Thursday 10 December 2009
Stupid stupid stupid
greed and indiscipline almost got me today. After the first race where I took a £2.90 loss without blinking an eye, I proceeded to go on a nice run of 16 races in profit ( well, 2 were scratched), to be looking at my best ever total for the day. In the next race, I was trading too close to the off, and had a small red, £0.64. This affected me more than it should, maybe I felt it was an insult to me to actually get it wrong for once, maybe I was just getting tired and losing concentration. The next 2 races I also traded after the official off time, and in the 4'oclock, it went against me just as the race went in play, the horse must have rocketed out of the stalls, as I was all of a sudden looking at a £12 red situation if I closed out, in a 5f race. This would have wiped out my days profits and i wasn't able to accept that, so I basically just sat and hoped. I got away with it this time, but it shows how I still have a long way to go in controlling my emotions. I am usually good at getting out at the official off time, and must make sure I keep control even late on in the card. There is no point trading after the off time because 1) the market is usually more volatile 2) there is no time for the market to come back , and 3) there is no time to put in another trade to make back your loss. I also should have taken the £12 loss, rather than the £74 loss I was looking at if the horse had gone on to win, surely its better to finish the day neither up nor down, rather than £62 down, which would basically wipe my whole month.
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You'd have been much better off if that £74 loss had come in. Everytime you get away with one you mentally believe taking that gamble is worth the risk. Eventually you'll be playing in bigger stakes and still think that risk is worth it and the inevitable will happen.
ReplyDeleteDon't like to say it but you've acheived absolutely zilch since starting this blog. You need a run of those going against you combined with some chasing to up the losses before it looks like you're going to get anywhere trading.
thanks for the comments. I disagree with what you say though. The fact of this happening yesterday has just hardened my resolve to make sure it doesnt happen again. I know that it is not worth the risk. I guess you are right that a run of bad ones would really drive the message home though.
ReplyDeleteI disagree that I have achieved zilch as well.
Well maybe it all depends on your definition of achieve. Yes, I still have a lot of work to do, and maybe haven't come as far as I think I have, but I have definitely made progress.
The fact it happened yesterday may have hardened your resolve til the next time :) Just like your resolve was hardened on previous ones.
ReplyDeleteMaybe saying zilch was a bit over the top but sometimes you need to force people to look at things and make them to fight back to see the clearer picture. Eventually you're going to step up stakes or give up, until you get the basics in order you really don't stand a chance. Only thing getting hurt at the moment by not redding out is your pride it won't always be the case of pride
I am grateful for your comments, as they have made me look at things a bit closer, and realise that to some extent you are right, and I still have to sort some problems out before I can start thinking about raising my stakes. I think you have the wrong idea about how and why I am going in play though. I can and do red out at the official off time, yesterday in the first race I took a fairly big red in my stride. I am not going in play to try and get rid of reds( at least consciously). Its when I try and trade past the official off time that I sometimes get caught out, and its not always because I have a red on that race.
ReplyDeleteAnyway, its good to have someone point out your flaws rather than just say "well done", you help keep my feet on the ground