\u093e \u0939\u094b\u0964 \u0932\u0947\u0915\u093f\u0928 \u092f\u0939\u093e\u0902 \u092a\u0930 \u0938\u092c\u0938\u0947 \u092e\u0939\u0924\u094d\u0935\u092a\u0942\u0930\u094d\u0923 \u092c\u093e\u0924 \u092f\u0939 \u0939\u0948 \u0915\u093f \u0915\u094d\u092f\u093e 385 \u090f\u0915 \u0938\u0939\u0940 \u0938\u094d\u091f\u0949\u092a\u0932\u0949\u0938 \u0939\u0948?", "\u0925\u094b\u0921\u093c\u093e \u0917\u0939\u0930\u093e\u0908 \u092e\u0947\u0902 \u091c\u093e\u0924\u0947 \u0939\u0948\u0902 \u0914\u0930 \u0926\u0947\u0916\u0924\u0947 \u0939\u0948\u0902 \u0915\u093f \u0915\u093f \u0915\u094d\u092f\u093e \u092f\u0939 \u0938\u0939\u0940 \u0939\u0948? \u2013", "\u092a\u0939\u0932\u093e \u0915\u0926\u092e : \u090f\u092f\u0930\u091f\u0947\u0932 \u0915\u0940 \u0921\u0947\u0932\u0940 \u0935\u094b\u0932\u0948\u091f\u093f\u0932\u093f\u091f\u0940 \u092a\u0924\u093e \u0915\u0930\u0924\u0947 \u0939\u0948\u0902\u0964 \u092e\u0947\u0930\u0940 \u0917\u0923\u0928\u093e \u0915\u0947 \u0939\u093f\u0938\u093e\u092c \u0938\u0947 \u0907\u0938\u0915\u0940 \u0921\u0947\u0932\u0940 \u0935\u094b\u0932\u0948\u091f\u093f\u0932\u093f\u091f\u0940 1.8% \u092c\u0928\u0924\u0940 \u0939\u0948", "\u0926\u0942\u0938\u0930\u093e \u0915\u0926\u092e : \u0921\u0947\u0932\u0940 \u0935\u094b\u0932\u0948\u091f\u093f\u0932\u093f\u091f\u0940 \u0915\u094b \u0909\u0924\u0928\u0947 \u0938\u092e\u092f \u0915\u0940 \u0935\u094b\u0932\u0948\u091f\u093f\u0932\u093f\u091f\u0940 \u092e\u0947\u0902 \u092a\u0930\u093f\u0935\u0930\u094d\u0924\u093f\u0924 \u0915\u0930\u0928\u093e \u0939\u0948 \u091c\u093f\u0924\u0928\u0947 \u0938\u092e\u092f \u0915\u0947 \u0932\u093f\u090f \u0939\u092e \u092f\u0939 \u091f\u094d\u0930\u0947\u0921 \u0915\u0930\u0928\u093e \u091a\u093e\u0939\u0924\u0947 \u0939\u0948\u0902\u0964 \u0910\u0938\u093e \u0915\u0930\u0928\u0947 \u0915\u0947 \u0932\u093f\u090f \u0939\u092e\u0947\u0902 \u0921\u0947\u0932\u0940 \u0935\u094b\u0932\u0948\u091f\u093f\u0932\u093f\u091f\u0940 \u0924\u094b \u0909\u0938 \u0938\u092e\u092f \u0915\u0947 \u0938\u094d\u0915\u094d\u0935\u0947\u092f\u0930 \u0930\u0942\u091f \u0938\u0947 \u0917\u0941\u0923\u093e \u0915\u0930\u0928\u093e \u0939\u094b\u0917\u093e \u091c\u093f\u0938 \u0938\u092e\u092f \u0915\u0947 \u0932\u093f\u090f \u0939\u092e\u0947\u0902 \u091f\u094d\u0930\u0947\u0921 \u0915\u0930\u0928\u093e \u091a\u093e\u0939\u0924\u0947 \u0939\u0948\u0902\u0964 \u0939\u092e\u093e\u0930\u0947 \u0909\u0926\u093e\u0939\u0930\u0923 \u092e\u0947\u0902 \u092f\u0939 \u0938\u092e\u092f 5 \u0926\u093f\u0928 \u0915\u093e \u0939\u0948 \u0924\u094b 5 \u0926\u093f\u0928 \u0915\u0940 \u0935\u094b\u0932\u0948\u091f\u093f\u0932\u093f\u091f\u0940 \u0939\u094b\u0917\u0940 1.8%*Sqrt(5) \u091c\u094b \u0915\u093f 4.01% \u0939\u0948", "\u0924\u0940\u0938\u0930\u093e \u0915\u0926\u092e : \u0905\u092c \u0907\u0938 5 \u0926\u093f\u0928 \u0915\u0940 \u0935\u094b\u0932\u0948\u091f\u093f\u0932\u093f\u091f\u0940 4.01% \u0915\u094b \u0905\u092a\u0928\u0940 \u090f\u0902\u091f\u094d\u0930\u0940 \u0915\u0940\u092e\u0924 \u0938\u0947 \u0918\u091f\u093e\u0915\u0930 \u0938\u094d\u091f\u0949\u092a\u0932\u0949\u0938 \u0928\u093f\u0915\u093e\u0932\u0924\u0947 \u0939\u0948\u0902- [395-(395 \u0915\u093e 4.01%)]= 379 \u092f\u0939 \u0917\u0923\u0928\u093e \u0939\u092e\u0947\u0902 \u092c\u0924\u093e\u0924\u0940 \u0939\u0948 \u0915\u093f \u0905\u0917\u0932\u0947 5 \u0926\u093f\u0928\u094b\u0902 \u092e\u0947\u0902 \u090f\u092f\u0930\u091f\u0947\u0932 395 \u0938\u0947 379 \u0924\u0915 \u0906\u0938\u093e\u0928\u0940 \u0938\u0947 \u091c\u093e \u0938\u0915\u0924\u093e \u0939\u0948\u0964 \u0907\u0938\u0915\u093e \u092e\u0924\u0932\u092c \u092f\u0939 \u0939\u0941\u0906 \u0915\u093f 385 \u0915\u093e \u0938\u094d\u091f\u0949\u092a\u0932\u0949\u0938 \u0915\u092d\u0940 \u092d\u0940 \u091f\u094d\u0930\u093f\u0917\u0930 \u0939\u094b \u0938\u0915\u0924\u093e \u0939\u0948, \u092e\u0924\u0932\u092c \u092f\u0939 \u0915\u093f \u0907\u0938 \u091f\u094d\u0930\u0947\u0921 \u0915\u0947 \u0932\u093f\u090f \u0938\u094d\u091f\u0949\u092a\u0932\u0949\u0938 379 \u0938\u0947 \u0928\u0940\u091a\u0947 \u0939\u0940 \u0939\u094b\u0928\u093e \u091a\u093e\u0939\u093f\u090f\u0964 \u092e\u093e\u0928 \u0932\u0940\u091c\u093f\u090f 375 \u091c\u094b \u0915\u093f \u0939\u092e\u093e\u0930\u0947 395 \u0915\u0947 \u090f\u0902\u091f\u094d\u0930\u0940 \u0915\u0940\u092e\u0924 \u0938\u0947 20 \u092a\u094d\u0935\u093e\u0907\u0902\u091f \u0928\u0940\u091a\u0947 \u0939\u0948\u0964", "\u091a\u094c\u0925\u093e \u0915\u0926\u092e \u0907\u0938 \u0928\u090f \u0938\u094d\u091f\u0949\u092a\u0932\u0949\u0938 \u0915\u0947 \u0938\u093e\u0925 \u0905\u092c \u0930\u093f\u0938\u094d\u0915 \u0930\u093f\u0935\u093e\u0930\u094d\u0921 \u0930\u0947\u0936\u094d\u092f\u094b \u092c\u0928\u0924\u093e \u0939\u0948 1.6 \u091c\u094b \u0915\u093f \u092e\u0941\u091d\u0947 \u0920\u0940\u0915 \u0932\u0917 \u0930\u0939\u093e \u0939\u0948 \u0907\u0938\u0932\u093f\u090f \u092e\u0948\u0902 \u0907\u0938 \u091f\u094d\u0930\u0947\u0921 \u0915\u094b \u0905\u092c \u0932\u0947 \u0932\u0942\u0902\u0917\u093e\u0964", "\u0905\u0917\u0930 \u0939\u092e\u093e\u0930\u0947 \u0939\u094b\u0932\u094d\u0921 \u0915\u0930\u0928\u0947 \u0915\u093e \u0938\u092e\u092f 10 \u0926\u093f\u0928 \u0939\u094b \u0924\u094b 10 \u0926\u093f\u0928 \u0915\u0940 \u0935\u094b\u0932\u0948\u091f\u093f\u0932\u093f\u091f\u0940 \u0939\u094b\u0917\u0940 1.6*Sqrt (10) \u0906\u092a \u0907\u0938\u0940 \u0924\u0930\u0940\u0915\u0947 \u0938\u0947 \u0939\u092e \u092c\u093e\u0915\u0940 \u092d\u0940 \u0928\u093f\u0915\u093e\u0932 \u0938\u0915\u0924\u0947 \u0939\u0948\u0902", "\u092a\u0939\u0932\u0947 \u0938\u0947 \u0924\u092f \u0915\u093f\u090f \u0939\u0941\u090f \u092a\u094d\u0930\u0924\u093f\u0936\u0924 \u0935\u093e\u0932\u0947 \u0938\u094d\u091f\u0949\u092a\u0932\u0949\u0938 \u0915\u093f\u0938\u0940 \u0936\u0947\u092f\u0930 \u0915\u0940 \u0939\u0930 \u0926\u093f\u0928 \u0915\u0940 \u0909\u0920\u093e\u092a\u091f\u0915 \u0915\u093e \u0927\u094d\u092f\u093e\u0928 \u0928\u0939\u0940\u0902 \u0930\u0916\u0924\u0947, \u091c\u093f\u0938\u0915\u0940 \u0935\u091c\u0939 \u0938\u0947 \u091f\u094d\u0930\u0947\u0921\u0930 \u090f\u0915 \u0910\u0938\u093e \u0938\u094d\u091f\u0949\u092a\u0932\u0949\u0938 \u0930\u0916\u0928\u093e \u092a\u0930 \u0930\u0916 \u0932\u0947\u0924\u093e \u0939\u0948 \u091c\u094b \u0915\u093f \u091c\u0932\u094d\u0926\u0940 \u0938\u0947 \u091f\u094d\u0930\u093f\u0917\u0930 \u0939\u094b \u0938\u0915\u0924\u093e \u0939\u0948, \u0939\u094b \u0938\u0915\u0924\u093e \u0939\u0948 \u0915\u093f \u091f\u093e\u0930\u0917\u0947\u091f \u0906\u0928\u0947 \u0915\u0947 \u092a\u0939\u0932\u0947 \u0939\u0940 \u0938\u094d\u091f\u0949\u092a\u0932\u0949\u0938 \u091f\u094d\u0930\u093f\u0917\u0930 \u0939\u094b \u091c\u093e\u090f \u091c\u092c\u0915\u093f \u0935\u094b\u0932\u0948\u091f\u093f\u0932\u093f\u091f\u0940 \u092a\u0930 \u0906\u0927\u093e\u0930\u093f\u0924 \u0938\u094d\u091f\u0949\u092a\u0932\u0949\u0938 \u0936\u0947\u092f\u0930 \u0915\u0940 \u0909\u0920\u093e\u092a\u091f\u0915 \u0915\u094b \u0927\u094d\u092f\u093e\u0928 \u092e\u0947\u0902 \u0930\u0916\u0924\u093e \u0939\u0948 \u0907\u0938\u0940 \u0935\u091c\u0939 \u0938\u0947 \u092f\u0939 \u0938\u094d\u091f\u0949\u092a\u0932\u0949\u0938 \u091c\u094d\u092f\u093e\u0926\u093e \u092a\u094d\u0930\u092d\u093e\u0935\u0940 \u0939\u094b\u0924\u093e \u0939\u0948\u0964", "Thanks Zerodha Varsity Team for your effort to understand in Hindi\u2026.", "\u0905\u0917\u0930 \u0939\u092e\u093e\u0930\u0947 \u0939\u094b\u0932\u094d\u0921 \u0915\u0930\u0928\u0947 \u0915\u093e \u0938\u092e\u092f 10 \u0926\u093f\u0928 \u0939\u094b \u0924\u094b 10 \u0926\u093f\u0928 \u0915\u0940 \u0935\u094b\u0932\u0948\u091f\u093f\u0932\u093f\u091f\u0940 \u0939\u094b\u0917\u0940 1.6*Sqrt (10) \u0906\u092a \u0907\u0938\u0940 \u0924\u0930\u0940\u0915\u0947 \u0938\u0947 \u0939\u092e \u092c\u093e\u0915\u0940 \u092d\u0940 \u0928\u093f\u0915\u093e\u0932 \u0938\u0915\u0924\u0947 \u0939\u0948\u0902", "\u092f\u0939\u093e\u0901 \u0935\u094b\u0932\u0947\u091f\u093f\u0932\u093f\u091f\u0940 1.8*sqrt(10) \u0939\u094b\u0928\u093e \u091a\u093e\u0939\u093f\u092f\u0947 \u092e\u0947\u0930\u0947 \u0939\u093f\u0938\u093e\u092c \u0938\u0947\u0964", "\u0939\u092e \u0907\u0938\u0915\u094b \u091a\u0947\u0915 \u0915\u0930\u0947\u0902\u0917\u0947\u0964", "daily average return based on yearly can be in negative or not like as -0.05, -0.21", "Mera sawal ye hai k yearly volatility k liye 252 se qui multiple kiya tha pichla chapter me.. weekly 5 din trading hota hai us hisab se 5*52=260 day yearly hoga.. aur monthly k time 30 din multiple kiya.. kindly thora doubt clear kare..", "\u0907\u0938\u0938\u0947 \u091f\u094d\u0930\u0947\u0921\u093f\u0902\u0917 \u0939\u0949\u0932\u0940\u0921\u0947\u091c \u0915\u094b \u0939\u091f\u093e\u092f\u093e \u0917\u092f\u093e \u092d\u0940 \u0939\u0948\u0964", "\u0905\u092c \u0907\u0938 5 \u0926\u093f\u0928 \u0915\u0940 \u0935\u094b\u0932\u0948\u091f\u093f\u0932\u093f\u091f\u0940 4.01% \u0915\u094b \u0905\u092a\u0928\u0940 \u090f\u0902\u091f\u094d\u0930\u0940 \u0915\u0940\u092e\u0924 \u0938\u0947 \u0918\u091f\u093e\u0915\u0930 \u0938\u094d\u091f\u0949\u092a\u0932\u0949\u0938 \u0928\u093f\u0915\u093e\u0932\u0924\u0947 \u0939\u0948\u0902- [395-(395 \u0915\u093e 4.01%)]= 379 \u092f\u0939 \u0917\u0923\u0928\u093e \u0939\u092e\u0947\u0902 \u092c\u0924\u093e\u0924\u0940 \u0939\u0948 \u0915\u093f \u0905\u0917\u0932\u0947 5 \u0926\u093f\u0928\u094b\u0902 \u092e\u0947\u0902 \u090f\u092f\u0930\u091f\u0947\u0932 395 \u0938\u0947 379 \u0924\u0915 \u0906\u0938\u093e\u0928\u0940 \u0938\u0947 \u091c\u093e \u0938\u0915\u0924\u093e \u0939\u0948\u0964 \u0907\u0938\u0915\u093e \u092e\u0924\u0932\u092c \u092f\u0939 \u0939\u0941\u0906 \u0915\u093f 385 \u0915\u093e \u0938\u094d\u091f\u0949\u092a\u0932\u0949\u0938 \u0915\u092d\u0940 \u092d\u0940 \u091f\u094d\u0930\u093f\u0917\u0930 \u0939\u094b \u0938\u0915\u0924\u093e \u0939\u0948,", "395-(395ka 4.01%)=391 something hoga na???\n379 kese huva??\nPlz explain\u2026.", "\u0938\u0942\u091a\u093f\u0924 \u0915\u0930\u0928\u0947 \u0915\u0947 \u0932\u093f\u090f \u0927\u0928\u094d\u092f\u0935\u093e\u0926 \u0939\u092e \u0907\u0938\u0915\u094b \u091a\u0947\u0915 \u0915\u0930\u0947\u0902\u0917\u0947\u0964", "Name (required)", "Mail (will not be published) (required)", "", "Post comment", "", "\u0394", "Varsity by Zerodha \u00a9 2015 \u2013 2024.\r\n\t\t\t\t\tAll rights reserved.\r\n\t\t\t\t\tReproduction of the Varsity materials, text and images,\r\n\t\t\t\t\tis not permitted. For media queries, contact [email\u00a0protected]"], "images": ["https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo.png", "https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo-small.png", "https://zerodha.com/varsity/wp-content/uploads/2015/08/M5-Ch18-Cartoon2.png", "https://zerodha.com/varsity/wp-content/uploads/2015/08/Image-1_SD1.png", "https://zerodha.com/varsity/wp-content/uploads/2015/08/Image-2_Call-Strikes1.png", "https://zerodha.com/varsity/wp-content/uploads/2015/08/Image-3_Airtel1.png", "https://secure.gravatar.com/avatar/95683a3971a6cc4689da9104c7f64e91?s=32&d=identicon&r=g", "https://secure.gravatar.com/avatar/b214c0ce8de1266466358cc1d6464245?s=32&d=identicon&r=g", "https://secure.gravatar.com/avatar/be5de1b57c0a4cfdd8c128e3b984d149?s=32&d=identicon&r=g", "https://secure.gravatar.com/avatar/5f690fd872f928ea6613bf505a4c3fdc?s=32&d=identicon&r=g", "https://secure.gravatar.com/avatar/cdd8d57b6854a3539d8ecebd3f389e7e?s=32&d=identicon&r=g", "https://secure.gravatar.com/avatar/be5de1b57c0a4cfdd8c128e3b984d149?s=32&d=identicon&r=g", "https://secure.gravatar.com/avatar/4c92891fce7d3357ca9073209d13db99?s=32&d=identicon&r=g", "https://secure.gravatar.com/avatar/be5de1b57c0a4cfdd8c128e3b984d149?s=32&d=identicon&r=g", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/playstore.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/appstore.png"], "tables": [], "videos": []}

{"title": "21. \u0917\u094d\u0930\u0940\u0915 \u0915\u0948\u0932\u0915\u0941\u0932\u0947\u091f\u0930", "text": ["\u0907\u0938 \u092e\u0949\u0921\u094d\u092f\u0942\u0932 \u092e\u0947\u0902 \u0905\u092c \u0924\u0915 \u0939\u092e\u0928\u0947 \u0938\u092d\u0940 \u092e\u0939\u0924\u094d\u0935\u092a\u0942\u0930\u094d\u0923 \u0911\u092a\u094d\u0936\u0928 \u0917\u094d\u0930\u0940\u0915 \u0915\u0947 \u092c\u093e\u0930\u0947 \u092e\u0947\u0902 \u092c\u093e\u0924 \u0915\u0930 \u0932\u0940 \u0939\u0948 \u0914\u0930 \u0909\u0928\u0915\u0947 \u0909\u092a\u092f\u094b\u0917 \u0915\u094b \u092d\u0940 \u0938\u092e\u091d \u0932\u093f\u092f\u093e \u0939\u0948\u0964 \u0905\u092c \u0938\u092e\u092f \u0939\u0948, \u092f\u0939 \u0938\u092e\u091d\u0928\u0947 \u0915\u093e \u0915\u093f \u0907\u0928 \u0917\u094d\u0930\u0940\u0915 \u0915\u0940 \u0917\u0923\u0928\u093e \u0915\u0948\u0938\u0947 \u0915\u0940 \u091c\u093e\u0924\u0940 \u0939\u0948\u0964 \u092c\u094d\u0932\u0948\u0915 \u090f\u0902\u0921 \u0938\u094d\u0915\u094b\u0932\u094d\u0938 (B&S) \u0911\u092a\u094d\u0936\u0928 \u092a\u094d\u0930\u093e\u0907\u0938\u093f\u0902\u0917 \u0915\u0948\u0932\u0915\u0941\u0932\u0947\u091f\u0930, \u092c\u094d\u0932\u0948\u0915 \u090f\u0902\u0921 \u0938\u094d\u0915\u094b\u0932\u094d\u0938 \u0911\u092a\u094d\u0936\u0928 \u092a\u094d\u0930\u093e\u0907\u0938\u093f\u0902\u0917 \u092e\u0949\u0921\u0932 (Black and Scholes options pricing model) \u092a\u0930 \u0906\u0927\u093e\u0930\u093f\u0924 \u0939\u0948 \u091c\u093f\u0938\u0947 \u092a\u0939\u0932\u0940 \u092c\u093e\u0930 \u092b\u093f\u0936\u0930 \u092c\u094d\u0932\u0948\u0915 \u0914\u0930 \u092e\u093e\u092f\u0930\u0949\u0928 \u0938\u094d\u0915\u094b\u0932\u094d\u0938 (\u00a0Fisher Black and Myron Scholes) \u0928\u0947 1973 \u092e\u0947\u0902 \u092c\u0928\u093e\u092f\u093e \u0925\u093e, \u0939\u093e\u0932\u093e\u0902\u0915\u093f \u092c\u093e\u0926 \u092e\u0947\u0902 \u0930\u0949\u092c\u0930\u094d\u091f \u0938\u0940 \u092e\u0930\u094d\u091f\u0928 (Robert C Merton) \u0928\u0947 \u0907\u0938 \u092e\u0949\u0921\u0932 \u0915\u094b \u0935\u093f\u0915\u0938\u093f\u0924 \u0915\u093f\u092f\u093e \u0914\u0930 \u0907\u0938\u0915\u094b \u092a\u0942\u0930\u0940 \u0924\u0930\u0940\u0915\u0947 \u0938\u0947 \u0917\u0923\u093f\u0924 \u092a\u0930 \u0906\u0927\u093e\u0930\u093f\u0924 \u092a\u0930 \u090f\u0915 \u092b\u093e\u0930\u094d\u092e\u0942\u0932\u0947 \u0915\u093e \u0930\u0942\u092a \u0926\u093f\u092f\u093e\u0964", "\u0935\u093f\u0924\u094d\u0924\u0940\u092f \u092c\u093e\u091c\u093e\u0930\u094b\u0902 \u092e\u0947\u0902 \u0907\u0938 \u092a\u094d\u0930\u093e\u0907\u0938\u093f\u0902\u0917 \u092e\u0949\u0921\u0932 \u0915\u094b \u0915\u093e\u092b\u0940 \u092e\u0939\u0924\u094d\u0935 \u0926\u093f\u092f\u093e \u091c\u093e\u0924\u093e \u0939\u0948\u0964 \u0935\u093e\u0938\u094d\u0924\u0935 \u092e\u0947\u0902 \u0930\u0949\u092c\u0930\u094d\u091f \u0938\u0940 \u092e\u0930\u094d\u091f\u0928 \u0915\u094b \u0914\u0930 \u092e\u093e\u092f\u0930\u0949\u0928 \u0938\u094d\u0915\u094b\u0932\u094d\u0938 \u0915\u094b 1997 \u092e\u0947\u0902 \u0907\u0915\u094b\u0928\u0949\u092e\u093f\u0915\u094d\u0938 \u0915\u093e \u0928\u094b\u092c\u0947\u0932 \u0928\u094b\u092c\u0947\u0932 \u092a\u094d\u0930\u093e\u0907\u091c \u092d\u0940 \u092e\u093f\u0932\u093e\u0964 B&S \u092a\u094d\u0930\u093e\u0907\u0938\u093f\u0902\u0917 \u092e\u0949\u0921\u0932 \u092e\u0947\u0902 \u0917\u0923\u093f\u0924 \u0915\u0947 \u0915\u0908 \u0938\u093f\u0926\u094d\u0927\u093e\u0902\u0924 \u091c\u0948\u0938\u0947 \u092a\u093e\u0930\u094d\u0936\u093f\u092f\u0932 \u0921\u093f\u092b\u0930\u0947\u0902\u0936\u093f\u092f\u0932 \u0907\u0915\u094d\u0935\u0947\u0936\u0928(Partial Differential equation), \u0928\u0949\u0930\u092e\u0932 \u0921\u093f\u0938\u091f\u0940\u092c\u094d\u092f\u0942\u0936\u0928 (Normal Distribution), \u0938\u094d\u091f\u0947\u093e\u0938\u094d\u091f\u093f\u0915 \u092a\u094d\u0930\u094b\u0938\u0947\u0938\u0947\u0938 (Stochastic Processes) \u0906\u0926\u093f \u0915\u093e \u0907\u0938\u094d\u0924\u0947\u092e\u093e\u0932 \u0915\u093f\u092f\u093e \u091c\u093e\u0924\u093e \u0939\u0948\u0964 \u0907\u0938 \u092e\u0949\u0921\u094d\u092f\u0942\u0932 \u092e\u0947\u0902 \u0939\u092e \u0906\u092a\u0915\u094b \u0917\u0923\u093f\u0924 \u0915\u0947 \u092c\u093e\u0930\u0947 \u092e\u0947\u0902 \u0928\u0939\u0940\u0902 \u092a\u0922\u093c\u093e\u0928\u0947 \u0935\u093e\u0932\u0947 \u0939\u0948\u0902 \u092c\u0932\u094d\u0915\u093f \u0939\u092e\u093e\u0930\u093e \u0909\u0926\u094d\u0926\u0947\u0936\u094d\u092f \u0939\u0948 \u0915\u093f \u0906\u092a \u0907\u0938 \u092b\u093e\u0930\u094d\u092e\u0942\u0932\u0947 \u0915\u0947 \u0909\u092a\u092f\u094b\u0917 \u0915\u094b \u0920\u0940\u0915 \u0922\u0902\u0917 \u0938\u0947 \u0938\u092e\u091d \u0938\u0915\u0947\u0902\u0964 \u0932\u0947\u0915\u093f\u0928 \u092b\u093f\u0930 \u092d\u0940 \u0906\u092a \u0907\u0938 \u092e\u0949\u0921\u0932 \u0915\u094b \u0938\u092e\u091d\u0928\u0947 \u0915\u0947 \u0932\u093f\u090f \u0916\u093e\u0928 \u090f\u0915\u0947\u0921\u092e\u0940 \u0915\u0947 \u0907\u0938 \u0935\u0940\u0921\u093f\u092f\u094b \u0915\u094b \u0926\u0947\u0916 \u0938\u0915\u0924\u0947 \u0939\u0948\u0902", "https://youtu.be/pr-u4LCFYEY", "B&S \u0915\u0948\u0932\u0915\u0941\u0932\u0947\u091f\u0930 \u0915\u094b \u0906\u092a \u090f\u0915 \u0910\u0938\u0940 \u092e\u0936\u0940\u0928 \u092e\u093e\u0928 \u0938\u0915\u0924\u0947 \u0939\u0948\u0902, \u091c\u093f\u0938\u092e\u0947\u0902 \u092c\u0939\u0941\u0924 \u0938\u093e\u0930\u0940 \u091a\u0940\u091c\u0947\u0902 \u0921\u093e\u0932\u0928\u0947 \u092a\u0930 \u0906\u092a\u0915\u094b \u0915\u0908 \u0924\u0930\u0939 \u0915\u0940 \u091a\u0940\u091c\u0947\u0902 \u092c\u0928\u0915\u0930 \u092e\u093f\u0932\u0924\u0940 \u0939\u0948\u0902\u0964 \u091c\u094b \u091a\u0940\u091c\u0947\u0902 \u0907\u0938\u092e\u0947\u0902 \u0921\u093e\u0932\u0940 \u091c\u093e\u0924\u0940 \u0939\u0948 \u0935\u0939 \u0935\u093e\u0938\u094d\u0924\u0935 \u092e\u0947\u0902 \u092e\u093e\u0930\u094d\u0915\u0947\u091f \u0938\u0947 \u091c\u0941\u0921\u093c\u0947 \u0939\u0941\u090f \u0906\u0902\u0915\u0921\u093c\u0947 \u0939\u094b\u0924\u0947 \u0939\u0948\u0902 \u0914\u0930 \u091c\u094b \u091a\u0940\u091c\u0947\u0902 \u0928\u093f\u0915\u0932\u0924\u0940 \u0939\u0948\u0902 \u0935\u0939 \u0911\u092a\u094d\u0936\u0928 \u0917\u094d\u0930\u0940\u0915\u094d\u0938 \u0939\u094b\u0924\u0947 \u0939\u0948\u0902\u0964", "\u092f\u0939 \u092e\u0949\u0921\u0932 \u0907\u0938 \u0924\u0930\u0939 \u0938\u0947 \u0915\u093e\u092e \u0915\u0930\u0924\u093e \u0939\u0948-", "\u0906\u092a \u0907\u0938\u0947 \u0928\u0940\u091a\u0947 \u0915\u0947 \u091a\u093f\u0924\u094d\u0930 \u0938\u0947 \u0920\u0940\u0915 \u0922\u0902\u0917 \u0938\u0947 \u0938\u092e\u091d \u0938\u0915\u0924\u0947 \u0939\u0948\u0902-", "", "\u0907\u0938 \u092e\u0949\u0921\u0932 \u092e\u0947\u0902 \u091c\u093f\u0928 \u091a\u0940\u091c\u094b\u0902 \u0915\u094b \u0921\u093e\u0932\u0928\u093e \u092a\u0921\u093c\u0924\u093e \u0939\u0948-", "\u0938\u094d\u092a\u0949\u091f \u0915\u0940\u092e\u0924- \u00a0\u092f\u0939 \u0935\u0939 \u0915\u0940\u092e\u0924 \u0939\u0948 \u091c\u093f\u0938 \u0915\u0940\u092e\u0924 \u092a\u0930 \u0905\u0902\u0921\u0930\u0932\u093e\u0907\u0902\u0917 \u0938\u094d\u092a\u0949\u091f \u092c\u093e\u091c\u093e\u0930 \u092e\u0947\u0902 \u092c\u093f\u0915 \u0930\u0939\u093e \u0939\u0948\u0964 \u092f\u093e\u0926 \u0930\u0916\u093f\u090f \u0915\u093f \u0939\u092e \u091a\u093e\u0939\u0947\u0902 \u0924\u094b \u092f\u0939\u093e\u0902 \u092a\u0930 \u0938\u094d\u092a\u0949\u091f \u0915\u0940\u092e\u0924 \u0915\u0940 \u091c\u0917\u0939 \u092b\u094d\u092f\u0942\u091a\u0930 \u0915\u0940\u092e\u0924 \u092d\u0940 \u0921\u093e\u0932 \u0938\u0915\u0924\u0947 \u0939\u0948\u0902\u0964 \u091c\u092c \u0911\u092a\u094d\u0936\u0928 \u0915\u0949\u0928\u094d\u091f\u094d\u0930\u0948\u0915\u094d\u091f \u092b\u094d\u092f\u0942\u091a\u0930 \u0915\u0940 \u0915\u0940\u092e\u0924 \u0915\u094b \u0905\u0902\u0921\u0930\u0932\u093e\u0907\u0902\u0917 \u0915\u0947 \u0924\u094c\u0930 \u092a\u0930 \u0907\u0938\u094d\u0924\u0947\u092e\u093e\u0932 \u0915\u0930 \u0930\u0939\u093e \u0939\u094b \u0924\u094b \u0910\u0938\u093e \u0915\u093f\u092f\u093e \u091c\u093e\u0924\u093e \u0939\u0948\u0964 \u0915\u092e\u094b\u0921\u093f\u091f\u0940 \u092b\u094d\u092f\u0942\u091a\u0930\u094d\u0938 \u0914\u0930 \u0915\u0930\u0947\u0902\u0938\u0940 \u0911\u092a\u094d\u0936\u0928 \u092e\u0947\u0902 \u0915\u0908 \u092c\u093e\u0930 \u092b\u094d\u092f\u0942\u091a\u0930 \u0915\u0940\u092e\u0924 \u0915\u094b \u0905\u0902\u0921\u0930\u0932\u093e\u0907\u0902\u0917 \u0915\u0947 \u0924\u094c\u0930 \u092a\u0930 \u0907\u0938\u094d\u0924\u0947\u092e\u093e\u0932 \u0915\u093f\u092f\u093e \u091c\u093e\u0924\u093e \u0939\u0948\u0964 \u0935\u0948\u0938\u0947 \u0907\u0915\u094d\u0935\u093f\u091f\u0940 \u092c\u093e\u091c\u093e\u0930 \u092e\u0947\u0902 \u0911\u092a\u094d\u0936\u0928 \u0915\u0949\u0928\u094d\u091f\u094d\u0930\u0948\u0915\u094d\u091f \u0939\u092e\u0947\u0936\u093e \u0938\u094d\u092a\u0949\u091f \u0915\u0940 \u0915\u0940\u092e\u0924 \u092a\u0930 \u0939\u0940 \u0906\u0927\u093e\u0930\u093f\u0924 \u0939\u094b\u0924\u0947 \u0939\u0948\u0902\u0964", "\u092c\u094d\u092f\u093e\u091c \u0926\u0930\u0947\u0902- \u092f\u0939 \u092c\u094d\u092f\u093e\u091c \u0915\u0940 \u0935\u094b \u0930\u093f\u0938\u094d\u0915 \u092b\u094d\u0930\u0940 \u0926\u0930 \u0939\u0948 \u091c\u094b \u0905\u0930\u094d\u0925\u0935\u094d\u092f\u0935\u0938\u094d\u0925\u093e \u092e\u0947\u0902 \u092e\u093f\u0932 \u0930\u0939\u0940 \u0939\u0948\u0964 \u0907\u0938\u0915\u0947 \u0932\u093f\u090f \u0906\u092a RBI \u0915\u0947 91 \u0921\u0947 (91 day) \u0915\u0947 \u091f\u094d\u0930\u0947\u091c\u0930\u0940 \u092c\u093f\u0932 \u0915\u0947 \u0926\u0930 \u0915\u093e \u0907\u0938\u094d\u0924\u0947\u092e\u093e\u0932 \u0915\u0930 \u0938\u0915\u0924\u0947 \u0939\u0948\u0902\u0964 \u092f\u0939 \u0926\u0930 \u0906\u092a\u0915\u094b RBI \u0915\u0940 \u0935\u0947\u092c\u0938\u093e\u0907\u091f \u0938\u0947 \u092e\u093f\u0932 \u0938\u0915\u0924\u0940 \u0939\u0948\u0964 RBI \u0928\u0947 \u092f\u0939 \u0930\u0947\u091f \u0905\u092a\u0928\u0947 \u0932\u0948\u0902\u0921\u093f\u0902\u0917 \u092a\u0947\u091c \u092a\u0930 \u092d\u0940 \u0921\u093e\u0932\u093e \u0939\u0948, \u091c\u093f\u0938\u0915\u094b \u0928\u0940\u091a\u0947 \u0939\u093e\u0908\u0932\u093e\u0907\u091f \u0915\u093f\u092f\u093e \u0917\u092f\u093e \u0939\u0948\u0964", "", "\u0938\u093f\u0924\u0902\u092c\u0930 2015 \u092e\u0947\u0902 \u092f\u0939 \u0930\u0947\u091f 7.4769% \u0939\u0948\u0964", "\u0921\u093f\u0935\u093f\u0921\u0947\u0902\u0921\u2013 \u092f\u0939 \u092a\u094d\u0930\u0924\u093f \u0936\u0947\u092f\u0930 \u092e\u093f\u0932\u0928\u0947 \u0935\u093e\u0932\u093e \u0935\u0939 \u0921\u093f\u0935\u093f\u0921\u0947\u0902\u0921 \u0939\u0948 \u091c\u093f\u0938\u0915\u0940 \u0909\u092e\u094d\u092e\u0940\u0926 \u0915\u0940 \u091c\u093e \u0930\u0939\u0940 \u0939\u0948\u0964 \u0907\u0938\u0915\u093e \u0907\u0938\u094d\u0924\u0947\u092e\u093e\u0932 \u0924\u092c \u0939\u094b\u0924\u093e \u0939\u0948 \u091c\u092c \u0907\u0938 \u090f\u0915\u094d\u0938\u092a\u093e\u092f\u0930\u0940 \u0915\u0947 \u0926\u094c\u0930\u093e\u0928 \u0938\u094d\u091f\u0949\u0915 \u090f\u0915\u094d\u0938 \u0921\u093f\u0935\u093f\u0921\u0947\u0902\u0921 (ex-dividend) \u0939\u094b\u0928\u0947 \u0935\u093e\u0932\u093e \u0939\u094b\u0964 \u0909\u0926\u093e\u0939\u0930\u0923 \u0915\u0947 \u0924\u094c\u0930 \u092a\u0930, \u092e\u093e\u0928 \u0932\u0940\u091c\u093f\u090f \u0915\u093f \u0906\u091c 11 \u0938\u093f\u0924\u0902\u092c\u0930 \u0939\u0948 \u0914\u0930 \u0906\u092a ICICI \u092c\u0948\u0902\u0915 \u0915\u0947 \u0911\u092a\u094d\u0936\u0928 \u0915\u093e\u0928\u094d\u091f\u094d\u0930\u0948\u0915\u094d\u091f \u0915\u0947 \u0932\u093f\u090f \u0911\u092a\u094d\u0936\u0928 \u0917\u094d\u0930\u0940\u0915 \u0915\u0940 \u0917\u0923\u0928\u093e \u0915\u0930\u0928\u093e \u091a\u093e\u0939\u0924\u0947 \u0939\u0948\u0902 \u0914\u0930 ICICI \u092c\u0948\u0902\u0915 18 \u0938\u093f\u0924\u0902\u092c\u0930 \u0915\u094b \u090f\u0915\u094d\u0938 \u0921\u093f\u0935\u093f\u0921\u0947\u0902\u0921 (ex-dividend) \u00a0\u0939\u094b \u0930\u0939\u093e \u0939\u0948\u0964 \u0907\u0938 \u092a\u0930 \u20b94 \u0921\u093f\u0935\u093f\u0921\u0947\u0902\u0921 \u092e\u093f\u0932\u0928\u0947 \u0935\u093e\u0932\u093e \u0939\u0948\u0964 \u0938\u093f\u0924\u0902\u092c\u0930 \u0938\u0940\u0930\u0940\u091c \u0915\u0940 \u090f\u0915\u094d\u0938\u092a\u093e\u092f\u0930\u0940 24 \u0938\u093f\u0924\u0902\u092c\u0930 2015 \u0915\u094b \u0939\u0948 \u0907\u0938\u0932\u093f\u090f \u092f\u0939\u093e\u0902 \u092a\u0930 \u0907\u0938 \u0917\u0923\u0928\u093e \u0915\u0947 \u0932\u093f\u090f \u0921\u093f\u0935\u093f\u0921\u0947\u0902\u0921 \u20b94 \u0939\u094b\u0917\u093e\u0964", "\u090f\u0915\u094d\u0938\u092a\u093e\u092f\u0930\u0940 \u092e\u0947\u0902 \u092c\u091a\u0947 \u0939\u0941\u090f \u0926\u093f\u0928\u2013 \u090f\u0915\u094d\u0938\u092a\u093e\u092f\u0930\u0940 \u092e\u0947\u0902 \u0915\u093f\u0924\u0928\u0947 \u0926\u093f\u0928 \u092c\u091a\u0947 \u0939\u0941\u090f \u0939\u0948\u0902\u0964", "\u0935\u094b\u0932\u0948\u091f\u093f\u0932\u093f\u091f\u0940\u2013 \u092f\u0939\u093e\u0902 \u092a\u0930 \u0906\u092a\u0915\u094b \u0911\u092a\u094d\u0936\u0928 \u0915\u0940 \u0907\u0902\u092a\u094d\u0932\u093e\u0907\u0921 \u0935\u094b\u0932\u0948\u091f\u093f\u0932\u093f\u091f\u0940 \u0915\u093e \u0907\u0938\u094d\u0924\u0947\u092e\u093e\u0932 \u0915\u0930\u0928\u093e \u0939\u094b\u0917\u093e\u0964 NSE \u0915\u0940 \u0924\u0930\u092b \u0938\u0947 \u091c\u093e\u0930\u0940 \u0915\u093f\u090f \u0917\u090f \u0911\u092a\u094d\u0936\u0928 \u091a\u0947\u0928 \u092e\u0947\u0902 \u0906\u092a\u0915\u094b \u0938\u092d\u0940 \u0911\u092a\u094d\u0936\u0928 \u0915\u0949\u0928\u094d\u091f\u094d\u0930\u0948\u0915\u094d\u091f \u0915\u0940 \u0907\u0902\u092a\u094d\u0932\u093e\u092f\u0921 \u0935\u094b\u0932\u0948\u091f\u093f\u0932\u093f\u091f\u0940 \u0915\u093e \u0921\u0947\u091f\u093e \u092e\u093f\u0932 \u0938\u0915\u0924\u093e \u0939\u0948\u0964 \u0909\u0926\u093e\u0939\u0930\u0923 \u0915\u0947 \u0924\u094c\u0930 \u092a\u0930, \u0928\u0940\u091a\u0947 \u0915\u0947 \u091a\u093f\u0924\u094d\u0930 \u092e\u0947\u0902 ICICI \u092c\u0948\u0902\u0915 \u0915\u0947 280 CE \u0915\u094b \u0926\u093f\u0916\u093e\u092f\u093e \u0917\u092f\u093e \u0939\u0948 \u0914\u0930 \u0939\u092e \u0926\u0947\u0916 \u0938\u0915\u0924\u0947 \u0939\u0948\u0902 \u0915\u093f \u0907\u0938\u0915\u093e IV 43.55% \u0939\u0948\u0964", "", "\u0906\u0907\u090f \u0905\u092c \u0907\u0928 \u0906\u0902\u0915\u0921\u093c\u094b\u0902 \u0915\u093e \u0907\u0938\u094d\u0924\u0947\u092e\u093e\u0932 \u0915\u0930\u0915\u0947 ICICI \u0915\u0947 280 \u0915\u0949\u0932 \u0911\u092a\u094d\u0936\u0928 \u0915\u0947 \u0917\u094d\u0930\u0940\u0915 \u0915\u094b \u0928\u093f\u0915\u093e\u0932\u0924\u0947 \u0939\u0948\u0902\u2013", "\u0905\u092c \u091c\u092c \u0939\u092e\u093e\u0930\u0947 \u092a\u093e\u0938 \u092f\u0939 \u0938\u093e\u0930\u0940 \u091c\u093e\u0928\u0915\u093e\u0930\u0940 \u0939\u0948 \u0924\u094b \u0939\u092e \u0907\u0938\u0915\u094b \u092c\u094d\u0932\u0948\u0915 \u090f\u0902\u0921 \u0938\u094d\u0915\u094b\u0932\u094d\u0938 \u0911\u092a\u094d\u0936\u0928 \u0915\u0947\u0932\u0915\u0941\u0932\u0947\u091f\u0930 \u092e\u0947\u0902 \u0921\u093e\u0932\u0947\u0902\u0917\u0947\u0964 \u092f\u0939 \u0915\u0947\u0932\u0915\u0941\u0932\u0947\u091f\u0930 \u0939\u092e\u093e\u0930\u0940 \u0935\u0947\u092c\u0938\u093e\u0907\u091f \u092a\u0930 \u092e\u094c\u091c\u0942\u0926 \u0939\u0948- https://zerodha.com/tools/black-scholes \u0906\u092a \u0907\u0938\u0915\u093e \u0907\u0938\u094d\u0924\u0947\u092e\u093e\u0932 \u0915\u0930\u0915\u0947 \u0911\u092a\u094d\u0936\u0928 \u0917\u094d\u0930\u0940\u0915\u094d\u0938 \u0928\u093f\u0915\u093e\u0932 \u0938\u0915\u0924\u0947 \u0939\u0948\u0902\u0964", "", "\u090f\u0915 \u092c\u093e\u0930 \u091c\u092c \u0906\u092a \u091c\u0930\u0942\u0930\u0940 \u0921\u0947\u091f\u093e \u0921\u093e\u0932 \u0926\u0947\u0924\u0947 \u0939\u0948\u0902 \u0914\u0930 \u0915\u0948\u0932\u0915\u0941\u0932\u0947\u091f \u0915\u093e \u092c\u091f\u0928 \u0926\u092c\u093e\u0924\u0947 \u0939\u0948\u0902, \u0924\u094b \u0915\u0948\u0932\u0915\u0941\u0932\u0947\u091f\u0930 \u0906\u092a\u0915\u094b \u0911\u092a\u094d\u0936\u0928 \u0917\u094d\u0930\u0940\u0915 \u0915\u093e \u092e\u0942\u0932\u094d\u092f \u092c\u0924\u093e \u0926\u0947\u0924\u093e \u0939\u0948\u0964", "", "\u0907\u0938\u0938\u0947 \u091c\u094b \u091a\u0940\u091c\u0947\u0902 \u0928\u093f\u0915\u0932\u0924\u0940 \u0939\u0948\u0902", "\u092e\u0941\u091d\u0947 \u0909\u092e\u094d\u092e\u0940\u0926 \u0939\u0948 \u0915\u093f \u0905\u092c \u0924\u0915 \u0906\u092a \u0939\u0930 \u0911\u092a\u094d\u0936\u0928 \u0917\u094d\u0930\u0940\u0915\u094d\u0938 \u0915\u0947 \u092c\u093e\u0930\u0947 \u092e\u0947\u0902 \u0938\u092e\u091d \u091a\u0941\u0915\u0947 \u0939\u0948\u0902 \u0914\u0930 \u092f\u0939 \u091c\u093e\u0928\u0924\u0947 \u0939\u0948\u0902 \u0915\u093f \u0935\u0939 \u0915\u094d\u092f\u093e \u092c\u0924\u093e \u0930\u0939\u0947 \u0939\u0948\u0902 \u0914\u0930 \u0907\u0928\u0915\u093e \u0907\u0938\u094d\u0924\u0947\u092e\u093e\u0932 \u0906\u092a \u0915\u0948\u0938\u0947 \u0915\u0930 \u0938\u0915\u0924\u0947 \u0939\u0948\u0902\u0964", "\u0911\u092a\u094d\u0936\u0928 \u0915\u0948\u0932\u0915\u0941\u0932\u0947\u091f\u0930 \u0915\u0947 \u092c\u093e\u0930\u0947 \u092e\u0947\u0902 \u090f\u0915 \u0914\u0930 \u092c\u093e\u0924 \u091c\u094b \u0906\u092a\u0915\u094b \u091c\u093e\u0928\u0928\u093e \u091a\u093e\u0939\u093f\u090f \u0935\u0939 \u092f\u0939 \u0939\u0948 \u0915\u093f \u0911\u092a\u094d\u0936\u0928 \u0915\u0948\u0932\u0915\u0941\u0932\u0947\u091f\u0930 \u0915\u093e \u0907\u0938\u094d\u0924\u0947\u092e\u093e\u0932 \u092e\u0941\u0916\u094d\u092f \u0924\u094c\u0930 \u092a\u0930 \u0911\u092a\u094d\u0936\u0928 \u0917\u094d\u0930\u0940\u0915\u094d\u0938 \u0915\u094b \u0928\u093f\u0915\u093e\u0932\u0928\u0947 \u0915\u0947 \u0932\u093f\u090f \u0914\u0930 \u0911\u092a\u094d\u0936\u0928 \u0915\u0940 \u0938\u0948\u0926\u094d\u0927\u093e\u0902\u0924\u093f\u0915 \u0915\u0940\u092e\u0924 \u0915\u094b \u0928\u093f\u0915\u093e\u0932\u0928\u0947 \u0915\u0947 \u0932\u093f\u090f \u0915\u093f\u092f\u093e \u091c\u093e\u0924\u093e \u0939\u0948\u0964 \u0915\u092d\u0940-\u0915\u092d\u0940 \u0906\u0902\u0915\u0921\u093c\u0947 \u0921\u093e\u0932\u0924\u0947 \u0939\u0941\u090f \u0925\u094b\u0921\u093c\u0947 \u0938\u0947 \u092b\u0947\u0930\u092c\u0926\u0932 \u0915\u0940 \u0935\u091c\u0939 \u0938\u0947 \u0906\u092a\u0915\u094b \u0915\u0941\u091b \u0905\u0902\u0924\u0930 \u092e\u093f\u0932 \u0938\u0915\u0924\u093e \u0939\u0948, \u0907\u0938\u0932\u093f\u090f \u091c\u0930\u0942\u0930\u0940 \u0939\u0948 \u0915\u093f \u0906\u092a \u0905\u092a\u0928\u0947 \u0905\u0928\u0941\u092e\u093e\u0928\u094b\u0902 \u092e\u0947\u0902 \u092e\u0949\u0921\u0932\u093f\u0902\u0917 \u0915\u0947 \u0932\u093f\u090f \u0925\u094b\u0921\u093c\u0940 \u091c\u0917\u0939 \u0930\u0916\u0947\u0902\u0964 \u0932\u0947\u0915\u093f\u0928 \u0915\u0941\u0932 \u092e\u093f\u0932\u093e\u0915\u0930 \u0911\u092a\u094d\u0936\u0928 \u0915\u0948\u0932\u0915\u0941\u0932\u0947\u091f\u0930 \u0915\u093e\u092b\u0940 \u0938\u0939\u0940 \u0917\u0923\u0928\u093e \u0915\u0930\u0924\u093e \u0939\u0948\u0964", "\u0939\u092e \u092f\u0939\u093e\u0902 \u092a\u0930 \u0911\u092a\u094d\u0936\u0928 \u092a\u094d\u0930\u093e\u0907\u0938\u093f\u0902\u0917 \u0915\u0947 \u092e\u0941\u0926\u094d\u0926\u0947 \u092a\u0930 \u092c\u093e\u0924 \u0915\u0930 \u0930\u0939\u0947 \u0939\u0948\u0902 \u0907\u0938\u0932\u093f\u090f \u0936\u093e\u092f\u0926 \u092f\u0939\u0940\u0902 \u092a\u0930 \u0939\u092e\u0947\u0902 \u092a\u0941\u091f \u0915\u0949\u0932 \u092a\u0948\u0930\u093f\u091f\u0940 (Put Call Parity) \u092f\u093e\u0928\u0940 PCP \u092a\u0930 \u092c\u093e\u0924 \u0915\u0930 \u0932\u0947\u0928\u0940 \u091a\u093e\u0939\u093f\u090f\u0964 \u092a\u0941\u091f \u0915\u0949\u0932 \u092a\u0948\u0930\u093f\u091f\u0940 \u090f\u0915 \u0938\u0940\u0927\u093e-\u0938\u093e\u0927\u093e \u0917\u0923\u093f\u0924 \u0915\u093e \u0938\u092e\u0940\u0915\u0930\u0923 \u0939\u0948 \u091c\u094b \u0915\u093f \u092c\u0924\u093e\u0924\u093e \u0939\u0948-", "\u092a\u0941\u091f \u0915\u0940\u092e\u0924 + \u0938\u094d\u092a\u0949\u091f \u0915\u0940\u092e\u0924 + \u0938\u094d\u091f\u094d\u0930\u093e\u0907\u0915 \u0915\u0940 \u092e\u094c\u091c\u0942\u0926\u093e \u0915\u0940\u092e\u0924 (\u092e\u0948\u091a\u094d\u092f\u094b\u0930\u093f\u091f\u0940 \u0924\u0915 \u0928\u093f\u0935\u0947\u0936 \u092a\u0930) + \u0915\u0949\u0932 \u0915\u0940 \u0915\u0940\u092e\u0924", "Put Value + Spot Price = Present value of strike (invested to maturity) + Call Value.", "\u092f\u0939 \u0938\u092e\u0940\u0915\u0930\u0923 \u092c\u093f\u0932\u094d\u0915\u0941\u0932 \u0938\u0939\u0940 \u0938\u093e\u092c\u093f\u0924 \u0939\u094b\u0924\u093e \u0939\u0948 \u0905\u0917\u0930 \u2013", "\u091c\u094b \u0932\u094b\u0917 \u092a\u094d\u0930\u0947\u091c\u0947\u0902\u091f \u0935\u0948\u0932\u094d\u092f\u0942 \u0915\u0947 \u092c\u093e\u0930\u0947 \u092e\u0947\u0902 \u0928\u0939\u0940\u0902 \u091c\u093e\u0928\u0924\u0947 \u0939\u0948\u0902 \u092e\u0947\u0930\u0940 \u0909\u0928\u0915\u094b \u0938\u0932\u093e\u0939 \u0939\u0948 \u0915\u093f \u0935\u0939 \u0907\u0938\u0915\u094b \u092a\u0922\u093c\u0947\u0902 \u2013 http://zerodha.com/varsity/chapter/dcf-primer/", "\u0932\u0947\u0915\u093f\u0928 \u0905\u0917\u0930 \u0906\u092a \u092a\u094d\u0930\u0947\u091c\u0947\u0902\u091f \u0935\u0948\u0932\u094d\u092f\u0942 \u0915\u0947 \u0938\u093f\u0926\u094d\u0927\u093e\u0902\u0924 \u0915\u094b \u0938\u092e\u091d\u0924\u0947 \u0939\u0948\u0902 \u0924\u094b \u0906\u092a \u0907\u0938 \u0938\u092e\u0940\u0915\u0930\u0923 \u0915\u094b \u0910\u0938\u0947 \u092d\u0940 \u0926\u0947\u0916 \u0938\u0915\u0924\u0947 \u0939\u0948\u0902", "P + S = Ke(-rt)\u00a0+ C", "\u091c\u0939\u093e\u0902 \u092a\u0930 \u092f\u0939 Ke(-rt)\u00a0 \u0938\u094d\u091f\u094d\u0930\u093e\u0907\u0915 \u0915\u0940 \u092a\u094d\u0930\u0947\u091c\u0947\u0902\u091f \u0935\u0948\u0932\u094d\u092f\u0942 \u0915\u094b \u092c\u0924\u093e\u0924\u093e \u0939\u0948 \u091c\u092c\u0915\u093f \u00a0K\u00a0 \u0938\u094d\u091f\u094d\u0930\u093e\u0907\u0915 \u0915\u0940\u092e\u0924 \u0939\u0948\u0964 \u0917\u0923\u093f\u0924 \u0915\u0947 \u0928\u091c\u0930 \u0938\u0947 \u0926\u0947\u0916\u0947\u0902 \u0924\u094b \u0938\u094d\u091f\u094d\u0930\u093e\u0907\u0915 K \u0932\u0917\u093e\u0924\u093e\u0930 \u0921\u093f\u0938\u094d\u0915\u093e\u0909\u0902\u091f \u0939\u094b \u0930\u0939\u093e \u0939\u0948 \u2018r\u2019 \u0913\u0935\u0930 \u2018\u091f\u093e\u0907\u092e \u0915\u0940 \u2018t\u2019 (\u2018r\u2019 over time \u2018t\u2019 ) \u0915\u0940 \u0926\u0930 \u0938\u0947\u0964", "\u092f\u0939 \u092d\u0940 \u0938\u092e\u091d \u0932\u0940\u091c\u093f\u090f \u0915\u093f \u0905\u0917\u0930 \u0906\u092a \u0938\u094d\u091f\u094d\u0930\u093e\u0907\u0915 \u0915\u0940 \u092a\u094d\u0930\u0947\u091c\u0947\u0902\u091f \u0935\u0948\u0932\u094d\u092f\u0942 \u0915\u094b \u092e\u0948\u091a\u094d\u092f\u094b\u0930\u093f\u091f\u0940 \u0924\u0915 \u0939\u094b\u0932\u094d\u0921 \u0915\u0930\u0924\u0947 \u0939\u0948\u0902 \u0924\u094b \u0906\u092a\u0915\u094b \u0938\u094d\u091f\u094d\u0930\u093e\u0907\u0915 \u0915\u0940\u092e\u0924 \u0939\u0940 \u0935\u093e\u092a\u0938 \u092e\u093f\u0932 \u091c\u093e\u090f\u0917\u0940\u0964 \u0907\u0938\u0932\u093f\u090f \u0907\u0938 \u0938\u092e\u0940\u0915\u0930\u0923 \u0915\u094b \u0907\u0938 \u0924\u0930\u0940\u0915\u0947 \u0938\u0947 \u092d\u0940 \u0926\u093f\u0916\u093e\u092f\u093e \u091c\u093e \u0938\u0915\u0924\u093e \u0939\u0948", "\u092a\u0941\u091f \u0911\u092a\u094d\u0936\u0928 + \u00a0\u0938\u094d\u092a\u0949\u091f \u0915\u0940\u092e\u0924 = \u0938\u094d\u091f\u094d\u0930\u093e\u0907\u0915 \u0915\u0940\u092e\u0924 + \u0915\u0949\u0932 \u0911\u092a\u094d\u0936\u0928", "Put Option + Spot Price = Strike + Call options", "\u0924\u094b \u092f\u0939 \u0926\u094b\u0928\u094b\u0902 \u092c\u0930\u093e\u092c\u0930 \u0915\u094d\u092f\u094b\u0902 \u0939\u094b\u0928\u0947 \u091a\u093e\u0939\u093f\u090f? \u0907\u0938\u0915\u094b \u0905\u091a\u094d\u091b\u0947 \u0924\u0930\u0940\u0915\u0947 \u0938\u0947 \u0938\u092e\u091d\u0928\u0947 \u0915\u0947 \u0932\u093f\u090f \u0906\u092a \u092e\u093e\u0928 \u0932\u0940\u091c\u093f\u090f \u0915\u093f \u0926\u094b \u091f\u094d\u0930\u0947\u0921\u0930 \u0939\u0948\u0902 A \u0914\u0930 B", "\u090a\u092a\u0930 \u0915\u0947 \u0924\u0925\u094d\u092f\u094b\u0902 \u0915\u0947 \u0906\u0927\u093e\u0930 \u092a\u0930 PCP \u092c\u0924\u093e\u0924\u093e \u0939\u0948 \u0915\u093f \u0926\u094b\u0928\u094b\u0902 \u091f\u094d\u0930\u0947\u0921\u0930 \u090f\u0915 \u092c\u0930\u093e\u092c\u0930 \u092a\u0948\u0938\u0947 \u0915\u092e\u093e\u090f\u0902\u0917\u0947 (\u0905\u0917\u0930 \u0935\u0939 \u0905\u092a\u0928\u0940 \u092a\u094b\u091c\u0940\u0936\u0928 \u0915\u094b \u090f\u0915\u094d\u0938\u092a\u093e\u092f\u0930\u0940 \u0924\u0915 \u0939\u094b\u0932\u094d\u0921 \u0915\u0930\u0924\u0947 \u0939\u0948\u0902)\u0964 \u092f\u0939\u093e\u0902 \u092a\u0930 \u0915\u0941\u091b \u0906\u0902\u0915\u0921\u093c\u0947 \u0928\u0902\u092c\u0930 \u0921\u093e\u0932\u0915\u0930 \u0926\u0947\u0916\u0924\u0947 \u0939\u0948\u0902 \u0915\u093f \u092f\u0939 \u0938\u092e\u0940\u0915\u0930\u0923 \u0915\u093f\u0924\u0928\u093e \u0938\u0939\u0940 \u0939\u0948-", "\u0905\u0902\u0921\u0930\u0932\u093e\u0907\u0902\u0917 = \u0907\u0902\u092b\u094b\u0938\u093f\u0938", "\u0938\u094d\u091f\u094d\u0930\u093e\u0907\u0915 = 1200", "\u0938\u094d\u092a\u0949\u091f \u0915\u0940\u092e\u0924 = 1200", "\u091f\u094d\u0930\u0947\u0921\u0930 A \u0939\u094b\u0932\u094d\u0921 \u0915\u0930\u0924\u093e \u0939\u0948 = 1200 PE + \u0907\u0902\u092b\u094b\u0938\u093f\u0938 \u0915\u093e \u090f\u0915 \u0936\u0947\u092f\u0930 1200 \u092a\u0930", "\u091f\u094d\u0930\u0947\u0921\u0930 B \u0939\u094b\u0932\u094d\u0921 \u0915\u0930\u0924\u093e \u0939\u0948 = 1200 CE + \u0938\u094d\u091f\u094d\u0930\u093e\u0907\u0915 \u0915\u0947 \u092c\u0930\u093e\u092c\u0930 \u0915\u093e \u0928\u0915\u0926 \u092f\u093e\u0928\u0940 1200", "\u0905\u092c \u092e\u093e\u0928 \u0932\u0940\u091c\u093f\u090f \u0915\u0940 \u090f\u0915\u094d\u0938\u092a\u093e\u092f\u0930\u0940 \u092a\u0930 \u0907\u0902\u092b\u094b\u0938\u093f\u0938 1100 \u092a\u0930 \u090f\u0915\u094d\u0938\u092a\u093e\u092f\u0930 \u0939\u094b\u0924\u093e \u0939\u0948, \u0924\u094b \u0915\u094d\u092f\u093e \u0939\u094b\u0917\u093e?", "\u091f\u094d\u0930\u0947\u0921\u0930 A \u00a0\u0915\u093e \u092a\u0941\u091f \u0911\u092a\u094d\u0936\u0928 \u092e\u0941\u0928\u093e\u092b\u093e \u0926\u0947\u0924\u093e \u0939\u0948 \u0914\u0930 \u0935\u0939 \u20b9100 \u0915\u092e\u093e\u0924\u093e \u0939\u0948\u0964 \u0932\u0947\u0915\u093f\u0928 \u0909\u0938\u0915\u0947 \u092a\u093e\u0938 \u091c\u094b \u090f\u0915 \u0936\u0947\u092f\u0930 \u0939\u0948 \u0935\u0939\u093e\u0902 \u092a\u0930 \u0935\u0939 \u20b9100 \u0915\u093e \u0928\u0941\u0915\u0938\u093e\u0928 \u0915\u0930\u0924\u093e \u0939\u0948\u0964 \u0907\u0938\u0932\u093f\u090f \u0915\u0941\u0932 \u092e\u093f\u0932\u093e\u0915\u0930 \u0909\u0938\u0915\u0947 \u092a\u093e\u0938 \u091c\u094b \u0930\u0915\u092e \u092c\u091a\u0924\u0940 \u0939\u0948 \u0935\u0939 \u0939\u0948 100 + 1100\u00a0 = 1200", "\u091f\u094d\u0930\u0947\u0921\u0930 B \u0915\u093e \u0915\u0949\u0932 \u0911\u092a\u094d\u0936\u0928 \u092c\u093f\u0928\u093e \u0915\u0940\u092e\u0924 \u0915\u093e \u092f\u093e\u0928\u0940 \u0935\u0930\u094d\u0925\u0932\u0947\u0938 (worthless) \u0939\u094b \u091c\u093e\u0924\u093e \u0939\u0948\u0964 \u0907\u0938\u0932\u093f\u090f \u0909\u0938\u0915\u0947 \u0911\u092a\u094d\u0936\u0928 \u0915\u0940 \u0915\u0940\u092e\u0924 0 \u092a\u0939\u0941\u0902\u091a \u091c\u093e\u0924\u0940 \u0939\u0948\u0964 \u0932\u0947\u0915\u093f\u0928 \u0909\u0938\u0915\u0947 \u092a\u093e\u0938\u00a0 \u20b91200 \u0939\u0948\u0902, \u0907\u0938\u0932\u093f\u090f \u0909\u0938\u0915\u0947 \u092a\u093e\u0938 \u0915\u0941\u0932 \u092c\u091a\u0940 \u0939\u0941\u090f \u0930\u0915\u092e \u0939\u0948 0 + 1100 = 1200", "\u0905\u092c \u090f\u0915 \u0914\u0930 \u0909\u0926\u093e\u0939\u0930\u0923 \u0932\u0947\u0924\u0947 \u0939\u0948\u0902\u0964 \u092e\u093e\u0928 \u0932\u0940\u091c\u093f\u090f \u0915\u093f \u090f\u0915\u094d\u0938\u092a\u093e\u092f\u0930\u0940 \u092a\u0930 \u0907\u0902\u092b\u094b\u0938\u093f\u0938 1350 \u092a\u0930 \u092a\u0939\u0941\u0902\u091a \u091c\u093e\u0924\u093e \u0939\u0948\u0964 \u0924\u094b \u0905\u092c \u0907\u0928 \u0926\u094b\u0928\u094b\u0902 \u091f\u094d\u0930\u0947\u0921\u0930 \u0915\u0947 \u0932\u093f\u090f \u092f\u0939 \u0906\u0902\u0915\u0921\u093c\u093e \u0915\u0948\u0938\u0947 \u092c\u0926\u0932\u0924\u093e \u0939\u0948-", "\u091f\u094d\u0930\u0947\u0921\u0930 A = \u00a0\u092a\u0941\u091f \u0911\u092a\u094d\u0936\u0928 \u091c\u0940\u0930\u094b \u0939\u094b \u091c\u093e\u0924\u093e \u0939\u0948, \u0909\u0938\u0915\u093e \u0936\u0947\u092f\u0930 1350 \u092a\u0930 \u092a\u0939\u0941\u0902\u091a \u091c\u093e\u0924\u093e \u0939\u0948", "\u091f\u094d\u0930\u0947\u0921\u0930\u00a0 B = \u00a0\u0915\u0949\u0932 \u0915\u0940 \u0935\u0948\u0932\u094d\u092f\u0942 \u092f\u093e\u0928\u0940 \u0915\u0940\u092e\u0924 \u20b9150 \u092c\u0922\u093c \u091c\u093e\u0924\u0940 \u0939\u0948, \u0914\u0930 \u0909\u0938\u0915\u0947 \u092a\u093e\u0938 \u0928\u0915\u0926 \u0939\u0948 \u20b91200 \u0924\u094b \u0915\u0941\u0932 \u0930\u0915\u092e \u0939\u0941\u0908 1350", "\u0924\u094b \u0907\u0938 \u0924\u0930\u0939 \u0938\u0947 \u0938\u094d\u091f\u0949\u0915 \u0915\u0939\u0940\u0902 \u092a\u0930 \u092d\u0940 \u090f\u0915\u094d\u0938\u092a\u093e\u092f\u0930 \u0939\u094b, \u092f\u0939 \u0938\u092e\u0940\u0915\u0930\u0923 \u0938\u0939\u0940 \u0938\u093e\u092c\u093f\u0924 \u0939\u094b\u0924\u093e \u0939\u0948\u0964 \u092f\u093e\u0928\u0940 \u091f\u094d\u0930\u0947\u0921\u0930 A \u0914\u0930 \u091f\u094d\u0930\u0947\u0921\u0930 B \u0926\u094b\u0928\u094b\u0902 \u090f\u0915 \u092c\u0930\u093e\u092c\u0930 \u092a\u0948\u0938\u0947 \u0915\u092e\u093e\u0924\u0947 \u0939\u0948\u0902\u0964 \u0905\u092c \u0906\u092a PCP \u0915\u093e \u0907\u0938\u094d\u0924\u0947\u092e\u093e\u0932 \u0915\u0930\u0915\u0947 \u090f\u0915 \u091f\u094d\u0930\u0947\u0921\u093f\u0902\u0917 \u0938\u094d\u091f\u094d\u0930\u0947\u091f\u091c\u0940 \u0915\u0948\u0938\u0947 \u092c\u0928\u093e\u090f\u0902\u0917\u0947? \u0907\u0938\u0915\u0947 \u0932\u093f\u090f \u0906\u092a\u0915\u094b \u0905\u0917\u0932\u0947 \u092e\u0949\u0921\u094d\u092f\u0942\u0932 \u0915\u093e \u0907\u0902\u0924\u091c\u093e\u0930 \u0915\u0930\u0928\u093e \u0939\u094b\u0917\u093e, \u091c\u093f\u0938\u092e\u0947\u0902 \u0939\u092e \u0911\u092a\u094d\u0936\u0928 \u0938\u094d\u091f\u094d\u0930\u0947\u091f\u091c\u0940 \u0915\u0940 \u092c\u093e\u0924 \u0915\u0930\u0947\u0902\u0917\u0947\u0964 \u0932\u0947\u0915\u093f\u0928 \u0909\u0938\u0915\u0947 \u092a\u0939\u0932\u0947 \u0907\u0938 \u092e\u0949\u0921\u094d\u092f\u0942\u0932 \u092e\u0947\u0902 \u0905\u092d\u0940 \u0926\u094b \u0914\u0930 \u0905\u0927\u094d\u092f\u093e\u092f \u092c\u093e\u0915\u0940 \u0939\u0948\u0902\u0964", "sir,\n calculator ka link kaha se mile ga?", "Hi Gulshan, \u0915\u0948\u0932\u0915\u0941\u0932\u0947\u091f\u0930 \u0915\u093e \u0932\u093f\u0902\u0915 \u092f\u0939\u093e\u0901 \u0939\u0948: https://zerodha.com/tools/black-scholes", "how do we create synthetic long call position?", "To create a synthetic long call position you will have to enter into a long position on a call option and a short position on a put option.", "\u092f\u0926\u093f PCP \u092e\u0947\u0902 \u0926\u094b\u0928\u094b\u0947\u0902 \u092a\u0915\u094d\u0937 \u092c\u0930\u093e\u092c\u0930 \u0928\u093e \u0906 \u0930\u0939\u0947 \u0939\u094b \u0924\u094b \u0907\u0938 \u0926\u0936\u093e \u092e\u0947\u0902 \u0915\u094d\u092f\u093e \u0915\u0930\u0928\u093e \u091a\u093e\u0939\u093f\u090f \u0914\u0930 \u0907\u0938\u0915\u093e \u0915\u094d\u092f\u093e \u092e\u0924\u0932\u092c \u0939\u094b\u0917\u093e?", "\u0907\u0938\u0915\u094b \u0939\u092e\u0928\u0947 \u092c\u093e\u0915\u0940 \u0915\u0947 \u0905\u0927\u094d\u092f\u093e\u092f \u092e\u0947\u0902 \u0938\u092e\u091d\u093e\u092f\u093e \u0939\u0948, \u0915\u0943\u092a\u092f\u093e \u0909\u0938\u0915\u094b \u092a\u0942\u0930\u093e \u092a\u095d\u0947\u0902 \ud83d\ude42", "Dear Karthik Sir\nYou had not discussed about RHO, what is it? its functions, how should we relate it with other Greeks? etc. What does it represent ?", "The rho of a portfolio of options is the rate of change of the value of the portfolio with respect to the interest rate. It measures the sensitivity of the value of a portfolio to a change in the interest rate when all else remains the same.", "Thats right, rho is the sensitivity of the interest rate.", "Name (required)", "Mail (will not be published) (required)", "", "Post comment", "", "\u0394", "Varsity by Zerodha \u00a9 2015 \u2013 2024.\r\n\t\t\t\t\tAll rights reserved.\r\n\t\t\t\t\tReproduction of the Varsity materials, text and images,\r\n\t\t\t\t\tis not permitted. For media queries, contact [email\u00a0protected]"], "images": ["https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo.png", "https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo-small.png", "https://zerodha.com/varsity/wp-content/uploads/2015/10/M5-C21-Illustration.png", "https://zerodha.com/varsity/wp-content/uploads/2015/09/Image-1_91Tbill.png", "https://zerodha.com/varsity/wp-content/uploads/2015/09/Image-2_IV.png", "https://zerodha.com/varsity/wp-content/uploads/2015/09/Image-3_BS.png", "https://zerodha.com/varsity/wp-content/uploads/2015/09/Image-4_Greeks.png", "https://secure.gravatar.com/avatar/0086133e0061318f243da9a8d20dcd51?s=32&d=identicon&r=g", "https://secure.gravatar.com/avatar/be5de1b57c0a4cfdd8c128e3b984d149?s=32&d=identicon&r=g", "https://secure.gravatar.com/avatar/6ee7d4a0ac68eac03f1b40a6943cd388?s=32&d=identicon&r=g", "https://secure.gravatar.com/avatar/be5de1b57c0a4cfdd8c128e3b984d149?s=32&d=identicon&r=g", "https://secure.gravatar.com/avatar/24c6db41041928e241c1c1ea4e8d9f4f?s=32&d=identicon&r=g", "https://secure.gravatar.com/avatar/be5de1b57c0a4cfdd8c128e3b984d149?s=32&d=identicon&r=g", "https://secure.gravatar.com/avatar/e7006c9b61c0445667f6035bae31c072?s=32&d=identicon&r=g", "https://secure.gravatar.com/avatar/fbdb1eea6d696ac662c2e5ed7813332b?s=32&d=identicon&r=g", "https://secure.gravatar.com/avatar/f77c3f8361982099ed9ac6d852b2e2b1?s=32&d=identicon&r=g", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/playstore.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/appstore.png"], "tables": [], "videos": []}

{"title": "2. \u0911\u092a\u094d\u0936\u0928 \u0915\u0940 \u0936\u092c\u094d\u0926\u093e\u0935\u0932\u0940", "text": ["\u092a\u093f\u091b\u0932\u0947 \u0905\u0927\u094d\u092f\u093e\u092f \u092e\u0947\u0902 \u0939\u092e\u0928\u0947 \u0915\u0949\u0932 \u0911\u092a\u094d\u0936\u0928 \u0915\u0947 \u0915\u0941\u091b \u091c\u093c\u0930\u0942\u0930\u0940 \u0938\u093f\u0926\u094d\u0927\u093e\u0902\u0924\u094b\u0902 \u0915\u094b \u0938\u092e\u091d\u093e \u0925\u093e, \u091c\u0948\u0938\u0947-", "\u0905\u0917\u0932\u0947 \u0905\u0927\u094d\u092f\u093e\u092f \u092f\u093e\u0928\u0940 \u0915\u0949\u0932 \u0911\u092a\u094d\u0936\u0928 \u092d\u093e\u0917 2 \u092e\u0947\u0902 \u0939\u092e \u0915\u0949\u0932 \u0911\u092a\u094d\u0936\u0928 \u0915\u094b \u091c\u094d\u092f\u093e\u0926\u093e \u0935\u093f\u0938\u094d\u0924\u093e\u0930 \u0938\u0947 \u0938\u092e\u091d\u0947\u0902\u0917\u0947\u0964 \u0932\u0947\u0915\u093f\u0928 \u0910\u0938\u093e \u0915\u0930\u0928\u0947 \u0915\u0947 \u092a\u0939\u0932\u0947 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\u0938\u092e\u092f \u092a\u0930 \u0915\u093e\u092e \u0915\u0930 \u0930\u0939\u0940 \u0939\u094b\u0924\u0940 \u0939\u0948\u0902 \u091c\u093f\u0938\u0938\u0947 \u092a\u094d\u0930\u0940\u092e\u093f\u092f\u092e \u092a\u0930 \u0905\u0938\u0930 \u092a\u0921\u093c\u0924\u093e \u0939\u0948\u0964 \u0926\u0930\u0905\u0938\u0932 5 \u0935\u091c\u0939\u0947\u0902 \u092a\u094d\u0930\u0940\u092e\u093f\u092f\u092e \u092a\u0930 \u0905\u0938\u0930 \u0921\u093e\u0932\u0924\u0940 \u0939\u0948\u0902\u0964 \u0907\u0928\u094d\u0939\u0947\u0902 \u2018\u0911\u092a\u094d\u0936\u0928 \u0917\u094d\u0930\u0940\u0915\u094d\u0938- Option Greeks\u2019 \u0915\u0939\u0924\u0947 \u0939\u0948\u0902\u0964 \u0907\u0928\u0915\u0947 \u092c\u093e\u0930\u0947 \u092e\u0947\u0902 \u0939\u092e \u0907\u0938\u0940 \u092e\u0949\u0921\u094d\u092f\u0942\u0932 \u092e\u0947\u0902 \u0906\u0917\u0947 \u0938\u092e\u091d\u0947\u0902\u0917\u0947\u0964", "\u0905\u092d\u0940 \u0915\u0947 \u0932\u093f\u090f \u092e\u0948\u0902 \u091a\u093e\u0939\u0924\u093e \u0939\u0942\u0902 \u0915\u093f \u0906\u092a \u0911\u092a\u094d\u0936\u0928 \u092a\u094d\u0930\u0940\u092e\u093f\u092f\u092e \u0938\u0947 \u091c\u0941\u0921\u093c\u0940 \u0907\u0928 \u092c\u093e\u0924\u094b\u0902 \u0915\u094b \u092f\u093e\u0926 \u0930\u0916\u0947\u0902-", "\u0905\u0917\u0930 \u0906\u092a\u0928\u0947 \u0907\u0928 \u092c\u093e\u0924\u094b\u0902 \u0915\u094b \u0938\u092e\u091d \u0932\u093f\u092f\u093e \u0939\u0948 \u0924\u094b \u092f\u0915\u0940\u0928 \u092e\u093e\u0928\u0947\u0902 \u0906\u092a \u0938\u0939\u0940 \u0926\u093f\u0936\u093e \u092e\u0947\u0902 \u0939\u0948\u0902\u0964", "\u0911\u092a\u094d\u0936\u0902\u0938 \u0938\u0947\u091f\u0932\u092e\u0947\u0902\u091f", "", "\u0907\u0938 \u0915\u0949\u0932 \u0911\u092a\u094d\u0936\u0928 \u090f\u0917\u094d\u0930\u0940\u092e\u0947\u0902\u091f \u092a\u0930 \u0927\u094d\u092f\u093e\u0928 \u0926\u0947\u0902", "", "\u092f\u0939\u093e\u0901 \u0939\u0930\u0947 \u0930\u0902\u0917 \u0938\u0947 \u0939\u093e\u0908\u0932\u093e\u0907\u091f \u0915\u093f\u092f\u093e \u0917\u092f\u093e \u0939\u0948 , \u092f\u0939\u093e\u0901 \u091c\u0947\u092a\u0940 \u090f\u0938\u094b\u0938\u093f\u090f\u091f\u094d\u0938 \u0915\u0947 \u0915\u0949\u0932 \u0911\u092a\u094d\u0936\u0928 \u0915\u094b 25 \u0930\u0942\u092a\u092f\u0947 \u092e\u0947\u0902 \u0916\u0930\u0940\u0926\u0928\u0947 \u0964 \u0907\u0938\u0915\u0940 \u090f\u0915\u094d\u0938\u092a\u093e\u092f\u0930\u0940 26 \u092e\u093e\u0930\u094d\u091a 2015 \u0915\u0940 \u0939\u0948\u0964 \u092a\u094d\u0930\u0940\u092e\u093f\u092f\u092e 1.35 \u0930\u0942\u092a\u092f\u093e \u0939\u0948 (\u0932\u093e\u0932 \u0930\u0902\u0917 \u092e\u0947\u0902), \u0914\u0930 \u092e\u093e\u0930\u094d\u0915\u0947\u091f \u0932\u0949\u091f 8000 \u0936\u0947\u092f\u0930 \u0915\u093e \u0939\u0948\u0964 As highlighted in green, this is a Call Option to buy JP Associates at Rs.25/-.", "\u092e\u093e\u0928 \u0932\u0947\u0902 \u0915\u093f \u0926\u094b \u091f\u094d\u0930\u0947\u0921\u0930 \u0939\u0948\u0902 \u2013 \u091f\u094d\u0930\u0947\u0921\u0930 A \u0914\u0930 \u091f\u094d\u0930\u0947\u0921\u0930 B\u0964 \u091f\u094d\u0930\u0947\u0921\u0930 A \u0907\u0938 \u090f\u0917\u094d\u0930\u0940\u092e\u0947\u0902\u091f \u0915\u094b \u0916\u0930\u0940\u0926\u0928\u093e \u091a\u093e\u0939\u0924\u093e \u0939\u0948 (\u0911\u092a\u094d\u0936\u0928 \u0916\u0930\u0940\u0926\u093e\u0930) \u0914\u0930 \u091f\u094d\u0930\u0947\u0921\u0930 B \u0907\u0938\u0947 \u092c\u0947\u091a\u0928\u093e \u091a\u093e\u0939\u0924\u093e \u0939\u0948\u0964 \u092e\u093e\u0928 \u0932\u0947\u0924\u0947 \u0939\u0948\u0902 \u0915\u093f \u090f\u0917\u094d\u0930\u0940\u092e\u0947\u0902\u091f 8000 \u0936\u0947\u092f\u0930 \u0915\u093e \u0939\u0948, \u0924\u094b \u0915\u0948\u0936 \u092b\u094d\u0932\u094b \u0915\u0941\u091b \u0910\u0938\u093e \u0939\u094b\u0917\u093e \u2013", "\u0915\u094d\u092f\u094b\u0902\u0915\u093f \u092a\u094d\u0930\u0940\u092e\u093f\u092f\u092e 1.35 \u0930\u0942\u092a\u092f\u0947 \u092a\u094d\u0930\u0924\u093f \u0936\u0947\u092f\u0930 \u0939\u0948, \u0924\u094b \u091f\u094d\u0930\u0947\u0921\u0930 A \u0915\u094b \u0915\u0941\u0932", "= 8000 * 1.35", "= 10,800 \u0930\u0942\u092a\u092f\u093e \u092a\u094d\u0930\u0940\u092e\u093f\u092f\u092e \u0915\u0947 \u0924\u094c\u0930 \u092a\u0930 \u091f\u094d\u0930\u0947\u0921\u0930 B \u0915\u094b \u0926\u0947\u0928\u093e \u0939\u094b\u0917\u093e", "\u0905\u0917\u0930 \u091f\u094d\u0930\u0947\u0921\u0930 A \u090f\u0917\u094d\u0930\u0940\u092e\u0947\u0902\u091f \u0915\u094b \u090f\u0915\u094d\u0938\u0930\u0938\u093e\u0907\u091c \u0915\u0930\u0928\u0947 \u0915\u093e \u092b\u0948\u0938\u0932\u093e \u0915\u0930\u0924\u093e \u0939\u0948 \u0924\u094b \u091f\u094d\u0930\u0947\u0921\u0930 B \u0915\u094b \u091c\u0947\u092a\u0940 \u090f\u0938\u094b\u0938\u093f\u090f\u091f\u094d\u0938 \u0915\u0947 8000 \u0936\u0947\u092f\u0930 26 \u092e\u093e\u0930\u094d\u091a 2015 \u0915\u094b 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\u092f\u0947 \u0915\u093f 26 \u092e\u093e\u0930\u094d\u091a \u0915\u094b \u0905\u0917\u0930 \u091f\u094d\u0930\u0947\u0921\u0930 A \u0905\u092a\u0928\u0947 \u0905\u0927\u093f\u0915\u093e\u0930 \u0915\u093e \u0909\u092a\u092f\u094b\u0917 \u0915\u0930\u0924\u093e \u0939\u0948, \u0924\u094b \u091f\u094d\u0930\u0947\u0921\u0930 B \u0915\u094b \u091f\u094d\u0930\u0947\u0921\u0930 A \u0915\u094b \u0938\u093f\u0930\u094d\u092b \u0928\u0915\u0926 \u0915\u093e \u0905\u0902\u0924\u0930 \u0926\u0947\u0928\u093e", "\u0907\u0938\u0947 \u0914\u0930 \u092c\u0947\u0939\u0924\u0930 \u090f\u0915 \u0909\u0926\u093e\u0939\u0930\u0923 \u0938\u0947 \u0938\u092e\u091d\u0924\u0947 \u0939\u0948\u0902\u0964 \u092e\u093e\u0928 \u0932\u0940\u091c\u093f\u090f \u0915\u093f 26 \u092e\u093e\u0930\u094d\u091a \u0915\u094b \u091c\u0947\u092a\u0940 \u090f\u0938\u094b\u0938\u093f\u090f\u091f\u094d\u0938 32 \u0930\u0941\u092a\u092f\u0947 \u092a\u0930 \u091f\u094d\u0930\u0947\u0921 \u0915\u0930 \u0930\u0939\u093e \u0939\u0948\u0964 \u0907\u0938\u0915\u093e \u092e\u0924\u0932\u092c \u0915\u093f \u0911\u092a\u094d\u0936\u0928 \u092c\u093e\u092f\u0930/\u0916\u0930\u0940\u0926\u093e\u0930 (\u091f\u094d\u0930\u0947\u0921\u0930 A) 25 \u0930\u0941\u092a\u092f\u0947 \u092a\u0930\u00a0 8000 \u0936\u0947\u092f\u0930 \u0916\u0930\u0940\u0926\u0928\u0947 \u0915\u0947 \u0905\u092a\u0928\u0947 \u0905\u0927\u093f\u0915\u093e\u0930 \u0915\u093e \u0909\u092a\u092f\u094b\u0917 \u0915\u0930\u0947\u0917\u093e\u0964 \u092e\u0924\u0932\u092c \u092f\u0947 \u0915\u093f \u0909\u0938\u0947 32 \u0930\u0941\u092a\u092f\u0947 \u092a\u0930 \u091f\u094d\u0930\u0947\u0921 \u0939\u094b \u0930\u0939\u0947 \u091c\u0947\u092a\u0940 \u090f\u0938\u094b\u0938\u093f\u090f\u091f\u094d\u0938 \u0915\u0947 \u0936\u092f\u0947\u0930 25 \u0930\u0941\u092a\u092f\u0947 \u092a\u0930 \u092e\u093f\u0932 \u0930\u0939\u0947 \u0939\u0948\u0902\u0964", "\u0938\u093e\u092e\u093e\u0928\u094d\u092f\u0924: \u0915\u0948\u0936 \u092b\u094d\u0932\u094b \u0910\u0938\u093e \u0926\u093f\u0916\u0928\u093e \u091a\u093e\u0939\u093f\u090f \u2013", "= 7*8000", "= 56,000 \u0930\u0941\u092a\u092f\u0947 (\u091f\u094d\u0930\u0947\u0921\u0930 B \u0938\u0947)", "\u091c\u093c\u093e\u0939\u093f\u0930 \u0938\u0940 \u092c\u093e\u0924 \u0939\u0948 \u0915\u093f \u0911\u092a\u094d\u0936\u0928 \u092c\u093e\u092f\u0930 \u0928\u0947 \u0936\u0941\u0930\u0942\u0906\u0924 \u092e\u0947\u0902 10,800 \u0930\u0941\u092a\u092f\u0947 \u0930\u093e\u0907\u091f/\u0905\u0927\u093f\u0915\u093e\u0930 \u0916\u0930\u0940\u0926\u0928\u0947 \u0915\u0947 \u0932\u093f\u090f \u0916\u0930\u094d\u091a \u0915\u093f\u090f \u0939\u0948\u0902 \u0924\u094b \u0909\u0938\u0915\u093e \u092e\u0941\u0928\u093e\u092b\u093e \u092f\u0947 \u0939\u094b\u0917\u093e", "= 56,000 \u2013 10,800", "= 45,200 \u0930\u0941\u092a\u092f\u0947", "\u0905\u0917\u0930 \u092a\u0930\u0938\u0947\u0902\u091f \u092f\u093e \u092a\u094d\u0930\u0924\u093f\u0936\u0924 \u092e\u0947\u0902 \u0930\u093f\u091f\u0930\u094d\u0928 \u0926\u0947\u0916\u0947\u0902\u0917\u0947 \u0924\u094b \u092f\u0947 419% \u0939\u094b\u0917\u093e (\u092c\u093f\u0928\u093e \u090f\u0928\u0941\u0905\u0932\u093e\u0907\u091c\u093c-annualize \u0915\u093f\u090f \u0939\u0941\u090f).", "\u0907\u0938 \u0924\u0930\u0939 \u0915\u0947 \u0905\u0938\u0902\u092f\u092e\u093f\u0924 \u0930\u093f\u091f\u0930\u094d\u0928 \u0939\u0940 \u0911\u092a\u094d\u0936\u0902\u0938 \u0915\u094b \u091f\u094d\u0930\u0947\u0921\u093f\u0902\u0917 \u0915\u0947 \u0932\u093f\u090f \u090f\u0915 \u0906\u0915\u0930\u094d\u0937\u0915 \u0907\u0902\u0938\u094d\u091f\u094d\u0930\u0942\u092e\u0947\u0902\u091f \u092c\u0928\u093e\u0924\u0947 \u0939\u0948\u0902\u0964 \u092f\u0947 \u090f\u0915 \u0935\u091c\u0939 \u0939\u0948 \u0915\u093f \u0915\u094d\u092f\u094b\u0902 \u0911\u092a\u094d\u0936\u0902\u0938 \u091f\u094d\u0930\u0947\u0921\u0930 \u0915\u0947 \u092c\u0940\u091a \u0907\u0924\u0928\u093e \u091c\u094d\u092f\u093e\u0926\u093e \u092a\u094d\u0930\u091a\u0932\u093f\u0924 \u0939\u0948\u0964", "It was super..nice explanation\u2026thank you again !", "Thanks a lot for this chapter", "IF I Buy a call option of Stock or nifty & if i want to book my profit or loss..I need to wait till expiry date or within period of month i can sell it at any time if i take monthly call option.", "a lot of thanks\nsir nilesh ke qus ka ans de 03/04/2020", "\u0915\u094d\u092f\u093e \u0906\u092a \u0915\u094d\u0935\u0947\u0930\u0940 \u092c\u0924\u093e \u0938\u0915\u0924\u0947 \u0939\u0948\u0902?", "Option market me kitana risk hai.\u092e\u093e\u0928 \u0932\u093f\u091c\u093f\u090f \u090f\u0915\u094d\u0938\u092a\u093e\u092f\u0930\u0940 \u0938\u0947 15 \u0926\u093f\u0928 \u092a\u0939\u0932\u0947 \u0915\u093f\u0938\u0940 \u0928\u0947 ITC \u0915\u093e \u0915\u0949\u0932 \u0911\u092a\u094d\u0936\u0928 340 \u092a\u0930 \u0932\u093f\u092f\u093e \u091c\u092c\u0915\u093f \u0938\u094d\u092a\u0949\u091f \u092c\u093e\u091c\u093c\u093e\u0930 \u092e\u0947\u0902 ITC 330 \u092a\u0930 \u0925\u093e\u0964 \u0905\u092c \u0905\u0917\u0930 ITC \u0915\u0940 \u0915\u0940\u092e\u0924 \u0905\u0917\u0932\u0947 \u0926\u093f\u0928 360 \u0930\u0941\u092a\u092f\u0947 \u092a\u0930 \u092a\u0939\u0941\u0901\u091a \u091c\u093e\u0924\u0940 \u0939\u0948, \u0924\u094b \u0911\u092a\u094d\u0936\u0928 \u0915\u093e \u0916\u0930\u0940\u0926\u093e\u0930 \u0938\u0947\u091f\u0932\u092e\u0947\u0902\u091f \u092f\u093e\u0928\u0940 \u0905\u092a\u0928\u0947 \u0915\u0949\u0932 \u0911\u092a\u094d\u0936\u0928 \u0915\u094b \u090f\u0915\u094d\u0938\u0930\u0938\u093e\u0907\u091c \u0928\u0939\u0940\u0902 \u0915\u0930 \u0938\u0915\u0924\u093e\u0964 \u0938\u0947\u091f\u0932\u092e\u0947\u0902\u091f \u0938\u093f\u0930\u094d\u092b \u090f\u0915\u094d\u0938\u093e\u092a\u092f\u0930\u0940 \u0915\u0947 \u0926\u093f\u0928 \u0939\u0940 \u0939\u094b\u0917\u093e \u0914\u0930 \u0935\u094b \u092d\u0940 \u0909\u0938 \u0915\u0940\u092e\u0924 \u092a\u0930 \u091c\u093f\u0938 \u092a\u0930 \u0935\u094b \u090f\u0938\u0947\u091f \u090f\u0915\u094d\u0938\u092a\u093e\u092f\u0930\u0940 \u0915\u0947 \u0926\u093f\u0928 \u0938\u094d\u092a\u0949\u091f \u092c\u093e\u091c\u093c\u093e\u0930 \u092e\u0947\u0902 \u092c\u093f\u0915 \u0930\u0939\u093e \u0939\u0948\u0964 ( Line ko explane kar digiyega sir. please)", "\u0905\u0917\u0930 \u0906\u092a\u0928\u0947 \u0915\u094b\u0908 \u0911\u092a\u094d\u0936\u0928 \u0930\u0938. \u0967\u0966\u0966 \u092a\u0930 \u0916\u0930\u0940\u0926\u093e \u0939\u0948 \u0914\u0930 \u0926\u0941\u0938\u0930\u0947 \u0926\u093f\u0928 \u0909\u0938\u0915\u093e \u0938\u094d\u092a\u0949\u091f \u092a\u094d\u0930\u093e\u0907\u0938 \u092c\u095d \u091c\u093e\u092f\u0947 \u0924\u094b\u0939 \u0906\u092a \u0909\u0938\u0915\u094b \u092c\u0947\u091a \u0928\u0939\u0940\u0902 \u0938\u0915\u0924\u0947, \u0907\u0938\u0915\u093e \u0938\u0947\u091f\u0932\u092e\u0947\u0902\u091f \u090f\u0915\u094d\u0938\u092a\u093e\u092f\u0930\u0940 \u0915\u0947 \u0926\u093f\u0928 \u0939\u0940 \u0939\u094b\u0917\u093e \u0909\u0938 \u092a\u094d\u0930\u093e\u0907\u0938 \u092a\u0930 \u091c\u093f\u0938 \u092a\u0930 \u0935\u0939 \u0911\u092a\u094d\u0936\u0928 \u092c\u093e\u091c\u093e\u0930 \u092e\u0947\u0902 \u091c\u093f\u0924\u0928\u093e \u0909\u0938\u0915\u093e \u0938\u094d\u092a\u0949\u091f \u091a\u0932 \u0930\u0939\u093e \u0939\u094b.", "Name (required)", "Mail (will not be published) (required)", "", "Post comment", "", "\u0394", "Varsity by Zerodha \u00a9 2015 \u2013 2024.\r\n\t\t\t\t\tAll rights reserved.\r\n\t\t\t\t\tReproduction of the Varsity materials, text and images,\r\n\t\t\t\t\tis not permitted. For media queries, contact [email\u00a0protected]"], "images": ["https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo.png", "https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo-small.png", "https://zerodha.com/varsity/wp-content/uploads/2015/03/M5-Ch2-I1.jpg", "https://zerodha.com/varsity/wp-content/uploads/2015/03/Image-1_SP.jpg", "https://zerodha.com/varsity/wp-content/uploads/2015/03/M5-Ch2-I2.jpg", "https://zerodha.com/varsity/wp-content/uploads/2015/03/M5-Ch2-I3.jpg", "https://zerodha.com/varsity/wp-content/uploads/2015/03/M5-Ch2-I4.jpg", "https://zerodha.com/varsity/wp-content/uploads/2015/03/Image-2_AL.jpg", "https://zerodha.com/varsity/wp-content/uploads/2015/03/M5-Ch2-I5.jpg", "https://zerodha.com/varsity/wp-content/uploads/2015/03/M5-Ch2-I6.jpg", "https://zerodha.com/varsity/wp-content/uploads/2015/03/Image-3_JP.jpg", "https://secure.gravatar.com/avatar/681e77d15d8d3386cc79e776b2807856?s=32&d=identicon&r=g", "https://secure.gravatar.com/avatar/32664e0290bb823f7ad01790d40db636?s=32&d=identicon&r=g", "https://secure.gravatar.com/avatar/9c16bfd11fd9cd02db085bbf906cf928?s=32&d=identicon&r=g", "https://secure.gravatar.com/avatar/a1a8903b95ed3aa4a1461e2fc68d56bf?s=32&d=identicon&r=g", "https://secure.gravatar.com/avatar/be5de1b57c0a4cfdd8c128e3b984d149?s=32&d=identicon&r=g", "https://secure.gravatar.com/avatar/3c3c08f92055744a3d2b4e5eaeebe525?s=32&d=identicon&r=g", "https://secure.gravatar.com/avatar/be5de1b57c0a4cfdd8c128e3b984d149?s=32&d=identicon&r=g", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/playstore.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/appstore.png"], "tables": [], "videos": []}

{"title": "12. \u0917\u093e\u092e\u093e (\u092d\u093e\u0917 1)", "text": ["\u0905\u0917\u0930 \u0906\u092a\u0928\u0947 \u0938\u094d\u0915\u0942\u0932 \u092f\u093e \u0915\u0949\u0932\u0947\u091c \u092e\u0947\u0902 \u0915\u0948\u0932\u0915\u0941\u0932\u0938- \u0915\u0932\u0928 \u092a\u0922\u093e \u0939\u0948 \u0924\u094b \u0906\u091c \u0909\u0938\u0915\u094b \u0926\u094b\u0939\u0930\u093e\u0928\u0947 \u0915\u093e \u0926\u093f\u0928 \u0939\u0948\u0964 \u0915\u0948\u0932\u0915\u0941\u0932\u0938 \u092e\u0947\u0902 \u092d\u0940 \u0939\u092e \u0921\u093f\u092b\u0930\u0947\u0902\u0938\u093f\u090f\u0936\u0928\u2013 \u0905\u0935\u0915\u0932\u0928 \u0914\u0930 \u0907\u0902\u091f\u0940\u0917\u094d\u0930\u0947\u0936\u0928\u2013 \u0938\u092e\u093e\u0915\u0932\u0928 \u0915\u0930\u0928\u093e, \u092a\u0922\u093c\u0924\u0947 \u0925\u0947\u0964 \u0924\u092c \u0939\u092e \u0921\u0947\u0930\u0940\u0935\u0947\u091f\u093f\u0935\u2013\u0905\u0935\u0915\u0932\u091c \u092d\u0940 \u092a\u0922\u093c\u0924\u0947 \u0925\u0947 \u0914\u0930 \u0909\u0938\u0915\u0947 \u091c\u0930\u093f\u090f \u0921\u093f\u092b\u0930\u0947\u0902\u0938\u093f\u090f\u0936\u0928 \u0914\u0930 \u0907\u0902\u091f\u0940\u0917\u094d\u0930\u0947\u0936\u0928 \u0915\u0947 \u0938\u0935\u093e\u0932\u094b\u0902 \u0915\u093e \u091c\u0935\u093e\u092c \u0928\u093f\u0915\u093e\u0932\u0924\u0947 \u0925\u0947\u0964 \u0935\u094b \u0938\u092c \u092f\u093e\u0926 \u0915\u0930\u093f\u090f\u0964", "\u092e\u0948\u0902 \u0906\u092a\u0915\u094b \u0915\u0948\u0932\u0915\u0941\u0932\u0938 \u092a\u0922\u093c\u093e\u0928\u0947 \u0915\u0940 \u0915\u094b\u0936\u093f\u0936 \u0928\u0939\u0940\u0902 \u0915\u0930 \u0930\u0939\u093e \u0939\u0942\u0902\u0964 \u092e\u0948\u0902 \u092f\u0939 \u092c\u093e\u0924 \u0907\u0938\u0932\u093f\u090f \u0915\u0930 \u0930\u0939\u093e \u0939\u0942\u0902 \u0915\u094d\u092f\u094b\u0902\u0915\u093f \u092e\u0948\u0902 \u090f\u0915 \u0916\u093e\u0938 \u091c\u0917\u0939 \u092a\u0930 \u092a\u0939\u0941\u0902\u091a\u0928\u093e \u091a\u093e\u0939\u0924\u093e \u0939\u0942\u0902\u0964 \u0907\u0928\u092e\u0947\u0902 \u0938\u0947 \u0915\u0941\u091b \u091a\u0940\u091c\u0947\u0902 \u0911\u092a\u094d\u0936\u0928 \u0938\u0947 \u091c\u0941\u0921\u093c\u0940 \u0939\u0941\u0908 \u0939\u0948, \u091c\u093f\u0928\u0915\u094b \u0938\u092e\u091d\u0928\u0947 \u0915\u0947 \u0932\u093f\u090f \u0906\u092a\u0915\u094b \u0935\u0939 \u092a\u0941\u0930\u093e\u0928\u0940 \u092c\u093e\u0924\u0947\u0902 \u092f\u093e\u0926 \u0915\u0930\u0928\u0947 \u0938\u0947 \u092b\u093e\u092f\u0926\u093e \u0939\u094b\u0917\u093e\u0964", "\u0906\u0907\u090f \u0926\u0947\u0916\u0924\u0947 \u0939\u0948\u0902-", "\u090f\u0915 \u0915\u093e\u0930 0 \u0915\u093f\u0932\u094b\u092e\u0940\u091f\u0930 \u0938\u0947 \u091a\u0932\u0928\u093e \u0936\u0941\u0930\u0942 \u0915\u0930\u0924\u0940 \u0939\u0948 \u0914\u0930 10 \u092e\u093f\u0928\u091f \u0924\u0915 \u091a\u0932\u0928\u0947 \u0915\u0947 \u092c\u093e\u0926 3 \u0915\u093f\u0932\u094b\u092e\u0940\u091f\u0930 \u0924\u0915 \u092a\u0939\u0941\u0902\u091a \u091c\u093e\u0924\u0940 \u0939\u0948\u0964 3 \u0915\u093f\u0932\u094b\u092e\u0940\u091f\u0930 \u0938\u0947 \u0915\u093e\u0930 \u092b\u093f\u0930 \u0938\u0947 \u091a\u0932\u0928\u093e \u0936\u0941\u0930\u0941 \u0915\u0930\u0924\u0940 \u0939\u0948 \u0914\u0930 5 \u092e\u093f\u0928\u091f \u0924\u0915 \u091a\u0932\u0928\u0947 \u0915\u0947 \u092c\u093e\u0926 7 \u0915\u093f\u0932\u094b\u092e\u0940\u091f\u0930 \u0924\u0915 \u092a\u0939\u0941\u0902\u091a \u091c\u093e\u0924\u0940 \u0939\u0948\u0964", "\u091c\u0930\u093e \u0927\u094d\u092f\u093e\u0928 \u0926\u0940\u091c\u093f\u090f \u0915\u093f \u0924\u0940\u0938\u0930\u0947 \u0914\u0930 \u0938\u093e\u0924\u0935\u0947\u0902 \u0915\u093f\u0932\u094b\u092e\u0940\u091f\u0930 \u0915\u0947 \u092c\u0940\u091a \u092e\u0947\u0902 \u0915\u094d\u092f\u093e \u0939\u094b\u0924\u093e \u0939\u0948?", "", "\u0905\u092c \u0905\u0917\u0930 dx \u0915\u094b dt \u0938\u0947 \u0935\u093f\u092d\u093e\u091c\u093f\u0924 \u0915\u0930\u0947\u0902 ( \u0926\u0942\u0930\u0940 \u092e\u0947\u0902 \u092c\u0926\u0932\u093e\u0935 \u0915\u094b \u0926\u0942\u0930\u0940 \u092e\u0947\u0902 \u0938\u092e\u092f \u0938\u0947 \u0935\u093f\u092d\u093e\u091c\u093f\u0924 \u0915\u0930\u0947\u0902) \u0924\u094b \u0939\u092e\u0947\u0902 \u00a0\u0935\u0947\u0917/\u0930\u092b\u094d\u0924\u093e\u0930 \u092f\u093e \u0935\u0947\u0932\u094b\u0938\u093f\u091f\u0940 (V / velocity) \u092e\u093f\u0932\u0947\u0917\u0940", "V = dx / dt", "= 4/5", "\u0907\u0938\u0915\u093e \u092e\u0924\u0932\u092c \u0939\u0941\u0906 \u0915\u093f \u0915\u093e\u0930 \u0939\u0930 5 \u092e\u093f\u0928\u091f \u092e\u0947\u0902 4 \u0915\u093f\u0932\u094b\u092e\u0940\u091f\u0930 \u091a\u0932 \u0930\u0939\u0940 \u0939\u0948 \u092f\u0939\u093e\u0902 \u092a\u0930 \u0935\u0947\u0917 \u0915\u094b \u0915\u093f\u0932\u094b\u092e\u0940\u091f\u0930 \u092a\u094d\u0930\u0924\u093f \u092e\u093f\u0928\u091f \u092e\u0947\u0902 \u092c\u0924\u093e\u092f\u093e \u0917\u092f\u093e \u0939\u0948\u0964 \u0906\u092e\u0924\u094c\u0930 \u092a\u0930 \u0905\u092a\u0928\u0940 \u0930\u094b\u091c\u092e\u0930\u094d\u0930\u093e \u0915\u0940 \u091c\u093f\u0902\u0926\u0917\u0940 \u092e\u0947\u0902 \u0939\u092e \u0907\u0938 \u0924\u0930\u0940\u0915\u0947 \u0938\u0947 \u0917\u0924\u093f \u0928\u0939\u0940\u0902 \u092c\u0924\u093e\u0924\u0947, \u0939\u092e \u0917\u0924\u093f \u092f\u093e \u0935\u0947\u0917 \u0915\u094b \u0915\u093f\u0932\u094b\u092e\u0940\u091f\u0930 \u092a\u094d\u0930\u0924\u093f \u0918\u0902\u091f\u0947 \u0915\u0940 \u0938\u0947 \u092c\u0924\u093e\u0924\u0947 \u0939\u0948\u0902\u0964", "\u0939\u092e \u0907\u0938 4/5 \u0915\u094b \u092d\u0940 \u0915\u093f\u0932\u094b\u092e\u0940\u091f\u0930 \u092a\u094d\u0930\u0924\u093f \u0918\u0902\u091f\u0947 \u092e\u0947\u0902 \u092c\u0926\u0932 \u0938\u0915\u0924\u0947 \u0939\u0948\u0902", "\u091c\u092c 5 \u092e\u093f\u0928\u091f \u0915\u094b \u0918\u0902\u091f\u0947 \u092e\u0947\u0902 \u092c\u0926\u0932\u0928\u093e \u0939\u094b \u0924\u094b \u0907\u0938\u0947 5/60 \u0932\u093f\u0916 \u0938\u0915\u0924\u0947 \u0939\u0948\u0902 \u0924\u094b \u0905\u092c \u0938\u092e\u0940\u0915\u0930\u0923 \u0939\u094b\u0917\u093e \u2013", "= 4/(5/60)", "= (4*60) /5", "= 48 KmPH", "\u0907\u0938\u0915\u093e \u092e\u0924\u0932\u092c \u0939\u0948 \u0915\u093f \u0915\u093e\u0930 48 \u0915\u093f\u0932\u094b\u092e\u0940\u091f\u0930 \u092a\u094d\u0930\u0924\u093f \u0918\u0902\u091f\u0947 \u0915\u0947 \u0935\u0947\u0917 \u0938\u0947 \u091a\u0932 \u0930\u0939\u0940 \u0939\u0948\u0964", "\u092f\u093e\u0926 \u0930\u0916\u093f\u090f \u0915\u093f \u0935\u0947\u0917 \u0928\u093f\u0915\u093e\u0932\u0928\u0947 \u0915\u0947 \u0932\u093f\u090f \u0924\u092f \u0915\u0940 \u0917\u0908 \u0926\u0942\u0930\u0940 \u092e\u0947\u0902 \u092c\u0926\u0932\u093e\u0935 \u0915\u094b \u0938\u092e\u092f \u092e\u0947\u0902 \u0939\u0941\u090f \u092c\u0926\u0932\u093e\u0935 \u0938\u0947 \u0935\u093f\u092d\u093e\u091c\u093f\u0924 \u0915\u0930\u0928\u093e \u092a\u0921\u093c\u0924\u093e \u0939\u0948\u0964 \u0915\u0948\u0932\u0915\u0941\u0932\u0938 \u092e\u0947\u0902 \u0935\u0947\u0917 \u0915\u094b \u091a\u0932\u0940 \u0917\u0908 \u0926\u0942\u0930\u0940 \u0915\u093e \u092b\u0930\u094d\u0938\u094d\u091f \u0911\u0930\u094d\u0921\u0930 \u0921\u0947\u0930\u093f\u0935\u0947\u091f\u093f\u0935 \u0915\u0939\u0924\u0947 \u0939\u0948\u0902 \u0964", "\u0905\u092c \u0907\u0938 \u0909\u0926\u093e\u0939\u0930\u0923 \u0915\u094b \u0925\u094b\u0921\u093c\u093e \u0906\u0917\u0947 \u092c\u0922\u093c\u093e\u0924\u0947 \u0939\u0948\u0902, \u0905\u092a\u0928\u0940 \u092f\u093e\u0924\u094d\u0930\u093e \u0915\u0947 \u092a\u0939\u0932\u0947 \u091a\u0930\u0923 \u092e\u0947\u0902 \u0915\u093e\u0930 \u0928\u0947 15 \u092e\u093f\u0928\u091f \u092e\u0947\u0902 7 \u0915\u093f\u0932\u094b\u092e\u0940\u091f\u0930 \u0915\u0940 \u0926\u0942\u0930\u0940 \u0924\u092f \u0915\u0940\u0964 \u0905\u092c \u092e\u093e\u0928 \u0932\u0940\u091c\u093f\u090f \u0915\u093f \u092f\u093e\u0924\u094d\u0930\u093e \u0915\u0947 \u0926\u0942\u0938\u0930\u0947 \u091a\u0930\u0923 \u092e\u0947\u0902 \u0915\u093e\u0930 7\u0935\u0947\u0902\u00a0 \u0915\u093f\u0932\u094b\u092e\u0940\u091f\u0930 \u0938\u0947 \u091a\u0932\u0928\u093e \u0936\u0941\u0930\u0942 \u0915\u0930\u0924\u0940 \u0939\u0948 \u0914\u0930 5 \u092e\u093f\u0928\u091f \u091a\u0932\u0928\u0947 \u0915\u0947 \u092c\u093e\u0926 15\u0935\u0947\u0902 \u0915\u093f\u0932\u094b\u092e\u0940\u091f\u0930 \u0924\u0915 \u092a\u0939\u0941\u0902\u091a \u091c\u093e\u0924\u0940 \u0939\u0948\u0964", "", "\u0939\u092e\u0947\u0902 \u092a\u0924\u093e \u0939\u0948 \u0915\u093f \u092a\u0939\u0932\u0947 \u091a\u0930\u0923 \u092e\u0947\u0902 \u0915\u093e\u0930 \u0915\u0940 \u0930\u092b\u094d\u0924\u093e\u0930 48 \u0915\u093f\u0932\u094b\u092e\u0940\u091f\u0930 \u092a\u094d\u0930\u0924\u093f \u0918\u0902\u091f\u0947 \u0925\u0940 \u0914\u0930 \u0939\u092e \u0926\u0942\u0938\u0930\u0947 \u091a\u0930\u0923 \u092e\u0947\u0902 \u0915\u093e\u0930 \u0915\u0940 \u0930\u092b\u094d\u0924\u093e\u0930 \u0915\u094b \u092c\u0939\u0941\u0924 \u0906\u0938\u093e\u0928\u0940 \u0938\u0947 \u0928\u093f\u0915\u093e\u0932 \u0938\u0915\u0924\u0947 \u0939\u0948\u0902 \u0915\u093f \u092f\u0939 96 \u0915\u093f\u0932\u094b\u092e\u0940\u091f\u0930 \u092a\u094d\u0930\u0924\u093f \u0918\u0902\u091f\u0947 \u0925\u0940 (dx =8 \u00a0\u0914\u0930 dt = 5)\u0964", "\u0907\u0938\u0938\u0947 \u0938\u093e\u092b \u0939\u0948 \u0915\u093f \u0915\u093e\u0930 \u0905\u092a\u0928\u0940 \u092f\u093e\u0924\u094d\u0930\u093e \u0915\u0947 \u0926\u0942\u0938\u0930\u0947 \u091a\u0930\u0923 \u092e\u0947\u0902 \u0926\u094b\u0917\u0941\u0928\u0940 \u0930\u092b\u094d\u0924\u093e\u0930 \u0938\u0947 \u091a\u0932\u0940\u0964", "\u0905\u092c \u092e\u093e\u0928 \u0932\u0940\u091c\u093f\u090f \u0915\u0940 \u0935\u0947\u0917 \u092e\u0947\u0902 \u092c\u0926\u0932\u093e\u0935 \u0915\u093e dv \u0939\u0948, \u0939\u092e\u0947\u0902 \u092a\u0924\u093e \u0939\u0948 \u0915\u093f \u0935\u0947\u0917 \u092e\u0947\u0902 \u092c\u0926\u0932\u093e\u0935 \u0915\u094b \u090f\u0915\u094d\u0938\u0940\u0932\u0930\u0947\u0936\u0928 \u0915\u0939\u0924\u0947 \u0939\u0948\u0902\u0964 \u092f\u093e \u092b\u093f\u0930 \u0935\u0947\u0917 \u0935\u0943\u0926\u094d\u0927\u093f \u0915\u0939\u0924\u0947 \u0939\u0948\u0902\u0964", "\u092f\u0939\u093e\u0902 \u092a\u0930 \u0935\u0947\u0917 \u092e\u0947\u0902 \u092c\u0926\u0932\u093e\u0935 \u0939\u0948", "= 96 \u0915\u093f\u0932\u094b\u092e\u0940\u091f\u0930 \u092a\u094d\u0930\u0924\u093f \u0918\u0902\u091f\u093e \u2013 48 \u0915\u093f\u0932\u094b\u092e\u0940\u091f\u0930 \u092a\u094d\u0930\u0924\u093f \u0918\u0902\u091f\u093e", "= 48 \u0915\u093f\u0932\u094b\u092e\u0940\u091f\u0930 \u092a\u094d\u0930\u0924\u093f \u0918\u0902\u091f\u093e/ ???", "\u0924\u094b \u0935\u0947\u0917\u00a0 \u092e\u0947\u0902 \u092c\u0926\u0932\u093e\u0935 48 \u0915\u093f\u0932\u094b\u092e\u0940\u091f\u0930 \u092a\u094d\u0930\u0924\u093f \u0918\u0902\u091f\u093e \u0939\u0948 \u0932\u0947\u0915\u093f\u0928 \u092f\u0939 \u092c\u0926\u0932\u093e\u0935 \u0915\u093f\u0924\u0928\u0947 \u0938\u092e\u092f \u092e\u0947\u0902 \u0939\u0941\u0906?", "\u091c\u0930\u093e \u0938\u092e\u091d\u0924\u0947 \u0939\u0948\u0902 \u2013", "\u0918\u092c\u0930\u093e\u0907\u090f \u0928\u0939\u0940\u0902 \u092e\u0948\u0902 \u0917\u093e\u092e\u093e \u0915\u0947 \u092e\u0941\u0916\u094d\u092f \u0935\u093f\u0937\u092f \u0938\u0947 \u0926\u0942\u0930 \u0928\u0939\u0940\u0902 \u091c\u093e \u0930\u0939\u093e \u0939\u0942\u0902 \u0907\u0938 \u0909\u0926\u093e\u0939\u0930\u0923 \u0915\u0947 \u091c\u0930\u093f\u090f \u0906\u092a \u0917\u093e\u092e\u093e \u0924\u094b \u0938\u0940\u0916\u0947\u0902\u0917\u0947 \u0939\u0940 \u0938\u093e\u0925 \u0939\u0940 \u0906\u092a\u0915\u0947 \u0939\u093e\u0908\u0938\u094d\u0915\u0942\u0932 \u0915\u0947 \u0917\u0923\u093f\u0924 \u0914\u0930 \u092b\u093f\u091c\u093f\u0915\u094d\u0938 \u0915\u093e \u092d\u0940 \u0915\u094b \u092d\u0940 \u0926\u094b\u0939\u0930\u093e \u0932\u0947\u0902\u0917\u0947\u0964", "\u091c\u092c \u0906\u092a \u090f\u0915 \u0928\u0908 \u0915\u093e\u0930 \u0916\u0930\u0940\u0926\u0928\u0947 \u091c\u093e\u0924\u0947 \u0939\u0948\u0902 \u0924\u094b \u0915\u093e\u0930 \u092c\u0947\u091a\u0928\u0947 \u0935\u093e\u0932\u093e \u0938\u0947\u0932\u094d\u0938\u092e\u0948\u0928 \u091c\u094b \u091a\u0940\u091c\u0947\u0902 \u0938\u092c\u0938\u0947 \u092a\u0939\u0932\u0947 \u092c\u0924\u093e\u0924\u093e \u0939\u0948 \u0909\u0928\u092e\u0947\u0902 \u0938\u0947 \u090f\u0915 \u0939\u094b\u0924\u0940 \u0939\u0948 \u0915\u093f \u092f\u0939 \u0915\u093e\u0930 0 \u0938\u0947 60 \u0915\u093f\u0932\u094b\u092e\u0940\u091f\u0930 \u0915\u0940 \u0930\u092b\u094d\u0924\u093e\u0930 5 \u0938\u0947\u0915\u0947\u0902\u0921 \u092e\u0947\u0902 \u092a\u0915\u0921\u093c \u0938\u0915\u0924\u0940 \u0939\u0948\u0964 \u0924\u094b \u0926\u0942\u0938\u0930\u0947 \u0936\u092c\u094d\u0926\u094b\u0902 \u092e\u0947\u0902 \u0935\u0939 \u0906\u092a\u0938\u0947 \u092f\u0939 \u092c\u0924\u093e \u0930\u0939\u093e \u0939\u0948 \u0915\u093f 0 \u0915\u093f\u0932\u094b\u092e\u0940\u091f\u0930 (\u0938\u094d\u0925\u093f\u0930 \u0938\u094d\u0925\u093f\u0924\u093f) \u0938\u0947 60 \u0915\u093f\u0932\u094b\u092e\u0940\u091f\u0930 \u0924\u0915 \u092a\u0939\u0941\u0902\u091a\u0928\u0947 \u092e\u0947\u0902 \u0915\u093e\u0930 \u0915\u094b \u0938\u093f\u0930\u094d\u092b 5 \u0938\u0947\u0915\u0902\u0921 \u0915\u093e \u0938\u092e\u092f \u0932\u0917\u0924\u093e \u0939\u0948\u0964 \u092f\u0939\u093e\u0902 \u092a\u0930 \u0935\u0947\u0917 \u092e\u0947\u0902 \u092c\u0926\u0932\u093e\u0935 60 \u0915\u093f\u0932\u094b\u092e\u0940\u091f\u0930 \u092a\u094d\u0930\u0924\u093f \u0918\u0902\u091f\u093e (60 -0) \u0915\u094b 5 \u0938\u0947\u0915\u0902\u0921 \u0915\u0947 \u0938\u092e\u092f \u0938\u0940\u092e\u093e \u0915\u0947 \u0906\u0927\u093e\u0930 \u092a\u0930 \u092c\u0924\u093e\u092f\u093e \u0917\u092f\u093e \u0939\u0948\u0964", "\u0924\u094b \u0907\u0938\u0940 \u0924\u0930\u0940\u0915\u0947 \u0938\u0947 \u091c\u092c \u0939\u092e \u0915\u0939\u0924\u0947 \u0939\u0948\u0902 \u0915\u093f \u092f\u0939\u093e\u0902 \u092a\u0930 \u0917\u0924\u093f \u092e\u0947\u0902 \u092c\u0926\u0932\u093e\u0935 48 \u0915\u093f\u0932\u094b\u092e\u0940\u091f\u0930 \u092a\u094d\u0930\u0924\u093f \u0918\u0902\u091f\u093e \u0939\u0948 \u0924\u094b \u092f\u0939 \u091c\u093e\u0928\u0928\u093e \u091c\u0930\u0942\u0930\u0940 \u0939\u0948 \u0915\u093f \u092f\u0939 \u092c\u0926\u0932\u093e\u0935 \u0915\u093f\u0924\u0928\u0947 \u0938\u092e\u092f \u092e\u0947\u0902 \u0939\u0941\u0906 \u0915\u094d\u092f\u094b\u0902\u0915\u093f \u091c\u092c \u0924\u0915 \u0939\u092e \u092f\u0939 \u0928\u0939\u0940\u0902 \u091c\u093e\u0928\u0947\u0902\u0917\u0947 \u0924\u092c \u0924\u0915 \u0939\u092e \u092f\u0939 \u0928\u0939\u0940\u0902 \u091c\u093e\u0928 \u0938\u0915\u0924\u0947 \u0915\u093f \u0935\u0947\u0917 \u0935\u0943\u0926\u094d\u0927\u093f \u092f\u093e\u0928\u0940 \u090f\u0915\u094d\u0938\u0940\u0932\u0930\u0947\u0936\u0928 \u0915\u094d\u092f\u093e \u0939\u0948\u0964", "\u0907\u0938\u0915\u094b \u091c\u093e\u0928\u0928\u0947 \u0915\u0947 \u0932\u093f\u090f \u0939\u092e\u0947\u0902 \u0915\u0941\u091b \u0915\u0932\u094d\u092a\u0928\u093e\u090f\u0902 \u0915\u0930\u0928\u0940 \u0939\u094b\u0917\u0940\u0902 \u2013", "", "\u0907\u0938 \u091c\u093e\u0928\u0915\u093e\u0930\u0940 \u0915\u0947 \u0906\u0927\u093e\u0930 \u092a\u0930 \u0939\u092e \u0915\u0941\u091b \u092a\u0930\u093f\u0923\u093e\u092e \u0928\u093f\u0915\u093e\u0932 \u0938\u0915\u0924\u0947 \u0939\u0948\u0902 (\u0915\u0948\u0932\u0915\u0941\u0932\u0938 \u092e\u0947\u0902 \u0907\u0928 \u091a\u0940\u091c\u094b\u0902 \u0915\u094b \u0907\u0928\u093f\u0936\u093f\u092f\u0932 \u0915\u0902\u0921\u0940\u0936\u0928 \u092f\u093e\u0928\u0940 \u092a\u094d\u0930\u093e\u0925\u092e\u093f\u0915 \u0927\u093e\u0930\u0923\u093e\u090f\u0902 \u0915\u0939\u093e \u091c\u093e\u0924\u093e \u0939\u0948)", "\u0924\u094b \u0905\u092c \u0939\u092e \u091c\u093e\u0928\u0924\u0947 \u0939\u0948\u0902 \u0915\u093f-", "\u0905\u0917\u0930 \u0939\u092e\u0947\u0902 \u092a\u0924\u093e \u0914\u0938\u0924 \u0914\u0930 \u092a\u094d\u0930\u093e\u0930\u0902\u092d\u093f\u0915 \u0935\u0947\u0917 \u092a\u0924\u093e \u0939\u0948 \u0924\u094b \u0939\u092e \u0905\u0902\u0924\u093f\u092e \u0935\u0947\u0917 \u0928\u093f\u0915\u093e\u0932 \u0938\u0915\u0924\u0947 \u0939\u0948\u0902\u0964 \u092f\u0947 144 \u0939\u094b\u0917\u093e ( 0 \u0914\u0930 144 \u0915\u093e \u0914\u0938\u0924 72 \u0939\u094b\u0924\u093e \u0939\u0948)", "\u0907\u0938\u0915\u0947 \u0905\u0932\u093e\u0935\u093e \u0939\u092e\u0947\u0902 \u092f\u0939 \u092d\u0940 \u092a\u0924\u093e \u0939\u0948 \u0915\u093f \u090f\u0915\u094d\u0938\u0940\u0932\u0930\u0947\u0936\u0928 = \u0905\u0902\u0924\u093f\u092e \u0935\u0947\u0917 / \u0938\u092e\u092f (\u091c\u092c \u090f\u0915\u094d\u0938\u0940\u0932\u0930\u0947\u0936\u0928 \u090f\u0915 \u0938\u092e\u093e\u0928 \u092f\u093e \u0938\u094d\u0925\u093f\u0930 \u0939\u094b)", "\u0907\u0938\u0932\u093f\u090f \u090f\u0915\u094d\u0938\u0940\u0932\u0930\u0947\u0936\u0928 \u0939\u094b\u0917\u093e", "= 144 / 10 minutes", "\u0905\u0917\u0930 \u0939\u092e 10 \u092e\u093f\u0928\u091f \u0915\u094b \u0918\u0902\u091f\u0947 \u092e\u0947\u0902 \u092c\u0926\u0932\u0947 \u0924\u094b (10/60) \u0918\u0902\u091f\u0947", "\u0905\u092c \u0907\u0938\u0947 \u090a\u092a\u0930 \u0915\u0947 \u0938\u092e\u0940\u0915\u0930\u0923 \u092e\u0947\u0902 \u0921\u093e\u0932\u0928\u0947 \u092a\u0930", "= 144 / (10/60) \u0918\u0902\u091f\u0947", "= 864 \u0915\u093f\u0932\u094b\u092e\u0940\u091f\u0930 \u092a\u094d\u0930\u0924\u093f \u0918\u0902\u091f\u093e", "\u0907\u0938\u0915\u093e \u092e\u0924\u0932\u092c \u0939\u0948 \u0915\u093f \u0915\u093e\u0930 \u0915\u093e \u0935\u0947\u0917 \u0939\u0930 \u0918\u0902\u091f\u0947 864 \u0915\u093f\u0932\u094b\u092e\u0940\u091f\u0930 \u0915\u0940 \u0926\u0930 \u0938\u0947 \u092c\u0922\u093c \u0930\u0939\u093e \u0939\u0948\u0964 \u0915\u093e\u0930 \u0915\u094b \u092c\u0947\u091a\u0928\u0947 \u0935\u093e\u0932\u093e \u0938\u0947\u0932\u094d\u0938\u092e\u0948\u0928 \u0906\u092a\u0938\u0947 \u0915\u0939 \u0938\u0915\u0924\u093e \u0939\u0948 \u0915\u093f \u092f\u0939 \u0915\u093e\u0930 0\u00a0 \u0938\u0947 72 \u0915\u093f\u0932\u094b\u092e\u0940\u091f\u0930 \u092a\u094d\u0930\u0924\u093f \u0918\u0902\u091f\u0947 \u0915\u0940 \u0930\u092b\u094d\u0924\u093e\u0930 5 \u0938\u0947\u0915\u0902\u0921 \u092e\u0947\u0902 \u092a\u093e \u0938\u0915\u0924\u0940 \u0939\u0948\u0964", "\u0924\u094b \u0939\u092e\u0928\u0947 \u090f\u0915 \u092e\u0941\u0936\u094d\u0915\u093f\u0932 \u0938\u0935\u093e\u0932 \u0915\u093e \u0939\u0932 \u0928\u093f\u0915\u093e\u0932\u0928\u0947 \u0915\u0947 \u0932\u093f\u090f \u0938\u093f\u0930\u094d\u092b \u090f\u0915 \u0915\u0932\u094d\u092a\u0928\u093e \u0915\u0940 \u0915\u093f \u090f\u0915\u094d\u0938\u0940\u0932\u0930\u0947\u0936\u0928 \u0938\u094d\u0925\u093f\u0930 \u0939\u0948\u0964 \u0932\u0947\u0915\u093f\u0928 \u0935\u093e\u0938\u094d\u0924\u0935\u093f\u0915\u0924\u093e \u092e\u0947\u0902 \u090f\u0915\u094d\u0938\u0940\u0932\u0930\u0947\u0936\u0928 \u0938\u094d\u0925\u093f\u0930 \u0928\u0939\u0940\u0902 \u0939\u094b\u0924\u093e\u0964 \u0905\u0932\u0917-\u0905\u0932\u0917 \u0930\u092b\u094d\u0924\u093e\u0930 \u092a\u0930 \u0906\u092a\u0915\u093e \u090f\u0915\u094d\u0938\u0940\u0932\u0930\u0947\u0936\u0928 \u0905\u0932\u0917-\u0905\u0932\u0917 \u0939\u094b\u0924\u093e \u0939\u0948\u0964 \u0924\u094b \u0907\u0938 \u0924\u0930\u0939 \u0915\u0947 \u0938\u0935\u093e\u0932\u094b\u0902 \u091c\u0939\u093e\u0902 \u090f\u0915 \u092a\u0930\u093f\u0935\u0930\u094d\u0924\u0928\u0936\u0940\u0932 \u0935\u0938\u094d\u0924\u0941 \u092e\u0947\u0902 \u0939\u094b \u0930\u0939\u0947 \u092c\u0926\u0932\u093e\u0935 \u0915\u0940 \u0935\u091c\u0939 \u0938\u0947 \u0926\u0942\u0938\u0930\u0940 \u092a\u0930\u093f\u0935\u0930\u094d\u0924\u0928\u0936\u0940\u0932 \u0935\u0938\u094d\u0924\u0941 \u0915\u0947 \u092c\u0926\u0932\u093e\u0935 \u0915\u094b \u0928\u093f\u0915\u093e\u0932\u0928\u093e \u0939\u094b \u0909\u0928\u092e\u0947\u0902 \u0939\u092e\u0947\u0902 \u0921\u0947\u0930\u093f\u0935\u0947\u091f\u093f\u0935 \u0915\u0948\u0932\u0915\u0941\u0932\u0938 \u0915\u093e \u0907\u0938\u094d\u0924\u0947\u092e\u093e\u0932 \u0915\u0930\u0928\u093e \u092a\u0921\u093c \u0938\u0915\u0924\u093e \u0939\u0948\u0964 \u0906\u092a \u092f\u0939 \u092d\u0940 \u0915\u0939 \u0938\u0915\u0924\u0947 \u0939\u0948\u0902 \u0915\u093f \u092f\u0939\u093e\u0902 \u092a\u0930 \u0906\u092a\u0915\u094b \u0921\u093f\u092b\u0930\u0947\u0902\u0936\u093f\u092f\u0932 \u0907\u0915\u094d\u0935\u0947\u0936\u0928 \u0915\u093e \u0907\u0938\u094d\u0924\u0947\u092e\u093e\u0932 \u0915\u0930\u0928\u093e \u092a\u0921\u093c \u0938\u0915\u0924\u093e \u0939\u0948\u0964", "\u0906\u092a \u091c\u0930\u093e \u0915\u0941\u091b \u0938\u092e\u092f \u0915\u0947 \u0932\u093f\u090f \u092f\u0939 \u0938\u094b\u091a\u093f\u090f \u0915\u093f", "\u0924\u092f \u0915\u0940 \u0917\u0908 \u0926\u0942\u0930\u0940 \u092e\u0947\u0902 \u092c\u0926\u0932\u093e\u0935 = \u0935\u0947\u0917, \u0907\u0938\u0947 \u0926\u0942\u0930\u0940 \u092e\u0947\u0902 \u0926\u094b \u0905\u0932\u0917-\u0905\u0932\u0917 \u091c\u0917\u0939\u094b\u0902 \u092f\u093e \u0938\u094d\u0925\u093f\u0924\u093f\u092f\u094b\u0902 \u0915\u093e \u092b\u0930\u094d\u0938\u094d\u091f \u0911\u0930\u094d\u0921\u0930 \u0921\u0947\u0930\u093f\u0935\u0947\u091f\u093f\u0935 \u092d\u0940 \u0915\u0939\u0924\u0947 \u0939\u0948\u0902\u0964", "\u0935\u0947\u0917 \u092e\u0947\u0902 \u092c\u0926\u0932\u093e\u0935 = \u090f\u0915\u094d\u0938\u0940\u0932\u0930\u0947\u0936\u0928", "\u090f\u0915\u094d\u0938\u0940\u0932\u0930\u0947\u0936\u0928 = \u0935\u0947\u0917 \u092e\u0947\u0902 \u090f\u0915 \u0926\u093f\u090f \u0917\u090f \u0938\u092e\u092f \u092e\u0947\u0902 \u0939\u0941\u0906 \u092c\u0926\u0932\u093e\u0935, \u091c\u094b \u0915\u093f \u0915\u093f\u0938\u0940 \u0926\u093f\u090f \u0917\u090f \u0938\u092e\u092f \u092e\u0947\u0902 \u090f\u0915 \u091c\u0917\u0939(\u0938\u094d\u0925\u093f\u0924\u093f) \u0938\u0947 \u0926\u0942\u0938\u0930\u0940 \u091c\u0917\u0939 (\u0938\u094d\u0925\u093f\u0924\u093f) \u092e\u0947\u0902 \u0939\u0941\u0906 \u092c\u0926\u0932\u093e\u0935 \u092d\u0940 \u0939\u0948", "\u0907\u0938\u0940\u0932\u093f\u090f \u090f\u0915\u094d\u0938\u0940\u0932\u0930\u0947\u0936\u0928 \u0915\u094b \u0938\u094d\u0925\u093f\u0924\u093f \u092e\u0947\u0902 \u0939\u0941\u090f \u092c\u0926\u0932\u093e\u0935 \u0915\u093e \u0938\u0947\u0915\u0902\u0921 \u0911\u0930\u094d\u0921\u0930 \u0921\u0947\u0930\u093f\u0935\u0947\u091f\u093f\u0935 \u092f\u093e \u0935\u0947\u0932\u094b\u0938\u093f\u091f\u0940 \u092f\u093e\u0928\u0940 \u0935\u0947\u0917 \u0915\u093e \u092b\u0930\u094d\u0938\u094d\u091f \u0911\u0930\u094d\u0921\u0930 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\u092c\u0924\u093e\u092f\u093e \u0939\u0948, \u0935\u094b \u0935\u093e\u0938\u094d\u0924\u0935 \u092e\u0947\u0902 \u0938\u0930\u093e\u092f\u0939\u0928\u0940\u092f \u0939\u0948\u0964 \u092c\u093f\u0928\u093e \u0907\u0928 \u0909\u0926\u093e\u0939\u0930\u0923 \u0915\u0947 \u0924\u094b \u092e\u0948\u0902 \u0915\u092d\u0940 \u0938\u092e\u091d \u0939\u0940 \u0928\u0939\u0940\u0902 \u092a\u093e\u0924\u093e, \u092a\u0942\u0930\u0940 \u091f\u0940\u092e \u0915\u093e \u092c\u0939\u0941\u0924 2 \u0927\u0928\u094d\u092f\u0935\u093e\u0926\u0964", "\u0906\u092a\u0915\u093e \u0905\u092d\u093f\u0928\u0928\u094d\u0926\u0928 \u0939\u0948\u0964 \ud83d\ude42", "\u090f\u0915 \u0915\u093e\u0930 0 \u0915\u093f\u0932\u094b\u092e\u0940\u091f\u0930 \u0938\u0947 \u091a\u0932\u0928\u093e \u0936\u0941\u0930\u0942 \u0915\u0930\u0924\u0940 \u0939\u0948 \u0914\u0930 10 \u092e\u093f\u0928\u091f \u0924\u0915 \u091a\u0932\u0928\u0947 \u0915\u0947 \u092c\u093e\u0926 3 \u0915\u093f\u0932\u094b\u092e\u0940\u091f\u0930 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\u092e\u093f\u0928\u091f \u0926\u0947\u0928\u093e \u091a\u093e\u0939\u093f\u092f\u0947, 20 \u092e\u093f\u0928\u091f \u0915\u094d\u092f\u094b\u0902 \u0926\u093f\u092f\u093e \u0939\u0948?", "\u0927\u0928\u094d\u092f\u0935\u093e\u0926\u0964", "\u0915\u0943\u092a\u092f\u093e \u0915\u0930\u0915\u0947 \u092a\u0942\u0930\u093e \u0905\u0927\u094d\u092f\u093e\u092f \u092a\u095d\u0947\u0902, \u091a\u093f\u0924\u094d\u0930 \u0915\u0947 \u0928\u0940\u091a\u0947 \u0926\u093f\u090f \u0917\u090f \u0915\u0948\u0932\u0915\u0941\u0932\u0947\u0936\u0928 \u092a\u0930 \u0927\u094d\u092f\u093e\u0928 \u0926\u0947\u0928\u0947 \u0938\u0947 \u0906\u092a\u0915\u094b \u091a\u093f\u0924\u094d\u0930 \u0938\u092e\u091d \u0906\u091c\u093e\u092f\u0947\u0917\u093e\u0964", "\u0924\u092f \u0915\u0940 \u0917\u0908 \u0915\u0941\u0932 \u0926\u0942\u0930\u0940 = 15 \u2013 3 = 12 kms\n\u0915\u093e\u0930 \u0915\u0947 \u091a\u0932\u0928\u0947 \u0915\u093e \u0915\u0941\u0932 \u0938\u092e\u092f = 20 -10 = 10 mins\nYahan pr 20 ke jagah 30 hoga kya according to diagram??", "Very good explanation", "Assumed delta as velocity and gama as an acceleration.\nThanks remember that engineering\n.", "Name (required)", "Mail (will not be published) (required)", "", "Post comment", "", "\u0394", "Varsity by Zerodha \u00a9 2015 \u2013 2024.\r\n\t\t\t\t\tAll rights reserved.\r\n\t\t\t\t\tReproduction of the Varsity materials, text and images,\r\n\t\t\t\t\tis not permitted. For media queries, contact [email\u00a0protected]"], "images": ["https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo.png", "https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo-small.png", "https://zerodha.com/varsity/wp-content/uploads/2015/06/Ch12-diagram-1.png", "https://zerodha.com/varsity/wp-content/uploads/2015/06/Ch12-diagram-2.png", "https://zerodha.com/varsity/wp-content/uploads/2015/06/Ch12-diagram-3.png", "https://zerodha.com/varsity/wp-content/uploads/2015/06/M5-Ch12-title.png", "https://secure.gravatar.com/avatar/652a8bff5fdd4e21638d9fd1570a19c5?s=32&d=identicon&r=g", "https://secure.gravatar.com/avatar/be5de1b57c0a4cfdd8c128e3b984d149?s=32&d=identicon&r=g", "https://secure.gravatar.com/avatar/b76578eb07b78a81199848d39b3f17fb?s=32&d=identicon&r=g", "https://secure.gravatar.com/avatar/be5de1b57c0a4cfdd8c128e3b984d149?s=32&d=identicon&r=g", "https://secure.gravatar.com/avatar/e80f71cd21cfc570a71c8e1ffb64a802?s=32&d=identicon&r=g", "https://secure.gravatar.com/avatar/32664e0290bb823f7ad01790d40db636?s=32&d=identicon&r=g", "https://secure.gravatar.com/avatar/2552021f4658da3350970cddb19f2e44?s=32&d=identicon&r=g", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/playstore.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/appstore.png"], "tables": [], "videos": []}

{"title": "3. \u0915\u0949\u0932 \u0911\u092a\u094d\u0936\u0928 \u0915\u0940 \u0916\u0930\u0940\u0926\u093e\u0930\u0940", "text": ["\u092a\u093f\u091b\u0932\u0947 \u0905\u0927\u094d\u092f\u093e\u092f \u092e\u0947\u0902 \u0939\u092e\u0928\u0947 \u0915\u0949\u0932 \u0911\u092a\u094d\u0936\u0928 \u0915\u0947 \u092e\u0942\u0932 \u0938\u093f\u0926\u094d\u0927\u093e\u0902\u0924\u094b\u0902 \u0915\u094b \u0938\u092e\u091d\u093e \u0914\u0930 \u092f\u0939 \u092d\u0940 \u0938\u092e\u091d\u093e \u0915\u093f \u0915\u093f\u0938 \u092a\u0930\u093f\u0938\u094d\u0925\u093f\u0924\u093f \u092e\u0947\u0902 \u0909\u0938\u0915\u094b \u0916\u0930\u0940\u0926\u093e \u091c\u093e\u0928\u093e \u091a\u093e\u0939\u093f\u090f\u0964 \u0907\u0938 \u0905\u0927\u094d\u092f\u093e\u092f \u092e\u0947\u0902 \u0939\u092e \u0909\u0938\u0940 \u092c\u093e\u0924 \u0915\u094b \u0906\u0917\u0947 \u092c\u0922\u093c\u093e\u090f\u0902\u0917\u0947 \u0914\u0930 \u092f\u0939 \u0938\u092e\u091d\u0928\u0947 \u0915\u0940 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\u092a\u0930 P&L \u0915\u0948\u0938\u093e \u092c\u0928\u0947\u0917\u093e \u0914\u0930 \u0909\u0928\u092e\u0947\u0902 \u090f\u0915 \u0938\u092e\u093e\u0928 \u092c\u093e\u0924 \u0915\u094d\u092f\u093e \u0939\u094b\u0917\u0940? \u0907\u0928 \u0905\u0932\u0917-\u0905\u0932\u0917 \u0915\u0940\u092e\u0924\u094b\u0902 \u0915\u094b \u092e\u0948\u0902 \u090f\u0915\u094d\u0938\u092a\u093e\u092f\u0930\u0940 \u092a\u0930 \u0938\u094d\u092a\u0949\u091f \u092e\u0947\u0902 \u0906\u0928\u0947 \u0935\u093e\u0932\u0940 \u0938\u0902\u092d\u093e\u0935\u093f\u0924 \u0915\u0940\u092e\u0924\u0947\u0902 \u0915\u0939\u0924\u093e \u0939\u0942\u0902\u0964 \u0905\u092c \u0907\u0928\u0915\u0947 \u091c\u0930\u093f\u090f P&L \u0915\u093e \u0938\u093e\u092e\u093e\u0928\u094d\u092f\u0940\u0915\u0930\u0923 \u0915\u0930\u0924\u093e \u0939\u0942\u0902 \u091c\u093f\u0938\u0938\u0947 \u0915\u0949\u0932 \u0911\u092a\u094d\u0936\u0928 \u0915\u094b \u0938\u092e\u091d\u093e \u091c\u093e \u0938\u0915\u0947\u0964", "\u0910\u0938\u093e \u0915\u0930\u0928\u0947 \u0915\u0947 \u0932\u093f\u090f \u092e\u0941\u091d\u0947 \u0911\u092a\u094d\u0936\u0928 \u0915\u0940 \u0907\u0902\u091f\u094d\u0930\u093f\u0928\u094d\u0938\u093f\u0915 \u0935\u0948\u0932\u094d\u092f\u0942 \u0915\u0947 \u0938\u093f\u0926\u094d\u0927\u093e\u0902\u0924 \u0915\u094b \u0938\u092e\u091d\u0928\u093e \u092a\u0921\u093c\u0947\u0917\u093e\u0964 \u0939\u093e\u0932\u093e\u0902\u0915\u093f \u0939\u092e \u092f\u0939 \u0938\u093f\u0926\u094d\u0927\u093e\u0902\u0924 \u092f\u0939\u093e\u0902 \u092a\u0942\u0930\u093e \u0928\u0939\u0940\u0902 \u0938\u092e\u091d\u0947\u0902\u0917\u0947 \u0907\u0938\u0915\u093e \u0915\u0941\u091b \u0939\u093f\u0938\u094d\u0938\u093e \u0939\u0940 \u0938\u092e\u091d\u0947\u0902\u0917\u0947\u0964", "\u0911\u092a\u094d\u0936\u0928 \u0915\u0940 \u0907\u0902\u091f\u094d\u0930\u093f\u0928\u094d\u0938\u093f\u0915 \u0935\u0948\u0932\u094d\u092f\u0942 \u090f\u0915\u094d\u0938\u092a\u093e\u092f\u0930\u0940 \u0915\u0947 \u0938\u092e\u092f \u0928\u0949\u0928 \u0928\u0947\u0917\u0947\u091f\u093f\u0935 (Non-Negative) \u0939\u094b\u0924\u0940 \u0939\u0948 \u092e\u0924\u0932\u092c \u092f\u0939 \u0928\u0947\u0917\u0947\u091f\u093f\u0935 \u0928\u0939\u0940\u0902 \u0939\u094b \u0938\u0915\u0924\u0940\u0964 \u0907\u0902\u091f\u094d\u0930\u093f\u0928\u094d\u0938\u093f\u0915 \u0935\u0948\u0932\u094d\u092f\u0942 \u0935\u0939 \u0930\u0915\u092e \u0939\u0948 \u092f\u093e \u0915\u0940\u092e\u0924 \u0939\u0948 \u091c\u094b \u0915\u0949\u0932 \u0911\u092a\u094d\u0936\u0928 \u0915\u0947 \u0916\u0930\u0940\u0926\u093e\u0930 \u0915\u094b \u0915\u0949\u0932 \u0911\u092a\u094d\u0936\u0928 \u090f\u0915\u094d\u0938\u0930\u0938\u093e\u0907\u091c \u0915\u0930\u0928\u0947 \u092a\u0930 \u092e\u093f\u0932\u0947\u0917\u0940\u0964 \u0906\u092e \u092d\u093e\u0937\u093e \u092e\u0947\u0902 \u0915\u0939\u0947\u0902 \u0924\u094b \u092f\u0939 \u0935\u0939 \u0930\u0915\u092e \u0939\u0948 \u091c\u094b \u0915\u093f \u0915\u0949\u0932 \u0911\u092a\u094d\u0936\u0928 \u0915\u0940 \u090f\u0915\u094d\u0938\u092a\u093e\u092f\u0930\u0940 \u0915\u0947 \u0938\u092e\u092f \u0915\u0949\u0932 \u0911\u092a\u094d\u0936\u0928 \u0915\u0947 \u0916\u0930\u0940\u0926\u093e\u0930 \u0915\u094b \u092e\u0941\u0928\u093e\u092b\u0947 \u0915\u0947 \u0924\u094c\u0930 \u092a\u0930 \u092e\u093f\u0932\u0924\u0940 \u0939\u0948\u0964 \u0907\u0938\u0915\u094b \u0910\u0938\u0947 \u0928\u093f\u0915\u093e\u0932\u0924\u0947 \u0939\u0948\u0902\u2013", "IV = \u0938\u094d\u092a\u0949\u091f \u0915\u0940\u092e\u0924 \u2013 \u0938\u094d\u091f\u094d\u0930\u093e\u0907\u0915 \u0915\u0940\u092e\u0924", "IV = Spot Price \u2013 Strike Price", "\u0924\u094b \u0905\u0917\u0930 \u092c\u091c\u093e\u091c \u0911\u091f\u094b \u090f\u0915\u094d\u0938\u092a\u093e\u092f\u0930\u0940 \u0915\u0947 \u0926\u093f\u0928 2068 \u092a\u0930 \u092c\u093f\u0915 \u0930\u0939\u093e \u0939\u0948 \u0924\u094b \u0924\u094b 2050 \u0915\u0947 \u0915\u0949\u0932 \u0911\u092a\u094d\u0936\u0928 \u0915\u0940 \u0907\u0902\u091f\u094d\u0930\u093f\u0928\u094d\u0938\u093f\u0915 \u0935\u0948\u0932\u094d\u092f\u0942 \u0939\u094b\u0917\u0940", "= 2068-2050", "= 18", "\u0907\u0938\u0940 \u0924\u0930\u0939 \u0905\u0917\u0930 \u092c\u091c\u093e\u091c \u0911\u091f\u094b 2025 \u092a\u0930 \u092c\u093f\u0915 \u0930\u0939\u093e \u0939\u0948 \u0924\u094b \u090f\u0915\u094d\u0938\u092a\u093e\u092f\u0930\u0940 \u0915\u0947 \u0926\u093f\u0928 \u0909\u0938\u0915\u0940 \u0907\u0902\u091f\u094d\u0930\u093f\u0928\u094d\u0938\u093f\u0915 \u0935\u0948\u0932\u094d\u092f\u0942 \u0939\u094b\u0917\u0940", "= 2025 \u2013 2050", "\u092f\u0939\u093e\u0902 \u092a\u0930 \u090f\u0915 \u092c\u093e\u0924 \u092f\u093e\u0926 \u0930\u0916\u0928\u0947 \u0935\u093e\u0932\u0940 \u0939\u0948 \u0915\u093f\u0938\u0940 \u092d\u0940 \u0911\u092a\u094d\u0936\u0928 \u0915\u0940 (\u091a\u093e\u0939\u0947 \u0935\u0939 \u0915\u0949\u0932 \u0911\u092a\u094d\u0936\u0928 \u0939\u094b \u092f\u093e \u092b\u093f\u0930 \u092a\u0941\u091f \u0911\u092a\u094d\u0936\u0928) \u0907\u0902\u091f\u094d\u0930\u093f\u0928\u094d\u0938\u093f\u0915 \u0935\u0948\u0932\u094d\u092f\u0942 \u0915\u092d\u0940 \u092d\u0940 \u0928\u0947\u0917\u0947\u091f\u093f\u0935 \u0928\u0939\u0940\u0902 \u0939\u094b\u0924\u0940 \u092f\u0947 \u0939\u092e\u0947\u0936\u093e \u0928\u0949\u0928 \u0928\u0947\u0917\u0947\u091f\u093f\u0935 \u0939\u094b\u0924\u0940 \u0939\u0948 \u092e\u0924\u0932\u092c \u0915\u092d\u0940 \u092d\u0940 \u2013 \u092e\u0947\u0902 \u0928\u0939\u0940\u0902 \u0939\u094b \u0938\u0915\u0924\u0940\u0964 \u0907\u0938\u0932\u093f\u090f \u0939\u092e \u0907\u0938\u0915\u094b \u092f\u0939\u093e\u0902 2025 \u092a\u0930 \u0939\u0940 \u091b\u094b\u0921\u093c \u0926\u0947\u0902\u0917\u0947\u0964", "= 0", "\u092f\u0939\u093e\u0902 \u092a\u0930 \u0939\u092e \u0907\u0902\u091f\u094d\u0930\u093f\u0928\u094d\u0938\u093f\u0915 \u0935\u0948\u0932\u094d\u092f\u0942 \u0935\u0948\u0932\u094d\u092f\u0942 \u0915\u0947 \u0938\u0902\u0926\u0930\u094d\u092d \u092e\u0947\u0902 \u092f\u0939 \u0938\u092e\u091d\u0928\u0947 \u0915\u0940 \u0915\u094b\u0936\u093f\u0936 \u0915\u0930 \u0930\u0939\u0947 \u0939\u0948\u0902 \u0915\u093f \u090f\u0915\u094d\u0938\u092a\u093e\u092f\u0930\u0940 \u0915\u0947 \u0926\u093f\u0928 \u092c\u091c\u093e\u091c \u0911\u091f\u094b \u0915\u0940 \u0905\u0932\u0917-\u0905\u0932\u0917 \u0915\u0940\u092e\u0924\u094b\u0902 \u092a\u0930 \u092e\u0948\u0902 \u0915\u093f\u0924\u0928\u093e \u092a\u0948\u0938\u093e \u092c\u0928\u093e\u090a\u0902\u0917\u093e\u0964 \u0907\u0938\u0940 \u0938\u093f\u0932\u0938\u093f\u0932\u0947 \u092e\u0947\u0902 \u092e\u0948\u0902 \u0915\u0949\u0932 \u0911\u092a\u094d\u0936\u0928 \u0915\u0947 \u0916\u0930\u0940\u0926\u093e\u0930 \u0915\u0947 P&L \u0915\u093e \u0938\u093e\u092e\u093e\u0928\u094d\u092f\u0940\u0915\u0930\u0923 \u0915\u0930 \u0930\u0939\u093e \u0939\u0942\u0902\u0964", "\u0915\u093f\u0938\u0940 \u0911\u092a\u094d\u0936\u0928 \u0915\u0947 \u0907\u0902\u091f\u094d\u0930\u093f\u0938\u093f\u0915 \u0935\u0948\u0932\u094d\u092f\u0942 \u0938\u093f\u0926\u094d\u0927\u093e\u0902\u0924 \u0915\u094b \u0905\u092a\u0928\u0947 \u0926\u093f\u092e\u093e\u0917 \u092e\u0947\u0902 \u0930\u0916\u0924\u0947 \u0939\u0941\u090f \u0905\u092c \u0939\u092e \u090f\u0915 \u0910\u0938\u093e \u091f\u0947\u092c\u0932 \u092c\u0928\u093e\u0928\u0947 \u0915\u0940 \u0915\u094b\u0936\u093f\u0936 \u0915\u0930\u0947\u0902\u0917\u0947 \u091c\u093f\u0938\u0938\u0947 \u092f\u0939 \u092a\u0924\u093e \u091a\u0932 \u0938\u0915\u0947 \u0915\u093f \u092c\u091c\u093e\u091c \u0911\u091f\u094b \u0915\u0947 2050 \u0915\u0947 \u0915\u0949\u0932 \u0911\u092a\u094d\u0936\u0928 \u0915\u094b \u0916\u0930\u0940\u0926\u0928\u0947 \u0935\u093e\u0932\u0947 \u0916\u0930\u0940\u0926\u093e\u0930 \u0915\u0947 \u0905\u0932\u0917-\u0905\u0932\u0917 \u0915\u0940\u092e\u0924\u094b\u0902 \u092a\u0930 \u0915\u093f\u0924\u0928\u0947 \u092a\u0948\u0938\u0947 \u092c\u0928\u0947\u0902\u0917\u0947? \u092f\u093e\u0926 \u0930\u0916\u093f\u090f \u0915\u093f \u0907\u0938 \u0911\u092a\u094d\u0936\u0928 \u0915\u0947 \u0932\u093f\u090f \u20b96.35 \u0915\u093e \u0915\u094d\u092f\u093e \u092a\u094d\u0930\u0940\u092e\u093f\u092f\u092e \u0926\u093f\u092f\u093e \u0917\u092f\u093e \u0939\u0948\u0964 \u0938\u094d\u092a\u0949\u091f \u092c\u093e\u091c\u093e\u0930 \u092e\u0947\u0902 \u0936\u0947\u092f\u0930 \u0915\u0940 \u0915\u0940\u092e\u0924 \u092e\u0947\u0902 \u0915\u093f\u0924\u0928\u093e \u092d\u0940 \u092c\u0926\u0932\u093e\u0935 \u0939\u094b \u092f\u0939 \u092a\u094d\u0930\u0940\u092e\u093f\u092f\u092e \u0928\u0939\u0940\u0902 \u092c\u0926\u0932\u0947\u0917\u093e\u0964 2050 \u0915\u0947 \u0915\u0949\u0932 \u0911\u092a\u094d\u0936\u0928 \u0915\u094b \u0916\u0930\u0940\u0926\u0928\u0947 \u0915\u0947 \u0932\u093f\u090f \u092e\u0948\u0902\u0928\u0947 \u092f\u0939 \u0915\u0940\u092e\u0924 \u0905\u0926\u093e \u0915\u0940 \u0939\u0948\u0964 \u0907\u0928 \u092c\u093e\u0924\u094b\u0902 \u0915\u094b \u0927\u094d\u092f\u093e\u0928 \u0930\u0916\u0924\u0947 \u0939\u0941\u090f \u0905\u092c P&L \u0915\u093e \u091f\u0947\u092c\u0932 \u092c\u0928\u093e\u0924\u0947 \u0939\u0948\u0902\u2013", "\u0927\u094d\u092f\u093e\u0928 \u0926\u0940\u091c\u093f\u090f \u0915\u093f \u091c\u0939\u093e\u0902 \u092a\u0930 \u092d\u0940 \u092e\u0948\u0902\u0928\u0947 \u0907\u0938 \u091f\u0947\u092c\u0932 \u092e\u0947\u0902 \u092a\u094d\u0930\u0940\u092e\u093f\u092f\u092e \u0915\u0947 \u0906\u0917\u0947 \u091c\u094b \u0928\u0947\u0917\u0947\u091f\u093f\u0935 \u092f\u093e \u092e\u093e\u0907\u0928\u0938 \u0915\u093e \u0938\u093e\u0907\u0928 \u0926\u093f\u092f\u093e \u0939\u0948 \u0935\u0939 \u0909\u0938 \u0930\u0915\u092e \u0915\u094b \u0926\u093f\u0916\u0932\u093e\u0924\u093e \u0939\u0948 \u091c\u094b \u092e\u0947\u0930\u0947 \u091f\u094d\u0930\u0947\u0921\u093f\u0902\u0917 \u0905\u0915\u093e\u0909\u0902\u091f \u0938\u0947 \u0928\u093f\u0915\u0932\u0940 \u0939\u0948", "", "\u0924\u094b \u0907\u0938 \u091f\u0947\u092c\u0932 \u092e\u0947\u0902 \u0906\u092a\u0915\u094b \u0915\u094d\u092f\u093e \u0926\u093f\u0916 \u0930\u0939\u093e \u0939\u0948?! \u0907\u0938\u092e\u0947\u0902 \u0926\u094b \u092c\u0939\u0941\u0924 \u0939\u0940 \u0916\u093e\u0938 \u092c\u093e\u0924\u0947\u0902 \u0928\u091c\u0930 \u0906\u090f\u0902\u0917\u0940\u0964", "\u0928\u0940\u091a\u0947 \u0915\u0947 \u092b\u093e\u0930\u094d\u092e\u0942\u0932\u0947 \u0938\u0947 \u0906\u092a \u0915\u093f\u0938\u0940 \u092d\u0940 \u0938\u094d\u092a\u0949\u091f \u0915\u0940\u092e\u0924 \u0915\u0947 \u0906\u0927\u093e\u0930 \u092a\u0930 \u0915\u0949\u0932 \u0911\u092a\u094d\u0936\u0928 \u0915\u093e P&L \u0928\u093f\u0915\u093e\u0932 \u0938\u0915\u0924\u0947 \u0939\u0948\u0902", "P&L = Max [0,(\u0938\u094d\u092a\u0949\u091f \u0915\u0940\u092e\u0924 \u2013\u00a0 \u0938\u094d\u091f\u094d\u0930\u093e\u0907\u0915 \u092a\u094d\u0930\u093e\u0907\u0938)] \u2013 \u092a\u094d\u0930\u0940\u092e\u093f\u092f\u092e", "P&L = Max [0, (Spot Price \u2013 Strike Price)] \u2013 Premium Paid", "\u0907\u0938 \u092b\u093e\u0930\u094d\u092e\u0942\u0932\u0947 \u0915\u0947 \u0906\u0927\u093e\u0930 \u092a\u0930 \u0939\u092e \u0938\u094d\u092a\u0949\u091f \u0915\u0940 \u0915\u0941\u091b \u0938\u0902\u092d\u093e\u0935\u093f\u0924 \u0915\u0940\u092e\u0924\u094b\u0902 \u0915\u093e P&L \u0928\u093f\u0915\u093e\u0932\u0928\u0947 \u0915\u0940 \u0915\u094b\u0936\u093f\u0936 \u0915\u0930\u0924\u0947 \u0939\u0948\u0902\u2013", "\u0917\u0923\u0928\u093e \u0926\u0947\u0916\u093f\u090f\u2013", "@2023", "= Max [0, (2023 \u2013 2050)] \u2013 6.35", "= Max [0, (-27)] \u2013 6.35", "= 0 \u2013 6.35", "=\u00a0\u2013 6.35", "\u0906\u092a \u0926\u0947\u0916 \u0938\u0915\u0924\u0947 \u0915\u093f \u092f\u0947 \u092a\u0930\u093f\u0923\u093e\u092e \u0938\u092e\u093e\u0928\u094d\u092f\u0940\u0915\u0930\u0923 1 \u0938\u0947 \u092e\u093f\u0932\u0924\u093e \u0939\u0948 \u092f\u093e\u0928\u0940 \u0928\u0941\u0915\u0938\u093e\u0928 \u092a\u094d\u0930\u0940\u092e\u093f\u092f\u092e \u0915\u0947 \u092c\u0930\u093e\u092c\u0930 \u0939\u0948\u0964", "@2072", "= Max [0, (2072 \u2013 2050)] \u2013 6.35", "= Max [0, (+22)] \u2013 6.35", "= 22 \u2013 6.35", "=\u00a0+15.65", "\u092f\u0947 \u092a\u0930\u093f\u0923\u093e\u092e \u0938\u093e\u092e\u093e\u0928\u094d\u092f\u0940\u0915\u0930\u0923 2 \u0938\u0947 \u092e\u0947\u0932 \u0916\u093e\u0924\u093e \u0939\u0948 \u092f\u093e\u0928\u0940 \u091c\u092c \u0938\u094d\u092a\u0949\u091f \u0915\u0940\u092e\u0924 \u0938\u094d\u091f\u094d\u0930\u093e\u0907\u0915 \u0915\u0940\u092e\u0924 \u0938\u0947 \u090a\u092a\u0930 \u091c\u093e\u0924\u0940 \u0939\u0948\u0902 \u0924\u094b \u0915\u0949\u0932 \u0911\u092a\u094d\u0936\u0928 \u092e\u0947\u0902 \u092b\u093e\u092f\u0926\u093e \u0939\u094b\u0924\u093e \u0939\u0948\u0964", "@2055", "= Max [0, (2055 \u2013 2050)] \u2013 6.35", "= Max [0, (+5)] \u2013 6.35", "= 5 \u2013 6.35", "=\u00a0-1.35", "\u0906\u092a \u0926\u0947\u0916 \u0938\u0915\u0924\u0947 \u0939\u0948\u0902 \u0915\u093f \u092f\u0939\u093e\u0902 \u092a\u0930 \u0939\u092e\u0947\u0902 \u091c\u094b \u092a\u0930\u093f\u0923\u093e\u092e \u092e\u093f\u0932\u093e \u0939\u0948 \u0935\u0939 \u0938\u092e\u093e\u0928\u094d\u092f\u0940\u0915\u0930\u0923 2 \u0915\u0947 \u0935\u093f\u092a\u0930\u0940\u0924 \u0939\u0948\u0964 \u0938\u094d\u091f\u0949\u0915 \u0915\u0940 \u0938\u094d\u092a\u0949\u091f \u0915\u0940\u092e\u0924 \u0909\u0938\u0915\u0940 \u0938\u094d\u091f\u094d\u0930\u093e\u0907\u0915 \u092a\u094d\u0930\u093e\u0907\u0938 \u0915\u0947 \u090a\u092a\u0930 \u0939\u0948 \u0932\u0947\u0915\u093f\u0928 \u092b\u093f\u0930 \u092d\u0940 \u0907\u0938 \u091f\u094d\u0930\u0947\u0921 \u092e\u0947\u0902 \u0928\u0941\u0915\u0938\u093e\u0928 \u0939\u094b \u0930\u0939\u093e \u0939\u0948\u0964 \u0910\u0938\u093e \u0915\u094d\u092f\u094b\u0902 \u0939\u0948? \u0938\u093e\u0925 \u0939\u0940, \u0928\u0941\u0915\u0938\u093e\u0928 \u092d\u0940 \u0905\u0927\u093f\u0915\u0924\u092e \u0938\u0940\u092e\u093e \u092f\u093e\u0928\u0940 \u20b96.35 \u092a\u0948\u0938\u0947 \u0915\u0947 \u092e\u0941\u0915\u093e\u092c\u0932\u0947 \u0915\u092e \u0939\u0948 \u0938\u093f\u0930\u094d\u092b \u20b91. 35 \u0964 \u0907\u0938\u0915\u094b \u0938\u092e\u091d\u0928\u0947 \u0915\u0947 \u0932\u093f\u090f \u0939\u092e\u0947\u0902 \u0909\u0928 \u0938\u094d\u092a\u0949\u091f \u0915\u0940\u092e\u0924\u094b\u0902 \u0915\u0947 P&L \u0915\u094b \u0927\u094d\u092f\u093e\u0928 \u0938\u0947 \u0926\u0947\u0916\u0928\u093e \u0939\u094b\u0917\u093e \u091c\u094b \u0915\u093f 2050 \u0915\u0940 \u0938\u094d\u091f\u094d\u0930\u093e\u0907\u0915 \u0915\u0940\u092e\u0924 \u0938\u0947 \u0915\u0941\u091b \u0939\u0940 \u090a\u092a\u0930 \u0939\u0948\u0902\u0964 \u0914\u0930 \u0935\u0939\u093e\u0902 \u092a\u0930 \u092f\u0939 \u0926\u0947\u0916\u0928\u093e \u0939\u094b\u0917\u093e \u0915\u093f P&L \u0935\u0939\u093e\u0902 \u0915\u0948\u0938\u0947 \u0915\u093e\u092e \u0915\u0930\u0924\u093e \u0939\u0948\u2013", "\u0906\u092a \u090a\u092a\u0930 \u0915\u0947 \u091f\u0947\u092c\u0932 \u092e\u0947\u0902 \u0926\u0947\u0916 \u0938\u0915\u0924\u0947 \u0939\u0948\u0902 \u0915\u093f \u091c\u092c \u0924\u0915 \u0938\u094d\u092a\u0949\u091f \u0915\u0940 \u0915\u0940\u092e\u0924 \u0938\u094d\u091f\u094d\u0930\u093e\u0907\u0915 \u0915\u0940\u092e\u0924 \u0915\u0947 \u092c\u0930\u093e\u092c\u0930 \u0930\u0939\u0924\u0940 \u0939\u0948\u0902 \u0924\u092c \u0924\u0915 \u0915\u0949\u0932 \u0911\u092a\u094d\u0936\u0928 \u0915\u0947 \u0916\u0930\u0940\u0926\u093e\u0930 \u0915\u093e \u0905\u0927\u093f\u0915\u0924\u092e \u0928\u0941\u0915\u0938\u093e\u0928 6.35 \u0939\u0940 \u0930\u0939\u0924\u093e \u0939\u0948\u0964 \u091c\u092c \u0938\u094d\u092a\u0949\u091f \u0915\u0940 \u0915\u0940\u092e\u0924 \u0938\u094d\u091f\u094d\u0930\u093e\u0907\u0915 \u0915\u0940\u092e\u0924 \u0915\u0947 \u090a\u092a\u0930 \u091c\u093e\u0928\u0947 \u0932\u0917\u0924\u0940 \u0939\u0948 \u0924\u092c \u0918\u093e\u091f\u093e \u0915\u092e \u0939\u094b\u0928\u0947 \u0932\u0917\u0924\u093e \u0939\u0948\u0964 \u0918\u093e\u091f\u093e \u0915\u092e \u0939\u094b\u0924\u093e \u0930\u0939\u0924\u093e \u0939\u0948 \u0914\u0930 \u090f\u0915 \u0910\u0938\u0940 \u091c\u0917\u0939 \u092a\u0939\u0941\u0902\u091a \u091c\u093e\u0924\u093e \u0939\u0948 \u091c\u0939\u093e\u0902 \u092a\u0930 \u0928\u093e \u0924\u094b \u092e\u0941\u0928\u093e\u092b\u093e \u0939\u094b \u0930\u0939\u093e \u0939\u0948 \u0928\u093e \u0939\u0940 \u0918\u093e\u091f\u093e \u0939\u094b \u0930\u0939\u093e \u0939\u0948\u0964 \u0910\u0938\u0940 \u0938\u094d\u0925\u093f\u0924\u093f \u0915\u094b \u092c\u094d\u0930\u0947\u0915 \u0907\u0935\u0928 \u092a\u094d\u0935\u093e\u0907\u0902\u091f \u0915\u0939\u0924\u0947 \u0939\u0948\u0902\u0964 \u0915\u093f\u0938\u0940 \u0915\u0949\u0932 \u0911\u092a\u094d\u0936\u0928 \u0915\u0947 \u092c\u094d\u0930\u0947\u0915 \u0907\u0935\u0928 \u092a\u094d\u0935\u093e\u0907\u0902\u091f \u0915\u094b \u0928\u093f\u0915\u093e\u0932\u0928\u0947 \u0915\u093e \u092b\u093e\u0930\u094d\u092e\u0942\u0932\u093e \u0939\u0948", "B.E = \u0938\u094d\u091f\u094d\u0930\u093e\u0907\u0915 \u0915\u0940\u092e\u0924 + \u0926\u093f\u092f\u093e \u0917\u092f\u093e \u092a\u094d\u0930\u0940\u092e\u093f\u092f\u092e", "B.E = Strike Price + Premium Paid", "\u092c\u091c\u093e\u091c \u0906\u091f\u094b \u0915\u0947 \u0909\u0926\u093e\u0939\u0930\u0923 \u092e\u0947\u0902 \u092c\u094d\u0930\u0947\u0915-\u0907\u0935\u0928 \u092a\u094d\u0935\u093e\u0907\u0902\u091f \u0939\u094b\u0917\u093e\u2013", "= 2050 + 6.35", "=\u00a02056.35", "\u0905\u092c \u090f\u0915 \u092c\u093e\u0930 P&L \u092a\u0930 \u0928\u091c\u0930 \u0921\u093e\u0932\u0924\u0947 \u0939\u0948\u0902", "= Max [0, (2056.35 \u2013 2050)] \u2013 6.35", "= Max [0, (+6.35)] \u2013 6.35", "= +6.35 \u2013 6.35", "= 0", "\u091c\u0948\u0938\u093e \u0915\u093f \u0906\u092a \u0926\u0947\u0916 \u0938\u0915\u0924\u0947 \u0939\u0948\u0902 \u091c\u094b \u0915\u093f \u092c\u094d\u0930\u0947\u0915 \u0907\u0935\u0928 \u092a\u094d\u0935\u093e\u0907\u0902\u091f \u092a\u0930 \u0928\u093e \u0924\u094b \u092a\u0948\u0938\u0947 \u092c\u0928\u0924\u0947 \u0939\u0948\u0902 \u0914\u0930 \u0928\u093e \u0939\u0940 \u092a\u0948\u0938\u0947 \u0915\u093e \u0928\u0941\u0915\u0938\u093e\u0928 \u0939\u094b\u0924\u093e \u0939\u0948\u0964 \u0907\u0938\u0915\u093e \u092e\u0924\u0932\u092c \u092f\u0939 \u0939\u0948 \u0915\u093f \u0905\u0917\u0930 \u0915\u0949\u0932 \u0911\u092a\u094d\u0936\u0928 \u0915\u094b \u092b\u093e\u092f\u0926\u0947\u092e\u0902\u0926 \u092c\u0928\u0928\u093e \u0939\u0948 \u0924\u094b \u0907\u0938 \u0938\u094d\u092a\u0949\u091f \u0915\u0940 \u0915\u0940\u092e\u0924\u094b\u0902 \u0915\u094b \u0928\u093e \u0938\u093f\u0930\u094d\u092b \u0938\u094d\u091f\u094d\u0930\u093e\u0907\u0915 \u0915\u0940\u092e\u0924 \u0915\u0947 \u090a\u092a\u0930 \u091c\u093e\u0928\u093e \u0939\u094b\u0917\u093e \u092c\u0932\u094d\u0915\u093f \u092c\u094d\u0930\u0947\u0915 \u0907\u0935\u0928 \u092a\u094d\u0935\u093e\u0907\u0902\u091f \u0915\u0947 \u092d\u0940 \u090a\u092a\u0930 \u091c\u093e\u0928\u093e \u0939\u094b\u0917\u093e\u0964", "\u0924\u094b \u0939\u092e\u0928\u0947 \u0905\u092c \u0924\u0915 \u0915\u0949\u0932 \u0911\u092a\u094d\u0936\u0928 \u0915\u0947 \u0916\u0930\u0940\u0926\u093e\u0930 \u0915\u094b \u092e\u093f\u0932\u0928\u0947 \u0935\u093e\u0932\u0947 \u092d\u0941\u0917\u0924\u093e\u0928 \u0915\u0940 \u0905\u0932\u0917-\u0905\u0932\u0917 \u092a\u0930\u093f\u0938\u094d\u0925\u093f\u0924\u093f\u092f\u094b\u0902 \u0915\u094b \u0938\u092e\u091d \u0932\u093f\u092f\u093e \u0939\u0948\u0964 \u090f\u0915 \u092c\u093e\u0930 \u0907\u0928 \u0938\u093e\u0930\u0940 \u092a\u0930\u093f\u0938\u094d\u0925\u093f\u0924\u093f\u092f\u094b\u0902 \u0915\u094b \u092b\u093f\u0930 \u0938\u0947 \u0926\u0947\u0916 \u0932\u0947\u0924\u0947 \u0939\u0948\u0902 \u2013", "\u092f\u0939 \u0938\u092d\u0940 \u092c\u093e\u0924\u0947\u0902 \u0928\u0940\u091a\u0947 \u0915\u0947 \u0917\u094d\u0930\u093e\u092b \u092e\u0947\u0902 \u092c\u0939\u0941\u0924 \u0906\u0938\u093e\u0928\u0940 \u0938\u0947 \u0926\u093f\u0916\u093e\u0908 \u092a\u0921\u093c\u0924\u0940 \u0939\u0948\u0902\u0964 \u092c\u091c\u093e\u091c \u0911\u091f\u094b \u0915\u0947 \u0915\u0949\u0932 \u0911\u092a\u094d\u0936\u0928 \u091f\u094d\u0930\u0947\u0921 \u0915\u093e \u092f\u0939 \u0917\u094d\u0930\u093e\u092b \u0926\u0947\u0916\u093f\u090f\u0964", "", "\u090a\u092a\u0930 \u0915\u0947 \u0917\u094d\u0930\u093e\u092b \u0938\u0947 \u091c\u094b \u092c\u093e\u0924\u0947\u0902 \u0928\u093f\u0915\u0932 \u0915\u0930 \u0906\u0924\u0940 \u0939\u0948\u0902 \u0909\u0928 \u092a\u0930 \u090f\u0915 \u092c\u093e\u0930 \u092b\u093f\u0930 \u0938\u0947 \u0928\u091c\u0930 \u0921\u093e\u0932\u0924\u0947 \u0939\u0948\u0902\u2013", "\u092f\u0939 \u0917\u094d\u0930\u093e\u092b \u092b\u093f\u0930 \u0938\u0947 \u0935\u0939\u0940 \u092c\u0924\u093e\u0924\u093e \u0939\u0948 \u0915\u093f \u090f\u0915 \u0915\u0949\u0932 \u0911\u092a\u094d\u0936\u0928 \u0915\u0947 \u0916\u0930\u0940\u0926\u093e\u0930 \u0915\u0947 \u0932\u093f\u090f \u0930\u093f\u0938\u094d\u0915 \u0915\u0940 \u0938\u0940\u092e\u093e \u0924\u092f \u0939\u0948 \u0932\u0947\u0915\u093f\u0928 \u0909\u0938\u0915\u0947 \u092e\u0941\u0928\u093e\u092b\u0947 \u0915\u0940 \u0915\u094b\u0908 \u0938\u0940\u092e\u093e \u0928\u0939\u0940\u0902 \u0939\u0948\u0964", "\u0905\u092c \u0906\u092a\u0928\u0947 \u0916\u0930\u0940\u0926\u093e\u0930 \u0915\u0947 \u0939\u093f\u0938\u093e\u092c \u0938\u0947 \u0915\u0949\u0932 \u0911\u092a\u094d\u0936\u0928 \u0915\u094b \u0938\u092e\u091d \u0932\u093f\u092f\u093e \u0939\u0948\u0964 \u0905\u0917\u0932\u0947 \u0905\u0927\u094d\u092f\u093e\u092f \u092e\u0947\u0902 \u0939\u092e \u0915\u0949\u0932 \u0911\u092a\u094d\u0936\u0928 \u0915\u094b \u092c\u093f\u0915\u0935\u093e\u0932 \u092f\u093e\u0928\u0940 \u092c\u0947\u091a\u0928\u0947 \u0935\u093e\u0932\u0947 \u0915\u0947 \u0939\u093f\u0938\u093e\u092c \u0938\u0947 \u0938\u092e\u091d\u0947\u0902\u0917\u0947\u0964", "\u0915\u0949\u0932 \u0911\u092a\u094d\u0936\u0928 \u0915\u0947 \u0916\u0930\u0940\u0926\u093e\u0930 \u0915\u0947 \u0932\u093f\u090f \u0905\u0927\u093f\u0915\u0924\u092e \u0928\u0941\u0915\u0938\u093e\u0928 \u0909\u0924\u0928\u093e \u0939\u0940 \u0939\u094b\u0917\u093e \u0915\u093f\u0924\u0928\u093e \u0909\u0938\u0928\u0947 \u092a\u094d\u0930\u0940\u092e\u093f\u092f\u092e \u0926\u093f\u092f\u093e \u0939\u0948\u0964 \u0916\u0930\u0940\u0926\u093e\u0930 \u0915\u094b \u0924\u092c \u0924\u0915 \u0928\u0941\u0915\u0938\u093e\u0928 \u0939\u094b\u0924\u093e \u0930\u0939\u0947\u0917\u093e\n \u092e\u0939\u094b\u0926\u092f \u092f\u0939\u093e\u0901 \u0915\u093f\u0924\u0928\u093e \u0915\u0947 \u0938\u094d\u0925\u093e\u0928 \u092a\u0930 \u091c\u093f\u0924\u0928\u093e \u0906\u0928\u093e \u091a\u093e\u0939\u093f\u090f\u0964\n \u0911\u092a\u094d\u0936\u0928 \u0915\u0940 \u0928\u0949\u091f \u0939\u093f\u0928\u094d\u0926\u0940 \u092e\u0947 \u0909\u092a\u0932\u092c\u094d\u0927 \u0915\u0930\u093e\u0928\u0947 \u0915\u0947 \u0932\u093f\u092f\u0947 \u0938\u092e\u0938\u094d\u0924 \u091f\u0940\u092e \u0915\u093e \u090f\u0915 \u092c\u093e\u0930 \u092a\u0941\u0928\u0903 \u0927\u0928\u094d\u092f\u0935\u093e\u0926\u0964", "\u0938\u0942\u091a\u093f\u0924 \u0915\u0930\u0928\u0947 \u0915\u0947 \u0932\u093f\u090f \u0927\u0928\u094d\u092f\u0935\u093e\u0926, \u0939\u092e\u0928\u0947 \u0907\u0938\u0947 \u0938\u0939\u0940 \u0915\u0930 \u0926\u093f\u092f\u093e \u0939\u0948\u0964", "\u0939\u0947\u0932\u094b Varsity Team,", "\u0939\u093f\u0928\u094d\u0926\u0940 \u092d\u093e\u0937\u093e \u092e\u0947\u0902 Trading \u0915\u0940 \u091c\u093e\u0928\u0915\u093e\u0930\u0940 \u0938\u092e\u091d\u093e\u0928\u0947 \u0915\u0947 \u0932\u093f\u090f \u0906\u092a\u0915\u093e \u0936\u0941\u0915\u094d\u0930\u093f\u092f\u093e\u0964 \u0909\u092e\u094d\u092e\u0940\u0926 \u0939\u0948 \u0915\u093f \u092d\u0935\u093f\u0937\u094d\u092f \u092e\u0947\u0902 \u092d\u0940 \u0907\u0938\u0940 \u092a\u094d\u0930\u0915\u093e\u0930 \u0905\u0928\u094d\u092f \u091c\u094d\u091e\u093e\u0928\u0935\u0930\u094d\u0927\u0915 \u091c\u093e\u0928\u0915\u093e\u0930\u0940 \u0926\u0947\u0924\u0947 \u0930\u0939\u0947\u0902\u0917\u0947\u0964", "\u0927\u0928\u094d\u092f\u0935\u093e\u0926\u0964\n\u0930\u093e\u091c\u0947\u0902\u0926\u094d\u0930 \u0938\u093f\u0902\u0939", "\u0906\u092a \u0915\u0947 \u0915\u0943\u092a\u093e\u0932\u0941 \u0936\u092c\u094d\u0926\u094b\u0902 \u0915\u0947 \u0932\u093f\u090f \u0927\u0928\u094d\u092f\u0935\u093e\u0926\u0964\n\u0939\u092e \u0905\u092a\u0928\u0940 \u092a\u0942\u0930\u0940 \u0915\u094b\u0936\u093f\u0936 \u0915\u0930\u0947\u0902\u0917\u0947\u0964", "\u092e\u0939\u094b\u0926\u092f \u0939\u093f\u0902\u0926\u0940 \u092e\u0947 \u0938\u092e\u091d\u093e\u0928\u0947 \u0915\u0947 \u0932\u093f\u092f\u0947 \u0906\u092a\u0915\u093e \u092c\u0939\u094c\u0924 \u0927\u0928\u094d\u092f\u0935\u093e\u0926. \u0906\u092a\u0938\u0947 \u092c\u093f\u0928\u0924\u0940 \u0939\u0948 \u0915\u0940 \u0907\u0928\u094d\u0921\u0947\u0915\u094d\u0938 \u0915\u0947 \u0911\u092a\u094d\u0936\u0928 \u0915\u0947 \u092c\u093e\u0930\u0947 \u092e\u0947 \u091c\u093e\u0928\u0915\u093e\u0930\u0940 \u0926\u0947. \u091c\u0948\u0938\u0947 \u0915\u0940 \u0928\u093f\u092b\u094d\u091f\u0940 \u092f\u093e \u092c\u0948\u0902\u0915 \u0928\u093f\u092b\u094d\u091f\u0940 \u0915\u0947 \u0911\u092a\u094d\u0936\u0928. \u0939\u094b \u0938\u0915\u0947 \u0924\u094b \u0909\u0926\u093e\u0939\u0930\u0923 \u0926\u0947 \u0915\u0930 \u0938\u092e\u091d\u093e\u092f\u0947\u0902..", "Hi Anish, \u0915\u0943\u092a\u092f\u093e \u0911\u092a\u094d\u0936\u0902\u0938 \u0925\u094d\u092f\u094b\u0930\u0940 \u092e\u0949\u0921\u094d\u092f\u0942\u0932 \u0915\u0947 \u0907\u0938 \u0905\u0927\u094d\u092f\u093e\u092f \u201c\u0915\u0947\u0938 \u0938\u094d\u091f\u0921\u0940 \u0914\u0930 \u0938\u092e\u093e\u092a\u0928 (\u092e\u0949\u0921\u094d\u092f\u0942\u0932 \u0938\u092e\u093e\u092a\u094d\u0924\u093f)\u201d \u0938\u0947 \u0917\u0941\u091c\u0930\u0947\u0902\u0964 \u092c\u0948\u0902\u0915 \u0928\u093f\u092b\u094d\u091f\u0940 \u0911\u092a\u094d\u0936\u0902\u0938 \u0915\u094b \u090f\u0915 \u0909\u0926\u093e\u0939\u0930\u0923 \u0915\u0947 \u0938\u093e\u0925 \u0938\u092e\u091d\u093e\u092f\u093e \u0917\u092f\u093e \u0939\u0948\u0964", "\u0906\u092a\u0915\u093e \u092c\u0939\u0941\u0924 \u092c\u0939\u0941\u0924 \u0927\u0928\u094d\u092f\u0935\u093e\u0926, \u0907\u0924\u0928\u0940 \u092c\u0947\u0939\u0924\u0930 \u0924\u0930\u0940\u0915\u0947 \u0938\u0947 \u0935\u093f\u0935\u0930\u0923 \u0915\u0930 \u0928\u0947 \u0915\u0947 \u0932\u093f\u090f\u0964", "aapka karya bahut sarahniye hai", "\u0927\u0928\u094d\u092f\u0935\u093e\u0926\u0964", "Name (required)", "Mail (will not be published) (required)", "", "Post comment", "", "\u0394", "Varsity by Zerodha \u00a9 2015 \u2013 2024.\r\n\t\t\t\t\tAll rights reserved.\r\n\t\t\t\t\tReproduction of the Varsity materials, text and images,\r\n\t\t\t\t\tis not permitted. For media queries, contact [email\u00a0protected]"], "images": ["https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo.png", "https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo-small.png", "https://zerodha.com/varsity/wp-content/uploads/2015/04/Image-1_Bajaj-Auto-stock-price.png", "https://zerodha.com/varsity/wp-content/uploads/2015/04/Image-2_Bajaj-Auto.png", "https://zerodha.com/varsity/wp-content/uploads/2015/03/M5-Ch3-title.png", "https://zerodha.com/varsity/wp-content/uploads/2015/03/Image-3_Payoff.jpg", "https://secure.gravatar.com/avatar/652a8bff5fdd4e21638d9fd1570a19c5?s=32&d=identicon&r=g", "https://secure.gravatar.com/avatar/be5de1b57c0a4cfdd8c128e3b984d149?s=32&d=identicon&r=g", "https://secure.gravatar.com/avatar/d6bc75f9573b581bf6dac8be53361cfe?s=32&d=identicon&r=g", "https://secure.gravatar.com/avatar/be5de1b57c0a4cfdd8c128e3b984d149?s=32&d=identicon&r=g", "https://secure.gravatar.com/avatar/f2a57b05e516d5a6dfbf586aa66b4465?s=32&d=identicon&r=g", "https://secure.gravatar.com/avatar/be5de1b57c0a4cfdd8c128e3b984d149?s=32&d=identicon&r=g", "https://secure.gravatar.com/avatar/32664e0290bb823f7ad01790d40db636?s=32&d=identicon&r=g", "https://secure.gravatar.com/avatar/3e8d35227c9fcff66d92773b0682c847?s=32&d=identicon&r=g", "https://secure.gravatar.com/avatar/be5de1b57c0a4cfdd8c128e3b984d149?s=32&d=identicon&r=g", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/playstore.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/appstore.png"], "tables": ["<table>\n<tbody>\n<tr>\n<th>\u0915\u094d\u0930\u092e \u0938\u0902<b>.</b></th>\n<th>\u0938\u094d\u092a\u0949\u091f \u0915\u0940 \u0938\u0902\u092d\u093e\u0935\u093f\u0924 \u0915\u0940\u092e\u0924</th>\n<th>\u0926\u093f\u092f\u093e \u0917\u092f\u093e \u092a\u094d\u0930\u0940\u092e\u093f\u092f\u092e</th>\n<th>\u0907\u0902\u091f\u094d\u0930\u093f\u0928\u094d\u0938\u093f\u0915 \u0935\u0948\u0932\u094d\u092f\u0942<b> (IV)</b></th>\n<th>P&amp;L (IV + <b>\u092a\u094d\u0930\u0940\u092e\u093f\u092f\u092e</b><b>)</b></th>\n</tr>\n<tr>\n<td><span style=\"font-weight: 400;\">01</span></td>\n<td><span style=\"font-weight: 400;\">1990</span></td>\n<td><span style=\"font-weight: 400;\">(-) 6.35</span></td>\n<td><span style=\"font-weight: 400;\">1990 \u2013 2050 = 0</span></td>\n<td><span style=\"font-weight: 400;\">= 0 + (\u2013 6.35) =\u00a0</span><span style=\"font-weight: 400;\">\u2013 6.35</span></td>\n</tr>\n<tr>\n<td><span style=\"font-weight: 400;\">02</span></td>\n<td><span style=\"font-weight: 400;\">2000</span></td>\n<td><span style=\"font-weight: 400;\">(-) 6.35</span></td>\n<td><span style=\"font-weight: 400;\">2000 \u2013 2050 = 0</span></td>\n<td><span style=\"font-weight: 400;\">= 0 + (\u2013 6.35) =\u00a0</span><span style=\"font-weight: 400;\">\u2013 6.35</span></td>\n</tr>\n<tr>\n<td><span style=\"font-weight: 400;\">03</span></td>\n<td><span style=\"font-weight: 400;\">2010</span></td>\n<td><span style=\"font-weight: 400;\">(-) 6.35</span></td>\n<td><span style=\"font-weight: 400;\">2010 \u2013 2050 = 0</span></td>\n<td><span style=\"font-weight: 400;\">= 0 + (\u2013 6.35) =\u00a0</span><span style=\"font-weight: 400;\">\u2013 6.35</span></td>\n</tr>\n<tr>\n<td><span style=\"font-weight: 400;\">04</span></td>\n<td><span style=\"font-weight: 400;\">2020</span></td>\n<td><span style=\"font-weight: 400;\">(-) 6.35</span></td>\n<td><span style=\"font-weight: 400;\">2020 \u2013 2050 = 0</span></td>\n<td><span style=\"font-weight: 400;\">= 0 + (\u2013 6.35) =\u00a0</span><span style=\"font-weight: 400;\">\u2013 6.35</span></td>\n</tr>\n<tr>\n<td><span style=\"font-weight: 400;\">05</span></td>\n<td><span style=\"font-weight: 400;\">2030</span></td>\n<td><span style=\"font-weight: 400;\">(-) 6.35</span></td>\n<td><span style=\"font-weight: 400;\">2030 \u2013 2050 = 0</span></td>\n<td><span style=\"font-weight: 400;\">= 0 + (\u2013 6.35) =\u00a0</span><span style=\"font-weight: 400;\">\u2013 6.35</span></td>\n</tr>\n<tr>\n<td><span style=\"font-weight: 400;\">06</span></td>\n<td><span style=\"font-weight: 400;\">2040</span></td>\n<td><span style=\"font-weight: 400;\">(-) 6.35</span></td>\n<td><span style=\"font-weight: 400;\">2040 \u2013 2050 = 0</span></td>\n<td><span style=\"font-weight: 400;\">= 0 + (\u2013 6.35) =\u00a0</span><span style=\"font-weight: 400;\">\u2013 6.35</span></td>\n</tr>\n<tr>\n<td><span style=\"font-weight: 400;\">07</span></td>\n<td><span style=\"font-weight: 400;\">2050</span></td>\n<td><span style=\"font-weight: 400;\">(-) 6.35</span></td>\n<td><span style=\"font-weight: 400;\">2050 \u2013 2050 = 0</span></td>\n<td><span style=\"font-weight: 400;\">= 0 + (\u2013 6.35) =\u00a0</span><span style=\"font-weight: 400;\">\u2013 6.35</span></td>\n</tr>\n<tr>\n<td><span style=\"font-weight: 400;\">08</span></td>\n<td><span style=\"font-weight: 400;\">2060</span></td>\n<td><span style=\"font-weight: 400;\">(-) 6.35</span></td>\n<td><span style=\"font-weight: 400;\">2060 \u2013 2050 = 10</span></td>\n<td><span style=\"font-weight: 400;\">= 10 +(-6.35) =\u00a0</span><span style=\"font-weight: 400;\">+ 3.65</span></td>\n</tr>\n<tr>\n<td><span style=\"font-weight: 400;\">09</span></td>\n<td><span style=\"font-weight: 400;\">2070</span></td>\n<td><span style=\"font-weight: 400;\">(-) 6.35</span></td>\n<td><span style=\"font-weight: 400;\">2070 \u2013 2050 = 20</span></td>\n<td><span style=\"font-weight: 400;\">= 20 +(-6.35) =\u00a0</span><span style=\"font-weight: 400;\">+ 13.65</span></td>\n</tr>\n<tr>\n<td><span style=\"font-weight: 400;\">10</span></td>\n<td><span style=\"font-weight: 400;\">2080</span></td>\n<td><span style=\"font-weight: 400;\">(-) 6.35</span></td>\n<td><span style=\"font-weight: 400;\">2080 \u2013 2050 = 30</span></td>\n<td><span style=\"font-weight: 400;\">= 30 +(-6.35) =\u00a0</span><span style=\"font-weight: 400;\">+ 23.65</span></td>\n</tr>\n<tr>\n<td><span style=\"font-weight: 400;\">11</span></td>\n<td><span style=\"font-weight: 400;\">2090</span></td>\n<td><span style=\"font-weight: 400;\">(-) 6.35</span></td>\n<td><span style=\"font-weight: 400;\">2090 \u2013 2050 = 40</span></td>\n<td><span style=\"font-weight: 400;\">= 40 +(-6.35) =\u00a0</span><span style=\"font-weight: 400;\">+ 33.65</span></td>\n</tr>\n<tr>\n<td><span style=\"font-weight: 400;\">12</span></td>\n<td><span style=\"font-weight: 400;\">2100</span></td>\n<td><span style=\"font-weight: 400;\">(-) 6.35</span></td>\n<td><span style=\"font-weight: 400;\">2100 \u2013 2050 = 50</span></td>\n<td><span style=\"font-weight: 400;\">= 50 +(-6.35) =\u00a0</span><span style=\"font-weight: 400;\">+ 43.65</span></td>\n</tr>\n</tbody>\n</table>", "<table>\n<tbody>\n<tr>\n<th>\u0915\u094d\u0930\u092e \u0938\u0902<b>.</b></th>\n<th>\u0938\u094d\u092a\u0949\u091f \u0915\u0940 \u0938\u0902\u092d\u093e\u0935\u093f\u0924 \u0915\u0940\u092e\u0924</th>\n<th>\u0926\u093f\u092f\u093e \u0917\u092f\u093e \u092a\u094d\u0930\u0940\u092e\u093f\u092f\u092e</th>\n<th>\u0907\u0902\u091f\u094d\u0930\u093f\u0902\u0938\u093f\u0915 \u0935\u0948\u0932\u094d\u092f\u0942<b> (IV)</b></th>\n<th>P&amp;L (IV + <b>\u092a\u094d\u0930\u0940\u092e\u093f\u092f\u092e</b><b>)</b></th>\n</tr>\n<tr>\n<td><span style=\"font-weight: 400;\">01</span></td>\n<td><span style=\"font-weight: 400;\">2050</span></td>\n<td><span style=\"font-weight: 400;\">(-) 6.35</span></td>\n<td><span style=\"font-weight: 400;\">2050 \u2013 2050 = 0</span></td>\n<td><span style=\"font-weight: 400;\">= 0 + (\u2013 6.35) =\u00a0</span><span style=\"font-weight: 400;\">\u2013 6.35</span></td>\n</tr>\n<tr>\n<td><span style=\"font-weight: 400;\">02</span></td>\n<td><span style=\"font-weight: 400;\">2051</span></td>\n<td><span style=\"font-weight: 400;\">(-) 6.35</span></td>\n<td><span style=\"font-weight: 400;\">2051 \u2013 2050 = 1</span></td>\n<td><span style=\"font-weight: 400;\">= 1 + (\u2013 6.35) =\u00a0</span><span style=\"font-weight: 400;\">\u2013 5.35</span></td>\n</tr>\n<tr>\n<td><span style=\"font-weight: 400;\">03</span></td>\n<td><span style=\"font-weight: 400;\">2052</span></td>\n<td><span style=\"font-weight: 400;\">(-) 6.35</span></td>\n<td><span style=\"font-weight: 400;\">2052 \u2013 2050 = 2</span></td>\n<td><span style=\"font-weight: 400;\">= 2 + (\u2013 6.35) =\u00a0</span><span style=\"font-weight: 400;\">\u2013 4.35</span></td>\n</tr>\n<tr>\n<td><span style=\"font-weight: 400;\">04</span></td>\n<td><span style=\"font-weight: 400;\">2053</span></td>\n<td><span style=\"font-weight: 400;\">(-) 6.35</span></td>\n<td><span style=\"font-weight: 400;\">2053 \u2013 2050 = 3</span></td>\n<td><span style=\"font-weight: 400;\">= 3 + (\u2013 6.35) =\u00a0</span><span style=\"font-weight: 400;\">\u2013 3.35</span></td>\n</tr>\n<tr>\n<td><span style=\"font-weight: 400;\">05</span></td>\n<td><span style=\"font-weight: 400;\">2054</span></td>\n<td><span style=\"font-weight: 400;\">(-) 6.35</span></td>\n<td><span style=\"font-weight: 400;\">2054 \u2013 2050 = 4</span></td>\n<td><span style=\"font-weight: 400;\">= 4 + (\u2013 6.35) =\u00a0</span><span style=\"font-weight: 400;\">\u2013 2.35</span></td>\n</tr>\n<tr>\n<td><span style=\"font-weight: 400;\">06</span></td>\n<td><span style=\"font-weight: 400;\">2055</span></td>\n<td><span style=\"font-weight: 400;\">(-) 6.35</span></td>\n<td><span style=\"font-weight: 400;\">2055 \u2013 2050 = 5</span></td>\n<td><span style=\"font-weight: 400;\">= 5 + (\u2013 6.35) =\u00a0</span><span style=\"font-weight: 400;\">\u2013 1.35</span></td>\n</tr>\n<tr>\n<td><span style=\"font-weight: 400;\">07</span></td>\n<td><span style=\"font-weight: 400;\">2056</span></td>\n<td><span style=\"font-weight: 400;\">(-) 6.35</span></td>\n<td><span style=\"font-weight: 400;\">2056 \u2013 2050 = 6</span></td>\n<td><span style=\"font-weight: 400;\">= 6 + (\u2013 6.35) =\u00a0</span><span style=\"font-weight: 400;\">\u2013 0.35</span></td>\n</tr>\n<tr>\n<td><span style=\"font-weight: 400;\">08</span></td>\n<td><span style=\"font-weight: 400;\">2057</span></td>\n<td><span style=\"font-weight: 400;\">(-) 6.35</span></td>\n<td><span style=\"font-weight: 400;\">2057 \u2013 2050 = 7</span></td>\n<td><span style=\"font-weight: 400;\">= 7 +(- 6.35) =\u00a0</span><span style=\"font-weight: 400;\">+ 0.65</span></td>\n</tr>\n<tr>\n<td><span style=\"font-weight: 400;\">09</span></td>\n<td><span style=\"font-weight: 400;\">2058</span></td>\n<td><span style=\"font-weight: 400;\">(-) 6.35</span></td>\n<td><span style=\"font-weight: 400;\">2058 \u2013 2050 = 8</span></td>\n<td><span style=\"font-weight: 400;\">= 8 +(- 6.35) =\u00a0</span><span style=\"font-weight: 400;\">+ 1.65</span></td>\n</tr>\n<tr>\n<td><span style=\"font-weight: 400;\">10</span></td>\n<td><span style=\"font-weight: 400;\">2059</span></td>\n<td><span style=\"font-weight: 400;\">(-) 6.35</span></td>\n<td><span style=\"font-weight: 400;\">2059 \u2013 2050 = 9</span></td>\n<td><span style=\"font-weight: 400;\">= 9 +(- 6.35) =\u00a0</span><span style=\"font-weight: 400;\">+ 2.65</span></td>\n</tr>\n</tbody>\n</table>"], "videos": []}

{"title": "97. The Power of Positive Imagery", "text": ["Have you ever had those days, or weeks, where you just couldn\u2019t get on a winning streak? Perhaps you are a novice trader trying to break into the field, and wondering if you\u2019ll ever become a full-time, active trader. Sometimes, it feels like you\u2019re just spinning your wheels. It\u2019s easy to feel like throwing in the towel. Whether you are feeling down and beaten or in a little bit of a slump, positive imagery can restore your optimism.", "", "You can use a variety of positive images as a source of inspiration, and depending on your background and resources, some positive, motivating images are more realistic than others. If you are from a well-to-do and well-connected background, it may be motivating and realistic to imagine yourself becoming the next Warren Buffet. But if you\u2019re like most people, you would settle for becoming a skilled, profitable trader. Think of how great it would be.", "Imagine yourself having a wealth of market experience and being able to recognize a pattern intuitively and being able to react just as instantly. Every week, you have no problem identifying profitable setups and you have enough money in your account to take advantage of them in a major way. And then there are times when you hit upon a good run, and really make huge profits. Life is good. You enjoy the process of trading and don\u2019t need to care about meeting your financial goals anymore. You just know you are having fun all day and sleep soundly at night.", "Isn\u2019t the image pleasing? Doesn\u2019t it motivate you to work harder to reach your goals? Anyone can dream, but what is the difference between a realistic dream and a pipedream? That\u2019s a hard question to answer. Only you know your abilities and what is realistic based on your background. It doesn\u2019t make sense to imagine the impossible, however. It may feel euphoric in the short term, but you\u2019ll know that your motivating image is just a fantasy. If your dream is unrealistic, you\u2019ll end up frustrated. You\u2019ll set yourself up for failure because you can never attain the goals you\u2019ve set. It\u2019s important to have a positive image that is motivating but also realistic.", "How do you create a realistic, motivating image? Look for role models. There are numerous trading books with interviews with seasoned traders. Find traders who have similar backgrounds to yours. Learn how they made it. What were the market conditions? What did they do to prepare? Use their career as a roadmap for your career. Having a real person in mind as a role model can transform vague, quixotic images into a tangible, attainable reality.", "Once you have a positive image in mind, it can only be motivated if you believe it is possible to attain it. It is essential to develop a clear plan for how you will reach your goals. If you don\u2019t have enough money to trade, for example, consider getting a second job. If you feel that you need more instruction, figure out how you will be able to find the time to get that instruction. If you are taking active steps each and every day to reach your goals, you will think of your positive, motivating image and feel inspired. You\u2019ll take minor setbacks in stride and work tirelessly to reach your goal of becoming a profitable, master trader.", "Comments are closed.", "Varsity by Zerodha \u00a9 2015 \u2013 2024.\r\n\t\t\t\t\tAll rights reserved.\r\n\t\t\t\t\tReproduction of the Varsity materials, text and images,\r\n\t\t\t\t\tis not permitted. For media queries, contact [email\u00a0protected]"], "images": ["https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo.png", "https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo-small.png", "https://zerodha.com/varsity/wp-content/uploads/2020/02/20070604-300x300.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/playstore.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/appstore.png"], "tables": [], "videos": []}

{"title": "98. It\u2019s Not Personal", "text": ["Have you ever lost big on a few trades and thought, \u201cI need to win it all back right now\u201d? When this happens, your emotions start to take hold. You may even start thinking about seeking \u201crevenge on the markets,\u201d but such overly emotional responses have no place in trading. It is useful to cultivate a more objective, unemotional approach when trading the markets.", "", "Emotions and money often go hand in hand, and our feelings toward money often bleed into our trading lives. For example, have you ever compared how it feels to spend cash to pay all expenses rather than credit cards? When you pay expenses with credit cards, it\u2019s easy to forget you are spending real money. The money can start to lose some of its meaning. It sort seems like spending play money. Doling out the actual cash with each purchase, in contrast, makes you see exactly how much money is being spent.", "You feel differently about it. Spending actual money raises your awareness. The money is less abstract and tangible. It\u2019s easier to spend. Although treating money so cavalierly can lead to problems with spending in everyday life, such an attitude toward money can be useful when trading. It allows you to look at the money as objectively and abstractly as possible, just as percentage points or ticks. It eases some of the pressure and helps you get up quickly after a setback knocks you down.", "There are a few simple things you can do to maintain an objective view of trading capital. Many say that when money is committed to trade and the risk and potential loss is experienced, \u201cobjectivity goes out the window.\u201d Thus, anything you can do to minimize the feeling of risk and potential loss will help you look at the markets more objectively. First, it\u2019s helpful to trade with money you can afford to lose. Trading is a profession where you should go in expecting to lose. If you can\u2019t afford to lose the money you trade, it will be difficult to maintain objectivity.", "Deep down, you will know that you just can\u2019t afford to lose in a worst-case scenario. Feelings of uncertainty and fear will gnaw at you. Second, it is also crucial to managing your risk. By carefully managing risk on any single trade, you call tell yourself, \u201cI\u2019ve got little to worry about. I can afford to take the loss.\u201d At first, you may have to consciously remind yourself of this fact (again, make sure it is a fact), but over time it will automatically be in the back of your mind. You will be calmer, and can more easily cultivate an objective mindset.", "Finally, view profits and losses in an abstract framework. Rather than focusing on concrete dollar amounts, try to focus on percentages, or just abstract, theoretical numbers. Don\u2019t think of the dollar amounts in terms of what can be purchased. Equating dollar amounts in terms of tangible terms, such as car payments or sought-after luxury items, will weaken your objective mindset. You\u2019ll be more prone to experience elation from big wins and disappointment from losses. So don\u2019t let emotions get the better of you. Cultivate an objective mindset. You\u2019ll trade more calmly, creatively, and profitably.", "Comments are closed.", "Varsity by Zerodha \u00a9 2015 \u2013 2024.\r\n\t\t\t\t\tAll rights reserved.\r\n\t\t\t\t\tReproduction of the Varsity materials, text and images,\r\n\t\t\t\t\tis not permitted. For media queries, contact [email\u00a0protected]"], "images": ["https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo.png", "https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo-small.png", "https://zerodha.com/varsity/wp-content/uploads/2020/02/20070607-300x300.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/playstore.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/appstore.png"], "tables": [], "videos": []}

{"title": "99. Acting On Impulse", "text": ["Why do so many traders abandon their trading plan? Is it their personality, an inherent pitfall of the trading profession, or temporary insanity? A host of factors may contribute to a lack of discipline. Depending on your personality, background, training, and experience with the markets, you may have trouble reigning in your tendency to act on impulse.", "", "For some people, impulsivity is in their nature. They have trouble focusing their attention. They are easily bored. Seeking out quick thrills relieves the tedium of life. For others, impulsivity is related to emotionality. Some people have so much trouble controlling their emotions that they react impulsively out of frustration. Minor setbacks are inevitable in the trading arena. When the extremely emotional trader encounters one of these setbacks, he or she becomes overly agitated and may close a position early, or in a fit of confusion, make a major trading blunder that can only be remedied by closing the position.", "That said, any trader can act impulsively at times. There are many situational factors that contribute to impulsivity. Research has shown, for example, that when people are tired, they have difficulty focusing their attention. As much as part of your conscious mind cares about sticking with your trading plan, your unconscious mind thinks, \u201cWho cares? I want to take a break.\u201d Psychological resources are limited. When you push yourself to the limits, you will have trouble focusing on your ongoing experience, concentrating on your trading plan, and sticking to it.", "Other people may be impulsive because they lack experience with the markets. You can\u2019t expect to stick with a trading plan when you are uncertain. If you lack experience with the markets, you\u2019ll feel a lack of confidence and uneasiness. If you don\u2019t trust your intuition and if you have wavering trading skills, you\u2019ll have difficulty risking money and truly believing that your trading plan will produce a profit.", "Trading plans must be clearly defined and easy to follow. When you have an incomplete trading plan in which important aspects are left unclear, you will have trouble following it. A trading plan should consist of clearly defined entrance and exit strategies. Signals that indicate how the trade is going are also important. Don\u2019t underestimate the importance of clearly mapping out a trading plan. You can\u2019t stick with a trading plan that you can\u2019t follow.", "The winning trader is a disciplined trader. Disciplined traders stick with trading plans. They don\u2019t act on impulse. It is essential that you identify the reasons you are trading impulsivity. It could be your personality or it may just be situational, but whatever it is, you must gain awareness of these factors and work around them. If you can control the urge to act on impulse, you\u2019ll trade more profitably.", "Comments are closed.", "Varsity by Zerodha \u00a9 2015 \u2013 2024.\r\n\t\t\t\t\tAll rights reserved.\r\n\t\t\t\t\tReproduction of the Varsity materials, text and images,\r\n\t\t\t\t\tis not permitted. For media queries, contact [email\u00a0protected]"], "images": ["https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo.png", "https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo-small.png", "https://zerodha.com/varsity/wp-content/uploads/2020/02/20070608-300x300.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/playstore.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/appstore.png"], "tables": [], "videos": []}

{"title": "100. Controlling Your Impulses", "text": ["Winning traders have learned to control their impulses. They are calm and relaxed. They are not riddled with self-doubt or self-reproach. They can make trades intuitively and effortlessly. And they show extreme self-control. Rather than give in to their urges, they formulate a trading plan and they stick with it. Depending on your personality, you may have difficulty controlling your impulses. But whether you find discipline easy to control or difficult, there is a lot you can gain more control.", "", "The most common way traders act impulsively is by abandoning their trading plan. Once you have outlined a specific plan in terms of when to enter and exit a trade, it is vital to follow it. But it is difficult to do. It seems easy when you devise the plan, but while in the midst of a trade, it can be hard to stay with it. At any given point, you may look at the market action and think, \u201cthere\u2019s no way my plan can work.\u201d If you are an extremely seasoned trader, you may have the experience and judgment to abandon your plan when you see it isn\u2019t going to work. Novice traders, in contrast, tend to abandon their plan prematurely, and regret it later when they find that had they been able to stick it out a little longer, they would have made a greater profit. It may be hard, but novice traders must fight the impulse to close out a trade prematurely.", "The first step to gaining impulse control is to identify the reasons you want to control your impulses, in other words, the downside of abandoning your trading plan. The most common reason traders desire to stay with their trading plans is to maximize profits. The profits on winning trades must compensate for losses on losing trades. Following a well-defined trading plan usually insures profitability overall. You will have an easier time sticking with your plan if you frequently remind yourself that in the big picture, following your trading plan will allow you to trade more profitably. You may even want to write it down on a post-it note and stick it on your screen, so that while you are struggling to fight an impulse while trading, you\u2019ll remember why you are doing it: The more discipline and self-control you achieve, the more profitable you\u2019ll trade in the long run.", "Many times impulses are difficult to control because of emotional states. When you are guilty, frustrated, or afraid is when you may have the most trouble controlling your impulses. By identifying the emotions that precipitate an impulsive move, you can gain more control. By self-monitoring your emotions, you can identify how they lead to impulsive decisions. You may feel guilty because you feel that you should not risk the money you are trading. By refuting this belief, you can alleviate guilt and be able to stick with your plan. You can similarly identify how fear and frustration precede impulsive decisions, and practice controlling these emotions in order to increase your overall ability to remain calm and disciplined.", "Building up self-control skills takes practice. Don\u2019t be disappointed if it doesn\u2019t happen overnight. It is much like losing weight. What happens when you eat an extra piece of pie at dinner and do it again and again? Once you lose control, you have to work to get it back. You must do it little by little. It takes time and you may slip, but if you keep at it, with time and practice you will build up your self-control skills.", "Comments are closed.", "Varsity by Zerodha \u00a9 2015 \u2013 2024.\r\n\t\t\t\t\tAll rights reserved.\r\n\t\t\t\t\tReproduction of the Varsity materials, text and images,\r\n\t\t\t\t\tis not permitted. For media queries, contact [email\u00a0protected]"], "images": ["https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo.png", "https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo-small.png", "https://zerodha.com/varsity/wp-content/uploads/2020/02/20070601-300x300.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/playstore.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/appstore.png"], "tables": [], "videos": []}

{"title": "101. Impulsive Trading: Possible Causes and Cures", "text": ["A common complaint of novice and master traders alike concerns the ability to maintain discipline and self-control. Whether it is prematurely abandoning a trading plan or putting on a trade just to get a thrill, there are times when traders act on impulse. They act without thinking, and often, make a trading error in the process. The more you can take control of your emotions and trading decisions, the more profitable you\u2019ll trade in the long run.", "", "There are both personal and situational reasons for why traders make impulsive trades. Some people are impulsive by temperament. They are overly self-indulgent and have trouble maintaining discipline in a variety of situations. That said, even conscientious people are impulsive under certain circumstances, and trading is replete with times where it is hard to maintain self-control. For example, oftentimes, trading can be boring. If you are making a swing or longer-term trade, you must wait patiently for the price to move to your exit point. For some, waiting is excruciating, and there\u2019s a strong temptation to do something to reduce the boredom.", "Some traders overtrade to kill some time or to get a quick thrill. What\u2019s the harm? Nothing, if the trade is small and you are ready to take the loss and think nothing of it. But some traders may get overly consumed with the money they have lost, either because it was more than they had anticipated, or because they are overly concerned with how their ego was unexpectedly dinged. Even though they didn\u2019t intend to make a spur-of-moment, \u201ctime killer\u201d trade a big deal, it turned out to be a greater burden than they had anticipated. The trade may have started as a way to fight a little boredom, but suddenly, it became an issue that shifted attention away from more significant trades. It is better, in the long run, to restrict trading to high probability setups in which you have a clearly defined trading plan to guide you.", "Other traders may work under the false belief that by merely making a bunch of trades, they can increase their odds of success. They wrongly believe that they can make any trade for any reason and that the more trades they make, the more profits they will realize. Even though you have to risk money to make money, and similarly, you must execute trades to make profits, it doesn\u2019t mean that merely putting on trades guarantees success.", "Obviously, you must use trading methods that are viable and robust and use them under those market conditions where they have proven effective in the past. It\u2019s important to remember that you must carefully monitor market conditions, and apply a trading method when it is likely to produce a profit. If a high probability setup doesn\u2019t present itself, it is vital to stand aside until matters change. Remembering this fact can help you remind yourself to show self-control and to stand aside until market conditions are optimal.", "A common reason that traders may abandon a trading plan is that they are tired and worn out. Self-control requires psychological energy and when you are tired, it is difficult to devote the proper level of psychological energy to maintaining self-control. You are easily distracted and even the slightest amount of stress can upset you. During these times, you may be prone to impulsive decisions. The best antidote is to get plenty of rest. The more rested you are, the more easily you can control your impulses.", "If you can control your impulses, you\u2019ll trade more effectively. Don\u2019t trade by the seat of your pants. If you develop a clearly defined trading plan, you\u2019ll have an easier time following it. It is also vital to view trading as a business. Don\u2019t put on trades just to get a thrill. And most importantly, stay rested. Don\u2019t trade while you are hungry, tired, overly emotional, or under extreme stress. You have a limited amount of psychological energy, and when it is depleted, you\u2019ll have difficulty controlling your impulses. There may be times when it is hard to control your impulses, but if you gain awareness of the potential causes and possible ways to gain control, you will stay disciplined and profitable.", "Comments are closed.", "Varsity by Zerodha \u00a9 2015 \u2013 2024.\r\n\t\t\t\t\tAll rights reserved.\r\n\t\t\t\t\tReproduction of the Varsity materials, text and images,\r\n\t\t\t\t\tis not permitted. For media queries, contact [email\u00a0protected]"], "images": ["https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo.png", "https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo-small.png", "https://zerodha.com/varsity/wp-content/uploads/2020/02/20070522-300x300.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/playstore.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/appstore.png"], "tables": [], "videos": []}

{"title": "102. Impulse Control Strategies", "text": ["The most serious malady facing many novice traders is a lack of discipline. Rather than sticking with a trading plan, many novices lose control. They impulsively abandon their plan and often pay the consequences with inconsistent profits, or usually, severe losses. Psychologists tend to refer to discipline as \u201cimpulse control.\u201d There are a series of classic research studies that illustrate how people can increase their ability to control impulses. As a trader, you may find these self-control strategies interesting.", "", "In a seminal study on impulse control, Dr. Walter Mischel and colleagues studied children\u2019s ability to delay gratification. Typical of many children, the participants were a little hungry and they were offered pretzels for a snack. To get a pretzel, all they had to do was ring a bell and a lab assistant brought one over. But there was a catch: If they could wait long enough, and avoid ringing the bell, they could receive a bunch of pretzels, a delayed but more desirable reward. What\u2019s interesting about this study are the situational and psychological factors related to how long a child could delay gratification.", "The first factor was the visibility of the reward, whether it was right in front of the child or hidden. As you might expect, it\u2019s hard to delay gratification if the pretzels are right in front of you. Children couldn\u2019t wait. When the pretzels were right in front of them, they would rather eat a single pretzel immediately than wait for a bowl of pretzels later. This finding is particularly apt for trading. When making a swing trade, for example, it may not be a good idea to constantly monitor the trade on your screen.", "Some traders say it\u2019s a lot like looking at a slot machine. It tempts you to play it, to take action when you really just need to wait for the exit signal. If you have a problem with impulse control, you may want to avoid looking at your screen when there is no pressing reason to monitor the trade. Or you may want to use the automatic settings on your trading platform to fight the urge to act on impulse. Whatever you do, it\u2019s useful to remember the natural human tendency to want to sell off trade to avoid risk, rather than waiting patiently for the signals to line up and exit according to your trading plan.", "People can also use thinking strategies to increase impulse control. For example, Dr. Mischel found that children could refrain from eating the pretzels by looking at them from a different perspective. If they thought of the pretzels as food, they wanted to eat them. But if they thought of the pretzels as looking a lot like a pile of logs, it was easier to hold off. Similarly, if they pretended there was a frame around the pretzel, and convinced themselves that they were merely looking at a picture of a pretzel, they could more easily delay gratification. This finding is also pertinent to trading.", "One of the main reasons novice traders abandon their trading plan is that they view the capital they invest in the trade as actual money, and the pleasing, nurturing images that go with it. They think of what they can buy with the money, and how pleasurable it would be to spend the money. Of course, there is actual money on the line, but it doesn\u2019t help to think of it that way. It\u2019s more useful to look at trading capital as abstractly as possible. Rather than actual money, it should be viewed as percentage points or just numbers that don\u2019t relate to anything tangible. If one is able to objectify capital, one can more easily maintain discipline. Just as children can avoid eating pretzels if they could just not see them as food, traders could avoid acting out of fear and greed if they could just not see trading capital as car payments, luxury items, or house payments. It may be an intellectual exercise, but it works. The more you can objectify the money you put on the line with each trade, the more you can act logically and unemotionally.", "If impulse control is a problem for you, don\u2019t give up hope. There are strategies you can use to increase your ability to maintain discipline: avoid looking at your screen unnecessarily and objectify the trade as much as possible. (And always remember to follow a detailed trading plan; don\u2019t leave any aspect unspecified, or you\u2019ll be tempted to abandon your plan prematurely.) By controlling your impulses, you\u2019ll be able to trade more consistently and profitably and achieve the long-term success of a winning trader.", "Comments are closed.", "Varsity by Zerodha \u00a9 2015 \u2013 2024.\r\n\t\t\t\t\tAll rights reserved.\r\n\t\t\t\t\tReproduction of the Varsity materials, text and images,\r\n\t\t\t\t\tis not permitted. For media queries, contact [email\u00a0protected]"], "images": ["https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo.png", "https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo-small.png", "https://zerodha.com/varsity/wp-content/uploads/2020/02/20070521-300x300.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/playstore.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/appstore.png"], "tables": [], "videos": []}

{"title": "103. Impulse Buys", "text": ["Have you ever had a hard day and had to stop off at the grocery store to buy a loaf of bread and a gallon of milk? As you stand in the line that never seems to end, you glance at magazines, look at the candy stacked neatly in the back of you, and suddenly, while caught off guard, you load your cart up with candy, batteries, tabloids, and junk that you really don\u2019t need. Merchants place those products at the checkout line on purpose. They know that many shoppers will make an impulse buy. Do you ever make an impulse buy when it comes to your stocks? Perhaps you see a provocative commercial for a product on television and unconsciously feel so good about the company that made the product that you buy its stock. Maybe while at your children\u2019s school, you notice that all the kids are wearing a particular brand of shoes. Whatever it is, you may intuitively sense that a particular product is about to become the next big fad and that a rising stock price may soon follow. Your hunch may be right, but it\u2019s vital that you maintain discipline and don\u2019t make an impulse buy.", "", "In his book, \u201cMind Over Money,\u201d Harvard Medical School psychiatrist Dr. John Schott describes what he calls \u201cThe Impulsive Investor.\u201d Impulsive investors are easily swayed by the image of a company. When they feel good about a company, they buy stock in it. For instance, they may like the stylish clothes they see at a retail chain and invest. Although their hunch may be right, they buy too quickly. Rather than carefully outline a trading plan, they go with their immediate first impression.", "Sometimes these feelings are accurate, but in the long run, they tend to be wrong. According to Dr. Schott, the impulsive investor not only buys too quickly but sells too prematurely as well. It\u2019s similar to \u201clove at first sight.\u201d An impulsive investor falls in love with a company, buys the stock, but sells when the initial infatuation ends. Dr. Schott argues, \u201cbecause impulsiveness view stock personally and give themselves to the stock, they expect, in return, that the stock will reward them with quick gains. The underlying fantasy is \u2018I\u2019ve loved the stock, the stock must show that it loves me back by showering me with wealth.'\u201d When the stock doesn\u2019t fulfill the fantasy, the stock is sold.", "Perhaps not all traders and investors show such an extreme unconscious dynamic process when trading their favorite stocks, but many traders and investors can form an unrealistic personal attachment to a stock. You may feel that traditional companies, like IBM or GM, are safe because you\u2019ve followed these companies since you were a youngster. But from a purely logical standpoint, you know that the fundamentals of GM, for example, have not been strong recently. It is vital to separate your feelings toward a company from the objective facts about the company, whether they are fundamentals or current market sentiment that will ultimately drive the price.", "Even if you aren\u2019t an \u201cimpulsive investor,\u201d as Dr. Schott describes, it\u2019s useful to monitor those occasions when you are making a trade completely on impulse. Your feelings and intuition may be valuable guides for planning a trade, but they should be only one factor that influences your decision. Map out a clearly defined trading plan. Identify the factors that you expect to come into play in deciding whether to go long or short, and where to enter and exit. Dr. Schott suggests, \u201cyour goal is to restrain that impulsiveness by allowing for a period of investigation and reflection between your feelings and your actions.\u201d Don\u2019t impulse buy. Take a few moments to think things through. What seemed like a good idea at first glance may seem like a bad idea upon further consideration.", "Comments are closed.", "Varsity by Zerodha \u00a9 2015 \u2013 2024.\r\n\t\t\t\t\tAll rights reserved.\r\n\t\t\t\t\tReproduction of the Varsity materials, text and images,\r\n\t\t\t\t\tis not permitted. For media queries, contact [email\u00a0protected]"], "images": ["https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo.png", "https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo-small.png", "https://zerodha.com/varsity/wp-content/uploads/2020/02/20070518-300x300.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/playstore.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/appstore.png"], "tables": [], "videos": []}

{"title": "105. Increasing the Odds of Success", "text": ["Trading is one profession where you often find yourself working against the odds. Not just anyone can walk in off the street and start making consistent profits. It takes practice, skill, and proper mindset. Unless you take evasive action against adverse market forces, you may fall victim to overwhelming odds. But skilled traders know how to put the odds in their favor, and you can too. Here are some steps you can take to increase the odds of success.", "", "One skill you must learn is to carefully walk a tightrope between self-doubt and overconfidence. Trading brings out both feelings, and it is often difficult to find the right balance between these two extremes. You may be optimistic at first, but you\u2019ll soon find out that trading can be difficult. The markets are unpredictable and a winning streak can turn into a losing streak in the blink of an eye. It is easy to become disappointed and consumed with doubt. But it is vital to not become too pessimistic, otherwise, you\u2019ll never be able to pick yourself up and try again. What usually happens, though, is that you become overly arrogant to protect your ego.", "You may try to psych yourself up and try to beat the odds. Thinking optimistically can be useful at times, but you must use your optimism effectively. Don\u2019t arrogantly think you know how to trade before you\u2019ve built up the necessary skills. Don\u2019t take unnecessary risks and think that you can beat the markets with sheer will. Persistence without the proper amount of skill will get you nowhere. You must study, practice, and learn in order to build up the necessary level of skill to trade consistently. Set learning goals, rather than performance goals. In other words, reward yourself for learning techniques at first, and when you\u2019re ready, you can set an overall profit goal.", "It\u2019s vital that you acknowledge your risks upfront. Trading involves risk and you better learn to admit it. Traders try for the big profits, and they are ready to take the risk and responsibility. However, the difference between the professionals and the amateurs is that risk is carefully managed. Since you\u2019re trying to capitalize on winning odds, it\u2019s vital for your survival to anticipate a string of losing trades. That means looking at the risk to reward ratio before entering a trade, making sure that you have a large enough account to take the risk, and if you don\u2019t, stand aside and wait for a trade you can take. Risk management is a trader\u2019s secret weapon, and you must use is to survive over the long haul.", "Finally, you must use reliable trading strategies. This is so much easier said than done. Obviously, you can\u2019t expect to profit if your trading strategy is flawed. But it is hard to know when it\u2019s flawed or just not working because of less than optimal market conditions for that strategy. All the trading books and experts warn, \u201cDon\u2019t abandon a trading strategy prematurely.\u201d It\u2019s not wise to jump from strategy to strategy, but what\u2019s \u201cprematurely\u201d? Based on probability theory, even a winning strategy can produce a string of losers and a severe drawdown, so sticking with a sound strategy too long when it\u2019s not working is going to wipe out your trading account.", "So again, we\u2019re all walking a fine line. Perhaps the best you can do is decide how much of your trading capital you will risk on the strategy upfront, and if you lose that predetermined stake, just move on. Trading is challenging and unless you are prepared, there are forces that put the odds against you. With the right mindset and proper risk control, however, you can move the odds in your favor, and achieve consistent profitability.", "Comments are closed.", "Varsity by Zerodha \u00a9 2015 \u2013 2024.\r\n\t\t\t\t\tAll rights reserved.\r\n\t\t\t\t\tReproduction of the Varsity materials, text and images,\r\n\t\t\t\t\tis not permitted. For media queries, contact [email\u00a0protected]"], "images": ["https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo.png", "https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo-small.png", "https://zerodha.com/varsity/wp-content/uploads/2020/02/20070529-300x300.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/playstore.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/appstore.png"], "tables": [], "videos": []}

{"title": "106. The Independent Minded Trader", "text": ["Market action is driven by fear and greed. Masses of market participants follow each other to their doom. It\u2019s a fact. If it weren\u2019t true, winning traders couldn\u2019t take advantage of herd instincts and take home huge profits. As a trader, you must make a key decision: Do you follow the crowd or do you go your own way?", "", "Following the crowd isn\u2019t always bad. In the strong bull market of the late 1990s, the market went virtually straight up, as if resistance were a hypothetical construct of a bygone era. But these days, we aren\u2019t so lucky. One month the market is bullish; the next month it is bearish. If you followed the crowd, you would end up selling when there were no buyers and mounting big losses. It\u2019s vital to anticipate what the crowd will do, and sell relatively early, on strength, when there are plenty of buyers. It\u2019s counterintuitive but necessary.", "Going against the crowd isn\u2019t easy. We have a human, adaptive tendency to follow the crowd. Following the crowd usually keeps us safe, like fish that swim in schools for protection. The old adage, there\u2019s safety in numbers, is true most of the time. But traders would do better to act like rugged individualists.", "Rugged individualists aren\u2019t always popular, though, and may get into trouble. Consider the plight of Hayden Roark, the protagonist in Ayn Rand\u2019s novel, \u201cThe Fountainhead.\u201d Howard Roark is a creative, innovative architect who shuns the classical style that is popular among his colleagues so he could design modern structures that fully reflect his creativity. Ignored by the mainstream, he can find no clients and must support his craft by working as a laborer in a quarry or designing modest projects, such as family homes, gas stations, and small office buildings. But he doesn\u2019t mind. He isn\u2019t driven by money, fame, or recognition.", "He is motivated solely by a powerful need to express his artistic vision. He works his craft to satisfy himself and no one else. For him, designing buildings has nothing to do with raising his status in the eyes of his peers. He does it solely for artistic expression. It\u2019s either his own way, on his own terms, or nothing. He would rather turn down a job than let a client change his design. Indeed, Hayden Roark takes individualism a bit too far. When a change is made to his design of a public works housing project by the city government, he bombs it and suffers the consequences. But, generally, following your own instincts gets you far.", "Rugged individualists are resilient and persistent. At their core, their self-esteem is true and unwavering. As Dr. Nathaniel Branden observes, \u201cWhen we appreciate the true nature of self-esteem, we see that it is not competitive or comparative. It is not about making myself higher by making you lower. It has nothing to do with you. It is the joy of my own being.\u201d", "Winning traders are extreme individualists. They see trading as an art form. They aren\u2019t concerned with the status and prestige that riches may bring. They love what they do and enjoy the benefits of working for themselves and being accountable to no one. They go their own way and know deep down that they are meant to be traders. It\u2019s not just a job; it\u2019s a calling. The more you can think like an individualist, the more you\u2019ll be able to anticipate the behaviors of the masses and capitalize on their tendency to follow the crowd.", "Comments are closed.", "Varsity by Zerodha \u00a9 2015 \u2013 2024.\r\n\t\t\t\t\tAll rights reserved.\r\n\t\t\t\t\tReproduction of the Varsity materials, text and images,\r\n\t\t\t\t\tis not permitted. For media queries, contact [email\u00a0protected]"], "images": ["https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo.png", "https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo-small.png", "https://zerodha.com/varsity/wp-content/uploads/2020/02/20070516-300x300.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/playstore.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/appstore.png"], "tables": [], "videos": []}

{"title": "104. Facing Temptation With Discipline", "text": ["Looking at your screen can be much like looking at a slot machine, and stopping yourself from dropping a dollar in the slot and pulling the handle. You must restrain yourself from making an impulsive trade, but there\u2019s a very human tendency to seek out excitement and receive a quick reward. You must fight temptation and maintain self-control, however.", "Electronic trading platforms have made trades easier to execute, but at the same time, they\u2019ve made trade execution so fast and easy that many novice traders overtrade, and even when traders don\u2019t overtrade, they may be tempted to constantly monitor their trades and abandon trading plans prematurely, a common ailment of novice and seasoned traders alike. Practicing patience can help you stick with your trading plan until it comes to fruition.", "", "Impulsive trading doesn\u2019t happen in a vacuum. Many factors contribute to prematurely abandoning a trading plan. A significant precursor, though, is a feeling of boredom. When we are bored, we may want to spice things up, and what better way to put a little excitement into life than looking at a position to see how well things are going. What\u2019s the problem? The more you look at how a trade is going, the more you think about it, and if your plan is to patiently wait for a week or longer, looking can only make you feel like you want to take action. It\u2019s necessary to remove temptation.", "Don\u2019t think you are a hero. The biggest mistake traders make is thinking that they have superhuman self-discipline. Do you remember the \u201cGot Milk?\u201d commercial from a couple of years ago? Imagine eating a frosted cupcake and trying to stop yourself from drinking a glass of milk. You could try it, but it wouldn\u2019t be easy. Rather than put yourself in such a situation, it\u2019s easier to avoid eating the cupcake altogether. It\u2019s the same with trading: Avoid looking at the market action unless it is a necessary part of your trading plan.", "How else can you maintain discipline? First, admit your limitations. Self-control is like a muscle. You need to practice self-control. Don\u2019t try to be superhuman. You can\u2019t run a marathon tomorrow if the farthest you had to run in the past year was between your front door and your car when you were late for an appointment. You need to work up to it. Don\u2019t expect to be able to maintain self-control without extensive practice. Give yourself time to build up your self-control skills. Second, make a strong commitment to building up your self-control skills. Take the matter seriously.", "Until you commit to change, you cannot improve your ability to maintain discipline. It\u2019s similar to losing weight or quitting smoking. A person must first acknowledge that he or she has difficulty with self-control before a change can happen. Admitting that you need to improve your self-control skills goes a long way. Third, you must use psychological techniques to learn to maintain discipline.", "It is essential to monitor your self-talk. The kind of self-talk that most people have when they lose control is, \u201cI need a little excitement. Let\u2019s see how my positions are doing.\u201d When you look, however, you\u2019ll bring the emotions regarding your trade into your consciousness. You\u2019ll start thinking of how well or poorly the trade is going, and when you start thinking about it, you will be putting a strain on your self-control \u201cmuscles.\u201d It\u2019s useful to remind yourself that you can maintain control: \u201cI can wait if I try. I just need to concentrate.\u201d", "Fourth, when you start thinking about making an impulsive move, immediately run away from your screen until you \u201ccool off\u201d and allow your emotions to dissipate. In the old days, brokers helped prevent traders from acting too impulsively. Having to call a broker provided a cooling-off period. A trader may have wanted to change his or her trading strategy prematurely, but it wasn\u2019t as simple as clicking a mouse to execute a trade. A trader had to call up the broker and deal with the interpersonal issues of what he or she might think.", "A trader was likely to stop and think, \u201cI don\u2019t want my broker to think that I\u2019m wishy-washy, impulsive, or timid, let me think about this a little more.\u201d But these days, you can go to your computer and buy, sell, and re-buy a position in a matter of minutes. An obvious remedy to impulsive overtrading is to use a broker to place your trades. Another solution is to acknowledge that looking at your screen too soon is a temptation, and avoid looking at it as much as possible.", "And if you do catch yourself looking, leave the room as soon as possible before you take an action you don\u2019t want to take. Don\u2019t trade impulsively. The winning trader is a disciplined trader. The more you can stay calm, rational, and in control, the more profits you\u2019ll take home.", "Comments are closed.", "Varsity by Zerodha \u00a9 2015 \u2013 2024.\r\n\t\t\t\t\tAll rights reserved.\r\n\t\t\t\t\tReproduction of the Varsity materials, text and images,\r\n\t\t\t\t\tis not permitted. For media queries, contact [email\u00a0protected]"], "images": ["https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo.png", "https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo-small.png", "https://zerodha.com/varsity/wp-content/uploads/2020/02/20070530-300x300.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/playstore.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/appstore.png"], "tables": [], "videos": []}

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\u0938\u0915\u0924\u0947 \u0939\u0948\u0902 \u0907\u0928\u092a\u0947\u0911\u092b \u092e\u0947\u0902 \u092b\u094d\u092f\u0942\u091a\u0930\u094d\u0938 \u092d\u0940 \u090f\u0915 \u0939\u0948 (\u0932\u0949\u0928\u094d\u0917 \u0914\u0930 \u0936\u093e\u0930\u094d\u091f \u092b\u094d\u092f\u0942\u091a\u0930 \u0926\u094b\u0928\u094b\u0902 \u0924\u0930\u0939 \u0915\u0947 \u092a\u0947 \u0911\u092b)", "\u0907\u0938 \u0905\u0927\u094d\u092f\u093e\u092f \u092e\u0947\u0902 \u0939\u092e \u0938\u092e\u091d\u0947\u0902\u0917\u0947 \u0915\u093f \u0915\u0948\u0938\u0947 \u0911\u092a\u094d\u0936\u0928 \u0915\u093e \u0907\u0938\u094d\u0924\u0947\u092e\u093e\u0932 \u0915\u0930\u0915\u0947 \u090f\u0915 \u092c\u0928\u093e\u0935\u091f\u0940 \u092f\u093e\u0928\u0940 \u0906\u0930\u094d\u091f\u093f\u092b\u093f\u0936\u093f\u092f\u0932 \u0932\u0949\u0928\u094d\u0917 \u092b\u094d\u092f\u0942\u091a\u0930 \u092a\u0947 \u0911\u092b \u092c\u0928\u093e\u092f\u093e \u091c\u093e \u0938\u0915\u0924\u093e \u0939\u0948\u0964 \u0932\u0947\u0915\u093f\u0928 \u0910\u0938\u093e \u0915\u0930\u0928\u0947 \u0915\u0947 \u092a\u0939\u0932\u0947 \u090f\u0915 \u092c\u093e\u0930 \u0932\u0949\u0928\u094d\u0917 \u092b\u094d\u092f\u0942\u091a\u0930 \u0915\u0947 \u0932\u0940\u0928\u093f\u092f\u0930 \u092a\u0947 \u0911\u092b \u092a\u0930 \u092f\u0939\u093e\u0902 \u0928\u091c\u0930 \u0921\u093e\u0932 \u0932\u0947\u0924\u0947 \u0939\u0948\u0902\u0964 here", "\u0928\u0939\u0940\u0902 \u0924\u094b \u0906\u092a \u0907\u0938\u0947 \u092d\u0940 \u0926\u0947\u0916 \u0938\u0915\u0924\u0947 \u0939\u0948\u0902\u0964", "\u091c\u0948\u0938\u093e \u0915\u093f \u0906\u092a \u0926\u0947\u0916 \u0938\u0915\u0924\u0947 \u0939\u0948\u0902 \u0915\u093f \u0932\u0949\u0928\u094d\u0917 \u092b\u094d\u092f\u0942\u091a\u0930 \u092a\u094b\u091c\u0940\u0936\u0928 2360 \u092a\u0930 \u0936\u0941\u0930\u0942 \u0915\u0940 \u0917\u0908 \u0939\u0948 \u0914\u0930 \u0907\u0938 \u091c\u0917\u0939 \u092a\u0930 \u0928\u093e \u0924\u094b \u0906\u092a \u092a\u0948\u0938\u0947 \u092c\u0928\u093e \u0930\u0939\u0947 \u0939\u0948\u0902 \u0914\u0930 \u0928\u093e \u0939\u0940 \u092a\u0948\u0938\u0947 \u0917\u0902\u0935\u093e \u0930\u0939\u0947 \u0939\u094b\u0902\u0917\u0947\u0964 \u0907\u0938\u0932\u093f\u090f \u091c\u0939\u093e\u0902 \u092a\u0930 \u0906\u092a\u0928\u0947 \u092a\u094b\u091c\u093f\u0936\u0928 \u092c\u0928\u093e\u0908 \u0939\u0948 \u0935\u0939 \u0906\u092a\u0915\u093e \u092c\u094d\u0930\u0947\u0915 \u0907\u0935\u0928 \u092a\u094d\u0935\u093e\u0907\u0902\u091f \u0939\u0948\u0964 \u0905\u0917\u0930 \u092b\u094d\u092f\u0942\u091a\u0930 \u0906\u092a\u0915\u0947 \u092c\u094d\u0930\u0947\u0915 \u0907\u0935\u0928 \u092a\u094d\u0935\u093e\u0907\u0902\u091f \u0938\u0947 \u090a\u092a\u0930 \u091c\u093e\u0924\u093e \u0939\u0948 \u0924\u094b \u0906\u092a \u092a\u0948\u0938\u0947 \u092c\u0928\u093e\u090f\u0902\u0917\u0947 \u0914\u0930 \u0905\u0917\u0930 \u092b\u094d\u092f\u0942\u091a\u0930 \u0906\u092a\u0915\u0947 \u092c\u094d\u0930\u0947\u0915 \u0907\u0935\u0928 \u092a\u094d\u0935\u093e\u0907\u0902\u091f \u0915\u0947 \u0928\u0940\u091a\u0947 \u091c\u093e\u0924\u093e \u0939\u0948 \u0924\u094b \u0906\u092a\u0915\u094b \u0918\u093e\u091f\u093e \u0938\u0939\u0928\u093e \u092a\u0921\u093c\u0947\u0917\u093e\u0964 10 \u092a\u094d\u0935\u093e\u0907\u0902\u091f \u090a\u092a\u0930 \u091c\u093e\u0928\u0947 \u092a\u0930 \u0906\u092a \u091c\u093f\u0924\u0928\u093e \u092e\u0941\u0928\u093e\u092b\u093e \u0915\u092e\u093e\u090f\u0902\u0917\u0947 \u090f\u0915\u0926\u092e \u0909\u0924\u0928\u093e \u0939\u0940 \u0918\u093e\u091f\u093e 10 \u092a\u094d\u0935\u093e\u0907\u0902\u091f \u0928\u0940\u091a\u0947 \u091c\u093e\u0928\u0947 \u092a\u0930 \u092d\u0940 \u0909\u0920\u093e\u090f\u0902\u0917\u0947\u0964 \u0907\u0938 \u0924\u0930\u0939 \u0915\u0947 \u0932\u0940\u0928\u093f\u092f\u0930 \u092a\u0947 \u0911\u092b \u0915\u0940 \u0935\u091c\u0939 \u0938\u0947\u00a0 \u092b\u094d\u092f\u0942\u091a\u0930 \u0915\u094b \u0932\u0940\u0928\u093f\u092f\u0930 \u0907\u0902\u0938\u094d\u091f\u094d\u0930\u0942\u092e\u0947\u0902\u091f \u092d\u0940 \u0915\u0939\u0924\u0947 \u0939\u0948\u0902\u0964", "\u0938\u093f\u0902\u0925\u0947\u091f\u093f\u0915 \u0932\u0949\u0928\u094d\u0917 \u092c\u0928\u093e\u0928\u0947 \u0915\u0947 \u0932\u093f\u090f \u0911\u092a\u094d\u0936\u0928 \u0915\u093e \u0907\u0938\u094d\u0924\u0947\u092e\u093e\u0932 \u0915\u0930\u0924\u0947 \u0939\u0941\u090f \u0907\u0938\u0940 \u0924\u0930\u0940\u0915\u0947 \u0915\u093e \u0932\u0949\u0928\u094d\u0917 \u092b\u094d\u092f\u0942\u091a\u0930\u094d\u0938 \u0924\u0948\u092f\u093e\u0930 \u0915\u093f\u092f\u093e \u091c\u093e\u0924\u093e \u0939\u0948\u0964", "\u0938\u093f\u0902\u0925\u0947\u091f\u093f\u0915 \u0932\u0949\u0928\u094d\u0917 \u092c\u0928\u093e\u0928\u093e \u0915\u093e\u092b\u0940 \u0906\u0938\u093e\u0928 \u0939\u0948, \u092c\u0938 \u0907\u0938\u092e\u0947\u0902", "\u091c\u092c \u0906\u092a \u0910\u0938\u093e \u0915\u0930\u0947\u0902 \u0924\u094b \u0927\u094d\u092f\u093e\u0928 \u0930\u0916\u0947\u0902 \u0915\u093f", "\u0907\u0938\u0947 \u090f\u0915 \u0909\u0926\u093e\u0939\u0930\u0923 \u0938\u0947 \u0938\u092e\u091d\u0924\u0947 \u0939\u0948\u0902\u0964 \u092e\u093e\u0928 \u0932\u0940\u091c\u093f\u090f \u0915\u093f \u0928\u093f\u092b\u094d\u091f\u0940 7389 \u092a\u0930 \u0939\u0948 \u092e\u0924\u0932\u092c 7400 \u0915\u0940 \u0938\u094d\u091f\u094d\u0930\u093e\u0907\u0915 ATM \u0939\u094b\u0917\u0940\u0964 \u0938\u093f\u0902\u0925\u0947\u091f\u093f\u0915 \u0932\u0949\u0928\u094d\u0917 \u092c\u0928\u093e\u0928\u0947 \u0915\u0947 \u0932\u093f\u090f \u0939\u092e\u0947\u0902 7400 CE\u00a0 \u092a\u0930 \u0932\u0949\u0928\u094d\u0917 \u091c\u093e\u0928\u093e \u0939\u094b\u0917\u093e, \u0907\u0938\u0915\u093e \u092a\u094d\u0930\u0940\u092e\u093f\u092f\u092e \u0939\u094b\u0917\u093e 107 \u0914\u0930 \u0938\u093e\u0925 \u0939\u0940 \u0939\u092e\u0947\u0902 7400 PE \u0915\u094b 80 \u092a\u0930 \u0936\u093e\u0930\u094d\u091f \u0915\u0930\u0928\u093e \u0939\u094b\u0917\u093e\u0964", "\u0926\u094b\u0902\u0928\u094b \u092a\u094d\u0930\u0940\u092e\u093f\u092f\u092e \u0915\u093e \u0905\u0902\u0924\u0930 \u0928\u0947\u091f \u0915\u0948\u0936 \u092a\u094d\u0932\u094b \u0939\u094b\u0917\u093e \u092f\u093e\u0928\u0940 107 \u2013 80 = 27", "\u0906\u0907\u090f \u0915\u0941\u091b \u092a\u0930\u093f\u0938\u094d\u0925\u093f\u0924\u093f\u092f\u094b\u0902 \u092a\u0930 \u0928\u091c\u0930 \u0921\u093e\u0932\u0924\u0947 \u0939\u0948\u0902", "\u0938\u094d\u0925\u093f\u0924\u093f 1 \u2013\u00a0 \u092c\u093e\u091c\u093e\u0930 \u0915\u0940 \u090f\u0915\u094d\u0938\u092a\u093e\u092f\u0930\u0940 7200 \u092a\u0930 \u0939\u094b\u0924\u0940 \u0939\u0948 (ATM \u0938\u0947 \u0928\u0940\u091a\u0947)", "7200 \u092a\u0930 7400 CE \u0935\u0930\u094d\u0925\u0932\u0947\u0938 \u0939\u094b \u0915\u0930 \u090f\u0915\u094d\u0938\u092a\u093e\u092f\u0930 \u0939\u094b\u0917\u093e\u0964 \u0907\u0938\u0932\u093f\u090f \u0939\u092e \u0926\u093f\u092f\u093e \u0939\u0941\u0906 \u092a\u094d\u0930\u0940\u092e\u093f\u092f\u092e, 107 \u0917\u0902\u0935\u093e \u0926\u0947\u0902\u0917\u0947\u0964 \u091c\u092c\u0915\u093f 7400 PE \u0915\u0940 \u0907\u0902\u091f\u094d\u0930\u093f\u0928\u094d\u0938\u093f\u0915 \u0935\u0948\u0932\u094d\u092f\u0942 \u0939\u094b\u0917\u0940, \u0907\u0938\u0947 \u0928\u093f\u0915\u093e\u0932\u0928\u0947 \u0915\u0947 \u0932\u093f\u090f-", "\u092a\u0941\u091f \u0911\u092a\u094d\u0936\u0928 \u0915\u0940 \u0907\u0902\u091f\u094d\u0930\u093f\u0928\u094d\u0938\u093f\u0915 \u0935\u0948\u0932\u094d\u092f\u0942 \u2013", "Max [strike \u2013 spot, 0]", "Max [7400 -7200,0]", "= Max [200,0]", "= 200", "\u0915\u094d\u092f\u094b\u0902\u0915\u093f \u0939\u092e\u0928\u0947 \u0907\u0938 \u0911\u092a\u094d\u0936\u0928 \u0915\u094b \u0936\u0949\u0930\u094d\u091f \u0915\u093f\u092f\u093e (\u092c\u0947\u091a\u093e) \u0939\u0948, \u0907\u0938\u0932\u093f\u090f \u0939\u092e\u0947\u0902 \u091c\u094b \u092a\u094d\u0930\u0940\u092e\u093f\u092f\u092e \u092e\u093f\u0932\u093e \u0939\u0948 \u0909\u0938\u0947 \u0916\u094b \u0926\u0947\u0902\u0917\u0947\u0964 \u0939\u092e\u093e\u0930\u093e \u0918\u093e\u091f\u093e \u0939\u094b\u0917\u093e \u2013", "80 \u2013 200 = \u2013 120", "\u0932\u0949\u0928\u094d\u0917 \u0914\u0930 \u0936\u0949\u0930\u094d\u091f \u092a\u094b\u091c\u0940\u0936\u0928 \u0915\u093e \u0915\u0941\u0932 \u092a\u0947 \u0911\u092b \u0939\u094b\u0917\u093e \u2013", "= -107 \u2013 120", "= \u2013 227", "\u0938\u094d\u0925\u093f\u0924\u093f 2 \u2013 \u092c\u093e\u091c\u093e\u0930 \u0915\u0940 \u090f\u0915\u094d\u0938\u092a\u093e\u092f\u0930\u0940 7400 \u092a\u0930 \u0939\u094b\u0924\u0940 \u0939\u0948 (ATM \u092a\u0930)", "\u0905\u0917\u0930 \u092c\u093e\u091c\u093e\u0930 \u0915\u0940 \u090f\u0915\u094d\u0938\u092a\u093e\u092f\u0930\u0940 7400 \u092a\u0930 \u0939\u094b\u0924\u0940 \u0939\u0948 \u0924\u094b \u0926\u094b\u0902\u0928\u094b \u0939\u0940 \u0911\u092a\u094d\u0936\u0928 \u0935\u0930\u094d\u0925\u0932\u0947\u0938 \u090f\u0915\u094d\u0938\u092a\u093e\u092f\u0930 \u0939\u094b\u0902\u0917\u0947, \u0907\u0938\u0932\u093f\u090f-", "\u092f\u0939\u093e\u0902 \u0927\u094d\u092f\u093e\u0928 \u0930\u0916\u093f\u090f \u0915\u093f \u0907\u0938 \u0938\u094d\u091f\u094d\u0930\u0948\u091f\u0947\u091c\u0940 \u0915\u093e \u0928\u0947\u091f \u0915\u0948\u0936 \u0906\u0909\u091f \u092b\u094d\u0932\u094b \u092d\u0940 27 \u0939\u0940 \u0939\u0948 \u0914\u0930 \u0926\u094b\u0928\u094b\u0902 \u092a\u094d\u0930\u0940\u092e\u093f\u092f\u092e \u0915\u093e \u0905\u0902\u0924\u0930 \u092d\u0940 \u0909\u0924\u0928\u093e \u0939\u0940 \u0939\u0948\u0964", "\u0938\u094d\u0925\u093f\u0924\u093f 3 \u2013 \u092c\u093e\u091c\u093e\u0930 \u0915\u0940 \u090f\u0915\u094d\u0938\u092a\u093e\u092f\u0930\u0940 7427 \u092a\u0930 \u0939\u094b\u0924\u0940 \u0939\u0948 (ATM + \u0926\u094b\u0928\u094b\u0902 \u092a\u094d\u0930\u0940\u092e\u093f\u092f\u092e \u0915\u0947 \u0905\u0902\u0924\u0930 \u092a\u0930)", "7427 \u0935\u093e\u0938\u094d\u0924\u0935 \u092e\u0947\u0902 \u090f\u0915 \u0930\u094b\u091a\u0915 \u0938\u094d\u0924\u0930 \u0939\u0948, \u092f\u0947 \u0907\u0938 \u0938\u094d\u091f\u094d\u0930\u0948\u091f\u0947\u091c\u0940 \u0915\u093e \u092c\u094d\u0930\u0947\u0915 \u0907\u0935\u0928 \u0939\u0948, \u091c\u0939\u093e\u0902 \u0939\u092e \u0928\u093e \u0924\u094b \u092a\u0948\u0938\u0947 \u092c\u0928\u093e\u090f\u0902\u0917\u0947 \u0914\u0930 \u0928\u093e \u0939\u0940 \u092a\u0948\u0938\u0947 \u0917\u0902\u0935\u093e\u090f\u0902\u0917\u0947\u0964", "\u0938\u094d\u0925\u093f\u0924\u093f 4-\u00a0 \u092c\u093e\u091c\u093e\u0930 \u0915\u0940 \u090f\u0915\u094d\u0938\u092a\u093e\u092f\u0930\u0940 7600 \u092a\u0930 \u0939\u094b\u0924\u0940 \u0939\u0948 (ATM \u0915\u0947 \u090a\u092a\u0930)", "7600 \u092a\u0930 7400 CE \u0915\u0940 \u0907\u0902\u091f\u094d\u0930\u093f\u0928\u094d\u0938\u093f\u0915 \u0935\u0948\u0932\u094d\u092f\u0942 \u0939\u094b\u0917\u0940 200 \u0914\u0930 \u0939\u092e \u0915\u092e\u093e\u090f\u0902\u0917\u0947 \u2013", "\u0907\u0902\u091f\u094d\u0930\u093f\u0928\u094d\u0938\u093f\u0915 \u0935\u0948\u0932\u094d\u092f\u0942 \u2013 \u092a\u094d\u0930\u0940\u092e\u093f\u092f\u092e", "= 200 \u2013 107", "= 93", "7400 PE \u0935\u0930\u094d\u0925\u0932\u0947\u0938 \u090f\u0915\u094d\u0938\u092a\u093e\u092f\u0930 \u0939\u094b\u0902\u0917\u093e \u0907\u0938\u0932\u093f\u090f \u0907\u0938\u0915\u093e \u092a\u094d\u0930\u0940\u092e\u093f\u092f\u092e \u092f\u093e\u0928\u0940 80 \u0939\u092e\u0947\u0902 \u0905\u092a\u0928\u0947 \u092a\u093e\u0938 \u0930\u0916\u0928\u0947 \u0915\u094b \u092e\u093f\u0932 \u091c\u093e\u090f\u0917\u093e\u0964", "\u0907\u0938 \u0924\u0930\u0939 \u0938\u0947 \u0938\u094d\u091f\u094d\u0930\u0948\u091f\u0947\u091c\u0940 \u0915\u093e \u0915\u0941\u0932 \u092a\u0947 \u0911\u092b \u0939\u094b\u0917\u093e", "= 93 + 80", "= 173", "\u0907\u0928 \u091a\u093e\u0930 \u0938\u094d\u0925\u093f\u0924\u093f\u092f\u094b\u0902 \u0915\u0947 \u0906\u0927\u093e\u0930 \u092a\u0930 \u0905\u0928\u094d\u092f \u0939\u092e \u092f\u0939 \u0928\u093f\u0937\u094d\u0915\u0930\u094d\u0937 \u0928\u093f\u0915\u093e\u0932 \u0938\u0915\u0924\u0947 \u0939\u0948\u0902 \u0915\u0940 \u091c\u092c \u092c\u093e\u091c\u093e\u0930 \u090a\u092a\u0930 \u091c\u093e\u0924\u093e \u0939\u0948 \u0924\u094b \u0907\u0938 \u0938\u094d\u091f\u094d\u0930\u0948\u091f\u0947\u091c\u0940 \u092e\u0947\u0902 \u092a\u0948\u0938\u0947 \u092c\u0928\u0924\u0947 \u0939\u0948\u0902 \u0914\u0930 \u091c\u092c \u092c\u093e\u091c\u093e\u0930 \u0928\u0940\u091a\u0947 \u091c\u093e\u0924\u093e \u0939\u0948 \u0924\u094b \u092a\u0948\u0938\u0947 \u0921\u0942\u092c\u0924\u0947 \u0939\u0948\u0902, \u0920\u0940\u0915 \u0935\u0948\u0938\u0947 \u0939\u0940, \u091c\u0948\u0938\u0947 \u0915\u093f \u092b\u094d\u092f\u0942\u091a\u0930\u094d\u0938 \u092e\u0947\u0902 \u0939\u094b\u0924\u093e \u0939\u0948\u0964 \u0932\u0947\u0915\u093f\u0928 \u0905\u092d\u0940 \u092d\u0940 \u0907\u0938\u0915\u093e \u092f\u0939 \u092e\u0924\u0932\u092c \u0928\u0939\u0940\u0902 \u0939\u0948 \u0915\u093f \u0907\u0938\u092e\u0947\u0902 \u092a\u0947 \u0911\u092b \u092b\u094d\u092f\u0942\u091a\u0930\u094d\u0938 \u0915\u0940 \u0924\u0930\u0939 \u0915\u093e \u0939\u094b\u0917\u093e\u0964 \u0938\u093f\u0902\u0925\u0947\u091f\u093f\u0915 \u0932\u0949\u0928\u094d\u0917 \u0915\u093e \u092a\u0947 \u0911\u092b \u092d\u0940 \u092b\u094d\u092f\u0942\u091a\u0930 \u0915\u0947 \u092a\u0947 \u0911\u092b \u0915\u0940 \u0924\u0930\u0939 \u0939\u0940 \u0915\u093e\u092e \u0915\u0930 \u0930\u0939\u093e \u0939\u0948 \u092f\u0939 \u091c\u093e\u0928\u0928\u0947 \u0915\u0947 \u0932\u093f\u090f \u0939\u092e\u0947\u0902 \u0907\u0938 \u0938\u094d\u091f\u094d\u0930\u0948\u091f\u0947\u091c\u0940 \u0915\u0947 \u092a\u0947 \u0911\u092b \u0915\u094b \u092c\u094d\u0930\u0947\u0915 \u0907\u0935\u0928 \u092a\u094d\u0935\u093e\u0907\u0902\u091f \u0915\u0947 \u0928\u091c\u0930\u093f\u090f \u0938\u0947 \u0926\u0947\u0916\u0928\u093e \u0939\u094b\u0917\u093e\u0964 \u092e\u093e\u0928 \u0932\u0940\u091c\u093f\u090f \u0915\u093f \u092c\u094d\u0930\u0947\u0915 \u0907\u0935\u0928 \u092a\u094d\u0935\u093e\u0907\u0902\u091f \u0938\u0947 200 \u092a\u094d\u0935\u093e\u0907\u0902\u091f \u090a\u092a\u0930 \u0914\u0930 \u0928\u0940\u091a\u0947\u0964 \u0905\u0917\u0930 \u0907\u0928 \u0926\u094b\u0928\u094b\u0902 \u091c\u0917\u0939\u094b\u0902 \u092a\u0930 \u092a\u0947 \u0911\u092b \u092c\u0930\u093e\u092c\u0930 \u0939\u0948 \u0924\u094b \u0907\u0938\u0915\u093e \u092e\u0924\u0932\u092c \u0939\u0948 \u0915\u093f \u0907\u0938 \u092f\u0939 \u092a\u0947 \u0911\u092b \u090f\u0915 \u0932\u0940\u0928\u093f\u092f\u0930 \u092a\u0947 \u0911\u092b \u0939\u0948, \u091c\u094b \u0915\u093f \u092b\u094d\u092f\u0942\u091a\u0930\u094d\u0938 \u0915\u0940 \u0924\u0930\u0939 \u0915\u093e \u0939\u0940 \u0939\u0948\u0964", "\u0906\u0907\u090f \u0926\u0947\u0916\u0924\u0947 \u0939\u0948\u0902 \u2013", "\u0939\u092e\u0947\u0902 \u092a\u0924\u093e \u0939\u0948 \u0915\u093f \u0907\u0938\u0915\u093e \u092c\u094d\u0930\u0947\u0915 \u0907\u0935\u0928 \u092a\u094d\u0935\u093e\u0907\u0902\u091f \u0939\u0948 \u2013", "ATM + \u0926\u094b\u0928\u094b\u0902 \u092a\u094d\u0930\u0940\u092e\u093f\u092f\u092e \u0915\u093e \u0905\u0902\u0924\u0930", "= 7400 + 27", "= 7427", "\u0907\u0938 \u091c\u0917\u0939 \u092a\u0930 \u092a\u0947 \u0911\u092b \u0926\u094b\u0928\u094b\u0902 \u0924\u0930\u092b \u0938\u0947 \u090f\u0915 \u091c\u0948\u0938\u093e \u0926\u093f\u0916\u0928\u093e \u091a\u093e\u0939\u093f\u090f \u092f\u093e\u0928\u0940 \u0938\u093f\u092e\u0947\u091f\u094d\u0930\u093f\u0915 \u0939\u094b\u0928\u093e \u091a\u093e\u0939\u093f\u090f\u0964 \u0939\u092e 7427 + 200 = 7627 \u0914\u0930 7427 \u2013 200 = 7227 \u0915\u094b \u091c\u093e\u0902\u091a\u0924\u0947 \u0939\u0948\u0964", "7627 \u092a\u0930", "\u0924\u094b \u0938\u093e\u092b 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\u0935\u0940\u0921\u093f\u092f\u094b \u0915\u094b \u0926\u0947\u0916 \u0938\u0915\u0924\u0947 \u0939\u0948\u0902", "https://youtu.be/m4mrd7sHCPM", "\u0924\u094b, \u092a\u0941\u091f \u0915\u0949\u0932 \u092a\u0948\u0930\u093f\u091f\u0940 \u092a\u0930 \u0906\u0927\u093e\u0930\u093f\u0924 \u0906\u0930\u094d\u092c\u093f\u091f\u094d\u0930\u093e\u091c \u0915\u093e \u0938\u092e\u0940\u0915\u0930\u0923 \u0910\u0938\u093e \u0939\u094b\u0917\u093e", "\u0932\u0949\u0928\u094d\u0917 \u0938\u093f\u0902\u0925\u0947\u091f\u093f\u0915 \u0932\u0949\u0928\u094d\u0917 + \u0936\u0949\u0930\u094d\u091f \u092b\u092f\u0942\u091a\u0930\u094d\u0938 = 0", "\u0907\u0938\u0947 \u0906\u092a \u0914\u0930 \u0935\u093f\u0938\u094d\u0924\u093e\u0930 \u0926\u0947 \u0938\u0915\u0924\u0947 \u0939\u0948\u0902", "\u0932\u0949\u0928\u094d\u0917 ATM \u0915\u0949\u0932 + \u0936\u0949\u0930\u094d\u091f ATM \u092a\u0941\u091f + \u0936\u0949\u0930\u094d\u091f \u092b\u094d\u092f\u0942\u091a\u0930\u094d\u0938 = 0", "\u0907\u0938 \u0938\u092e\u0940\u0915\u0930\u0923 \u0938\u0947 \u0926\u093f\u0916\u0924\u093e \u0939\u0948 \u0915\u093f \u0905\u0917\u0930 \u0906\u092a \u0938\u093f\u0902\u0925\u0947\u091f\u093f\u0915 \u0932\u0949\u0928\u094d\u0917 \u0915\u094b \u0939\u094b\u0932\u094d\u0921 \u0915\u0930\u0924\u0947 \u0939\u0948\u0902 \u0914\u0930 \u092b\u094d\u092f\u0942\u091a\u0930 \u0915\u094b \u0936\u093e\u0930\u094d\u091f \u0915\u0930\u0924\u0947 \u0939\u0948\u0902 \u0924\u094b \u092b\u093f\u0930 \u090f\u0915\u094d\u0938\u092a\u093e\u092f\u0930\u0940 \u0915\u0947 \u0938\u092e\u092f \u0906\u092a\u0915\u093e P&L\u00a0 \u091c\u0940\u0930\u094b \u0939\u094b\u0917\u093e\u0964 \u0907\u0938 \u092a\u094b\u091c\u0940\u0936\u0928 \u092e\u0947\u0902 \u0928\u0924\u0940\u091c\u093e \u091c\u0940\u0930\u094b \u0915\u094d\u092f\u094b\u0902 \u0928\u093f\u0915\u0932\u0924\u093e \u0939\u0948, \u0907\u0938\u0915\u093e \u091c\u0935\u093e\u092c \u092a\u0941\u091f \u0915\u0949\u0932 \u092a\u0948\u0930\u093f\u091f\u0940 \u092e\u0947\u0902 \u091b\u0941\u092a\u093e \u0939\u0948\u0964", "\u0932\u0947\u0915\u093f\u0928 \u0905\u0917\u0930 \u0907\u0938 \u0938\u092e\u0940\u0915\u0930\u0923 P&L\u00a0 \u092e\u0947\u0902 \u091c\u0940\u0930\u094b \u0915\u0940 \u091c\u0917\u0939 \u0915\u094b\u0908 \u092d\u0940 \u0914\u0930 \u0938\u0902\u0916\u094d\u092f\u093e \u0906\u0924\u0940 \u0939\u0948 \u0924\u094b \u0907\u0938\u0915\u093e \u092e\u0924\u0932\u092c \u0939\u0948 \u0915\u093f \u0935\u0939\u093e\u0902 \u092a\u0930 \u090f\u0915 \u0906\u0930\u094d\u092c\u093f\u091f\u094d\u0930\u093e\u091c \u0915\u093e \u092e\u094c\u0915\u093e \u0939\u0948\u0964", "\u0907\u0938\u0915\u094b \u0905\u091a\u094d\u091b\u0947 \u0938\u0947 \u0938\u092e\u091d\u0928\u0947 \u0915\u0947 \u0932\u093f\u090f \u0928\u0940\u091a\u0947 \u0915\u0947 \u0909\u0926\u093e\u0939\u0930\u0923 \u092a\u0930 \u0928\u091c\u0930 \u0921\u093e\u0932\u093f\u090f \u2013", "21 \u091c\u0928\u0935\u0930\u0940 \u0915\u094b \u0928\u093f\u092b\u094d\u091f\u0940 \u0938\u094d\u092a\u0949\u091f 7304 \u0925\u093e \u0914\u0930 \u0928\u093f\u092b\u094d\u091f\u0940 \u092b\u094d\u092f\u0942\u091a\u0930\u094d\u0938 7316 \u092a\u0930", "7300 CE \u0914\u0930 \u00a0PE (ATM \u0911\u092a\u094d\u0936\u0928) 79.5 \u0914\u0930 73.85 \u092a\u0930 \u091f\u094d\u0930\u0947\u0921 \u0915\u0930 \u0930\u0939\u0947 \u0939\u0948\u0902\u0964 \u0927\u094d\u092f\u093e\u0928 \u0926\u0940\u091c\u093f\u090f \u0915\u093f \u092f\u0947 \u0938\u092d\u0940 \u0915\u0949\u0928\u094d\u091f\u094d\u0930\u0948\u0915\u094d\u091f \u091c\u0928\u0935\u0930\u0940 2016 \u0938\u0940\u0930\u0940\u091c \u0915\u0947 \u0939\u0948\u0902\u0964", "\u090a\u092a\u0930 \u092c\u0924\u093e\u090f \u0917\u090f \u0906\u0930\u094d\u092c\u093f\u091f\u094d\u0930\u093e\u091c \u0915\u0947 \u0938\u092e\u0940\u0915\u0930\u0923 \u0915\u0947 \u0906\u0927\u093e\u0930 \u092a\u0930 \u091f\u094d\u0930\u0947\u0921 \u0915\u0930\u0947\u0902 \u0924\u094b \u092a\u094b\u091c\u0940\u0936\u0928 \u0910\u0938\u0947 \u092c\u0928\u0947\u0917\u0940", "\u0927\u094d\u092f\u093e\u0928 \u0926\u0940\u091c\u093f\u090f \u0915\u093f \u092a\u0939\u0932\u0940 \u0926\u094b \u092a\u094b\u091c\u0940\u0936\u0928 \u0938\u0947 \u0932\u0949\u0928\u094d\u0917 \u0938\u093f\u0902\u0925\u0947\u091f\u093f\u0915 \u0932\u0949\u0928\u094d\u0917 \u092c\u0928 \u0930\u0939\u093e \u0939\u0948\u0964 \u0905\u092c \u0906\u0930\u094d\u092c\u093f\u091f\u094d\u0930\u093e\u091c \u0915\u0947 \u0938\u092e\u0940\u0915\u0930\u0923 \u0915\u0947 \u0906\u0927\u093e\u0930 \u092a\u0930 \u090f\u0915\u094d\u0938\u092a\u093e\u092f\u0930\u0940 \u092a\u0930 \u092a\u094b\u091c\u0940\u0936\u0928 \u0915\u093e P&L\u00a0 \u091c\u0940\u0930\u094b \u0939\u094b\u0917\u093e\u0964 \u0906\u0907\u090f \u0926\u0947\u0916\u0924\u0947 \u0939\u0948\u0902 \u0915\u093f \u092f\u0947 \u0938\u091a \u0938\u093e\u092c\u093f\u0924 \u0939\u094b\u0924\u093e \u0939\u0948 \u0915\u093f \u0928\u0939\u0940\u0902", "\u0938\u094d\u0925\u093f\u0924\u093f 1 \u2013\u00a0 \u092c\u093e\u091c\u093e\u0930 \u0915\u0940 \u090f\u0915\u094d\u0938\u092a\u093e\u092f\u0930\u0940 7200 \u092a\u0930 \u0939\u094b\u0924\u0940 \u0939\u0948", "\u0938\u093e\u092b \u0939\u0948 \u0915\u093f 0 \u092a\u0947 \u0911\u092b \u0915\u0940 \u091c\u0917\u0939 \u0939\u092e\u0947\u0902 P&L\u00a0 \u092e\u0947\u0902 \u090f\u0915 \u092a\u0949\u091c\u093f\u091f\u093f\u0935 \u0938\u0902\u0916\u094d\u092f\u093e \u092e\u093f\u0932 \u0930\u0939\u0940 \u0939\u0948\u0964", "\u0938\u094d\u0925\u093f\u0924\u093f 2 \u2013 \u092c\u093e\u091c\u093e\u0930 \u0915\u0940 \u090f\u0915\u094d\u0938\u092a\u093e\u092f\u0930\u0940 7300 \u092a\u0930 \u0939\u094b\u0924\u0940 \u0939\u0948", "\u0905\u0917\u0930 \u092c\u093e\u091c\u093e\u0930 \u0915\u0940 \u090f\u0915\u094d\u0938\u092a\u093e\u092f\u0930\u0940 7400 \u092a\u0930 \u0939\u094b\u0924\u0940 \u0939\u0948 \u0924\u094b \u0926\u094b\u0902\u0928\u094b \u0939\u0940 \u0911\u092a\u094d\u0936\u0928 \u0935\u0930\u094d\u0925\u0932\u0947\u0938 \u090f\u0915\u094d\u0938\u092a\u093e\u092f\u0930 \u0939\u094b\u0902\u0917\u0947, \u0907\u0938\u0932\u093f\u090f-", "\u0938\u094d\u0925\u093f\u0924\u093f 3 \u2013 \u092c\u093e\u091c\u093e\u0930 \u0915\u0940 \u090f\u0915\u094d\u0938\u092a\u093e\u092f\u0930\u0940 7400 \u092a\u0930 \u0939\u094b\u0924\u0940 \u0939\u0948", "\u0906\u092a \u0938\u0947 \u0915\u093f\u0938\u0940 \u092d\u0940 \u090f\u0915\u094d\u0938\u092a\u093e\u092f\u0930\u0940 \u0915\u0947 \u0932\u093f\u090f \u091c\u093e\u0902\u091a \u0938\u0915\u0924\u0947 \u0939\u0948\u0902 (\u092d\u0932\u0947 \u0939\u0940 \u092c\u093e\u091c\u093e\u0930 \u0915\u093f\u0938\u0940 \u092d\u0940 \u0926\u093f\u0936\u093e \u092e\u0947\u0902 \u091c\u093e \u0930\u0939\u0947 \u0939\u094b\u0902), \u0939\u0930 \u091c\u0917\u0939 \u090f\u0915\u094d\u0938\u092a\u093e\u092f\u0930\u0940 \u092a\u0930 \u0906\u092a\u0915\u094b 10.35 \u0915\u092e\u093e\u0928\u0947 \u0915\u093e \u092e\u094c\u0915\u093e \u092e\u093f\u0932\u0947\u0917\u093e\u0964 \u092e\u0948\u0902 \u092b\u093f\u0930 \u0938\u0947 \u0926\u094b\u0939\u0930\u093e \u0926\u0947\u0924\u093e \u0939\u0942\u0902 \u0915\u093f \u090f\u0915\u094d\u0938\u092a\u093e\u092f\u0930\u0940 \u092a\u0930 10.35 \u0915\u092e\u093e\u0928\u0947 \u0915\u093e \u092e\u094c\u0915\u093e \u092e\u093f\u0932\u0947\u0917\u093e\u0964", "\u0905\u0932\u0917 \u0905\u0932\u0917 \u090f\u0915\u094d\u0938\u092a\u093e\u092f\u0930\u0940 \u0915\u094b \u092a\u0947 \u0911\u092b \u0915\u094b \u0906\u092a \u0928\u0940\u091a\u0947 \u0926\u0947\u0916 \u0938\u0915\u0924\u0947 \u0939\u0948\u0902", "\u0938\u092c \u0915\u0941\u091b \u092c\u0922\u093c\u093f\u092f\u093e \u0932\u0917 \u0930\u0939\u093e \u0939\u0948, \u0932\u0947\u0915\u093f\u0928 \u090f\u0915 \u092e\u0941\u0936\u094d\u0915\u093f\u0932 \u0906 \u0938\u0915\u0924\u0940 \u0939\u0948,", "\u0938\u094c\u0926\u0947 \u092a\u0930 \u0939\u094b\u0928\u0947 \u0935\u093e\u0932\u093e \u0916\u0930\u094d\u091a", "\u0906\u092a\u0915\u094b \u092f\u0939 \u0926\u0947\u0916\u0928\u093e \u0939\u094b\u0917\u093e \u0915\u093f \u092f\u0939 \u091f\u094d\u0930\u0947\u0921 \u0915\u0930\u0928\u0947 \u0915\u0947 \u0932\u093f\u090f \u0906\u092a\u0915\u094b \u0915\u093f\u0924\u0928\u0947 \u092a\u0948\u0938\u0947 \u0916\u0930\u094d\u091a \u0915\u0930\u0928\u0947 \u092a\u0921\u093c \u0930\u0939\u0947 \u0939\u0948\u0902 \u0914\u0930 \u0915\u094d\u092f\u093e \u0909\u0938 \u0916\u0930\u094d\u091a \u0915\u0947 \u092c\u093e\u0926 \u092d\u0940 \u0939\u094b\u0928\u0947 \u0935\u093e\u0932\u093e \u092e\u0941\u0928\u093e\u092b\u093e \u0906\u092a\u0915\u094b \u0907\u0938 \u091f\u094d\u0930\u0947\u0921 \u0915\u094b \u0915\u0930\u0928\u0947 \u0915\u0947 \u0932\u093f\u090f \u0938\u0939\u0940 \u0932\u0917 \u0930\u0939\u093e \u0939\u0948\u0964 \u0907\u0928 \u091a\u0940\u091c\u094b\u0902 \u092a\u0930 \u0927\u094d\u092f\u093e\u0928 \u0926\u0940\u091c\u093f\u090f", "\u0924\u094b \u0907\u0928 \u0938\u092c \u0916\u0930\u094d\u091a\u094b\u0902 \u0915\u094b \u0926\u0947\u0916\u0928\u0947 \u0915\u0947 \u092c\u093e\u0926, 10 \u092a\u0949\u0907\u0902\u091f \u0915\u0947 \u0906\u0930\u094d\u092c\u093f\u091f\u094d\u0930\u093e\u091c \u0915\u093e \u092b\u093e\u092f\u0926\u093e \u0909\u0920\u093e\u0928\u0947 \u0915\u0940 \u0915\u094b\u0936\u093f\u0936 \u092c\u0939\u0941\u0924 \u0906\u0915\u0930\u094d\u0937\u0915 \u0928\u0939\u0940\u0902 \u0932\u0917\u0947\u0917\u0940\u0964 \u0932\u0947\u0915\u093f\u0928 \u0905\u0917\u0930 \u092a\u0947 \u0911\u092b 15 \u092f\u093e 20 \u092a\u094d\u0935\u093e\u0907\u0902\u091f \u0915\u093e \u0939\u094b \u0914\u0930 \u0906\u092a \u090f\u0938\u091f\u0940\u091f\u0940 \u0938\u0947 \u092c\u091a\u0928\u0947 \u0915\u0947 \u0932\u093f\u090f \u0905\u092a\u0928\u0940 \u092a\u094b\u091c\u0940\u0936\u0928 \u0915\u094b \u090f\u0915\u094d\u0938\u092a\u093e\u092f\u0930\u0940 \u0915\u0947 \u0920\u0940\u0915 \u092a\u0939\u0932\u0947 \u0938\u094d\u0915\u094d\u0935\u0947\u092f\u0930 \u0911\u092b \u0915\u0930 \u0938\u0915\u0947\u0902 (\u0915\u0941\u091b \u0914\u0930 \u092a\u094d\u0935\u093e\u0907\u0902\u091f \u0907\u0938\u0915\u0940 \u0935\u091c\u0939 \u0938\u0947 \u0915\u092e \u0939\u094b \u091c\u093e\u090f\u0902\u0917\u0947) \u0924\u094b \u0906\u092a \u090f\u0915 \u0920\u0940\u0915-\u0920\u093e\u0915 \u092e\u0941\u0928\u093e\u092b\u093e \u0915\u092e\u093e \u0938\u0915\u0924\u0947 \u0939\u0948\u0902\u0964", "How to calculate STT and other taxes?", "Hi, you can visit this link on our Trading Q&A platform to learn more about STT calculation, the link is mentioned here: https://tradingqna.com/t/stt-calculation/438", "Please check \u2705 situation 2 , when market closes at 7300.\nThank u\u2026", "Thank you for notifying \ud83d\ude42", "Can we download hindi version in pdf", "\u0939\u092e \u0909\u0938 \u092a\u0930 \u0915\u093e\u092e \u0915\u0930 \u0930\u0939\u0947 \u0939\u0948\u0902, \u091c\u0932\u094d\u0926 \u0939\u0940 \u0909\u092a\u0932\u092c\u094d\u0927 \u0915\u0930\u093e\u092f\u0947 \u091c\u093e\u090f\u0902\u0917\u0947\u0964", "Can we download hindi version in pdf", "Kya hum ye trade weekly option me bhi kr skte hai.", "Name (required)", "Mail (will not be published) (required)", "", "Post comment", "", "\u0394", "Varsity by Zerodha \u00a9 2015 \u2013 2024.\r\n\t\t\t\t\tAll rights reserved.\r\n\t\t\t\t\tReproduction of the Varsity materials, text and images,\r\n\t\t\t\t\tis not permitted. For media queries, contact [email\u00a0protected]"], "images": ["https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo.png", "https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo-small.png", "https://zerodha.com/varsity/wp-content/uploads/2016/01/Image-1_fut-payoff.png", "https://zerodha.com/varsity/wp-content/uploads/2016/01/Image-2_different-payoff.png", "https://zerodha.com/varsity/wp-content/uploads/2016/01/Image-3_payoff.png", "https://zerodha.com/varsity/wp-content/uploads/2016/01/M6-C7-cartoon.png", "https://zerodha.com/varsity/wp-content/uploads/2016/01/Image-4_Nifty-Fut.png", "https://zerodha.com/varsity/wp-content/uploads/2016/01/Image-5_Syn-Call.png", "https://zerodha.com/varsity/wp-content/uploads/2016/01/Image-6_Arb-payoff.png", "https://secure.gravatar.com/avatar/24c6db41041928e241c1c1ea4e8d9f4f?s=32&d=identicon&r=g", "https://secure.gravatar.com/avatar/be5de1b57c0a4cfdd8c128e3b984d149?s=32&d=identicon&r=g", "https://secure.gravatar.com/avatar/2bdd0b2de159756144f27693a351383a?s=32&d=identicon&r=g", "https://secure.gravatar.com/avatar/be5de1b57c0a4cfdd8c128e3b984d149?s=32&d=identicon&r=g", "https://secure.gravatar.com/avatar/ab6a89946c06b80593ad5153abdce67d?s=32&d=identicon&r=g", "https://secure.gravatar.com/avatar/be5de1b57c0a4cfdd8c128e3b984d149?s=32&d=identicon&r=g", "https://secure.gravatar.com/avatar/07ce6a63409b6c8b80fbd7fb5a382c76?s=32&d=identicon&r=g", "https://secure.gravatar.com/avatar/b20e625266a36155e92bd330e39972aa?s=32&d=identicon&r=g", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/playstore.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/appstore.png"], "tables": [], "videos": []}

{"title": "7. \u092c\u0947\u092f\u0930 \u092a\u0941\u091f \u0938\u094d\u092a\u094d\u0930\u0947\u0921", "text": ["\u092a\u093f\u091b\u0932\u0947 5 \u0905\u0927\u094d\u092f\u093e\u092f\u094b\u0902 \u0938\u0947 \u0939\u092e \u0915\u0908 \u091a\u0930\u0923\u094b\u0902 \u0935\u093e\u0932\u0940 \u092c\u0941\u0932\u093f\u0936 \u0938\u094d\u091f\u094d\u0930\u0948\u091f\u0947\u091c\u0940 \u092a\u0930 \u092c\u093e\u0924 \u0915\u0930\u0924\u0947 \u0930\u0939\u0947 \u0939\u0948\u0902\u0964 \u0907\u0928 \u092e\u0947\u0902 \u0939\u092e\u0928\u0947 \u092a\u0942\u0930\u0940 \u0924\u0930\u0939 \u092f\u093e\u0928\u0940 \u0906\u0909\u091f\u0930\u093e\u0907\u091f\u0932\u0940 \u092c\u0941\u0932\u093f\u0936 (outrightly\u00a0 bullish) \u0928\u091c\u0930\u093f\u090f \u0938\u0947 \u0932\u0947\u0915\u0930 \u092e\u0949\u0921\u0930\u0947\u091f\u0932\u0940 \u092c\u0941\u0932\u093f\u0936 (moderately bullish) \u0928\u091c\u0930\u093f\u090f \u0924\u0915 \u0915\u0940 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\u091c\u0941\u0921\u093c\u0947 \u0939\u0941\u090f \u0939\u094b\u0902\u0964", "\u0907\u0938\u0915\u0947 \u0907\u0938\u094d\u0924\u0947\u092e\u093e\u0932 \u0915\u094b \u0914\u0930 \u092c\u0947\u0939\u0924\u0930 \u0924\u0930\u0940\u0915\u0947 \u0938\u0947 \u0938\u092e\u091d\u0928\u0947 \u0915\u0947 \u0932\u093f\u090f \u0915\u0941\u091b \u092a\u0930\u093f\u0938\u094d\u0925\u093f\u0924\u093f\u092f\u094b\u0902 \u092a\u0930 \u0928\u091c\u0930 \u0921\u093e\u0932\u0924\u0947 \u0939\u0948\u0902 \u0914\u0930 \u0926\u0947\u0916\u0924\u0947 \u0939\u0948\u0902 \u0915\u093f \u092f\u0947 \u0938\u094d\u091f\u094d\u0930\u0948\u091f\u091c\u0940 \u0915\u0948\u0938\u0947 \u0915\u093e\u092e \u0915\u0930\u0924\u0940 \u0939\u0948\u0964", "\u0905\u092d\u0940 \u0928\u093f\u092b\u094d\u091f\u0940 7485 \u092a\u0930 \u0939\u0948, \u0910\u0938\u0947 \u092e\u0947\u0902, 7600 PE \u0907\u0928 \u0926 \u092e\u0928\u0940 (ITM) \u0911\u092a\u094d\u0936\u0928 \u0939\u094b\u0917\u093e \u0914\u0930 7400 PE \u092f\u0939\u093e\u0902 OTM \u0939\u094b\u0917\u093e\u0964 \u092c\u0947\u092f\u0930 \u092a\u0941\u091f \u0938\u094d\u092a\u094d\u0930\u0947\u0921 \u0915\u0947 \u0932\u093f\u090f 7400 PE \u0915\u094b \u092c\u0947\u091a\u0928\u093e \u0939\u094b\u0917\u093e \u0914\u0930 \u0907\u0938\u0915\u0947 \u0932\u093f\u090f \u091c\u094b \u092a\u094d\u0930\u0940\u092e\u093f\u092f\u092e \u092e\u093f\u0932\u0947\u0917\u093e \u0909\u0938\u092e\u0947\u0902 \u0915\u0941\u091b \u0914\u0930 \u0930\u0915\u092e \u092e\u093f\u0932\u093e \u0915\u0930 7600 PE \u0916\u0930\u0940\u0926\u093e \u091c\u093e\u090f\u0917\u093e\u0964 7600 PE \u0915\u0947 \u0932\u093f\u090f \u0926\u093f\u092f\u093e \u0917\u092f\u093e \u092a\u094d\u0930\u0940\u092e\u093f\u092f\u092e (PP \u2013 Premium Paid) \u0939\u094b\u0917\u093e Rs165\u00a0 \u0914\u0930 7400 PE \u0915\u0947 \u0932\u093f\u090f \u092e\u093f\u0932\u093e \u092a\u094d\u0930\u0940\u092e\u093f\u092f\u092e (PR- Premium Received) Rs 73 \u0939\u0948\u0964 \u0907\u0938 \u0938\u094c\u0926\u0947 \u0915\u093e \u0928\u0947\u091f \u0921\u0947\u092c\u093f\u091f \u0939\u094b\u0917\u093e \u2013", "73 \u2013 165", "= \u2013 92", "\u0905\u0932\u0917 \u0905\u0932\u0917 \u090f\u0915\u094d\u0938\u092a\u093e\u092f\u0930\u0940 \u092a\u0930 \u0907\u0938 \u0938\u094d\u091f\u094d\u0930\u0948\u091f\u0947\u091c\u0940 \u0915\u093e \u092a\u0947 \u0911\u092b \u0915\u0948\u0938\u093e \u0939\u094b\u0917\u093e \u092f\u0947 \u0926\u0947\u0916\u0928\u0947 \u0915\u0947 \u0932\u093f\u090f \u0939\u092e\u0947\u0902 \u0915\u0941\u091b \u0938\u094d\u0925\u093f\u0924\u093f\u092f\u094b\u0902 \u092a\u0930 \u0928\u091c\u0930 \u0921\u093e\u0932\u0928\u0940 \u0939\u094b\u0917\u0940\u0964 \u092f\u0939\u093e\u0902 \u0927\u094d\u092f\u093e\u0928 \u0930\u0916\u093f\u090f \u0915\u093f \u092f\u0947 \u090f\u0915\u094d\u0938\u092a\u093e\u092f\u0930\u0940 \u092a\u0930 \u0939\u094b\u0928\u0947 \u0935\u093e\u0932\u093e \u092a\u0947 \u0911\u092b \u0939\u0948 \u092e\u0924\u0932\u092c \u091f\u094d\u0930\u0947\u0921\u0930 \u0915\u094b \u0905\u092a\u0928\u0940 \u092a\u094b\u091c\u0940\u0936\u0928 \u090f\u0915\u094d\u0938\u092a\u093e\u092f\u0930\u0940 \u0924\u0915 \u0939\u094b\u0932\u094d\u0921 \u0915\u0930\u0928\u093e \u0939\u094b\u0917\u093e\u0964", "\u0938\u094d\u0925\u093f\u0924\u093f 1 \u2013\u00a0 \u092c\u093e\u091c\u093e\u0930 7800 \u092a\u0930 \u090f\u0915\u094d\u0938\u092a\u093e\u092f\u0930 \u0939\u094b\u0924\u093e \u0939\u0948 (\u0932\u0949\u0928\u094d\u0917 \u092a\u0941\u091f \u0911\u092a\u094d\u0936\u0928 \u092f\u093e\u0928\u0940 7600 \u0915\u0947 \u090a\u092a\u0930 )", "\u092f\u0947 \u0935\u094b \u0938\u094d\u0925\u093f\u0924\u093f \u0939\u0948 \u091c\u0939\u093e\u0902 \u092c\u093e\u091c\u093e\u0930 \u0909\u092e\u094d\u092e\u0940\u0926 \u0915\u0947 \u092e\u0941\u0924\u093e\u092c\u093f\u0915 \u0928\u0940\u091a\u0947 \u0928\u0939\u0940\u0902 \u0917\u092f\u093e \u092c\u0932\u094d\u0915\u093f \u090a\u092a\u0930 \u091a\u0932\u093e \u0917\u092f\u093e\u0964 7800 \u092a\u0930 \u0926\u094b\u0928\u094b\u0902 \u0911\u092a\u094d\u0936\u0928\u00a0 7600 \u0914\u0930 7400 \u0915\u0940 \u0907\u0902\u091f\u094d\u0930\u093f\u0928\u094d\u0938\u093f\u0915 \u0935\u0948\u0932\u094d\u092f\u0942 \u0915\u0941\u091b \u0928\u0939\u0940\u0902 \u0939\u094b\u0917\u0940 \u0914\u0930 \u092f\u0947 \u0935\u0930\u094d\u0925\u0932\u0947\u0938 \u090f\u0915\u094d\u0938\u092a\u093e\u092f\u0930 \u0939\u094b\u0902\u0917\u0947\u0964", "\u092f\u0939\u093e\u0902 165 \u0915\u0947 \u0938\u093e\u0925 \u2013 \u0915\u093e \u091a\u093f\u0928\u094d\u0939 \u0907\u0938 \u0932\u093f\u090f \u0932\u0917\u093e\u092f\u093e \u0917\u092f\u093e \u0939\u0948 \u0915\u094d\u092f\u094b\u0902\u0915\u093f \u092f\u0947 \u0930\u0915\u092e \u090f\u0915\u093e\u0909\u0902\u091f \u0938\u0947 \u091c\u093e \u0930\u0939\u0940 \u0939\u0948 \u0914\u0930 73 \u0915\u0947 \u0938\u093e\u0925 + \u0907\u0938 \u0932\u093f\u090f \u0932\u0917\u093e \u0939\u0948 \u0915\u094d\u092f\u094b\u0902\u0915\u093f \u092f\u0947 \u0930\u0915\u092e \u090f\u0915\u093e\u0909\u0902\u091f \u092e\u0947\u0902 \u0906 \u0930\u0939\u0940 \u0939\u0948\u0964", "\u0938\u093e\u0925 \u0939\u0940, 92 \u0915\u093e \u0918\u093e\u091f\u093e \u0907\u0938 \u0938\u094d\u091f\u094d\u0930\u0948\u091f\u0947\u091c\u0940 \u0915\u0947 \u0928\u0947\u091f \u0921\u0947\u092c\u093f\u091f \u0915\u0947 \u092c\u0930\u093e\u092c\u0930 \u0939\u0948\u0964", "\u0938\u094d\u0925\u093f\u0924\u093f 2 \u2013 \u092c\u093e\u091c\u093e\u0930 \u0915\u0940 \u090f\u0915\u094d\u0938\u092a\u093e\u092f\u0930\u0940 7600 \u092a\u0930 \u0939\u094b\u0924\u0940 \u0939\u0948 (\u0932\u0949\u0928\u094d\u0917 \u092a\u0941\u091f \u0911\u092a\u094d\u0936\u0928 \u092a\u0930)", "\u0907\u0938 \u0938\u094d\u0925\u093f\u0924\u093f \u092e\u0947\u0902 \u092c\u093e\u091c\u093e\u0930 7600 \u092a\u0930 \u090f\u0915\u094d\u0938\u092a\u093e\u092f\u0930 \u0939\u094b \u0930\u0939\u093e \u0939\u0948, \u0939\u092e\u0928\u0947 \u092f\u0939\u093e\u0902 \u092a\u0930 \u092a\u0941\u091f \u0911\u092a\u094d\u0936\u0928 \u0916\u0930\u0940\u0926\u093e \u0939\u0948\u0964 \u0932\u0947\u0915\u093f\u0928, \u0926\u094b\u0928\u094b\u0902 \u0911\u092a\u094d\u0936\u0928\u00a0 7600 \u0914\u0930 7400 PE \u0935\u0930\u094d\u0925\u0932\u0947\u0938 \u090f\u0915\u094d\u0938\u092a\u093e\u092f\u0930 \u0939\u094b\u0902\u0917\u0947 (\u091c\u0948\u0938\u093e \u0915\u093f \u0938\u094d\u0925\u093f\u0924\u093f 1 \u092e\u0947\u0902 \u0925\u093e) \u0914\u0930 \u2013 92 \u0915\u093e \u0928\u0941\u0915\u0938\u093e\u0928 \u0939\u094b\u0917\u093e\u0964", "\u0938\u094d\u0925\u093f\u0924\u093f 3 \u2013 \u092c\u093e\u091c\u093e\u0930 \u0915\u0940 \u090f\u0915\u094d\u0938\u092a\u093e\u092f\u0930\u0940 7508 \u092a\u0930 \u0939\u094b\u0924\u0940 \u0939\u0948 (\u092c\u094d\u0930\u0947\u0915\u0907\u0935\u0928 \u092a\u0930 )", "7508 \u0926\u094b\u0928\u094b\u0902 7600 \u0914\u0930 7400 \u0915\u0947 \u092c\u0940\u091a \u092e\u0947\u0902 \u0939\u0948, \u0936\u093e\u092f\u0926 \u0906\u092a\u0915\u094b \u0938\u092e\u091d \u092e\u0947\u0902 \u0906 \u0917\u092f\u093e \u0939\u094b\u0917\u093e \u0915\u093f \u092e\u0948\u0902\u0928\u0947 7508 \u0915\u094b \u0907\u0938\u0932\u093f\u090f \u091a\u0941\u0928\u093e \u0939\u0948 \u091c\u093f\u0938\u0938\u0947 \u092f\u0947 \u0926\u093f\u0916\u093e \u0938\u0915\u0942\u0902 \u0915\u093f \u0907\u0938 \u091c\u0917\u0939 \u092a\u0930 \u0907\u0938 \u0938\u094d\u091f\u094d\u0930\u0948\u091f\u0947\u091c\u0940 \u092e\u0947\u0902 \u0928\u093e \u0924\u094b \u092a\u0948\u0938\u0947 \u092c\u0928\u0924\u0947 \u0939\u0948\u0902 \u0914\u0930 \u0928\u093e \u0939\u0940 \u092a\u0948\u0938\u0947 \u0921\u0942\u092c\u0924\u0947 \u0939\u0948\u0902\u0964", "\u0907\u0938\u0932\u093f\u090f 7508 \u0907\u0938 \u0938\u094d\u091f\u094d\u0930\u0948\u091f\u0947\u091c\u0940 \u0915\u093e \u092c\u094d\u0930\u0947\u0915\u0907\u0935\u0928 \u0939\u094b\u0917\u093e\u0964", "\u0938\u094d\u0925\u093f\u0924\u093f 4\u2013 \u00a0\u092c\u093e\u091c\u093e\u0930 \u0915\u0940 \u090f\u0915\u094d\u0938\u092a\u093e\u092f\u0930\u0940 7400 \u092a\u0930 \u0939\u094b\u0924\u0940 \u0939\u0948 (\u0936\u0949\u0930\u094d\u091f \u092a\u0941\u091f \u0911\u092a\u094d\u0936\u0928 \u092a\u0930)", "\u092f\u0947 \u090f\u0915 \u0930\u094b\u091a\u0915 \u0938\u094d\u0925\u093f\u0924\u093f \u0939\u0948, \u092f\u093e\u0926 \u0930\u0916\u093f\u090f \u0915\u093f \u091c\u092c \u0939\u092e\u0928\u0947 \u092a\u094b\u091c\u0940\u0936\u0928 \u092c\u0928\u093e\u0908 \u0925\u0940 \u0924\u094b \u0928\u093f\u092b\u094d\u091f\u0940 \u0938\u094d\u092a\u0949\u091f 7485 \u092a\u0930 \u0925\u093e \u0914\u0930 \u0905\u092c \u092c\u093e\u091c\u093e\u0930 \u0909\u092e\u094d\u092e\u0940\u0926 \u0915\u0947 \u092e\u0941\u0924\u093e\u092c\u093f\u0915 \u0939\u0940 \u0928\u0940\u091a\u0947 \u0906 \u0917\u092f\u093e \u0939\u0948\u0964 \u0907\u0938 \u091c\u0917\u0939 \u092a\u0930 \u0926\u094b\u0928\u094b\u0902 \u0911\u092a\u094d\u0936\u0928 \u0938\u0947 \u0930\u094b\u091a\u0915 \u092a\u0930\u093f\u0923\u093e\u092e \u0928\u093f\u0915\u0932\u0947\u0902\u0917\u0947\u0964", "\u0938\u094d\u091f\u094d\u0930\u0948\u091f\u0947\u091c\u0940 \u0915\u093e \u0915\u0941\u0932 \u092f\u093e\u0928\u0940 \u0928\u0947\u091f \u092a\u0947 \u0911\u092b \u0935\u0948\u0938\u093e \u0939\u0940 \u0939\u094b\u0917\u093e \u091c\u0948\u0938\u0940 \u0915\u093f \u0907\u0938 \u0938\u094d\u091f\u094d\u0930\u0948\u091f\u0947\u091c\u0940 \u0938\u0947 \u0909\u092e\u094d\u092e\u0940\u0926 \u0925\u0940, \u092f\u093e\u0928\u0940 \u092c\u093e\u091c\u093e\u0930 \u0915\u0947 \u0928\u0940\u091a\u0947 \u091c\u093e\u0928\u0947 \u092a\u0930 \u091f\u094d\u0930\u0947\u0921\u0930 \u0915\u094b \u090f\u0915 \u091b\u094b\u091f\u093e \u092e\u0941\u0928\u093e\u092b\u093e \u0939\u094b\u0917\u093e\u0964", "\u0938\u094d\u0925\u093f\u0924\u093f 5 \u2013 \u00a0\u092c\u093e\u091c\u093e\u0930 \u0915\u0940 \u090f\u0915\u094d\u0938\u092a\u093e\u092f\u0930\u0940 7200 \u092a\u0930 \u0939\u094b\u0924\u0940 \u0939\u0948 (\u0936\u0949\u0930\u094d\u091f \u092a\u0941\u091f \u0911\u092a\u094d\u0936\u0928 \u0915\u0947 \u0928\u0940\u091a\u0947)", "\u092f\u0947 \u092b\u093f\u0930 \u090f\u0915 \u0930\u094b\u091a\u0915 \u0938\u094d\u0925\u093f\u0924\u093f \u0939\u0948, \u092f\u0939\u093e\u0902 \u0926\u094b\u0928\u094b\u0902 \u0911\u092a\u094d\u0936\u0928 \u0915\u0940 \u0907\u0902\u091f\u094d\u0930\u093f\u0928\u094d\u0938\u093f\u0915 \u0935\u0948\u0932\u094d\u092f\u0942 \u0939\u094b\u0917\u0940\u0964 \u0926\u0947\u0916\u0924\u0947 \u0939\u0948\u0902 \u2013", "\u0907\u0928 \u0938\u092d\u0940 \u0938\u094d\u0925\u093f\u0924\u093f\u092f\u094b\u0902 \u0915\u094b \u090f\u0915 \u0938\u093e\u0925 \u0939\u092e \u0907\u0938 \u090f\u0915 \u091a\u093e\u0930\u094d\u091f \u092e\u0947\u0902 \u0926\u0947\u0916 \u0938\u0915\u0924\u0947 \u0939\u0948\u0902 (\u092e\u0948\u0902\u0928\u0947 \u092a\u0947 \u0911\u092b \u0915\u094b \u0938\u0940\u0927\u0947 \u092a\u094d\u0930\u0940\u092e\u093f\u092f\u092e \u0915\u0940 \u0917\u0923\u0928\u093e \u0915\u0947 \u0939\u093f\u0938\u093e\u092c \u0938\u0947 \u0932\u093f\u0916 \u0926\u093f\u092f\u093e \u0939\u0948) \u2013", "\u092f\u0939\u093e\u0902 \u092a\u0930 \u0927\u094d\u092f\u093e\u0928 \u0926\u0940\u091c\u093f\u090f \u0915\u093f \u0938\u094d\u091f\u094d\u0930\u0948\u091f\u0947\u091c\u0940 \u0915\u093e \u0928\u0947\u091f \u092a\u0947 \u0911\u092b \u0935\u0948\u0938\u093e \u0939\u0940 \u0939\u0948 \u091c\u0948\u0938\u093e \u0915\u093f \u0907\u0938 \u0938\u094d\u091f\u094d\u0930\u0948\u091f\u0947\u091c\u0940 \u0938\u0947 \u0909\u092e\u094d\u092e\u0940\u0926 \u0925\u0940, \u092f\u093e\u0928\u0940 \u092c\u093e\u091c\u093e\u0930 \u0915\u0947 \u0928\u0940\u091a\u0947 \u091c\u093e\u0928\u0947 \u092a\u0930 \u091f\u094d\u0930\u0947\u0921\u0930 \u0915\u094b \u090f\u0915 \u091b\u094b\u091f\u093e \u092e\u0941\u0928\u093e\u092b\u093e \u0939\u094b\u0924\u093e \u0939\u0948 \u0914\u0930 \u092c\u093e\u091c\u093e\u0930 \u090a\u092a\u0930 \u091c\u093e\u0928\u0947 \u092a\u0930 \u0928\u0941\u0915\u0938\u093e\u0928 \u0938\u0940\u092e\u093f\u0924 \u0930\u0939\u0924\u093e \u0939\u0948 \u0964", "\u0928\u0940\u091a\u0947 \u0915\u0947 \u091f\u0947\u092c\u0932 \u0915\u094b \u0926\u0947\u0916\u093f\u090f \u2013", "\u092f\u0939\u093e\u0902 \u092a\u0930 \u0905\u0932\u0917 \u0905\u0932\u0917 \u090f\u0915\u094d\u0938\u092a\u093e\u092f\u0930\u0940 \u0915\u0947 \u0938\u094d\u0924\u0930 \u092a\u0930 \u0938\u094d\u091f\u094d\u0930\u0948\u091f\u0947\u091c\u0940 \u0915\u0947 \u092a\u0947 \u0911\u092b \u0915\u094b \u0926\u093f\u0916\u093e\u092f\u093e \u0917\u092f\u093e \u0939\u0948\u0964 \u0928\u0941\u0915\u0938\u093e\u0928 92 \u0924\u0915 \u0939\u0940 \u0938\u0940\u092e\u093f\u0924 \u0939\u0948\u0902 (\u091c\u092c \u092c\u093e\u091c\u093e\u0930 \u090a\u092a\u0930 \u091c\u093e\u0924\u0947 \u0939\u0948\u0902) \u0914\u0930 \u092b\u093e\u092f\u0926\u093e \u092d\u0940 108 \u0924\u0915 \u0938\u0940\u092e\u093f\u0924 \u0939\u0948 (\u091c\u092c \u092c\u093e\u091c\u093e\u0930 \u0928\u0940\u091a\u0947 \u091c\u093e\u0924\u0947 \u0939\u0948\u0902)\u0964", "\u090a\u092a\u0930 \u0939\u092e\u0928\u0947 \u091c\u093f\u0928 \u0938\u094d\u0925\u093f\u0924\u093f\u092f\u094b\u0902 \u0915\u0940 \u091a\u0930\u094d\u091a\u093e \u0915\u0940 \u0939\u0948 \u0909\u0938\u0915\u0947 \u0906\u0927\u093e\u0930 \u092a\u0930 \u0939\u092e \u0915\u0941\u091b \u0938\u092e\u093e\u0928 \u0928\u093f\u0937\u094d\u0915\u0930\u094d\u0937 \u0928\u093f\u0915\u093e\u0932 \u0938\u0915\u0924\u0947 \u0939\u0948\u0902-", "\u0907\u0928 \u0938\u092d\u0940 \u0928\u093f\u0937\u094d\u0915\u0930\u094d\u0937\u094b\u0902 \u0915\u094b \u0906\u092a \u0938\u094d\u091f\u094d\u0930\u0948\u091f\u0947\u091c\u0940 \u0915\u0947 \u092a\u0947 \u0911\u092b \u091a\u093f\u0924\u094d\u0930 \u092e\u0947\u0902 \u0928\u0940\u091a\u0947 \u0926\u0947\u0916 \u0938\u0915\u0924\u0947 \u0939\u0948\u0902", "\u092f\u0939 \u092c\u093e\u0924 \u092e\u0948\u0902 \u092a\u0939\u0932\u0947 \u0915\u0947 \u0905\u0927\u094d\u092f\u093e\u092f\u094b\u0902 \u092e\u0947\u0902 \u092c\u0924\u093e\u0928\u093e \u092d\u0942\u0932 \u0917\u092f\u093e, \u091c\u092c \u092d\u0940 \u0906\u092a \u0915\u094b\u0908 \u092d\u0940 \u0911\u092a\u094d\u0936\u0928 \u0938\u094d\u091f\u094d\u0930\u0948\u091f\u0947\u091c\u0940 \u0905\u092a\u0928\u093e\u0924\u0947 \u0939\u0948\u0902 \u0924\u094b \u0906\u092a\u0915\u094b \u0921\u0947\u0932\u094d\u091f\u093e \u0915\u094b \u091c\u0930\u0942\u0930 \u091c\u094b\u0921\u093c\u0928\u093e \u091a\u093e\u0939\u093f\u090f\u0964 \u092e\u0948\u0902\u0928\u0947 \u092f\u0939\u093e\u0902 \u092a\u0930 B&S \u0915\u0948\u0932\u0915\u0941\u0932\u0947\u091f\u0930 \u0915\u093e \u0907\u0938\u094d\u0924\u0947\u092e\u093e\u0932 \u0915\u0930\u0915\u0947 \u0921\u0947\u0932\u094d\u091f\u093e \u0928\u093f\u0915\u093e\u0932\u093e \u0939\u0948\u0964", "7600 PE \u0915\u093e \u0921\u0947\u0932\u094d\u091f\u093e \u0939\u094b\u0917\u093e \u2013 0.618", "7400 PE \u0915\u093e \u0921\u0947\u0932\u094d\u091f\u093e \u0939\u094b\u0917\u093e \u20130.342", "\u092f\u0939\u093e\u0902 \u092a\u0930 \u0928\u093f\u0917\u0947\u091f\u093f\u0935 \u091a\u093f\u0928\u094d\u0939 \u0915\u093e \u092e\u0924\u0932\u092c \u0939\u0948 \u0915\u093f \u0905\u0917\u0930 \u092c\u093e\u091c\u093e\u0930 \u090a\u092a\u0930 \u091c\u093e\u0924\u093e \u0939\u0948 \u0924\u094b \u092a\u0941\u091f \u0911\u092a\u094d\u0936\u0928 \u0915\u093e \u092a\u094d\u0930\u0940\u092e\u093f\u092f\u092e \u0928\u0940\u091a\u0947 \u091c\u093e\u090f\u0917\u093e \u0914\u0930 \u092c\u093e\u091c\u093e\u0930 \u0928\u0940\u091a\u0947 \u091c\u093e\u0924\u093e \u0939\u0948 \u0924\u094b \u092a\u094d\u0930\u0940\u092e\u093f\u092f\u092e \u090a\u092a\u0930 \u091c\u093e\u090f\u0917\u093e\u0964 \u0932\u0947\u0915\u093f\u0928 \u0939\u092e\u0928\u0947 7400 PE \u0915\u094b \u092c\u0947\u091a\u093e (\u0930\u093e\u0907\u091f \u0915\u093f\u092f\u093e) \u0939\u0948, \u0907\u0938\u0932\u093f\u090f \u0921\u0947\u0932\u094d\u091f\u093e \u0939\u094b\u0917\u093e", "\u2013(-0.342)", "= + 0.342", "\u0906\u092a\u0915\u094b \u092a\u0924\u093e \u0939\u0948 \u0915\u093f \u0939\u092e \u0921\u0947\u0932\u094d\u091f\u093e \u0915\u094b \u091c\u094b\u0921\u093c \u0938\u0915\u0924\u0947 \u0939\u0948\u0902, \u0907\u0938\u0932\u093f\u090f \u0939\u092e \u091c\u094b\u0921\u093c \u0915\u0930 \u0907\u0938 \u092a\u094b\u091c\u0940\u0936\u0928 \u0915\u093e \u0915\u0941\u0932 \u0921\u0947\u0932\u094d\u091f\u093e \u0928\u093f\u0915\u093e\u0932 \u0938\u0915\u0924\u0947 \u0939\u0948\u0902, \u091c\u094b \u0939\u094b\u0917\u093e", "\u2013 0.618 + (+0.342)", "= \u2013 0.276", "\u0907\u0938\u0915\u093e \u092e\u0924\u0932\u092c \u0939\u0948 \u0915\u093f \u0907\u0938 \u0938\u094d\u091f\u094d\u0930\u0948\u091f\u0947\u091c\u0940 \u0915\u093e \u0915\u0941\u0932 \u0921\u0947\u0932\u094d\u091f\u093e \u0939\u0948 0.276 \u0914\u0930 \u092f\u0939\u093e\u0902 \u092a\u0930 \u2013 \u091a\u093f\u0928\u094d\u0939 \u0915\u093e \u092e\u0924\u0932\u092c \u0939\u0948 \u0915\u093f \u0905\u0917\u0930 \u092c\u093e\u091c\u093e\u0930 \u0928\u0940\u091a\u0947 \u091c\u093e\u0924\u093e \u0939\u0948 \u0924\u094b \u092a\u094d\u0930\u0940\u092e\u093f\u092f\u092e \u090a\u092a\u0930 \u091c\u093e\u090f\u0917\u093e\u0964 \u0939\u092e\u0928\u0947 \u0905\u092c \u0924\u0915 \u091c\u093f\u0938 \u092d\u0940 \u0938\u094d\u091f\u094d\u0930\u0948\u091f\u0947\u091c\u0940 \u092a\u0930 \u091a\u0930\u094d\u091a\u093e \u0915\u0940 \u0939\u0948, \u091c\u0948\u0938\u0947 \u092c\u0941\u0932 \u0915\u0949\u0932 \u0938\u094d\u092a\u094d\u0930\u0947\u0921, \u0915\u0949\u0932 \u0930\u0947\u0936\u094d\u092f\u094b \u092c\u0948\u0915 \u0938\u094d\u092a\u094d\u0930\u0947\u0921 \u0906\u0926\u093f, \u0909\u0928 \u0938\u092d\u0940 \u0938\u094d\u091f\u094d\u0930\u0948\u091f\u0947\u091c\u0940 \u0915\u093e \u0915\u0941\u0932 \u0921\u0947\u0932\u094d\u091f\u093e \u0906\u092a \u0907\u0938\u0940 \u0924\u0930\u0939 \u0938\u0947 \u0928\u093f\u0915\u093e\u0932 \u0938\u0915\u0924\u0947 \u0939\u0948\u0902\u0964 \u091c\u092c \u0906\u092a \u0921\u0947\u0932\u094d\u091f\u093e \u0928\u093f\u0915\u093e\u0932\u0947\u0902\u0917\u0947 \u0924\u094b \u0906\u092a\u0915\u094b \u0926\u093f\u0916\u0947\u0917\u093e \u0915\u093f \u0935\u094b \u0938\u092d\u0940 \u0921\u0947\u0932\u094d\u091f\u093e \u092a\u0949\u091c\u093f\u091f\u093f\u0935 \u092e\u0947\u0902 \u0939\u0948 \u091c\u093f\u0938\u0915\u093e \u0905\u0930\u094d\u0925 \u0939\u0948 \u0915\u093f \u092f\u0947 \u0938\u092c \u092c\u0941\u0932\u093f\u0936 \u0938\u094d\u091f\u094d\u0930\u0948\u091f\u0947\u091c\u0940 \u0939\u0948\u0902\u0964", "\u091c\u092c \u0915\u093f\u0938\u0940 \u0911\u092a\u094d\u0936\u0928 \u0938\u094d\u091f\u094d\u0930\u0948\u091f\u0947\u091c\u0940 \u092e\u0947\u0902 2 \u092f\u093e \u0909\u0938\u0938\u0947 \u091c\u094d\u092f\u093e\u0926\u093e \u091a\u0930\u0923 \u0939\u094b\u0924\u0947 \u0939\u0948\u0902, \u0924\u094b \u092f\u0939 \u0905\u0902\u0926\u093e\u091c\u093e \u0932\u0917\u093e\u0928\u093e \u092e\u0941\u0936\u094d\u0915\u093f\u0932 \u0939\u094b \u091c\u093e\u0924\u093e \u0939\u0948 \u0915\u093f \u0935\u0939 \u0938\u094d\u091f\u094d\u0930\u0948\u091f\u0947\u091c\u0940 \u092c\u0941\u0932\u093f\u0936 \u0939\u0948 \u092f\u093e \u092c\u0947\u092f\u0930\u093f\u0936 \u0939\u0948\u0964 \u0910\u0938\u0947 \u092e\u0947\u0902, \u0906\u092a \u0905\u0917\u0930 \u0909\u0938 \u0938\u094d\u091f\u094d\u0930\u0948\u091f\u0947\u091c\u0940 \u0915\u0947 \u0921\u0947\u0932\u094d\u091f\u093e \u0915\u094b \u091c\u094b\u0921\u093c \u0932\u0947\u0902 \u0924\u094b \u0906\u092a\u0915\u094b \u092f\u0939 \u092a\u0924\u093e \u091a\u0932 \u091c\u093e\u090f\u0917\u093e \u0915\u093f \u0938\u094d\u091f\u094d\u0930\u0948\u091f\u0947\u091c\u0940 \u0915\u093e \u091d\u0941\u0915\u093e\u0935 \u0915\u093f\u0938 \u0924\u0930\u092b \u0939\u0948\u0964 \u0905\u0917\u0930 \u0915\u0941\u0932 \u0921\u0947\u0932\u094d\u091f\u093e 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seling ka hadzing kese karte he sir", "Hello Team,", "Thank you very much for your fabulous explanation.\nI have tried paper trading of some strategies learnt from previous chapter. But, I am facing very much difficulties in choosing Strike Price. Such as choosing strike by using your graph mentioned in Point No. 7.5.\nAnd I am unable to find out strike price in the monthly contract as most of the strike price shows blank. If it is blank then how will I apply all the rules learnt from you (1st phase of expiry or 2nd phase of expiry etc.)?\nEx: Today is 24th June 2020 and I want to choose monthly expiry with a bearish mindset. Hence, I\u2019ve chosen 23rd July 2020 expiry. But in option chain (https://www1.nseindia.com/live_market/dynaContent/live_watch/option_chain/optionKeys.jsp?segmentLink=17&instrument=OPTIDX&symbol=NIFTY&date=23JUL2020), most of the strike price is blank.\nPlease help me out. It may be possible that I am not good in explaining things as you are but I need help and you guys are fantastic in spreading education in stock market that is why my question can\u2019t be answered without your guidance.", "Thanks & Regards\nVK Jaiswal.", "Thanks for the kind words!", "That\u2019s because this is a far month weekly expiry and there is no trading activity. I\u2019d suggest you stick to monthly expiry options where there is enough liquidity to trade.", "Hi,", "Thanks for your valuable response.\nAs you told that I should stick to monthly expiry so as I have chosen the above-mentioned example, you can see that it is monthly expiry contract but didn\u2019t get any liquidity that time.\nAnd please tell me what should I do if I choose weekly expiry as in other lessons it hasn\u2019t mentioned anywhere.\nWhat kind of graph will work in a weekly contract because the graph has strategy about target hitting in 5 days, 15days or on expiry?", "Thanks\nVK Jaiswal.", "Are you talking about the current month expiry? Which stock? Weekly also, I\u2019d suggest you stick to the current or at the most next week expiry.", "Hello Team,", "Please accept my apologies for not being available in this valuable conversation. I was bit engage in this CORONA pandemic but by god grace things are normal now and I am again on floor.", "As you told me to stick to the current or at the most next week expiry; and I am also confuse in this condition because in your lessons, graphs are shown with time frame of 5, 15, 25 and expiry days (1st phase and 2nd phase). Please tell me which graph should I prefer to use in weekly expiry. Such as Today is 12th July 2020 and I am choosing expiry of 16th July 2020. And If I choose this expiry I would have only 4 days.\nI am talking about Nifty.", "Thanks\nVK Jaiswal", "Vivek, I hope all well with you. Take care.", "For weekly options, you can consider the first two days of the series as \u2018early in the series\u2019, 3rd day as middle and the last 2 days as closer to expiry. Rest of the things remain the same.", "Name (required)", "Mail (will not be published) (required)", "", "Post comment", "", "\u0394", "Varsity by Zerodha \u00a9 2015 \u2013 2024.\r\n\t\t\t\t\tAll rights reserved.\r\n\t\t\t\t\tReproduction of the Varsity materials, text and images,\r\n\t\t\t\t\tis not permitted. For media queries, contact [email\u00a0protected]"], "images": ["https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo.png", "https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo-small.png", "https://zerodha.com/varsity/wp-content/uploads/2016/02/M6-C7-Cartoon1.png", "https://zerodha.com/varsity/wp-content/uploads/2016/02/Image-1_payoff1.png", "https://zerodha.com/varsity/wp-content/uploads/2016/02/Image-2_graph.png", "https://zerodha.com/varsity/wp-content/uploads/2016/02/Image-3_delta-1.png", "https://zerodha.com/varsity/wp-content/uploads/2016/02/Image-4_delta-21.png", "https://zerodha.com/varsity/wp-content/uploads/2016/02/Image-5_start-of-the-series.png", "https://zerodha.com/varsity/wp-content/uploads/2016/02/Image-6_2nd-half-of-series.png", "https://zerodha.com/varsity/wp-content/uploads/2016/02/Image-7_volatility-effect.png", "https://secure.gravatar.com/avatar/138590ce0e141c8c30cfb487c8ed7637?s=32&d=identicon&r=g", "https://secure.gravatar.com/avatar/24c6db41041928e241c1c1ea4e8d9f4f?s=32&d=identicon&r=g", "https://secure.gravatar.com/avatar/f77c3f8361982099ed9ac6d852b2e2b1?s=32&d=identicon&r=g", "https://secure.gravatar.com/avatar/24c6db41041928e241c1c1ea4e8d9f4f?s=32&d=identicon&r=g", "https://secure.gravatar.com/avatar/f77c3f8361982099ed9ac6d852b2e2b1?s=32&d=identicon&r=g", "https://secure.gravatar.com/avatar/24c6db41041928e241c1c1ea4e8d9f4f?s=32&d=identicon&r=g", "https://secure.gravatar.com/avatar/f77c3f8361982099ed9ac6d852b2e2b1?s=32&d=identicon&r=g", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/playstore.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/appstore.png"], "tables": ["<table>\n<tbody>\n<tr>\n<th><b>\u092c\u093e\u091c\u093c\u093e\u0930 \u090f\u0915\u094d\u0938\u092a\u093e\u092f\u0930\u0940</b></th>\n<th><b>\u0932\u0949\u0928\u094d\u0917 \u092a\u0941\u091f </b><b>(7600)_IV</b></th>\n<th><b>\u0936\u0949\u0930\u094d\u091f \u092a\u0941\u091f </b><b>\u00a0(7400)_IV</b></th>\n<th><b>\u0928\u0947\u091f \u092a\u0947\u0911\u092b\u00a0</b></th>\n</tr>\n<tr>\n<td><span style=\"font-weight: 400;\">7800</span></td>\n<td><span style=\"font-weight: 400;\">0</span></td>\n<td><span style=\"font-weight: 400;\">0</span></td>\n<td><span style=\"font-weight: 400;\">-92</span></td>\n</tr>\n<tr>\n<td><span style=\"font-weight: 400;\">7600</span></td>\n<td><span style=\"font-weight: 400;\">0</span></td>\n<td><span style=\"font-weight: 400;\">0</span></td>\n<td><span style=\"font-weight: 400;\">-92</span></td>\n</tr>\n<tr>\n<td><span style=\"font-weight: 400;\">7508</span></td>\n<td><span style=\"font-weight: 400;\">92</span></td>\n<td><span style=\"font-weight: 400;\">0</span></td>\n<td><span style=\"font-weight: 400;\">0</span></td>\n</tr>\n<tr>\n<td><span style=\"font-weight: 400;\">7200</span></td>\n<td><span style=\"font-weight: 400;\">400</span></td>\n<td><span style=\"font-weight: 400;\">200</span></td>\n<td><span style=\"font-weight: 400;\">+108</span></td>\n</tr>\n</tbody>\n</table>", "<table>\n<tbody>\n<tr>\n<th><b>4% </b><b>\u0915\u0940 \u091a\u093e\u0932 \u0915\u0940 \u0909\u092e\u094d\u092e\u0940\u0926\u00a0</b></th>\n<th><b>\u090a\u092a\u0930 \u0915\u0940 \u0938\u094d\u091f\u094d\u0930\u093e\u0907\u0915</b></th>\n<th><b>\u0928\u0940\u091a\u0947 \u0915\u0940 \u0938\u094d\u091f\u094d\u0930\u093e\u0907\u0915</b></th>\n<th><b>\u0915\u093f\u0938 \u0917\u094d\u0930\u093e\u092b \u092e\u0947\u0902\u00a0</b></th>\n</tr>\n<tr>\n<td><span style=\"font-weight: 400;\">5 </span><span style=\"font-weight: 400;\">\u0926\u093f\u0928 \u092e\u0947\u0902</span></td>\n<td><span style=\"font-weight: 400;\">Far OTM</span></td>\n<td><span style=\"font-weight: 400;\">Far OTM</span></td>\n<td><span style=\"font-weight: 400;\">Top left</span></td>\n</tr>\n<tr>\n<td><span style=\"font-weight: 400;\">15 </span><span style=\"font-weight: 400;\">\u0926\u093f\u0928 \u092e\u0947\u0902</span></td>\n<td><span style=\"font-weight: 400;\">ATM</span></td>\n<td><span style=\"font-weight: 400;\">Slightly OTM</span></td>\n<td><span style=\"font-weight: 400;\">Top right</span></td>\n</tr>\n<tr>\n<td><span style=\"font-weight: 400;\">25 </span><span style=\"font-weight: 400;\">\u0926\u093f\u0928 \u092e\u0947\u0902</span></td>\n<td><span style=\"font-weight: 400;\">ATM</span></td>\n<td><span style=\"font-weight: 400;\">OTM</span></td>\n<td><span style=\"font-weight: 400;\">Bottom left</span></td>\n</tr>\n<tr>\n<td><span style=\"font-weight: 400;\">\u090f\u0915\u094d\u0938\u092a\u093e\u092f\u0930\u0940 \u092a\u0930</span></td>\n<td><span style=\"font-weight: 400;\">ATM</span></td>\n<td><span style=\"font-weight: 400;\">OTM</span></td>\n<td><span style=\"font-weight: 400;\">Bottom right</span></td>\n</tr>\n</tbody>\n</table>", "<table>\n<tbody>\n<tr>\n<th><b>4% </b><b>\u0915\u0940 \u091a\u093e\u0932 \u0915\u0940 \u0909\u092e\u094d\u092e\u0940\u0926</b></th>\n<th><b>\u090a\u092a\u0930 \u0915\u0940 \u0938\u094d\u091f\u094d\u0930\u093e\u0907\u0915</b></th>\n<th><b>\u0928\u0940\u091a\u0947 \u0915\u0940 \u0938\u094d\u091f\u094d\u0930\u093e\u0907\u0915\u00a0</b></th>\n<th><b>\u0915\u093f\u0938 \u0917\u094d\u0930\u093e\u092b \u092e\u0947\u0902\u00a0</b></th>\n</tr>\n<tr>\n<td><span style=\"font-weight: 400;\">\u0909\u0938\u0940 \u0926\u093f\u0928\u00a0</span></td>\n<td><span style=\"font-weight: 400;\">OTM</span></td>\n<td><span style=\"font-weight: 400;\">OTM</span></td>\n<td><span style=\"font-weight: 400;\">Top left</span></td>\n</tr>\n<tr>\n<td><span style=\"font-weight: 400;\">5 </span><span style=\"font-weight: 400;\">\u0926\u093f\u0928 \u092e\u0947\u0902</span></td>\n<td><span style=\"font-weight: 400;\">ITM/OTM</span></td>\n<td><span style=\"font-weight: 400;\">OTM</span></td>\n<td><span style=\"font-weight: 400;\">Top right</span></td>\n</tr>\n<tr>\n<td><span style=\"font-weight: 400;\">10 </span><span style=\"font-weight: 400;\">\u0926\u093f\u0928 \u092e\u0947\u0902</span></td>\n<td><span style=\"font-weight: 400;\">ITM/OTM</span></td>\n<td><span style=\"font-weight: 400;\">OTM</span></td>\n<td><span style=\"font-weight: 400;\">Bottom left</span></td>\n</tr>\n<tr>\n<td><span style=\"font-weight: 400;\">\u090f\u0915\u094d\u0938\u092a\u093e\u092f\u0930\u0940 \u092a\u0930</span></td>\n<td><span style=\"font-weight: 400;\">ITM/OTM</span></td>\n<td><span style=\"font-weight: 400;\">OTM</span></td>\n<td><span style=\"font-weight: 400;\">Bottom right</span></td>\n</tr>\n</tbody>\n</table>"], "videos": []}

{"title": "8. \u092c\u0947\u092f\u0930 \u0915\u0949\u0932 \u0938\u094d\u092a\u094d\u0930\u0947\u0921", "text": ["\u092c\u0947\u092f\u0930 \u092a\u0941\u091f \u0938\u094d\u092a\u094d\u0930\u0947\u0921 \u0915\u0940 \u0924\u0930\u0939 \u0939\u0940 \u092c\u0947\u092f\u0930 \u0915\u0949\u0932 \u0938\u094d\u092a\u094d\u0930\u0947\u0921 \u092d\u0940 \u0926\u094b \u091a\u0930\u0923\u094b\u0902 \u0935\u093e\u0932\u0940 \u0911\u092a\u094d\u0936\u0928 \u0938\u094d\u091f\u094d\u0930\u0948\u091f\u0947\u091c\u0940 \u0939\u0948\u0964 \u0907\u0938\u0915\u093e \u0907\u0938\u094d\u0924\u0947\u092e\u093e\u0932 \u0924\u0915 \u0915\u093f\u092f\u093e \u091c\u093e\u0924\u093e \u0939\u0948 \u091c\u092c \u092c\u093e\u091c\u093e\u0930 \u092a\u0930 \u0906\u092a\u0915\u093e \u0928\u091c\u0930\u093f\u092f\u093e \u092e\u0949\u0921\u0930\u0947\u091f\u0932\u0940 \u092c\u0947\u092f\u0930\u093f\u0936 \u0939\u094b\u0964 \u092a\u0947 \u0911\u092b \u0915\u0947 \u092e\u093e\u092e\u0932\u0947 \u092e\u0947\u0902 \u092d\u0940 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\u092c\u0947\u0939\u0924\u0930 \u0924\u0930\u0940\u0915\u0947 \u0938\u0947 \u0938\u092e\u091d\u0928\u0947 \u0915\u0947 \u0932\u093f\u090f \u090f\u0915 \u0909\u0926\u093e\u0939\u0930\u0923 \u0932\u0947\u0924\u0947 \u0939\u0948\u0902", "\u0924\u093f\u0925\u093f \u2013 \u092b\u0930\u0935\u0930\u0940 2016", "\u0928\u091c\u0930\u093f\u092f\u093e \u2013 \u092e\u0949\u0921\u0930\u0947\u091f\u0932\u0940 \u092c\u0947\u092f\u0930\u093f\u0936", "\u0928\u093f\u092b\u094d\u091f\u0940 \u0938\u094d\u092a\u0949\u091f \u2013 7222", "\u092c\u0947\u092f\u0930 \u0915\u0949\u0932 \u0938\u094d\u092a\u094d\u0930\u0947\u0921 \u0915\u093e \u091f\u094d\u0930\u0947\u0921 \u0938\u0947\u091f \u0905\u092a \u0939\u094b\u0917\u093e", "\u0906\u092e\u0924\u094c\u0930 \u092a\u0930 \u092c\u0947\u092f\u0930 \u0915\u0949\u0932 \u0938\u094d\u092a\u094d\u0930\u0947\u0921 \u092e\u0947\u0902 \u0939\u092e\u0947\u0936\u093e \u0928\u0947\u091f \u0915\u094d\u0930\u0947\u0921\u093f\u091f \u0939\u094b\u0924\u093e \u0939\u0948, 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\u0921\u093e\u0932\u0924\u0947 \u0939\u0948\u0902 \u091c\u093f\u0938\u0938\u0947 \u0939\u092e\u0947\u0902 \u092a\u0924\u093e \u091a\u0932 \u0938\u0915\u0947 \u0915\u093f \u0905\u0932\u0917-\u0905\u0932\u0917 \u0938\u094d\u0924\u0930 \u0915\u0940 \u090f\u0915\u094d\u0938\u092a\u093e\u092f\u0930\u0940 \u092a\u0930 \u092c\u0947\u092f\u0930 \u0915\u0949\u0932 \u0938\u094d\u092a\u094d\u0930\u0947\u0921 \u092a\u0930 \u0915\u094d\u092f\u093e \u0905\u0938\u0930 \u0939\u094b\u0917\u093e\u0964", "\u0938\u094d\u0925\u093f\u0924\u093f 1 \u2013\u00a0 \u092c\u093e\u091c\u093e\u0930 7500 \u092a\u0930 \u090f\u0915\u094d\u0938\u092a\u093e\u092f\u0930 \u0939\u094b\u0924\u093e \u0939\u0948 (\u0932\u0949\u0928\u094d\u0917 \u0915\u0949\u0932 \u0915\u0947 \u090a\u092a\u0930 )", "7500 \u092a\u0930 \u0926\u094b\u0928\u094b\u0902 \u0911\u092a\u094d\u0936\u0928 \u0915\u0940 \u0907\u0902\u091f\u094d\u0930\u093f\u0928\u094d\u0938\u093f\u0915 \u0935\u0948\u0932\u094d\u092f\u0942 \u0939\u094b\u0917\u0940 \u0914\u0930 \u092f\u0947 \u0926\u094b\u0928\u094b\u0902 \u0907\u0928 \u0926 \u092e\u0928\u0940 \u090f\u0915\u094d\u0938\u092a\u093e\u092f\u0930 \u0939\u094b\u0902\u0917\u0947\u0964", "\u0938\u094d\u0925\u093f\u0924\u093f 2 \u2013 \u092c\u093e\u091c\u093e\u0930 \u0915\u0940 \u090f\u0915\u094d\u0938\u092a\u093e\u092f\u0930\u0940 7400 \u092a\u0930 \u0939\u094b\u0924\u0940 \u0939\u0948 (\u0932\u0949\u0928\u094d\u0917 \u0915\u0949\u0932 \u092a\u0930)", "\u092c\u093e\u091c\u093e\u0930 \u0905\u0917\u0930 7400 \u092a\u0930 \u090f\u0915\u094d\u0938\u092a\u093e\u092f\u0930 \u0939\u094b \u0930\u0939\u093e \u0939\u0948 \u0924\u094b 7100 CE \u00a0\u0915\u0940 \u0907\u0902\u091f\u094d\u0930\u093f\u0928\u094d\u0938\u093f\u0915 \u0935\u0948\u0932\u094d\u092f\u0942 \u0939\u094b\u0917\u0940 \u0914\u0930 \u092f\u0947 \u0907\u0928 \u0926 \u092e\u0928\u0940 \u090f\u0915\u094d\u0938\u092a\u093e\u092f\u0930 \u0939\u094b\u0917\u093e\u0964 7400 CE \u0935\u0930\u094d\u0925\u0932\u0947\u0938 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\u0939\u094b\u0924\u0940 \u0939\u0948 (\u0936\u0949\u0930\u094d\u091f \u0915\u0949\u0932 \u0911\u092a\u094d\u0936\u0928 \u0915\u0947 \u0928\u0940\u091a\u0947)", "\u092f\u0939\u093e\u0902 \u092c\u093e\u091c\u093e\u0930 \u0914\u0930 \u0917\u093f\u0930\u0924\u093e \u0939\u0948 \u0924\u094b \u0926\u0947\u0916\u0924\u0947 \u0939\u0948\u0902 \u0915\u093f \u0938\u094d\u091f\u094d\u0930\u0948\u091f\u0947\u091c\u0940 \u0915\u0947 \u092e\u0941\u0928\u093e\u092b\u0947 \u092a\u0930 \u0915\u094d\u092f\u093e \u0905\u0938\u0930 \u092a\u0921\u093c\u0924\u093e \u0939\u0948\u0964 7000 \u092a\u0930 \u0926\u094b\u0928\u094b\u0902 \u0915\u0949\u0932 \u0911\u092a\u094d\u0936\u0928 \u0935\u0930\u094d\u0925\u0932\u0947\u0938 \u090f\u0915\u094d\u0938\u093e\u092f\u0930 \u0939\u094b\u0902\u0917\u0947\u0964 7400 CE \u0935\u0930\u094d\u0925\u0932\u0947\u0938 \u090f\u0915\u094d\u0938\u092a\u093e\u092f\u0930 \u0939\u094b\u0917\u093e \u0914\u0930 \u0939\u092e\u0928\u0947 \u0907\u0938\u0915\u0947 \u0932\u093f\u090f 38 \u0915\u093e \u091c\u093f\u0924\u0928\u093e \u092a\u094d\u0930\u0940\u092e\u093f\u092f\u092e \u0926\u093f\u092f\u093e \u0939\u0948 \u0909\u0924\u0928\u093e \u0918\u093e\u091f\u093e \u0939\u094b\u0917\u093e\u0964 \u0932\u0947\u0915\u093f\u0928, 7100 CE \u0915\u093e \u092a\u0942\u0930\u093e \u092a\u094d\u0930\u0940\u092e\u093f\u092f\u092e \u092f\u093e\u0928\u0940 136 \u0939\u092e\u0947\u0902 \u092e\u0941\u0928\u093e\u092b\u0947 \u0915\u0947 \u0924\u094c\u0930 \u092a\u0930 \u092e\u093f\u0932 \u091c\u093e\u090f\u0917\u093e\u0964 \u0907\u0938\u0932\u093f\u090f \u0938\u094d\u091f\u094d\u0930\u0948\u091f\u0947\u091c\u0940 \u0915\u093e \u0915\u0941\u0932 \u092e\u0941\u0928\u093e\u092b\u093e 136 \u2013 38 = \u00a098 \u0939\u094b\u0917\u093e\u0964 \u092e\u0924\u0932\u092c \u092f\u0947 \u0939\u0941\u0906 \u0915\u093f \u092c\u093e\u091c\u093e\u0930 \u091c\u092c \u0917\u093f\u0930\u0924\u093e \u0939\u0948 \u0924\u094b \u092e\u0941\u0928\u093e\u092b\u093e \u0939\u094b\u0924\u093e \u0939\u0948 \u0932\u0947\u0915\u093f\u0928 \u092f\u0947 \u092e\u0941\u0928\u093e\u092b\u093e 98 \u0924\u0915 \u0939\u0940 \u0938\u0940\u092e\u093f\u0924 \u0939\u0948\u0964", "\u0905\u0932\u0917 \u0905\u0932\u0917 \u090f\u0915\u094d\u0938\u092a\u093e\u092f\u0930\u0940 \u092a\u0930 \u0938\u094d\u091f\u094d\u0930\u0948\u091f\u0947\u091c\u0940 \u0915\u093e \u092e\u0941\u0928\u093e\u092b\u093e \u0928\u0940\u091a\u0947 \u0926\u093f\u0916\u093e\u092f\u093e \u0917\u092f\u093e \u0939\u0948-", "\u0938\u094d\u091f\u094d\u0930\u0948\u091f\u0947\u091c\u0940 \u0915\u093e \u092a\u0947 \u0911\u092b, \u0917\u094d\u0930\u093e\u092b \u092a\u0930 \u0910\u0938\u093e \u0926\u093f\u0916\u0947\u0917\u093e", "\u091c\u0948\u0938\u093e \u0915\u093f \u0906\u092a \u0926\u0947\u0916 \u0938\u0915\u0924\u0947 \u0939\u0948\u0902 \u0915\u093f \u092a\u0947 \u0911\u092b \u0935\u0948\u0938\u093e \u0939\u0940 \u0939\u0948 \u091c\u0948\u0938\u093e \u0915\u093f \u092c\u0947\u092f\u0930 \u092a\u0941\u091f \u0938\u094d\u092a\u094d\u0930\u0947\u0921 \u092e\u0947\u0902 \u0925\u093e\u0964 \u0938\u092c\u0938\u0947 \u0905\u091a\u094d\u091b\u0940 \u0938\u094d\u0925\u093f\u0924\u093f \u092e\u0947\u0902 \u0939\u094b\u0928\u0947 \u0935\u093e\u0932\u093e \u092e\u0941\u0928\u093e\u092b\u093e \u0914\u0930 \u0938\u092c\u0938\u0947 \u092c\u0941\u0930\u0940 \u0938\u094d\u0925\u093f\u0924\u0947 \u092e\u0947\u0902 \u0939\u094b\u0928\u0947 \u0935\u093e\u0932\u093e \u0928\u0941\u0915\u0938\u093e\u0928 \u0926\u094b\u0928\u094b\u0902 \u0939\u0940 \u092a\u0939\u0932\u0947 \u0938\u0947 \u0924\u092f \u0939\u0948\u0902\u0964", "\u090a\u092a\u0930 \u0939\u092e\u0928\u0947 \u091c\u093f\u0928 \u092a\u0947 \u0911\u092b \u0915\u0940 \u091a\u0930\u094d\u091a\u093e \u0915\u0940 \u0939\u0948 \u0909\u0938\u0915\u0947 \u0906\u0927\u093e\u0930 \u092a\u0930 \u0939\u092e \u0915\u0941\u091b \u0938\u093e\u092e\u093e\u0928\u094d\u092f \u0928\u093f\u0937\u094d\u0915\u0930\u094d\u0937 \u0928\u093f\u0915\u093e\u0932 \u0938\u0915\u0924\u0947 \u0939\u0948\u0902-", "7400 \u2013 7100 = 300", "136 \u2013 38 = 98", "7100 + 98 = 7508", "200 \u2013 92 = 108", "\u0907\u0938 \u0938\u094d\u0924\u0930 \u092a\u0930 \u0939\u092e \u0921\u0947\u0932\u094d\u091f\u093e \u0915\u094b \u091c\u094b\u0921\u093c \u0915\u0930 \u0907\u0938 \u092a\u094b\u091c\u0940\u0936\u0928 \u0915\u093e \u0915\u0941\u0932 \u0921\u0947\u0932\u094d\u091f\u093e \u0928\u093f\u0915\u093e\u0932 \u0938\u0915\u0924\u0947 \u0939\u0948\u0902 \u091c\u093f\u0938\u0938\u0947 \u0939\u092e\u0947\u0902 \u092f\u0947 \u092a\u0924\u093e \u091a\u0932 \u0938\u0915\u0947 \u0915\u093f \u092c\u093e\u091c\u093e\u0930 \u0915\u0940 \u0926\u093f\u0936\u093e \u0915\u093e \u0907\u0938 \u0938\u094d\u091f\u094d\u0930\u0948\u091f\u0947\u091c\u0940 \u092a\u0930 \u0915\u094d\u092f\u093e \u0905\u0938\u0930 \u092a\u0921\u093c\u0924\u093e \u0939\u0948\u0964", "\u092e\u0948\u0902\u0928\u0947 B&S \u0915\u0948\u0932\u0915\u0941\u0932\u0947\u091f\u0930 \u0938\u0947 \u0921\u0947\u0932\u094d\u091f\u093e \u0928\u093f\u0915\u093e\u0932\u093e \u0939\u0948 \u2013", "\u0907\u0938\u0915\u093e \u092e\u0924\u0932\u092c \u0939\u0948 \u0915\u093f \u0907\u0938 \u0938\u094d\u091f\u094d\u0930\u0948\u091f\u0947\u091c\u0940 \u0915\u093e \u0921\u0947\u0932\u094d\u091f\u093e \u0928\u0947\u0917\u0947\u091f\u093f\u0935 \u0939\u0948 \u091c\u093f\u0938\u0915\u093e \u092e\u0924\u0932\u092c \u0939\u0948 \u0915\u093f \u0905\u0917\u0930 \u0905\u0902\u0921\u0930\u0932\u093e\u0907\u0902\u0917 \u0928\u0940\u091a\u0947 \u091c\u093e\u0924\u093e \u0939\u0948 \u0924\u094b \u0938\u094d\u091f\u094d\u0930\u0948\u091f\u0947\u091c\u0940 \u092e\u0947\u0902 \u0915\u092e\u093e\u0908 \u0939\u094b\u0917\u0940 \u0914\u0930 \u0905\u0902\u0921\u0930\u0932\u093e\u0908\u0902\u0917 \u0915\u0947 \u090a\u092a\u0930 \u091c\u093e\u0928\u0947 \u092a\u0930 \u092a\u0930 \u0928\u0941\u0915\u0938\u093e\u0928 \u0939\u094b\u0917\u0940\u0964", "\u0928\u0940\u091a\u0947 \u0915\u0947 \u0917\u094d\u0930\u093e\u092b \u0938\u0947 \u0939\u092e\u0947\u0902 \u090f\u0915\u094d\u0938\u093e\u092f\u0930\u0940 \u0915\u0947 \u0939\u093f\u0938\u093e\u092c \u0938\u0947 \u0938\u092c\u0938\u0947 \u0905\u091a\u094d\u091b\u0940 \u0915\u0949\u0932 \u0911\u092a\u094d\u0936\u0928 \u0915\u094b \u091a\u0941\u0928\u0928\u0947 \u092e\u0947\u0902 \u092e\u0926\u0926 \u092e\u093f\u0932\u0947\u0917\u0940\u0964 \u0938\u0940\u0930\u0940\u091c \u0915\u0947 \u092a\u0939\u0932\u0947 \u0939\u093f\u0938\u094d\u0938\u0947 \u0914\u0930 \u0938\u0940\u0930\u0940\u091c \u0915\u0947 \u0926\u0942\u0938\u0930\u0947 \u0939\u093f\u0938\u094d\u0938\u0947 \u0915\u0947 \u0924\u0930\u0940\u0915\u0947 \u0915\u0940 \u091a\u0930\u094d\u091a\u093e \u0939\u092e \u0915\u0908 \u092c\u093e\u0930 \u0915\u0930 \u091a\u0941\u0915\u0947 \u0939\u0948\u0902 \u0907\u0938\u0932\u093f\u090f \u092e\u0948\u0902 \u0938\u093f\u0930\u094d\u092b \u0917\u094d\u0930\u093e\u092b \u0914\u0930 \u091f\u0947\u092c\u0932 \u0915\u094b \u0926\u093f\u0916\u093e \u0930\u0939\u093e \u0939\u0942\u0902\u0964", "\u0938\u0940\u0930\u0940\u091c \u0915\u0947 \u092a\u0939\u0932\u0947 \u0939\u093f\u0938\u094d\u0938\u0947 \u0915\u0947 \u0932\u093f\u090f \u0938\u0939\u0940 \u0938\u094d\u091f\u094d\u0930\u093e\u0907\u0915 \u0939\u094b\u0917\u0940", "\u0938\u0940\u0930\u0940\u091c \u0915\u0947 \u0926\u0942\u0938\u0930\u0947 \u0939\u093f\u0938\u094d\u0938\u0947 \u0915\u0947 \u0932\u093f\u090f \u0938\u0939\u0940 \u0938\u094d\u091f\u094d\u0930\u093e\u0907\u0915", "", "\u0928\u0940\u091a\u0947 \u0915\u0947 \u0917\u094d\u0930\u093e\u092b \u092e\u0947\u0902 \u0935\u094b\u0932\u0948\u091f\u093f\u0932\u093f\u091f\u0940 \u0915\u0947 \u0939\u093f\u0938\u093e\u092c \u0938\u0947 \u0938\u094d\u091f\u094d\u0930\u0948\u091f\u0947\u091c\u0940 \u0915\u0940 \u0915\u0940\u092e\u0924 \u092e\u0947\u0902 \u0939\u094b\u0928\u0947 \u0935\u093e\u0932\u0947 \u092c\u0926\u0932\u093e\u0935 \u0915\u094b \u0926\u093f\u0916\u093e\u092f\u093e \u0917\u092f\u093e \u0939\u0948", "", "\u090a\u092a\u0930 \u0915\u093e \u0917\u094d\u0930\u093e\u092b \u0926\u093f\u0916\u093e\u0924\u093e \u0939\u0948 \u0915\u093f \u0935\u094b\u0932\u0948\u091f\u093f\u0932\u093f\u091f\u0940 \u0914\u0930 \u0938\u092e\u092f \u092e\u0947\u0902 \u092c\u0926\u0932\u093e\u0935 \u0915\u0947 \u0938\u093e\u0925 \u0938\u093e\u0925 \u092a\u094d\u0930\u0940\u092e\u093f\u092f\u092e \u0915\u0948\u0938\u0947 \u092c\u0926\u0932\u0924\u093e \u0939\u0948\u0964", "\u0928\u0940\u0932\u0940 \u0930\u0947\u0916\u093e \u092c\u0924\u093e\u0924\u0940 \u0939\u0948 \u0915\u093f \u0935\u094b\u0932\u0948\u091f\u093f\u0932\u093f\u091f\u0940 \u092c\u0922\u093c\u0928\u0947 \u092a\u0930 \u0938\u094d\u091f\u094d\u0930\u0948\u091f\u0947\u091c\u0940 \u0915\u0940 \u0915\u0940\u092e\u0924 \u092e\u0947\u0902 \u0924\u092c \u091c\u094d\u092f\u093e\u0926\u093e \u092c\u0926\u0932\u093e\u0935 \u0928\u0939\u0940\u0902 \u0939\u094b\u0924\u093e \u0939\u0948 \u091c\u092c \u090f\u0915\u094d\u0938\u092a\u093e\u092f\u0930\u0940 \u092e\u0947\u0902 \u0915\u093e\u092b\u0940 \u0938\u092e\u092f (30 \u0926\u093f\u0928) \u092c\u091a\u0947 \u0939\u094b\u0902\u0964", "\u0939\u0930\u0940 \u0930\u0947\u0916\u093e \u092c\u0924\u093e\u0924\u0940 \u0939\u0948 \u0915\u093f \u0935\u094b\u0932\u0948\u091f\u093f\u0932\u093f\u091f\u0940 \u092c\u0922\u093c\u0928\u0947 \u092a\u0930 \u0938\u094d\u091f\u094d\u0930\u0948\u091f\u0947\u091c\u0940 \u0915\u0940 \u0915\u0940\u092e\u0924 \u092e\u0947\u0902 \u0924\u092c \u0925\u094b\u0921\u093c\u093e \u092c\u0926\u0932\u093e\u0935 \u0939\u094b\u0924\u093e \u0939\u0948 \u091c\u092c \u090f\u0915\u094d\u0938\u092a\u093e\u092f\u0930\u0940 \u092e\u0947\u0902 15 \u0926\u093f\u0928 \u0915\u093e \u0938\u092e\u092f \u092c\u091a\u093e \u0939\u094b\u0964", "\u0932\u093e\u0932 \u0930\u0947\u0916\u093e \u092c\u0924\u093e\u0924\u0940 \u0939\u0948 \u0915\u093f \u0915\u093f \u0935\u094b\u0932\u0948\u091f\u093f\u0932\u093f\u091f\u0940 \u092c\u0922\u093c\u0928\u0947 \u092a\u0930 \u0938\u094d\u091f\u094d\u0930\u0948\u091f\u0947\u091c\u0940 \u0915\u0940 \u0915\u0940\u092e\u0924 \u092e\u0947\u0902 \u0924\u092c \u0915\u093e\u092b\u0940 \u092c\u0926\u0932\u093e\u0935 \u0939\u094b\u0924\u093e \u0939\u0948 \u091c\u092c \u090f\u0915\u094d\u0938\u092a\u093e\u092f\u0930\u0940 \u092e\u0947\u0902 5 \u0926\u093f\u0928 \u0915\u093e \u0938\u092e\u092f \u092c\u091a\u093e \u0939\u094b\u0964", "\u0907\u0928 \u0917\u094d\u0930\u093e\u092b \u0938\u0947 \u092a\u0924\u093e \u091a\u0932\u0924\u093e \u0939\u0948 \u0915\u093f \u091c\u092c \u090f\u0915\u094d\u0938\u092a\u093e\u092f\u0930\u0940 \u092e\u0947\u0902 \u0915\u093e\u092b\u0940 \u0938\u092e\u092f \u0939\u094b \u0924\u094b \u0935\u094b\u0932\u0948\u091f\u093f\u0932\u093f\u091f\u0940 \u092c\u0922\u093c\u0928\u0947 \u0915\u0940 \u091c\u094d\u092f\u093e\u0926\u093e \u091a\u093f\u0902\u0924\u093e \u0928\u0939\u0940\u0902 \u0915\u0930\u0928\u0940 \u091a\u093e\u0939\u093f\u090f\u0964 \u0932\u0947\u0915\u093f\u0928 \u090f\u0915\u094d\u0938\u092a\u093e\u092f\u0930\u0940 \u0915\u0947 \u092e\u0927\u094d\u092f \u0914\u0930 \u0905\u0902\u0924 \u0915\u0947 \u092c\u0940\u091a \u0935\u094b\u0932\u0948\u091f\u093f\u0932\u093f\u091f\u0940 \u092a\u0930 \u0928\u091c\u0930 \u0930\u0916\u0928\u0940 \u091a\u093e\u0939\u093f\u090f\u0964 \u092c\u0947\u092f\u0930 \u0915\u0949\u0932 \u0938\u094d\u092a\u094d\u0930\u0947\u0921 \u0915\u094b \u0924\u092d\u0940 \u0932\u0947\u0928\u093e \u091a\u093e\u0939\u093f\u090f \u091c\u092c \u0935\u094b\u0932\u0948\u091f\u093f\u0932\u093f\u091f\u0940 \u0915\u0947 \u092c\u0922\u093c\u0928\u0947 \u0915\u0940 \u0909\u092e\u094d\u092e\u0940\u0926 \u0939\u094b, \u091c\u092c \u0906\u092a \u0935\u094b\u0932\u0948\u091f\u093f\u0932\u093f\u091f\u0940 \u0915\u0947 \u0918\u091f\u0928\u0947 \u0915\u0940 \u0909\u092e\u094d\u092e\u0940\u0926 \u0915\u0930 \u0930\u0939\u0947 \u0939\u094b\u0902 \u0924\u094b \u0907\u0938 \u0938\u094d\u091f\u094d\u0930\u0948\u091f\u0947\u091c\u0940 \u0938\u0947 \u092c\u091a\u0928\u093e \u091a\u093e\u0939\u093f\u090f\u0964", "Sir please explain\nPahla charan\nDusra charan", "Sir calculation sahil kr dijiye\u2026", "\u092c\u094d\u0930\u0947\u0915\u0907\u0935\u0928 = \u0928\u0940\u091a\u0947 \u0915\u0940 \u0938\u094d\u091f\u094d\u0930\u093e\u0907\u0915 + \u0928\u0947\u091f \u0915\u094d\u0930\u0947\u0921\u093f\u091f\n7100 + 98 = 7508", "\u0905\u0927\u093f\u0915\u0924\u092e \u092e\u0941\u0928\u093e\u092b\u093e = \u0928\u0947\u091f \u0915\u094d\u0930\u0947\u0921\u093f\u091f\n 200 \u2013 92 = 108", "\u0905\u0927\u093f\u0915\u0924\u092e \u0928\u0941\u0915\u0938\u093e\u0928 = \u0938\u094d\u092a\u094d\u0930\u0947\u0921 \u2013 \u0928\u0947\u091f \u0915\u094d\u0930\u0947\u0921\u093f\u091f\n\u2013 98 = 202", "\u0938\u0942\u091a\u093f\u0924 \u0915\u0930\u0928\u0947 \u0915\u0947 \u0932\u093f\u090f \u0927\u0928\u094d\u092f\u0935\u093e\u0926 \u0939\u092e \u0907\u0938\u0915\u094b \u091a\u0947\u0915 \u0915\u0930\u0915\u0947 \u0938\u0939\u0940 \u0915\u0930\u0926\u0947\u0902\u0917\u0947\u0964", "Very easy to understand\nBear \ud83d\udc3b call speed", "Happy learning \ud83d\ude42", "\u090f\u0915\u094d\u0938\u092a\u093e\u092f\u0930\u0940 \u0915\u0947 \u0926\u093f\u0928 \u092f\u0926\u093f \u0915\u094b\u0908 \u0915\u0949\u0932 \u0936\u0949\u091f \u0930\u0939 \u091c\u093e\u0924\u0940 \u0939\u0948 \u092a\u094b\u091c\u0940\u0936\u0928 \u090f\u0917\u094d\u091c\u093f\u091f \u0928\u0939\u0940\u0902 \u0915\u0940 \u0924\u094b \u0915\u094d\u092f\u093e \u0939\u094b\u0917\u093e", "\u0907\u0938\u0915\u094b \u090f\u0915\u094d\u0938\u091a\u0947\u0902\u091c \u0926\u094d\u0935\u093e\u0930\u093e \u0938\u0947\u091f\u0932 \u0915\u0930\u0926\u093f\u092f\u093e \u091c\u093e\u092f\u0947\u0917\u093e\u0964", "Eska koi alag se charge to nahi lagta. Exchange", "Name (required)", "Mail (will not be published) (required)", "", "Post comment", "", "\u0394", "Varsity by Zerodha \u00a9 2015 \u2013 2024.\r\n\t\t\t\t\tAll rights reserved.\r\n\t\t\t\t\tReproduction of the Varsity materials, text and images,\r\n\t\t\t\t\tis not permitted. For media queries, contact [email\u00a0protected]"], "images": ["https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo.png", "https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo-small.png", "https://zerodha.com/varsity/wp-content/uploads/2016/02/M6-Ch8-Cartoon1.png", "https://zerodha.com/varsity/wp-content/uploads/2016/02/Image-1_Payoff-edit.png", "https://zerodha.com/varsity/wp-content/uploads/2016/02/Image-2_graph1.png", "https://zerodha.com/varsity/wp-content/uploads/2016/02/Image-3_start-of-the-series_BCS.png", "https://zerodha.com/varsity/wp-content/uploads/2016/02/Image-4_2nd-half-BCS.png", "https://zerodha.com/varsity/wp-content/uploads/2016/02/Image-5_Bearish-Call-Spread-price-vs-Volatility.png", "https://secure.gravatar.com/avatar/3aafd4e673bb7d685c2922a98bf60a0b?s=32&d=identicon&r=g", "https://secure.gravatar.com/avatar/bb12f250095b910315765f4099eda9a1?s=32&d=identicon&r=g", "https://secure.gravatar.com/avatar/be5de1b57c0a4cfdd8c128e3b984d149?s=32&d=identicon&r=g", "https://secure.gravatar.com/avatar/f876a8eb95a87fa87c01128e46c7fbb0?s=32&d=identicon&r=g", "https://secure.gravatar.com/avatar/be5de1b57c0a4cfdd8c128e3b984d149?s=32&d=identicon&r=g", "https://secure.gravatar.com/avatar/e33875bb2cce2d6762c643df28423b3b?s=32&d=identicon&r=g", "https://secure.gravatar.com/avatar/be5de1b57c0a4cfdd8c128e3b984d149?s=32&d=identicon&r=g", "https://secure.gravatar.com/avatar/1106c8381d02e2ec5b6fe8c016b027a4?s=32&d=identicon&r=g", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/playstore.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/appstore.png"], "tables": ["<table>\n<tbody>\n<tr>\n<th><b> 4% </b><b>\u091a\u093e\u0932 \u0915\u0940 \u0909\u092e\u094d\u092e\u0940\u0926\u00a0</b></th>\n<th><b>\u090a\u092a\u0930 \u0915\u0940 \u0938\u094d\u091f\u094d\u0930\u093e\u0907\u0915\u00a0</b></th>\n<th><b>\u0928\u0940\u091a\u0947 \u0915\u0940 \u0938\u094d\u091f\u094d\u0930\u093e\u0907\u0915</b></th>\n<th><b>\u0915\u093f\u0938 \u0917\u094d\u0930\u093e\u092b \u092e\u0947\u0902\u00a0</b></th>\n</tr>\n<tr>\n<td><span style=\"font-weight: 400;\">5 days</span></td>\n<td><span style=\"font-weight: 400;\">Far OTM</span></td>\n<td><span style=\"font-weight: 400;\">ATM+2 strikes</span></td>\n<td><span style=\"font-weight: 400;\">\u090a\u092a\u0930 \u092c\u093e\u092f\u0940\u0902 \u0924\u0930\u092b\u00a0</span></td>\n</tr>\n<tr>\n<td><span style=\"font-weight: 400;\">15 days</span></td>\n<td><span style=\"font-weight: 400;\">Far OTM</span></td>\n<td><span style=\"font-weight: 400;\">ATM + 2 strikes</span></td>\n<td><span style=\"font-weight: 400;\">\u090a\u092a\u0930 \u0926\u093e\u0908\u0902 \u0924\u0930\u092b\u00a0</span></td>\n</tr>\n<tr>\n<td><span style=\"font-weight: 400;\">25 days</span></td>\n<td><span style=\"font-weight: 400;\">OTM</span></td>\n<td><span style=\"font-weight: 400;\">ATM + 1 strike</span></td>\n<td><span style=\"font-weight: 400;\">\u0928\u0940\u091a\u0947 \u092c\u093e\u092f\u0940\u0902 \u0924\u0930\u092b</span></td>\n</tr>\n<tr>\n<td><span style=\"font-weight: 400;\">At expiry</span></td>\n<td><span style=\"font-weight: 400;\">OTM</span></td>\n<td><span style=\"font-weight: 400;\">ATM</span></td>\n<td><span style=\"font-weight: 400;\">\u0928\u0940\u091a\u0947 \u0926\u093e\u092f\u0940\u0902 \u0924\u0930\u092b\u00a0</span></td>\n</tr>\n</tbody>\n</table>", "<table>\n<tbody>\n<tr>\n<th><b>4%</b><b> \u091a\u093e\u0932 \u0915\u0940 \u0909\u092e\u094d\u092e\u0940\u0926</b></th>\n<th><b>\u090a\u092a\u0930 \u0915\u0940 \u0938\u094d\u091f\u094d\u0930\u093e\u0907\u0915</b></th>\n<th><b>\u0928\u0940\u091a\u0947 \u0915\u0940 \u0938\u094d\u091f\u094d\u0930\u093e\u0907\u0915\u00a0</b></th>\n<th><b>\u0915\u093f\u0938 \u0917\u094d\u0930\u093e\u092b \u092e\u0947\u0902\u00a0</b></th>\n</tr>\n<tr>\n<td><span style=\"font-weight: 400;\">5 </span><span style=\"font-weight: 400;\">\u0926\u093f\u0928 \u092e\u0947\u0902</span></td>\n<td><span style=\"font-weight: 400;\">Far OTM</span></td>\n<td><span style=\"font-weight: 400;\">Far OTM</span></td>\n<td><span style=\"font-weight: 400;\">\u090a\u092a\u0930 \u092c\u093e\u092f\u0940\u0902 \u0924\u0930\u092b\u00a0</span></td>\n</tr>\n<tr>\n<td><span style=\"font-weight: 400;\">15 </span><span style=\"font-weight: 400;\">\u0926\u093f\u0928 \u092e\u0947\u0902</span></td>\n<td><span style=\"font-weight: 400;\">Far OTM</span></td>\n<td><span style=\"font-weight: 400;\">Slightly OTM</span></td>\n<td><span style=\"font-weight: 400;\">\u090a\u092a\u0930 \u0926\u093e\u092f\u0940\u0902 \u0924\u0930\u092b\u00a0</span></td>\n</tr>\n<tr>\n<td><span style=\"font-weight: 400;\">25 </span><span style=\"font-weight: 400;\">\u0926\u093f\u0928 \u092e\u0947\u0902</span></td>\n<td><span style=\"font-weight: 400;\">Slightly OTM</span></td>\n<td><span style=\"font-weight: 400;\">ATM</span></td>\n<td><span style=\"font-weight: 400;\">\u0928\u0940\u091a\u0947 \u092c\u093e\u092f\u0940\u0902 \u0913\u0930\u00a0</span></td>\n</tr>\n<tr>\n<td><span style=\"font-weight: 400;\">\u090f\u0915\u094d\u0938\u092a\u093e\u092f\u0930\u0940 \u092a\u0930</span></td>\n<td><span style=\"font-weight: 400;\">OTM</span></td>\n<td><span style=\"font-weight: 400;\">ATM/ITM</span></td>\n<td><span style=\"font-weight: 400;\">\u0928\u0940\u091a\u0947 \u0926\u093e\u092f\u0940\u0902 \u0913\u0930\u00a0</span></td>\n</tr>\n</tbody>\n</table>"], "videos": []}

{"title": "10. \u0932\u0949\u0928\u094d\u0917 \u0938\u094d\u091f\u094d\u0930\u0948\u0921\u0932", "text": ["\u0915\u0908 \u092c\u093e\u0930 \u0910\u0938\u093e \u0939\u094b\u0924\u093e \u0939\u0948 \u0915\u093f \u0906\u092a \u092c\u0939\u0941\u0924 \u0938\u094b\u091a \u0938\u092e\u091d\u0915\u0930 \u0915\u094b\u0908 \u0932\u0949\u0928\u094d\u0917 \u092f\u093e \u0936\u0949\u0930\u094d\u091f \u091f\u094d\u0930\u0947\u0921 \u0936\u0941\u0930\u0942 \u0915\u0930\u0924\u0947 \u0939\u0948\u0902, \u0932\u0947\u0915\u093f\u0928 \u0906\u092a\u0915\u0947 \u091f\u094d\u0930\u0947\u0921 \u0936\u0941\u0930\u0942 \u0915\u0930\u0928\u0947 \u0915\u0947 \u0915\u0941\u091b \u0926\u0947\u0930 \u092c\u093e\u0926 \u0939\u0940 \u092c\u093e\u091c\u093e\u0930 \u0926\u0942\u0938\u0930\u0940 \u0926\u093f\u0936\u093e \u092e\u0947\u0902 \u091a\u0932\u0928\u0947 \u0932\u0917\u0924\u093e \u0939\u0948\u0964 \u0906\u092a\u0915\u0940 \u0938\u093e\u0930\u0940 \u0930\u0923\u0928\u0940\u0924\u093f, \u092f\u094b\u091c\u0928\u093e, \u092a\u094d\u0930\u092f\u093e\u0938 \u0914\u0930 \u092a\u0948\u0938\u093e, \u0938\u092c \u0915\u0941\u091b \u0927\u0930\u093e \u0930\u0939 \u091c\u093e\u0924\u093e \u0939\u0948\u0964 \u092e\u0941\u091d\u0947 \u0935\u093f\u0936\u094d\u0935\u093e\u0938 \u0939\u0948 \u0915\u093f \u0906\u092a \u0938\u092c, \u0915\u092d\u0940 \u0928 \u0915\u092d\u0940 \u0910\u0938\u0940 \u0938\u094d\u0925\u093f\u0924\u093f \u092e\u0947\u0902 \u091c\u0930\u0942\u0930 \u092b\u0902\u0938\u0947 \u0939\u094b\u0902\u0917\u0947\u0964 \u092f\u0939\u0940 \u0935\u091c\u0939 \u0939\u0948 \u0915\u093f \u091c\u094b \u092a\u094d\u0930\u094b\u092b\u0947\u0936\u0928\u0932 \u091f\u094d\u0930\u0947\u0921\u0930 \u0939\u094b\u0924\u0947 \u0939\u0948\u0902 \u0935\u0939 \u090f\u0915 \u0938\u0940\u0927\u093e-\u0938\u093e\u0927\u093e \u091f\u094d\u0930\u0947\u0921 \u0932\u0947\u0928\u0947 \u0915\u0947 \u092c\u091c\u093e\u090f \u0939\u092e\u0947\u0936\u093e \u0915\u093f\u0938\u0940 \u0928\u093e \u0915\u093f\u0938\u0940 \u0938\u094d\u091f\u094d\u0930\u0948\u091f\u0947\u091c\u0940 \u0915\u093e \u0907\u0938\u094d\u0924\u0947\u092e\u093e\u0932 \u0915\u0930\u0924\u0947 \u0939\u0948\u0902, \u091c\u093f\u0938\u0938\u0947 \u0935\u094b \u092c\u093e\u091c\u093e\u0930 \u0915\u0940 \u0910\u0938\u0940 \u0938\u094d\u0925\u093f\u0924\u093f\u092f\u094b\u0902 \u0938\u0947 \u092c\u091a \u0938\u0915\u0947\u0902\u0964 \u092c\u093e\u091c\u093e\u0930 \u0915\u0940 \u0910\u0938\u0940 \u0930\u0923\u0928\u0940\u0924\u093f \u091c\u093f\u0938 \u092a\u0930 \u092c\u093e\u091c\u093e\u0930 \u0915\u0940 \u0926\u093f\u0936\u093e \u0915\u093e \u0915\u094b\u0908 \u0905\u0938\u0930 \u0928\u0939\u0940\u0902 \u092a\u0921\u093c\u0924\u093e \u0909\u0928\u094d\u0939\u0947\u0902 \u092e\u093e\u0930\u094d\u0915\u0947\u091f \u0928\u094d\u092f\u0942\u091f\u094d\u0930\u0932 \u092f\u093e \u0921\u0947\u0932\u094d\u091f\u093e \u0928\u094d\u092f\u0942\u091f\u094d\u0930\u0932 \u0938\u094d\u091f\u094d\u0930\u0948\u091f\u0947\u091c\u0940 \u0915\u0939\u093e \u091c\u093e\u0924\u093e \u0939\u0948\u0964 \u0905\u0917\u0932\u0947 \u0915\u0941\u091b \u0905\u0927\u094d\u092f\u093e\u092f\u094b\u0902 \u092e\u0947\u0902 \u0939\u092e \u092e\u093e\u0930\u094d\u0915\u0947\u091f \u0928\u094d\u092f\u0942\u091f\u094d\u0930\u0932 \u0938\u094d\u091f\u094d\u0930\u0948\u091f\u0947\u091c\u0940 \u092a\u0930 \u091a\u0930\u094d\u091a\u093e \u0915\u0930\u0947\u0902\u0917\u0947 \u0914\u0930 \u091c\u093e\u0928\u0947\u0902\u0917\u0947 \u0915\u093f \u090f\u0915 \u0930\u093f\u091f\u0947\u0932 \u091f\u094d\u0930\u0947\u0921\u0930\u094d\u0938 \u0915\u092c \u0914\u0930 \u0915\u0948\u0938\u0947 \u0910\u0938\u0940 \u0938\u094d\u091f\u094d\u0930\u0948\u091f\u0947\u091c\u0940 \u0915\u093e \u0907\u0938\u094d\u0924\u0947\u092e\u093e\u0932 \u0915\u0930 \u0938\u0915\u0924\u093e \u0939\u0948\u0964 \u0924\u094b \u0938\u092c\u0938\u0947 \u092a\u0939\u0932\u0947 \u092c\u093e\u0924 \u0915\u0930\u0924\u0947 \u0939\u0948\u0902 \u0932\u0949\u0928\u094d\u0917 \u0938\u094d\u091f\u094d\u0930\u0948\u0921\u0932 \u0915\u0940\u0964", "\u0932\u0949\u0928\u094d\u0917 \u0938\u094d\u091f\u094d\u0930\u0948\u0921\u0932 \u0907\u0938\u094d\u0924\u0947\u092e\u093e\u0932 \u0915\u0930\u0928\u0947 \u092e\u0947\u0902 \u0936\u093e\u092f\u0926 \u0938\u092c\u0938\u0947 \u0906\u0938\u093e\u0928 \u092e\u093e\u0930\u094d\u0915\u0947\u091f \u0928\u094d\u092f\u0942\u091f\u094d\u0930\u0932 \u0938\u094d\u091f\u094d\u0930\u0948\u091f\u0947\u091c\u0940 \u0939\u0948\u0964 \u0907\u0938\u0915\u093e \u0907\u0938\u094d\u0924\u0947\u092e\u093e\u0932 \u0915\u0930\u0928\u0947 \u0915\u0947 \u092c\u093e\u0926 \u0906\u092a\u0915\u093e P&L \u0907\u0938 \u092a\u0930 \u0928\u093f\u0930\u094d\u092d\u0930 \u0928\u0939\u0940\u0902 \u0915\u0930\u0924\u093e \u0915\u093f \u092c\u093e\u091c\u093e\u0930 \u0915\u093f\u0938 \u0926\u093f\u0936\u093e \u092e\u0947\u0902 \u091a\u0932 \u0930\u0939\u093e \u0939\u0948, \u092c\u093e\u091c\u093e\u0930 \u0915\u093f\u0938\u0940 \u092d\u0940 \u0926\u093f\u0936\u093e \u092e\u0947\u0902 \u091a\u0932\u0947, \u092c\u0938 \u092c\u093e\u091c\u093e\u0930 \u0915\u093e \u091a\u0932\u0928\u093e \u091c\u0930\u0942\u0930\u0940 \u0939\u094b\u0924\u093e \u0939\u0948\u0964 \u091c\u0948\u0938\u0947 \u0939\u0940 \u092c\u093e\u091c\u093e\u0930 \u0915\u093f\u0938\u0940 \u092d\u0940 \u0926\u093f\u0936\u093e \u092e\u0947\u0902 \u091a\u0932\u0924\u093e \u0939\u0948, \u0906\u092a\u0915\u093e P&L \u092e\u0941\u0928\u093e\u092b\u093e \u0926\u0947\u0928\u0947 \u0932\u0917\u0924\u093e \u0939\u0948\u0964 \u090f\u0915 \u0932\u0949\u0928\u094d\u0917 \u0938\u094d\u091f\u094d\u0930\u0948\u0921\u0932 \u092c\u0928\u093e\u0928\u0947 \u0915\u0947 \u0932\u093f\u090f \u092c\u0938 \u0906\u092a\u0915\u094b", "\u092f\u0939 \u0927\u094d\u092f\u093e\u0928 \u0930\u0916\u0947\u0902 \u0915\u093f", "\u090f\u0915 \u0909\u0926\u093e\u0939\u0930\u0923 \u092a\u0930 \u0928\u091c\u0930 \u0921\u093e\u0932\u0924\u0947 \u0939\u0948\u0902 \u091c\u094b \u0932\u0949\u0928\u094d\u0917 \u0938\u094d\u091f\u094d\u0930\u0948\u0921\u0932 \u0915\u094b \u092c\u0928\u093e\u0928\u0947 \u0914\u0930 \u0907\u0938 \u0938\u094d\u091f\u094d\u0930\u0948\u091f\u0947\u091c\u0940 \u0915\u0947 \u092a\u0947 \u0911\u092b \u0915\u094b \u0926\u093f\u0916\u093e\u0924\u093e \u0939\u0948\u0964 \u091c\u092c \u092e\u0948\u0902 \u0938\u094d\u091f\u094d\u0930\u0948\u091f\u0947\u091c\u0940 \u0915\u094b \u092c\u0928\u093e \u0930\u0939\u093e \u0939\u0942\u0902 \u0924\u094b \u092c\u093e\u091c\u093e\u0930 7579 \u092a\u0930 \u0939\u0948 \u0907\u0938 \u0935\u091c\u0939 \u0938\u0947 7605 \u0915\u0940 \u0938\u094d\u091f\u094d\u0930\u093e\u0907\u0915 \u090f\u091f \u0926 \u092e\u0928\u0940 (At The Money- ATM) \u0939\u0948\u0964 \u0932\u0949\u0928\u094d\u0917 \u0938\u094d\u091f\u094d\u0930\u0948\u0921\u0932 \u0915\u0947 \u0932\u093f\u090f \u0939\u092e\u0947\u0902 ATM \u0915\u0949\u0932 \u0914\u0930 \u092a\u0941\u091f \u0911\u092a\u094d\u0936\u0928 \u0938\u093e\u0925-\u0938\u093e\u0925 \u0916\u0930\u0940\u0926\u0928\u0947 \u0939\u094b\u0902\u0917\u0947\u0964", "\u091c\u0948\u0938\u093e \u0915\u093f \u0906\u092a \u090a\u092a\u0930 \u0915\u0947 \u091a\u093f\u0924\u094d\u0930 \u092e\u0947\u0902 \u0926\u0947\u0916 \u0938\u0915\u0924\u0947 \u0939\u0948\u0902 \u0907\u0938 7600 CE \u20b977 \u092a\u0930 \u091f\u094d\u0930\u0947\u0921 \u0915\u0930 \u0930\u0939\u093e \u0939\u0948 \u0914\u0930 7600 PE \u20b988 \u092a\u0930 \u091f\u094d\u0930\u0947\u0921 \u0915\u0930 \u0930\u0939\u093e \u0939\u0948\u0964 \u0907\u0928 \u0926\u094b\u0928\u094b\u0902 \u0915\u094b \u090f\u0915 \u0938\u093e\u0925 \u0916\u0930\u0940\u0926\u0928\u0947 \u092a\u0930 \u0906\u092a\u0915\u093e \u0928\u0947\u091f \u0921\u0947\u092c\u093f\u091f \u0939\u094b\u0917\u093e \u20b9165 \u0915\u093e\u0964 \u0938\u094d\u091f\u094d\u0930\u0948\u091f\u0947\u091c\u0940 \u092f\u0939 \u0939\u0948 \u0915\u093f 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\u0915\u0930\u0928\u0947 \u0915\u093e \u0924\u0930\u0940\u0915\u093e \u0938\u092e\u091d\u093e\u092f\u0947 \u0964", "\u092f\u0939 \u091c\u093e\u0928\u0915\u093e\u0930\u0940 \u0939\u092e\u093e\u0930\u0947 \u0935\u0947\u092c\u0938\u093e\u0907\u091f \u092a\u0930 \u0909\u092a\u0932\u092c\u094d\u0927 \u0939\u0948 \u0915\u0943\u092a\u092f\u093e \u0939\u092e\u093e\u0930\u0947 \u0938\u092a\u094b\u0930\u094d\u091f \u092a\u094b\u0930\u094d\u091f\u0932 \u0915\u094b \u092a\u095d\u0947\u0902: https://support.zerodha.com/", "Which volatility we need to check:\n1. implied volatility\n2. volatility index\nFor take long straddle?", "You look at the implied vol and compare the same with the ViX or historical volatility to get a perspective.", "Thank you so much sir", "Name (required)", "Mail (will not be published) (required)", "", "Post comment", "", "\u0394", "Varsity by Zerodha \u00a9 2015 \u2013 2024.\r\n\t\t\t\t\tAll rights reserved.\r\n\t\t\t\t\tReproduction of the Varsity materials, text and images,\r\n\t\t\t\t\tis not permitted. For media queries, contact [email\u00a0protected]"], "images": ["https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo.png", "https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo-small.png", "https://zerodha.com/varsity/wp-content/uploads/2016/03/M6-C10-Cartoon.png", "https://zerodha.com/varsity/wp-content/uploads/2016/03/Image-1_Setup.png", "https://zerodha.com/varsity/wp-content/uploads/2016/03/Image-2_payofftable.png", "https://zerodha.com/varsity/wp-content/uploads/2016/03/Image-3_Payoff.png", "https://zerodha.com/varsity/wp-content/uploads/2016/03/Image-4_volatility.png", "https://secure.gravatar.com/avatar/506d80c725c338d04e73cc3597e84b20?s=32&d=identicon&r=g", "https://secure.gravatar.com/avatar/be5de1b57c0a4cfdd8c128e3b984d149?s=32&d=identicon&r=g", "https://secure.gravatar.com/avatar/c297d265476ce7626e09ae1a802a9a43?s=32&d=identicon&r=g", "https://secure.gravatar.com/avatar/be5de1b57c0a4cfdd8c128e3b984d149?s=32&d=identicon&r=g", "https://secure.gravatar.com/avatar/fb974d6be592254c9cdca4ea72b23f0a?s=32&d=identicon&r=g", "https://secure.gravatar.com/avatar/be5de1b57c0a4cfdd8c128e3b984d149?s=32&d=identicon&r=g", "https://secure.gravatar.com/avatar/23899dbd3ea9b7ffc5e46ae26a561814?s=32&d=identicon&r=g", "https://secure.gravatar.com/avatar/f77c3f8361982099ed9ac6d852b2e2b1?s=32&d=identicon&r=g", "https://secure.gravatar.com/avatar/23899dbd3ea9b7ffc5e46ae26a561814?s=32&d=identicon&r=g", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/playstore.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/appstore.png"], "tables": [], "videos": []}

{"title": "11. \u0936\u0949\u0930\u094d\u091f \u0938\u094d\u091f\u094d\u0930\u0948\u0921\u0932", "text": ["\u092a\u093f\u091b\u0932\u0947 \u0905\u0927\u094d\u092f\u093e\u092f \u092e\u0947\u0902 \u0939\u092e\u0928\u0947 \u091c\u093e\u0928\u093e \u0915\u093f \u0932\u0949\u0928\u094d\u0917 \u0938\u094d\u091f\u094d\u0930\u0948\u0921\u0932 \u092e\u0947\u0902 \u092e\u0941\u0928\u093e\u092b\u093e \u0915\u092e\u093e\u0928\u0947 \u0915\u0947 \u0932\u093f\u090f \u0939\u092e\u0947\u0902 \u0915\u0941\u091b \u091a\u0940\u091c\u094b\u0902 \u0915\u094b \u0905\u092a\u0928\u0947 \u092a\u0915\u094d\u0937 \u092e\u0947\u0902 \u0915\u0930\u0928\u093e \u092a\u0921\u093c\u0924\u093e \u0939\u0948\u0964 \u090f\u0915 \u092c\u093e\u0930 \u0909\u0928 \u091a\u0940\u091c\u094b\u0902 \u092a\u0930 \u092b\u093f\u0930 \u0938\u0947 \u0928\u091c\u0930 \u0921\u093e\u0932 \u0932\u0947\u0924\u0947 \u0939\u0948\u0902 \u2013", "\u092f\u0939 \u0938\u091a \u0939\u0948 \u0915\u093f \u0932\u0949\u0928\u094d\u0917 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\u0915\u094b \u0909\u092e\u094d\u092e\u0940\u0926 \u0925\u0940 \u0915\u093f \u0907\u0902\u092b\u094b\u0938\u093f\u0938 \u0905\u091a\u094d\u091b\u0947 \u0928\u0924\u0940\u091c\u094b\u0902 \u0915\u093e \u0910\u0932\u093e\u0928 \u0915\u0930\u0947\u0917\u093e\u0964 \u0935\u093e\u0938\u094d\u0924\u0935 \u092e\u0947\u0902 \u0928\u0924\u0940\u091c\u0947 \u0909\u092e\u094d\u092e\u0940\u0926 \u0938\u0947 \u092d\u0940 \u091c\u094d\u092f\u093e\u0926\u093e \u0905\u091a\u094d\u091b\u0947 \u0925\u0947 , \u0926\u0947\u0916\u093f\u090f \u2013", "\u091c\u0941\u0932\u093e\u0908 \u0938\u093f\u0924\u0902\u092c\u0930 \u0924\u093f\u092e\u093e\u0939\u0940 \u0915\u0947 \u0932\u093f\u090f \u0907\u0902\u092b\u094b\u0938\u093f\u0938 \u0928\u0947 519 \u092e\u093f\u0932\u093f\u092f\u0928 \u0921\u0949\u0932\u0930 \u0915\u093e \u0928\u0947\u091f \u092a\u094d\u0930\u0949\u092b\u093f\u091f \u0926\u093f\u0916\u093e\u092f\u093e \u0925\u093e \u091c\u092c\u0915\u093f \u092a\u093f\u091b\u0932\u0947 \u0938\u093e\u0932 \u0907\u0938\u0940 \u0905\u0935\u0927\u093f \u0915\u0947 \u0932\u093f\u090f \u092e\u0941\u0928\u093e\u092b\u093e 511 \u092e\u093f\u0932\u093f\u092f\u0928 \u0921\u0949\u0932\u0930 \u0915\u093e \u0925\u093e\u0964 \u0915\u0902\u092a\u0928\u0940 \u0915\u0940 \u0906\u092e\u0926\u0928\u0940 8.7% \u092c\u0922\u093c\u0915\u0930 2.39 \u092c\u093f\u0932\u093f\u092f\u0928 \u0921\u0949\u0932\u0930 \u0939\u094b \u0917\u0908\u0964 \u0938\u0940\u0915\u094d\u0935\u0947\u0902\u0936\u093f\u092f\u0932 \u092c\u0947\u0938\u093f\u0938 (sequential basis) \u092f\u093e\u0928\u0940 \u0905\u0928\u0941\u0915\u094d\u0930\u092e\u093f\u0915 \u0906\u0927\u093e\u0930 \u092a\u0930 \u092d\u0940 \u0906\u092e\u0926\u0928\u0940 6% \u092c\u0922\u093c\u0940 \u091c\u092c\u0915\u093f \u092c\u093e\u091c\u093e\u0930 4- 4.5 % \u0915\u0940 \u0939\u0940 \u0909\u092e\u094d\u092e\u0940\u0926 \u0915\u0930 \u0930\u0939\u093e \u0925\u093e\u0964", "\u0930\u0941\u092a\u090f \u092e\u0947\u0902 \u0926\u0947\u0916\u0947 \u0924\u094b \u0928\u0947\u091f \u092a\u094d\u0930\u0949\u092b\u093f\u091f 9.8% \u092c\u0922\u093c\u0915\u0930 3398 \u0915\u0930\u094b\u0921\u093c \u0939\u094b \u0917\u092f\u093e \u0914\u0930 \u0906\u092e\u0926\u0928\u0940 15635 \u0915\u0930\u094b\u0921\u093c \u0930\u0941\u092a\u090f \u091c\u094b \u0915\u093f \u092a\u093f\u091b\u0932\u0947 \u0938\u093e\u0932 \u0938\u0947 17.2% \u091c\u094d\u092f\u093e\u0926\u093e \u0925\u0940\u0964 (\u0938\u094d\u0924\u094d\u0930\u094b\u0924- \u0907\u0915\u094b\u0928\u093e\u092e\u093f\u0915 \u091f\u093e\u0907\u092e\u094d\u0938)", "\u0915\u0902\u092a\u0928\u0940 \u0928\u0947 \u0928\u0924\u0940\u091c\u094b\u0902 \u0915\u0940 \u0918\u094b\u0937\u0923\u093e \u0938\u0941\u092c\u0939 9:18 \u092a\u0930 \u0915\u0940 \u092c\u093e\u091c\u093e\u0930 \u0916\u094b\u0932\u0928\u0947 \u0915\u0947 3 \u092e\u093f\u0928\u091f \u092c\u093e\u0926 \u0915\u0940 \u0914\u0930 \u0907\u0938 \u091f\u094d\u0930\u0947\u0921\u0930 \u0928\u0947 \u0905\u092a\u0928\u093e \u0938\u094c\u0926\u093e \u0909\u0938\u0940 \u0938\u092e\u092f \u0915\u093e\u091f \u0926\u093f\u092f\u093e\u0964", "\u092f\u0939 \u0939\u0948 \u0909\u0938 \u0938\u092e\u092f \u0915\u093e \u091a\u093f\u0924\u094d\u0930-", "1140 CE \u0905\u092c \u20b955 \u092a\u0930 \u091f\u094d\u0930\u0947\u0921 \u0915\u0930 \u0930\u0939\u093e \u0925\u093e \u0914\u0930 \u0907\u0902\u092a\u094d\u0932\u093e\u0907\u0921 \u0935\u094b\u0932\u0948\u091f\u093f\u0932\u093f\u091f\u0940 (Implied Volatility) \u0917\u093f\u0930\u0915\u0930 28% \u0930\u0939 \u0917\u0908 \u0925\u0940 1140 PE \u0905\u092c \u20b920 \u092a\u0930 \u091f\u094d\u0930\u0947\u0921 \u0915\u0930 \u0930\u0939\u093e \u0925\u093e \u0914\u0930 \u0907\u0902\u092a\u094d\u0932\u093e\u0907\u0921 \u0935\u094b\u0932\u0948\u091f\u093f\u0932\u093f\u091f\u0940 \u0917\u093f\u0930\u0915\u0930 40% \u0930\u0939 \u0917\u0908 \u0925\u0940\u0964", "\u092f\u0939\u093e\u0902 \u0927\u094d\u092f\u093e\u0928 \u0926\u0940\u091c\u093f\u090f \u0915\u093f \u0915\u0949\u0932 \u0911\u092a\u094d\u0936\u0928 \u091c\u093f\u0938 \u0930\u092b\u094d\u0924\u093e\u0930 \u0938\u0947 \u090a\u092a\u0930 \u092c\u0922\u093c\u093e \u0935\u094b \u0909\u0938 \u0930\u092b\u094d\u0924\u093e\u0930 \u0938\u0947 \u0915\u092e \u0925\u093e \u091c\u093f\u0938 \u0930\u092b\u094d\u0924\u093e\u0930 \u0938\u0947 \u092a\u0941\u091f \u0911\u092a\u094d\u0936\u0928 \u0928\u0940\u091a\u0947 \u0917\u093f\u0930\u093e\u0964 \u0905\u092c \u0915\u0941\u0932 \u092e\u093f\u0932\u093e\u0915\u0930 \u092a\u094d\u0930\u0940\u092e\u093f\u092f\u092e \u0925\u093e 75 \u0930\u0941\u092a\u090f \u092a\u094d\u0930\u0924\u093f \u0932\u0949\u091f\u0964 \u0907\u0938 \u0924\u0930\u0939 \u0938\u0947\u00a0 \u091f\u094d\u0930\u0947\u0921\u0930 \u0928\u0947 \u0939\u0930 \u0932\u0949\u091f \u092a\u0930 \u20b920 \u092c\u0928\u093e\u090f\u0964", "CE \u0914\u0930 PE \u0926\u094b\u0928\u094b\u0902 \u0915\u093e \u0921\u0947\u0932\u094d\u091f\u093e \u0915\u0930\u0940\u092c 0.5 \u0939\u094b\u0917\u093e\u0964 \u0939\u092e \u0907\u0928 \u0926\u094b\u0928\u094b\u0902 \u0911\u092a\u094d\u0936\u0928 \u0915\u0947 \u0921\u0947\u0932\u094d\u091f\u093e \u0915\u094b \u091c\u094b\u0921\u093c \u0915\u0930 \u0907\u0938 \u092a\u094b\u091c\u0940\u0936\u0928 \u0915\u0947 \u0921\u0947\u0932\u094d\u091f\u093e \u0915\u094b \u0926\u0947\u0916 \u0938\u0915\u0924\u0947 \u0939\u0948\u0902\u0964", "\u0921\u0947\u0932\u094d\u091f\u093e \u0915\u093e 0 \u0939\u094b\u0928\u093e \u0939\u092e\u0947\u0902 \u092c\u0924\u093e\u0924\u093e \u0939\u0948 \u0915\u093f \u0907\u0938 \u0938\u094d\u091f\u094d\u0930\u0948\u091f\u0947\u091c\u0940 \u092a\u0930 \u092c\u093e\u091c\u093e\u0930 \u0915\u0940 \u0926\u093f\u0936\u093e \u0915\u093e \u0915\u094b\u0908 \u0905\u0938\u0930 \u0928\u0939\u0940\u0902 \u0939\u094b\u0917\u093e\u0964 \u092f\u093e\u0926 \u0930\u0939\u0947 \u0915\u093f \u0936\u0949\u0930\u094d\u091f \u0914\u0930 \u0932\u0949\u0928\u094d\u0917 \u0938\u094d\u091f\u094d\u0930\u0948\u0921\u0932 \u0926\u094b\u0928\u094b\u0902 \u0939\u0940 \u0921\u0947\u0932\u094d\u091f\u093e \u0928\u094d\u092f\u0942\u091f\u094d\u0930\u0932 \u0939\u094b\u0924\u0947 \u0939\u0948\u0902\u0964 \u0932\u0949\u0928\u094d\u0917 \u0938\u094d\u091f\u094d\u0930\u0948\u0921\u0932 \u0915\u0947 \u0921\u0947\u0932\u094d\u091f\u093e \u0928\u094d\u092f\u0942\u091f\u094d\u0930\u0932 \u0939\u094b\u0928\u0947 \u0915\u093e \u092e\u0924\u0932\u092c \u0939\u0948 \u0915\u093f \u092f\u0939\u093e\u0902 \u092e\u0941\u0928\u093e\u092b\u093e \u0905\u0938\u0940\u092e\u093f\u0924 \u0939\u0948 \u091c\u092c\u0915\u093f \u0936\u0949\u0930\u094d\u091f \u0938\u094d\u091f\u094d\u0930\u0948\u0921\u0932 \u0915\u0947 \u0921\u0947\u0932\u094d\u091f\u093e \u0928\u094d\u092f\u0942\u091f\u094d\u0930\u0932 \u0939\u094b\u0928\u0947 \u0915\u093e \u092e\u0924\u0932\u092c \u0939\u0948 \u0915\u093f \u092f\u0939\u093e\u0902 \u0928\u0941\u0915\u0938\u093e\u0928 \u0905\u0938\u0940\u092e\u093f\u0924 \u0939\u0948\u0964", "\u092f\u0939\u093e\u0902 \u092a\u0930 \u0938\u094b\u091a\u0928\u0947 \u0935\u093e\u0932\u0940 \u092c\u093e\u0924 \u092f\u0947 \u0939\u0948 \u0915\u093f \u2013 \u091c\u092c \u0906\u092a \u0938\u094d\u091f\u094d\u0930\u0948\u0921\u0932 \u0915\u0940 \u092a\u094b\u091c\u0940\u0936\u0928 \u092c\u0928\u093e\u0924\u0947 \u0939\u0948\u0902 \u0924\u092c \u0924\u094b \u0906\u092a \u0921\u0947\u0932\u094d\u091f\u093e \u0928\u094d\u092f\u0942\u091f\u094d\u0930\u0932 \u0939\u094b\u0924\u0947 \u0939\u0948\u0902 \u0932\u0947\u0915\u093f\u0928 \u0915\u094d\u092f\u093e \u0906\u092a\u0915\u0940 \u092a\u094b\u091c\u0940\u0936\u0928 \u092c\u093e\u0926 \u092e\u0947\u0902 \u092d\u0940 \u0921\u0947\u0932\u094d\u091f\u093e \u0928\u094d\u092f\u0942\u091f\u094d\u0930\u0932 \u0930\u0939\u0947\u0917\u0940\u0964 \u0905\u0917\u0930 \u0939\u093e\u0902, \u0924\u094b \u0915\u094d\u092f\u094b\u0902, \u0914\u0930 \u0905\u0917\u0930 \u091c\u0935\u093e\u092c \u0928\u093e \u0939\u0948, \u0924\u094b \u092a\u094b\u091c\u0940\u0936\u0928 \u0915\u094b \u0921\u0947\u0932\u094d\u091f\u093e \u0928\u094d\u092f\u0942\u091f\u094d\u0930\u0932 \u0930\u0916\u0928\u0947 \u0915\u0947 \u0932\u093f\u090f \u0915\u094d\u092f\u093e \u0915\u0930\u0928\u093e \u091a\u093e\u0939\u093f\u090f\u0964", "\u0905\u0917\u0930 \u0906\u092a\u0928\u0947 \u0907\u0928 \u092c\u093e\u0924\u094b \u092a\u0930 \u0920\u0940\u0915 \u0938\u0947 \u0935\u093f\u091a\u093e\u0930 \u0915\u0930 \u0932\u093f\u092f\u093e \u0924\u094b \u092e\u0948\u0902 \u0917\u093e\u0930\u0902\u091f\u0940 \u0915\u0947 \u0938\u093e\u0925 \u0915\u0939 \u0938\u0915\u0924\u093e \u0939\u0942\u0902 \u0915\u093f \u0911\u092a\u094d\u0936\u0928 \u0915\u094b \u0932\u0947 \u0915\u0930 \u0906\u092a\u0915\u0940 \u0938\u092e\u091d \u092c\u093e\u091c\u093e\u0930 \u0915\u0947 90 \u092a\u094d\u0930\u0924\u093f\u0936\u0924 \u0932\u094b\u0917\u094b\u0902 \u0938\u0947 \u092c\u0947\u0939\u0924\u0930 \u0939\u0948\u0964 \u0907\u0928 \u0938\u0940\u0927\u0947 \u0938\u0935\u093e\u0932\u094b\u0902 \u0915\u093e \u091c\u0935\u093e\u092c \u0926\u0947\u0928\u0947 \u0915\u0947 \u0932\u093f\u090f \u0906\u092a\u0915\u094b \u0925\u094b\u0921\u093c\u093e \u0917\u0939\u0930\u093e\u0908 \u092e\u0947\u0902 \u091c\u093e\u0928\u093e \u0939\u094b\u0917\u093e\u0964", "Thanks for understand very Easy way\nbut correction this lines 1140 PE \u20b947 \u092a\u0930 \u091f\u094d\u0930\u0947\u0921 \u0915\u0930 \u0930\u0939\u093e \u0925\u093e \u0907\u0902\u092a\u094d\u0932\u093e\u0907\u0921 \u0935\u094b\u0932\u0948\u091f\u093f\u0932\u093f\u091f\u0940 8% \u0925\u0940\u0964\n8% jaga par 48% hoga I think", "\u0938\u0942\u091a\u093f\u0924 \u0915\u0930\u0928\u0947 \u0915\u0947 \u0932\u093f\u090f \u0927\u0928\u094d\u092f\u0935\u093e\u0926 \u0939\u092e \u0907\u0938\u0915\u094b \u0938\u0939\u0940 \u0915\u0930\u0926\u0947\u0902\u0917\u0947\u0964", "Sir plz clarify whether delta will netrul or not after straddle and why", "\u090f\u0915 \u0909\u0926\u093e\u0939\u0930\u0923 \u0926\u0947\u0916\u0924\u0947 \u0939\u0948\u0902, \u092e\u093e\u0928 \u0932\u0947\u0902 \u0915\u093f \u0928\u093f\u092b\u094d\u091f\u0940 7859 \u092a\u0930 \u0939\u0948, \u0924\u094b \u0905\u092c 7600 ATM \u0938\u094d\u091f\u094d\u0930\u093e\u0907\u0915 \u0939\u094b\u0917\u093e\u0964 \u0911\u092a\u094d\u0936\u0928 \u0915\u093e \u092a\u094d\u0930\u0940\u092e\u093f\u092f\u092e \u0939\u094b\u0917\u093e.", "I think nifty CMP should be 7559 not 7859 plz check", "\u0938\u0942\u091a\u093f\u0924 \u0915\u0930\u0928\u0947 \u0915\u0947 \u0932\u093f\u090f \u0927\u0928\u094d\u092f\u0935\u093e\u0926 \u0939\u092e \u0907\u0938\u0915\u094b \u0938\u0939\u0940 \u0915\u0930\u0926\u0947\u0902\u0917\u0947\u0964", "\u091c\u0948\u0938\u0947 \u0906\u092a\u0928\u0947 \u0932\u0949\u0928\u094d\u0917 \u0938\u094d\u091f\u094d\u0930\u0948\u0921\u0932 \u092e\u0947\u0902 \u092c\u0924\u093e\u092f\u093e \u0925\u093e \u0915\u0940 \u0907\u0938\u0947 \u0924\u092c \u0932\u0947\u0928\u093e \u091a\u093e\u0939\u093f\u090f \u091c\u092c \u090f\u0915\u094d\u0938\u092a\u093e\u092f\u0930\u0940 \u092e\u0947\u0902 \u0915\u093e\u092b\u0940 \u0938\u092e\u092f \u0939\u094b. \u0909\u0938\u0940 \u0924\u0930\u0939 \u0936\u093e\u0930\u094d\u091f \u0938\u094d\u091f\u094d\u0930\u0948\u0921\u0932 \u0915\u092c \u092c\u0928\u093e\u0928\u093e \u091a\u093e\u0939\u093f\u090f. \u090f\u0915\u094d\u0938\u092a\u093e\u092f\u0930\u0940 \u0915\u0947 \u0928\u091c\u0926\u0940\u0915 \u092f\u093e \u090f\u0915\u094d\u0938\u092a\u093e\u092f\u0930\u0940 \u092e\u0947\u0902 \u0915\u093e\u092b\u0940 \u0938\u092e\u092f \u0939\u094b \u0924\u092c.", "i may please be allowed to make a request that in option strategy section can you please add adjustment technique in case view has become wrong. you know in the name of fire fighting technique some persons on you tube earning a lot by offering courses to retail investor. you did a good job providing this course free but it will be more useful with adjustment tech..", "Thank you for your feedback Rajesh, we will look into this. \ud83d\ude42", "Name (required)", "Mail (will not be published) (required)", "", "Post comment", "", "\u0394", "Varsity by Zerodha \u00a9 2015 \u2013 2024.\r\n\t\t\t\t\tAll rights reserved.\r\n\t\t\t\t\tReproduction of the Varsity materials, text and images,\r\n\t\t\t\t\tis not permitted. 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{"title": "12. \u0932\u0949\u0928\u094d\u0917 \u0914\u0930 \u0936\u093e\u0930\u094d\u091f \u0938\u094d\u091f\u094d\u0930\u0948\u0902\u0917\u0932", "text": ["\u0905\u0917\u0930 \u0906\u092a\u0928\u0947 \u0938\u094d\u091f\u094d\u0930\u0948\u0921\u0932 \u0915\u094b \u0938\u092e\u091d \u0932\u093f\u092f\u093e \u0939\u0948 \u0924\u094b \u0906\u092a\u0915\u0947 \u0932\u093f\u090f \u0938\u094d\u091f\u094d\u0930\u0948\u0902\u0917\u0932 \u0915\u094b \u0938\u092e\u091d\u0928\u093e \u0915\u093e\u092b\u0940 \u0906\u0938\u093e\u0928 \u0939\u094b\u0917\u093e\u0964 \u0938\u094d\u091f\u094d\u0930\u0948\u0921\u0932 \u0914\u0930 \u0938\u094d\u091f\u094d\u0930\u0948\u0902\u0917\u0932 \u0915\u0930\u0940\u092c-\u0915\u0930\u0940\u092c \u090f\u0915 \u091c\u0948\u0938\u0947 \u0939\u0940 \u0939\u094b\u0924\u0947 \u0939\u0948\u0902 \u0915\u094d\u092f\u094b\u0902\u0915\u093f \u0907\u0928\u0915\u0947 \u092a\u0940\u091b\u0947 \u0915\u0940 \u0938\u094b\u091a \u090f\u0915 \u091c\u0948\u0938\u0940 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\u0938\u094d\u091f\u094d\u0930\u093e\u0907\u0915 \u0939\u0948\u0964 \u0905\u092c \u0905\u0917\u0930 \u092f\u0939\u093e\u0902 \u0906\u092a\u0915\u094b \u0932\u0949\u0928\u094d\u0917 \u0938\u094d\u091f\u094d\u0930\u0948\u0921\u0932 \u092c\u0928\u093e\u0928\u093e \u0939\u0948 \u0924\u094b \u0906\u092a\u0915\u094b 5900 CE \u0914\u0930 5900 PE \u0916\u0930\u0940\u0926\u0928\u093e \u0939\u094b\u0917\u093e\u0964 \u0907\u0928 \u0926\u094b\u0928\u094b\u0902 \u0915\u093e \u092a\u094d\u0930\u0940\u092e\u093f\u092f\u092e \u0915\u094d\u0930\u092e\u0936: 66 \u0914\u0930 57 \u0939\u094b\u0917\u093e", "\u0928\u0947\u091f \u0915\u0948\u0936 \u0906\u0909\u091f \u0932\u0947 = \u00a066 +\u00a0 57 = 123", "\u090a\u092a\u0930 \u0915\u093e \u092c\u094d\u0930\u0947\u0915 \u0907\u0935\u0928 = 5921 + 123 = 6044", "\u0928\u0940\u091a\u0947 \u0915\u093e \u092c\u094d\u0930\u0947\u0915 \u0907\u0935\u0928 =\u00a0 5921 \u2013 123 = 5798", "\u0905\u092c \u0910\u0938\u0947 \u092e\u0947\u0902 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\u090f\u0915 \u0939\u0940 \u090f\u0915\u094d\u0938\u092a\u093e\u092f\u0930\u0940 \u0915\u0947 \u0914\u0930 \u090f\u0915 \u0939\u0940 \u0905\u0902\u0921\u0930\u0932\u093e\u0907\u0902\u0917 \u0915\u0947 \u0939\u094b\u0902\u0964 \u0909\u0928\u0915\u094b \u0932\u0947\u0928\u0947 \u0915\u093e \u0905\u0928\u0941\u092a\u093e\u0924 \u0939\u092e\u0947\u0936\u093e \u090f\u0915 \u0938\u092e\u093e\u0928 \u0939\u094b\u0928\u093e \u091a\u093e\u0939\u093f\u090f\u0964 (\u0938\u094d\u091f\u094d\u0930\u0948\u0921\u0932 \u0915\u0947 \u0938\u092e\u092f \u092e\u0948\u0902 \u092f\u0947 \u092c\u093e\u0924 \u092f\u093e\u0926 \u0926\u093f\u0932\u093e\u0928\u093e \u092d\u0942\u0932 \u0917\u092f\u093e \u0925\u093e)", "\u092f\u0939\u093e\u0902 \u090f\u0915 \u0939\u0940 \u0905\u0928\u0941\u092a\u093e\u0924 \u0915\u093e \u092e\u0924\u0932\u092c \u0939\u0948 \u0915\u093f \u0915\u0949\u0932 \u0911\u092a\u094d\u0936\u0928 \u0915\u0940 \u0938\u0902\u0916\u094d\u092f\u093e \u0909\u0924\u0928\u0940 \u0939\u094b\u0928\u0940 \u091a\u093e\u0939\u093f\u090f \u091c\u093f\u0924\u0928\u0940 \u0938\u0902\u0916\u094d\u092f\u093e \u092a\u0941\u091f \u0911\u092a\u094d\u0936\u0928 \u0915\u0940 \u0939\u0948\u0964 \u092e\u0924\u0932\u092c \u092f\u0939 \u0915\u093f 1:1 \u0915\u093e \u0905\u0928\u0941\u092a\u093e\u0924 \u0939\u094b \u0938\u0915\u0924\u093e \u0939\u0948 \u0905\u0917\u0930 \u0915\u0949\u0932 \u0915\u093e \u090f\u0915 \u0932\u0949\u091f \u0916\u0930\u0940\u0926\u093e \u0917\u092f\u093e \u0939\u0948 \u0914\u0930\u00a0 \u092a\u0941\u091f \u0915\u093e \u092d\u0940 \u090f\u0915 \u0939\u0940 \u0932\u093c\u0949\u091f \u0916\u0930\u0940\u0926\u093e \u0917\u092f\u093e\u0964 \u0905\u0917\u0930 \u0906\u092a 5:5 \u0915\u093e \u0905\u0928\u0941\u092a\u093e\u0924 \u092c\u0928\u093e \u0930\u0939\u0947 \u0939\u0948\u0902 \u0924\u094b \u0915\u0949\u0932 \u0915\u093e 5 \u0932\u0949\u091f \u0916\u0930\u0940\u0926\u0928\u0947 \u092a\u0930 \u092a\u0941\u091f \u0915\u093e \u092d\u0940 5 \u0932\u0949\u091f \u0916\u0930\u0940\u0926\u0947\u0902\u0964 2:3 \u0915\u093e \u0905\u0928\u0941\u092a\u093e\u0924 \u092f\u093e \u0910\u0938\u093e \u0915\u094b\u0908 \u0914\u0930 \u0905\u0928\u0941\u092a\u093e\u0924 \u0938\u094d\u091f\u094d\u0930\u0948\u0902\u0917\u0932 \u092f\u093e \u0938\u094d\u091f\u094d\u0930\u0948\u0921\u0932 \u0915\u0947 \u0932\u093f\u090f \u0928\u0939\u0940\u0902 \u0939\u0948\u0964 \u0905\u0917\u0930 \u0906\u092a \u0915\u0949\u0932 \u0915\u0947 \u0926\u094b \u0932\u0949\u091f \u0916\u0930\u0940\u0926\u0947 \u0914\u0930 \u092a\u0941\u091f \u0915\u0947 \u0924\u0940\u0928 \u0932\u0949\u091f \u0916\u0930\u0940\u0926\u0947\u0902 \u0924\u094b \u092f\u0939 \u0938\u094d\u091f\u094d\u0930\u0948\u0902\u0917\u0932 \u0914\u0930 \u0938\u094d\u091f\u094d\u0930\u0948\u0921\u0932 \u092e\u0947\u0902 \u0915\u093e\u092e \u0928\u0939\u0940\u0902 \u0906\u0924\u093e\u0964", "\u0924\u094b \u0905\u092a\u0928\u0947 \u0909\u0926\u093e\u0939\u0930\u0923 \u092a\u0930 \u0935\u093e\u092a\u0938 \u0932\u094c\u091f\u0924\u0947 \u0939\u0948\u0902, \u0939\u092e\u0928\u0947 \u092e\u093e\u0928\u093e \u0939\u0948 \u0915\u093f \u0928\u093f\u092b\u093c\u094d\u091f\u0940 7931 \u092a\u0930 \u0939\u0948 \u0939\u092e\u0947\u0902 OTM \u0915\u0949\u0932 \u0914\u0930 \u092a\u0941\u091f \u0911\u092a\u094d\u0936\u0928 \u0916\u0930\u0940\u0926\u0928\u093e \u0939\u0948 \u0924\u094b \u092e\u0948\u0902 \u092f\u0939\u093e\u0902 \u092a\u0930 \u0926\u094b\u0928\u094b\u0902 \u0924\u0930\u092b 200 \u092a\u094d\u0935\u093e\u0907\u0902\u091f \u0926\u0942\u0930 \u0915\u0940 \u0938\u094d\u091f\u094d\u0930\u093e\u0907\u0915 \u0915\u094b \u0916\u0930\u0940\u0926\u0942\u0902\u0917\u093e (\u0927\u094d\u092f\u093e\u0928 \u0930\u0916\u093f\u090f \u0915\u093f \u0907\u0938\u0915\u0940 \u0915\u094b\u0908 \u0916\u093e\u0938 \u0935\u091c\u0939 \u0928\u0939\u0940\u0902 \u0939\u0948 \u0915\u093f \u092e\u0948\u0902 200 \u092a\u094d\u0935\u093e\u0907\u0902\u091f \u0926\u0942\u0930 \u0915\u093e \u0938\u094d\u091f\u094d\u0930\u093e\u0907\u0915 \u091a\u0941\u0928 \u0930\u0939\u093e \u0939\u0942\u0902) \u0907\u0938\u0915\u093e \u092e\u0924\u0932\u092c \u0939\u0948 \u0915\u093f \u092e\u0948\u0902 7700 \u0915\u093e \u092a\u0941\u091f \u0911\u092a\u094d\u0936\u0928 8100 \u0915\u093e \u0915\u0949\u0932 \u0911\u092a\u094d\u0936\u0928 \u0916\u0930\u0940\u0926\u0942\u0902\u0917\u093e\u0964 \u092f\u0939 \u0911\u092a\u094d\u0936\u0928 \u20b928 \u0914\u0930 \u20b932 \u092a\u0930 \u092c\u093f\u0915 \u0930\u0939\u0947 \u0939\u0948\u0902\u0964", "\u0924\u094b \u0938\u094d\u091f\u094d\u0930\u0948\u0902\u0917\u0932 \u092c\u0928\u093e\u0928\u0947 \u0915\u0947 \u0932\u093f\u090f \u0915\u0941\u0932 \u092e\u093f\u0932\u093e\u0915\u0930 60 \u0915\u093e \u092a\u094d\u0930\u0940\u092e\u093f\u092f\u092e \u0926\u0947\u0928\u093e \u092a\u0921\u093c\u0947\u0917\u093e\u0964 \u0924\u094b \u0905\u092c \u0926\u0947\u0916\u0924\u0947 \u0939\u0948\u0902 \u0905\u0932\u0917-\u0905\u0932\u0917 \u0938\u094d\u0925\u093f\u0924\u093f\u092f\u094b\u0902 \u092e\u0947\u0902 \u092f\u0939 \u0938\u094d\u091f\u094d\u0930\u0948\u091f\u0947\u091c\u0940 \u0915\u093f\u0938 \u0924\u0930\u0939 \u0938\u0947 \u0915\u093e\u092e \u0915\u0930\u0924\u0940 \u0939\u0948\u0964 \u092e\u0948\u0902 \u092f\u0939\u093e\u0902 \u092a\u0930 \u091a\u0930\u094d\u091a\u093e \u0915\u094b \u091b\u094b\u091f\u093e \u0939\u0940 \u0930\u0916\u0942\u0902\u0917\u093e \u0915\u094d\u092f\u094b\u0902\u0915\u093f \u092e\u0941\u091d\u0947 \u092d\u0930\u094b\u0938\u093e \u0939\u0948 \u0915\u093f \u0905\u092c \u0906\u092a \u092c\u093e\u091c\u093e\u0930 \u0915\u0940 \u0905\u0932\u0917-\u0905\u0932\u0917 \u0938\u094d\u0925\u093f\u0924\u093f\u092f\u094b\u0902 \u092e\u0947\u0902 \u0939\u094b\u0928\u0947 \u0935\u093e\u0932\u0947 P&L \u0915\u094b \u0906\u0938\u093e\u0928\u0940 \u0938\u0947 \u0938\u092e\u091d \u0938\u0915\u0924\u0947 \u0939\u0948\u0902\u0964", "\u0938\u094d\u0925\u093f\u0924\u093f 1 \u2013 \u092c\u093e\u091c\u093e\u0930 7500 \u092a\u0930 \u090f\u0915\u094d\u0938\u092a\u093e\u092f\u0930 \u0939\u094b\u0924\u093e \u0939\u0948 (PE \u0938\u094d\u091f\u094d\u0930\u093e\u0907\u0915 \u0938\u0947 \u0915\u093e\u092b\u0940 \u0928\u0940\u091a\u0947)", "7500 \u092a\u0930 \u0915\u0949\u0932 \u0911\u092a\u094d\u0936\u0928 \u0915\u0947 \u0932\u093f\u090f \u0926\u093f\u092f\u093e \u0917\u092f\u093e \u092a\u094d\u0930\u0940\u092e\u093f\u092f\u092e \u092f\u093e\u0928\u0940 32 \u0935\u0930\u094d\u0925\u0932\u0947\u0938 \u0939\u094b \u091c\u093e\u090f\u0917\u093e, \u0932\u0947\u0915\u093f\u0928 \u092a\u0941\u091f \u0911\u092a\u094d\u0936\u0928 \u0915\u0940 \u0907\u0902\u091f\u094d\u0930\u093f\u0928\u094d\u0938\u093f\u0915 \u0935\u0948\u0932\u094d\u092f\u0942 200 \u092a\u094d\u0935\u093e\u0907\u0902\u091f \u0915\u0940 \u0939\u094b\u0917\u0940\u0964 \u092a\u0941\u091f \u0911\u092a\u094d\u0936\u0928 \u0915\u0947 \u0932\u093f\u090f \u0926\u093f\u092f\u093e \u0917\u092f\u093e \u092a\u094d\u0930\u0940\u092e\u093f\u092f\u092e \u0939\u0948 28 \u0907\u0938 \u0924\u0930\u0939 \u0915\u0941\u0932 \u092e\u0941\u0928\u093e\u092b\u093e \u0939\u094b\u0917\u093e 200 \u2013 28\u00a0 = 172", "\u0905\u092c \u0905\u0917\u0930 \u0939\u092e \u0915\u0949\u0932 \u0906\u092a\u094d\u0936\u0928 \u0915\u0947 \u0932\u093f\u090f \u0926\u093f\u090f \u0917\u090f \u092a\u094d\u0930\u0940\u092e\u093f\u092f\u092e,32, \u0915\u094b \u092d\u0940 \u092a\u0941\u091f \u0911\u092a\u094d\u0936\u0928 \u0938\u0947 \u0939\u094b \u0930\u0939\u0947 \u0907\u0938 \u092e\u0941\u0928\u093e\u092b\u0947 \u092e\u0947\u0902 \u0938\u0947 \u0918\u091f\u093e \u0926\u0947\u0902 \u0924\u094b \u0915\u0941\u0932 \u092e\u0941\u0928\u093e\u092b\u093e \u0939\u094b\u0917\u093e 172 \u2013 32 = 140", "\u0938\u094d\u0925\u093f\u0924\u093f 2 \u2013 \u092c\u093e\u091c\u093e\u0930 7640 \u092a\u0930 \u090f\u0915\u094d\u0938\u092a\u093e\u092f\u0930 \u0939\u094b\u0924\u093e \u0939\u0948 (\u0928\u0940\u091a\u0947 \u0915\u0947 \u092c\u094d\u0930\u0947\u0915 \u0907\u0935\u0928 \u092a\u0930)", "7640 \u092a\u0930 7700 \u092a\u0941\u091f \u0911\u092a\u094d\u0936\u0928 \u0915\u0940 \u0907\u0902\u091f\u094d\u0930\u093f\u0928\u094d\u0938\u093f\u0915 \u0935\u0948\u0932\u094d\u092f\u0942 60 \u0939\u094b\u0917\u0940\u0964 \u092a\u0941\u091f \u0911\u092a\u094d\u0936\u0928 \u0915\u0940 \u0907\u0902\u091f\u094d\u0930\u093f\u0928\u094d\u0938\u093f\u0915 \u0935\u0948\u0932\u094d\u092f\u0942 \u0926\u094b\u0928\u094b\u0902 \u0911\u092a\u094d\u0936\u0928 \u0915\u0947 \u0932\u093f\u090f \u0926\u093f\u090f \u0917\u090f \u092a\u094d\u0930\u0940\u092e\u093f\u092f\u092e \u0915\u0947 \u092c\u0930\u093e\u092c\u0930 \u0939\u0948, 32 + 28 = 60 , \u092e\u0924\u0932\u092c 7640 \u092a\u0930 \u0938\u094d\u091f\u094d\u0930\u0948\u0902\u0917\u0932 \u092e\u0947\u0902 \u0928\u093e \u0924\u094b \u092a\u0948\u0938\u0947 \u092c\u0928\u0924\u0947 \u0939\u0948\u0902 \u0914\u0930 \u0928\u093e \u0939\u0940 \u092a\u0948\u0938\u0947 \u0921\u0942\u092c\u0924\u0947 \u0939\u0948\u0902\u0964", "\u0938\u094d\u0925\u093f\u0924\u093f 3 \u2013 \u092c\u093e\u091c\u093e\u0930 7700 \u092a\u0930 \u090f\u0915\u094d\u0938\u092a\u093e\u092f\u0930 \u0939\u094b\u0924\u093e \u0939\u0948 (PE \u0938\u094d\u091f\u094d\u0930\u093e\u0907\u0915 \u092a\u0930)", "7700 \u092a\u0930 \u0915\u0949\u0932 \u0914\u0930 \u092a\u0941\u091f \u0926\u094b\u0928\u094b\u0902 \u0911\u092a\u094d\u0936\u0928 \u0935\u0930\u094d\u0925\u0932\u0947\u0938 \u090f\u0915\u094d\u0938\u092a\u093e\u092f\u0930 \u0939\u094b\u0902\u0917\u0947 \u0914\u0930 \u0926\u093f\u092f\u093e \u0917\u092f\u093e \u092a\u094d\u0930\u0940\u092e\u093f\u092f\u092e, 32 + 28 = 60, \u00a0\u0921\u0942\u092c \u091c\u093e\u090f\u0917\u093e\u0964 \u092f\u0939\u093e\u0902 \u092a\u0930 \u0907\u0938 \u0938\u094d\u091f\u094d\u0930\u0948\u091f\u0947\u091c\u0940 \u0915\u093e \u0918\u093e\u091f\u093e \u0905\u092a\u0928\u0947 \u0905\u0927\u093f\u0915\u0924\u092e \u0938\u094d\u0924\u0930 \u092a\u0930 \u0939\u094b\u0917\u093e\u0964", "\u0938\u094d\u0925\u093f\u0924\u093f 4 \u2013 \u092c\u093e\u091c\u093e\u0930 7900,8100 \u092a\u0930 \u090f\u0915\u094d\u0938\u092a\u093e\u092f\u0930 \u0939\u094b\u0924\u093e \u0939\u0948 (\u0915\u094d\u0930\u092e\u0936: ATM \u0914\u0930 CE \u0938\u094d\u091f\u094d\u0930\u093e\u0907\u0915)", "7900 \u0914\u0930 8100 \u092a\u0930 \u0926\u094b\u0928\u094b\u0902 \u0911\u092a\u094d\u0936\u0928 \u0935\u0930\u094d\u0925\u0932\u0947\u0938 \u090f\u0915\u094d\u0938\u092a\u093e\u092f\u0930 \u0939\u094b\u0902\u0917\u0947 \u0914\u0930 \u0926\u093f\u092f\u093e \u0917\u092f\u093e \u092a\u094d\u0930\u0940\u092e\u093f\u092f\u092e 60, \u00a0\u0921\u0942\u092c \u091c\u093e\u090f\u0917\u093e\u0964", "\u0938\u094d\u0925\u093f\u0924\u093f 5 \u2013 \u092c\u093e\u091c\u093e\u0930 8160 \u092a\u0930 \u090f\u0915\u094d\u0938\u092a\u093e\u092f\u0930 \u0939\u094b\u0924\u093e \u0939\u0948 (\u090a\u092a\u0930 \u0915\u093e \u092c\u094d\u0930\u0947\u0915 \u0907\u0935\u0928)", "8160 \u092a\u0930 8100 \u0915\u0947 \u0915\u0949\u0932 \u0911\u092a\u094d\u0936\u0928 \u0915\u0940 \u0911\u092a\u094d\u0936\u0928 \u0915\u0940 \u0907\u0902\u091f\u094d\u0930\u093f\u0928\u094d\u0938\u093f\u0915 \u0935\u0948\u0932\u094d\u092f\u0942 60 \u0939\u094b\u0917\u0940\u0964 \u0915\u0949\u0932 \u0911\u092a\u094d\u0936\u0928 \u092e\u0947\u0902 \u0939\u094b \u0930\u0939\u093e \u092e\u0941\u0928\u093e\u092b\u093e\u00a0 \u0915\u0949\u0932 \u0914\u0930 \u092a\u0941\u091f \u0911\u092a\u094d\u0936\u0928 \u0915\u0947 \u0932\u093f\u090f \u0926\u093f\u090f \u0917\u090f \u092a\u094d\u0930\u0940\u092e\u093f\u092f\u092e \u0915\u0940 \u092d\u0930\u092a\u093e\u0908 \u0915\u0930 \u0926\u0947\u0917\u093e\u0964", "\u0938\u094d\u0925\u093f\u0924\u093f\u00a0 \u2013 \u092c\u093e\u091c\u093e\u0930 8300 \u092a\u0930 \u090f\u0915\u094d\u0938\u092a\u093e\u092f\u0930 \u0939\u094b\u0924\u093e \u0939\u0948 (CE \u0938\u094d\u091f\u094d\u0930\u093e\u0907\u0915 \u0915\u0947 \u0915\u093e\u092b\u0940 \u090a\u092a\u0930)", "8300 \u092a\u0930 8100 \u0915\u0947 \u0915\u0949\u0932 \u0911\u092a\u094d\u0936\u0928 \u0915\u0940 \u0907\u0902\u091f\u094d\u0930\u093f\u0928\u094d\u0938\u093f\u0915 \u0935\u0948\u0932\u094d\u092f\u0942 200 \u0939\u094b\u0917\u0940\u0964 \u0907\u0938\u0932\u093f\u090f \u0907\u0938 \u0906\u092a\u094d\u0936\u0928 \u092e\u0947\u0902 200 \u092c\u0928\u0947\u0902\u0917\u0947\u0964 \u0926\u094b\u0928\u094b\u0902 \u092a\u094d\u0930\u0940\u092e\u093f\u092f\u092e \u0915\u0947 60 \u0915\u094b \u0928\u093f\u0915\u093e\u0932\u0928\u0947 \u0915\u0947 \u092c\u093e\u0926 \u0939\u092e\u093e\u0930\u0947 \u092a\u093e\u0938 \u092c\u091a\u0947\u0902\u0917\u0947 140. \u0927\u094d\u092f\u093e\u0928 \u0926\u0940\u091c\u093f\u090f \u0915\u093f \u092c\u094d\u0930\u0947\u0915 \u0907\u0935\u0928 \u0915\u0947 \u090a\u092a\u0930 \u0914\u0930 \u092c\u094d\u0930\u0947\u0915 \u0907\u0935\u0928 \u0915\u0947 \u0928\u0940\u091a\u0947 \u0915\u0947 \u092a\u0947 \u0911\u092b \u092e\u0947\u0902 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\u0911\u092a\u094d\u0936\u0928 \u0915\u094b \u091a\u0941\u0928 \u0930\u0939\u0947 \u0939\u0948\u0902 (\u092f\u093e\u0926 \u0930\u0916\u0947\u0902 \u0915\u093f \u092f\u0947 ATM \u0938\u0947 \u092c\u0930\u093e\u092c\u0930 \u0926\u0942\u0930\u0940 \u0915\u0940 \u0938\u094d\u091f\u094d\u0930\u093e\u0907\u0915 \u0939\u0948) \u0907\u0938\u0932\u093f\u090f \u0915\u0949\u0932 \u0914\u0930 \u092a\u0941\u091f \u0926\u094b\u0928\u094b\u0902 \u0915\u093e \u0921\u0947\u0932\u094d\u091f\u093e 0.3 \u092f\u093e \u0909\u0938\u0938\u0947 \u0915\u092e \u0939\u094b\u0917\u093e\u0964 \u0939\u092e \u0907\u0928 \u0926\u094b\u0928\u094b\u0902 \u0921\u0947\u0932\u094d\u091f\u093e \u0915\u094b \u091c\u094b\u0921\u093c \u0938\u0915\u0924\u0947 \u0939\u0948\u0902 \u0914\u0930 \u092a\u094b\u091c\u0940\u0936\u0928 \u0915\u093e \u0915\u0941\u0932 \u0921\u0947\u0932\u094d\u091f\u093e \u0928\u093f\u0915\u093e\u0932 \u0915\u0930 \u0926\u0947\u0916 \u0938\u0915\u0924\u0947 \u0939\u0948\u0902", "\u092e\u0948\u0902\u0928\u0947 \u0926\u094b\u0928\u094b\u0902 \u0915\u0947 \u0921\u0947\u0932\u094d\u091f\u093e \u0915\u094b 0.3 \u092e\u093e\u0928\u093e \u0939\u0948 \u0932\u0947\u0915\u093f\u0928 \u092f\u0947 \u0925\u094b\u0921\u093c\u093e \u0905\u0932\u0917 \u092d\u0940 \u0939\u094b \u0938\u0915\u0924\u0947 \u0939\u0948\u0902, \u0907\u0938\u0932\u093f\u090f \u092f\u0947 \u0939\u094b \u0938\u0915\u0924\u093e \u0939\u0948 \u0915\u093f \u0939\u092e \u092a\u0942\u0930\u0940 \u0924\u0930\u0939 \u0938\u0947 \u0921\u0947\u0932\u094d\u091f\u093e \u0928\u094d\u092f\u0942\u091f\u094d\u0930\u0932 \u0928\u093e \u0939\u094b\u0902, \u0932\u0947\u0915\u093f\u0928 \u0921\u0947\u0932\u094d\u091f\u093e \u0907\u0924\u0928\u0947 \u092d\u0940 \u0905\u0927\u093f\u0915 \u0928\u0939\u0940\u0902 \u0939\u094b\u0902\u0917\u0947 \u0915\u093f \u092c\u093e\u091c\u093e\u0930 \u0915\u0940 \u0926\u093f\u0936\u093e \u0907\u0938 \u0938\u094d\u091f\u094d\u0930\u0948\u091f\u0947\u091c\u0940 \u092a\u0930 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\u0926\u093f\u0916\u0924\u093e \u0939\u0948", "\u092f\u0939\u093e\u0902 \u092a\u0930 \u092c\u094d\u0930\u0947\u0915\u0907\u0935\u0928 \u092a\u094d\u0935\u093e\u0907\u0902\u091f \u0935\u0948\u0938\u0947 \u0939\u0940 \u0928\u093f\u0915\u093e\u0932\u0924\u0947 \u0939\u0948\u0902 \u091c\u0948\u0938\u0947 \u0915\u093f \u0932\u0949\u0928\u094d\u0917 \u0938\u094d\u091f\u094d\u0930\u0948\u0902\u0917\u0932 \u0915\u0947 \u0932\u093f\u090f \u0915\u0930\u0924\u0947 \u0939\u0948\u0902\u0964 \u0907\u0938\u0947 \u0939\u092e\u0928\u0947 \u092a\u0939\u0932\u0947 \u0926\u0947\u0916\u093e \u0939\u0941\u0906 \u0939\u0948\u0964", "Very good,", "\u0932\u0949\u0928\u094d\u0917 \u0938\u094d\u091f\u094d\u0930\u0948\u0902\u0917\u0932 \u092e\u0947\u0902 \u0905\u0927\u093f\u0915\u0924\u092e \u0928\u0941\u0915\u0938\u093e\u0928 \u0915\u0941\u0932 \u092e\u093f\u0932\u0947 \u0939\u0941\u090f \u092a\u094d\u0930\u0940\u092e\u093f\u092f\u092e \u0915\u0947 \u092c\u0930\u093e\u092c\u0930 \u0939\u094b\u0924\u093e \u0939\u0948\u0964 sir isme \u2018diye huye premium\u2019 hona chahiye i think", "\u0938\u0942\u091a\u093f\u0924 \u0915\u0930\u0928\u0947 \u0915\u0947 \u0932\u093f\u090f \u0927\u0928\u094d\u092f\u0935\u093e\u0926 \u0939\u092e \u0907\u0938\u0915\u094b \u0938\u0939\u0940 \u0915\u0930\u0926\u0947\u0902\u0917\u0947\u0964", "Name (required)", "Mail (will not be published) (required)", "", "Post comment", "", "\u0394", "Varsity by Zerodha \u00a9 2015 \u2013 2024.\r\n\t\t\t\t\tAll rights reserved.\r\n\t\t\t\t\tReproduction of the Varsity materials, text and images,\r\n\t\t\t\t\tis not permitted. For media queries, contact [email\u00a0protected]"], "images": ["https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo.png", "https://zerodha.com/varsity/wp-content/themes/varsity2/images/logo-small.png", "https://zerodha.com/varsity/wp-content/uploads/2016/04/M6-C12-cartoon.png", "https://zerodha.com/varsity/wp-content/uploads/2016/04/Image-1_payoff-table.png", "https://zerodha.com/varsity/wp-content/uploads/2016/04/Image-2_graph.png", "https://zerodha.com/varsity/wp-content/uploads/2016/04/Image-3_payoff.png", "https://zerodha.com/varsity/wp-content/uploads/2016/04/Image-4_graph.png", "https://secure.gravatar.com/avatar/36470c8170e679b9300bfbd96cd50f5f?s=32&d=identicon&r=g", "https://secure.gravatar.com/avatar/c557261623d7a9e6182e43c7e3afa9f5?s=32&d=identicon&r=g", "https://secure.gravatar.com/avatar/be5de1b57c0a4cfdd8c128e3b984d149?s=32&d=identicon&r=g", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/playstore.png", "https://zerodha.com/varsity/wp-content/themes/varsity2//images/appstore.png"], "tables": [], "videos": []}