Monday 21 June 2010

Long Boring Day

Today started off badly, getting caught out by the mad bomber, and losing 8 ticks in the first race. Things didnt get any better as the day progressed. I wasnt able to trade as normal, for fear of getting caught out again, I had to try and stay out of the bombers way, and take advantage of him if possible. I really struggled, lost my rythym and confidence, and by 5pm was down 20 ticks. I took a break before the evening races and went for a walk. It was a beautiful sunny day and I had missed it all by being stuck indoors lol. Over the evening races I managed to make the 20 ticks back, and ended up break even. Today showed that I am still quite fragile when it comes to losses, and that a couple of bad results can still affect my trading, making me more impatient, less confident, and not able to think straight. I go on tilt very easily, and everything becomes over dramatic: "Oh no, I cant trade, Im useless" etc etc. Hopefully the way I recovered will give me a bit of a confidence boost.
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5 comments:

  1. Handy Andy22 June 2010 at 07:45

    Hi,

    I have just come across your blog which is very suprising since you have been blogging for a while. Your writing style makes for interesting reading.

    I am going to add you to my list and would appreciate it if you could do the same.

    Thanks,

    Handy
    http://mysportstradingjourney.blogspot.com

    ReplyDelete
  2. neil22 June 2010 at 11:08

    hi, thanks for the comment, have added ur blog to my list
    neil

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  3. Anonymous22 June 2010 at 12:41

    I think you've the ability to trade Neil as your pnl's show that. OK they may be overall down but I doubt by much and even hitting around level trading can be a good acheivement.

    I just think your mindset lets you down at all the critical points , you still don't seem to learn from your mistakes and seems every day is some kind of rollercoaster to you. Could well be you're more addicted to ther thrill of the chase than winning especially if you have other means of support.

    The whole point of trading rather than gambling is to level out that pnl line but yours seems be a case of spikes all over the place. I'd think even your profitable days are probably stressful with the pnl all over ther place and trading really shouldn't be like that.

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  4. neil22 June 2010 at 12:51

    Thanks anon, I agree that my mindset is the key thing, and if I get that right, then things can only get better.
    Up till a couple of weeks ago, you were right, even my winning days were stressful. I changed my strategy slightly and since then things are a lot more relaxed. Yesterday was the first tough day I have had for a while, and I guess its a good reminder.

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  5. Anonymous22 June 2010 at 13:39

    Once the mindsets in place things will pick up alot quicker than you'd expect. You probably just need to stop stressing after every bad trade as they'll come no matter how experienced we are. There's plenty of races in a week so no need to think you need to get any losses back in the next few trades or even that day. Remember if you have an edge it will put you in profit long term, stressing or chasing trades will just undo that hard work and make your trading much harder than it could be.

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