February is going along nicely at the moment, I am making £5-£10 a day, and I feel that something has clicked into place recently. I am getting a feeling for the markets and can sometimes get a sense of "the zone", where I am tuned in to what the market is doing, and not really thinking about profit or loss. I feel I am reading the markets better, and am able to recover a red position more frequently. I am getting out of the market at the official off time almost all the time( yes i know, it should be all the time). i am less fearful of opening a position, less worried about it being a loss, and less affected by losses when they happen. I guess this could all be due to the markets suiting my style at the moment, and the random sequence of wins and losses being mostly wins over this period. Or it could mean that I have made some progress, and come to a deeper understanding of trading.
One thing that is concerning me is my daily profit. I know from reading other blogs that other people who are fairly new to trading are making 100% or more of their stake per day, where I am making 25-50%( yes, I'm talking about u J.S :P). I can still reduce the number of errors I make, and let my profits run a bit more, but even my best days only approach about 75% of stake. I guess it doesn't really worry me, just being competitive I want to be as good as its possible to be.
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Don't worry about the profit % return. What's important is that you obtain a steady and regular profit. If you can maintain a steady percentage over a long period, whether it be 25%, 50% or 75%, you'll then have the confidence to raise your stake. There are plenty of different ways of being profitable, finding one that suits you is the tough bit.
ReplyDeleteDon't worry about what others are making as you can't really compare their style against yours. Rob's right , as long as your making steady profits it doesn't matter if it's 25% or 100% of your stake. They may be turning that stake over 10's of times through a race whereas you might only do one trade. As soon as you're happy with your approach you can up the stakes to make more money.
ReplyDeleteI've seen a lot of traders mentioning ROI (return on investment) which seems to be a much better indication of how your trading is going rather than comparing profits to your stake size. Stake size means nothing as some races I might do 10 trades against some races where I only do one.
thanks for the comments. You are right, the level of profit is not that important at the moment, just, as i said, i'm competetive, always comparing my results to others, I am happy to be in profit and hoping I can eradicate the stupid errors that have held me back over the last month
ReplyDeleteWell done neil, sounds like some great recent progress. Keep up the good work mate.
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