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Stop loss, R-multiple, position size, drawdown, expectancy — capital bachane wale shabd
Published by The Retail Trader · AUG 06, 2026 · Risk Management
Risk management ki vocabulary boring lagti hai, aur wahi wajah hai ki zyadatar log ise last mein padhte hain — aksar ek badi loss ke baad. Ye rahe wo shabd jo entry se zyada matter karte hain, kyunki market mein tikna hi asli edge hai.
Ek single trade ke andar ke shabd:
• Stop Loss — Wo price jahan aap maan lete ho ki idea galat tha aur trade band kar dete ho.
• Hard SL vs Mental SL — Hard SL system mein lagi hoti hai; mental SL sirf dimaag mein hoti hai aur pressure mein aksar khisak jati hai.
• Target — Wo price jahan aap profit book karne ka plan rakhte ho.
• Risk-Reward Ratio (RR) — Kitna risk le rahe ho versus kitna kama sakte ho. 1:2 matlab ₹1 risk par ₹2 ki ummeed.
• R-Multiple — Har trade ka result apne initial risk ke multiple mein naapna. 1R risk par ₹3 ka profit matlab +3R.
• Entry — Position lene ka price aur uske peechhe ka reason.
• Exit — Nikalne ka rule: target, stop, ya time-based.
• Trailing Stop Loss — Trade favour mein jaane par stop ko peechhe-peechhe khiskana, taaki profit bacha rahe.
• Breakeven Stop — Stop ko entry price par le aana, jisse trade risk-free ho jata hai.
• Scaling Out / Partial Booking — Position ka kuch hissa target par bech dena aur baaki chalne dena.
• Invalidation Level — Wo point jahan aapka poora idea hi galat sabit ho jata hai. Stop hamesha isi ke aage lagta hai, wallet ke hisaab se nahi.
Ek trade nahi, poore account ka survival in numbers par tika hota hai:
• Position Sizing — Kitni quantity leni hai, ye stop loss ki doori aur allowed risk se nikaalna. Yehi risk management ka asli tool hai.
• Risk Per Trade — Ek trade mein capital ka kitna percent risk par hai. Kai professional isse 1-2% ke andar rakhte hain.
• Capital Allocation — Total capital ka kitna hissa kis strategy ya segment mein lagega.
• Exposure — Aapka total market risk, saari positions milakar.
• Leverage — Udhaar li gayi buying power. Ye return ke saath loss bhi guna kar deta hai.
• Margin Call — Margin kam padne par broker ka paisa ya position kam karne ka demand.
• Max Daily Loss — Ek din mein maximum kitna gawana allowed hai; limit hit hone par screen band.
• Drawdown — Peak se current value tak ki girawat, percentage mein.
• Max Drawdown — Ab tak ki sabse badi girawat. Ye number batata hai ki strategy emotionally jhelne layak hai ya nahi.
• Recovery Math — 50% loss ke baad wapas break-even par aane ke liye 100% gain chahiye. Isliye bade loss se bachna, badi jeet se zyada important hai.
• Risk of Ruin — Poora account khatam hone ka probability, jo over-leverage ke saath tezi se badhta hai.
Ye batate hain ki aapka tareeka actually kaam kar raha hai ya nahi:
• Win Rate — Kitne percent trades profitable rahe. Akela ye number kuch nahi batata.
• Average Win / Average Loss — Aam jeet aur aam haar ka size. Chhota win rate bhi chal jata hai agar wins bade hon.
• Expectancy — Per trade average expected result. Positive expectancy ke bina sample size badhane par nuksan hi badhta hai.
• Profit Factor — Total profit divided by total loss. 1 se upar matlab system net positive hai.
• Backtesting — Purane data par rules test karna.
• Forward Test / Paper Trading — Bina paisa lagaye live market mein rules follow karna.
• Sample Size — Kitne trades ke baad conclusion nikala. 10 trades se kuch pata nahi chalta.
• Edge — Wo chhota sa statistical advantage jo lambe time mein paisa banata hai.
• Equity Curve — Aapke account ki value ka graph. Uska shape strategy ke baare mein har baat keh deta hai.
• Trading Journal — Har trade ka record: reason, entry, exit, mistake. Isi se pata chalta hai ki paisa kahan lost ho raha hai.
Kai positions ek saath rakhne par naye tarah ke risk aate hain:
• Diversification — Alag-alag stocks aur sectors mein baantna, taaki ek jagah ka jhatka poora account na le doobe.
• Correlation — Do positions ka ek saath hilna. Paanch bank stocks lena diversification nahi, ek hi bet hai paanch baar.
• Concentration Risk — Capital ka bahut bada hissa ek hi jagah hona.
• Beta — Ek stock index ke against kitna hilta hai. Beta 1.5 matlab index se lagbhag doda zyada movement.
• Systematic Risk — Poore market ka risk, jo diversification se nahi hat-ta.
• Unsystematic Risk — Ek company ya sector ka apna risk, jo diversification se kam hota hai.
• Overnight Risk / Gap Risk — Market band hone ke baad ki news, jo agle din stop loss ko cross karke open kar sakti hai.
• Event Risk — Result, budget, policy meeting jaise scheduled events ke aaspaas ki extra volatility.
• Black Swan — Bahut rare, bahut bada aur unexpected event. Isi ke liye position size chhota rakha jata hai.
• Liquidity Risk — Zaroorat ke waqt exit na mil paana, khaas kar chhote stocks mein.
Cost bhi ek tarah ka risk hai, kyunki wo har trade par pakka lagta hai — profit nahi:
• Brokerage — Broker ka charge, jo delivery aur intraday mein alag hota hai.
• STT (Securities Transaction Tax) — Government ka tax, jo trade value par lagta hai.
• Exchange Transaction Charges — Exchange ka apna charge.
• GST aur Stamp Duty — Brokerage aur turnover par lagne wale statutory charges.
• DP Charges — Demat se share bechte waqt lagne wala per-scrip charge.
• Total Round-Trip Cost — Entry aur exit dono ka charge milakar. Yahi wo number hai jo aapke breakeven ko upar sarka deta hai.
• Slippage Cost — Expected price aur actual fill ka farq, jo har fast trade mein chhupa hota hai.
• Overtrading Cost — Zyada trades ka matlab zyada charges. Kai chhote traders market se nahi, apne hi turnover se harte hain.
Stop loss lagana aur sahi jagah lagana do alag skills hain. Ye rahe uske tareeke aur unke trade-offs:
• Structure-Based SL — Stop us swing low ya high ke paar jahan aapka idea galat sabit hota hai. Sabse logical, par har baar alag width deta hai.
• ATR-Based SL — Stock ki apni average movement ka multiple. Volatile stock ko apne aap zyada room milta hai.
• Percentage SL — Entry se fix percent neeche. Simple hai, par ye stock ki volatility ko bilkul ignore karta hai.
• Time-Based Exit — Agar trade tay time mein chala nahi, to nikal jao — chahe stop hit na hua ho.
• Volatility Stop — Volatility badhne par stop chaudi aur ghatne par patli, apne aap.
• Tight vs Wide SL — Patli SL matlab chhota loss par zyada baar hit; chaudi SL matlab kam baar hit par bada loss. Position size dono ko barabar kar deta hai.
• SL Hunting — Obvious levels ke thoda aage stops ka jama hona aur price ka wahan tak jaakar palat jana.
• Gap Through SL — Overnight news par price aapki SL ko cross karke khulta hai, aur exit stop se kaafi door milta hai. Isi wajah se overnight size chhota rakha jata hai.
• SL-M in Fast Market — Fast move mein SL-M execute to hota hai par slippage ke saath; SL-limit price bacha leta hai par execute hi na ho to position khuli reh jati hai.
• No-Trade Zone — Wo situation jahan logical stop itni door hai ki proper size lena hi possible nahi. Sahi jawab trade chhod dena hai, stop chhota kar dena nahi.
Aur wo numbers jinse pata chalta hai ki saal bhar ki mehnat mein actually kya bana:
• Absolute Return — Total percentage gain ya loss, bina time ke hisaab ke.
• CAGR — Saal ke hisaab se compounded return, jo alag-alag time period ki tulna possible banata hai.
• XIRR — Jab paisa alag-alag time par daala aur nikala gaya ho, tab ka sahi return.
• Benchmark Comparison — Apna return Nifty jaise index se compare karna. Index se kam return matlab mehnat ka koi faayda nahi hua.
• Alpha — Benchmark se upar ka extra return.
• Risk-Adjusted Return — Return ko utha ye gaye risk ke hisaab se dekhna, kyunki double leverage se double return koi achievement nahi.
• Sharpe Ratio — Return divided by volatility. Sthir return wale system ka Sharpe zyada hota hai.
• Maximum Consecutive Losses — Lagataar kitne loss aa chuke hain. Ye number position size se zyada aapke dimaag ko test karta hai.
• Largest Single Loss — Ab tak ka sabse bada nuksan. Agar ye aapke average loss se kai guna hai, to kahin rule toota tha.
• Average Holding Period — Ek trade kitne der rakha jata hai. Ye batata hai aap actually kis style ke trader ho, chahe aap khud ko kuch bhi kehte hon.
• Turnover Ratio — Capital ke muqable kitna trading volume kiya. Zyada turnover matlab zyada charges, chahe result kuch bhi ho.
Ek line mein: entry se pata chalta hai aap kitna kama sakte ho, aur risk management se pata chalta hai aap kitne din khel paoge. Doosri cheez pehli se zyada important hai.
Ye journal sirf educational hai — koi buy ya sell recommendation nahi. Charges, margins, lot size aur expiry rules exchange time-time par badalta hai, isliye final numbers hamesha apne broker ya exchange par verify karo.