Monday, 15 March 2010

Best Day Ever(Almost)

I have changed the way I trade in the last few days. I was getting tired of entering trades only to see them go against me, and having to cut out because the markets have such big moves that you just dont know if, or where, they will stop. So I have changed my entry points a bit. After a few difficult days I was starting to see good results, and was becoming more confident. Todays trading felt awesome, I was making more money per race, and wasnt putting myself in difficult positions. with 1 race left to go, I had made over £30 using £35 stakes, and was already composing this post in my mind. So, onto the last race, where I seemed to forget everything I had learned, and basically went to pieces, discipline-wise. One draw back to my new style of trading is that if I'm not totally on the ball, and things go against me, I can be looking at a bigger red than what I am used to, very quickly. I put in a trade at a stupid entry point, where the market promptly went against me big time.Did I stay calm, focused, look at the other runners, take in all available information? No. Did I cut out quickly and without emotion, at any of the exit points available to me? No. I just sat there, and hoped, until the red became too big for me to bear, where I cut out for a £15 loss.
Tiredness was probably a factor, as well as greed and fear of "messing up" my best ever PnL. Even though I have made progress, I still need to change my mindset a lot, with regard to losses. Maybe I should go and see a sports psychologist or something because there seems to be a mental block that I cant get over.


  1. I know exactly what you mean!! I ,like yourself hate to admit that I made a mistake. I have also sat there to see £50+ go down the drain because of my pride!! I now stick to the principle that if it goes 10% the wrong way I cut it. This is painful at the time but I have found that 2 trades later I have forgot about and I am not looking at a large minus in the p&l. Nobody gets it right all of the time. Sounds like you are doing well to that point so all looks good for the future. Best of luck!

  2. ye, I guess a lot of it is to do with admitting mistakes, I still have a long way to go!