Wednesday 12 May 2010
a bit of improvement
Taking advice from comments on this blog, I have been thinking more about why and where I open trades. Sometimes it does seem like I am just thinking "Ok, I have to do something in this market, lets do X", which is probably not a good strategy. Today I was a bit more selective about what trades I did, and if I didnt feel that there was anything available, I didnt just trade for the sake of it. I have still had losing races, but managed to keep them all to below £1, no huge losses today, which is a great improvement. Not a huge amount of profit either, but any is good at the moment.
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It can be hard to resist that urge to get involved but you need to be entering the markets with good reasons in order to make a profit. It'll now allow you to tweak any strategy you're using without your data being clouded by random bets.
ReplyDeleteDon't worry about only making a small profit , you've kept losses down which is one of the more important things to learn and also turned a profit. Rome wasn't built in a day , just treat today as the start of your trading career again, learn from scratch this time not repeating any bad habits or incorrect ideas you have about the markets. Just go in with a clean slate and open mind ignoring all you think you currently know about how the markets behave as alot of those ideas are probably flawed.
thanks for the comments and advice. Wont be the first time I have restarted my trading career. After I posted this post I had 2 bad races in the evening which wiped out any profit I had, but break even is a great improvement on recent performances.
ReplyDeleteYou won't be the first trader to have had lots of fresh starts. The trick is to go in with a completley fresh mindset and relearn things from scratch don't believe the things you've learnt to date are sound as most likely they aren't.
ReplyDeleteIt can be so easy to fall back on old ideas and just keep repeating previous mistakes like you knowing not to go in at a peak but still doing it. Those type of bad habits are very hard to break but if you really want to make a go of trading you've got to treat it seriously and knock those type of bets out.