Sunday, 8 August 2010

The Next Step

I have enjoyed my 2 weeks away from the stresses and anguish of trading. Yes, I know it shouldnt be that way, people say its really boring when you crack it, but thats been my experience, and probably highlights exactly where I'm going wrong.
So I'm not sure how to proceed from here, or even if I am going to continue in my quest. I seemed to have some sort of an edge, I was generally in (small) profit, and I think that it is my mindset, confidence and attitude that have kept my profits small and made me struggle. While I probably couldnt definitively define my edge so that, say, you could program a bot to use it, I wonder how many other traders could do so for their edge? But, as people have said, there is no point me carrying on and trading as I was before, whether it was that I didnt have an edge, or that my emotions and mindset eroded a lot of my profits. That leaves me with 2 areas to work on. Im not sure how much I am up for the grind of watching loads of markets, defining some edges, and testing them with small stakes for a good period of time. For the mental game, the blog was supposed to help with this, and it has to a certain extent, but you can see as time goes on that the posts come less and less, and are saying the same things over and over, so I am wondering if the time has come to suspend the blog for a while. I am also considering cutting all ties with other traders, since it does my mindset no good to be struggling all day, while other people are saying "oh, its easy", " Ive made £x so far", or giving out advice which is well meaning but useless to me as I am at the moment.
So over the next few weeks I will probably be watching some markets, testing some stuff out, seeing how I feel about getting back into the grind, and looking for ways to further my mental development.
Thank you to everyone who commented, even the Anons, and the seemingly negative comments, which I took as being made to try and help me, and point me in the right direction.
The blog is not definitely closed, if I make startling progress in the next few weeks, and have something new to say, then I may make further posts


  1. Hi,

    All the best with the testing, good to see that your back. Please could you consider adding my blog to your follow list.



  2. have added ur blog to the list. thanks for the comment

  3. Well done on the enforced break from trading Neil, takes alot of discipline to actually stop betting especially when you've been doing it for so long. Hopefully that'll come in handy when you resume betting to ensure you only bet when your edge crops up rather than firing willy nilly into markets and hoping for the best.

  4. nice one. dropping contact with some successful? traders out there is a positive step. there's so many ways to deceive people in this game, their motive becomes all to apparent through time and some do it just for the fun I suspect. I think it's a man thing. I take no notice of anyone really. I mean these so called do-gooders how many have helped define an edge for you. More than likely they've fluttered around the subject with basic advice, watch you burn and then in the next sentence say oh by the way trying something new myself made such and such today happy times hehe. They will probably show losing trades too just to prove their genuine. Yeah right!Take it all with a truck full of salt. Unless you are selling a product I know of no successful trader whether on betfair or other who keeps asking how much you make in such and such or tell what profit/ loss they've achieved. Those with it don't give it. Simple as. Good luck.

  5. I think anon is being far too cynical about successful traders. You'll find the majority of successful traders, if not all, have a positve outlook and are happy to help others. It's true no one's going to reveal their edge, and why should they after spending ages to find one only to give it away for free on public forums, although alot of advice they'll pass on will be useful it's up to you what you take from any advice given good or bad. Personnally I find the 'chin up' type posts you'll get a complete waste of time and probably learn more from the negative posts about changing your bad habits.

    It's a lonely profession trading so it's only natural you'll get allsorts commenting, it's up to you to separate the wheat from the chaff. If you speak to successful traders you'll find all have had eureka type moments where somethings clicked and made a big difference to their trading. Don't dismiss advice you're being given just because you don't like it or someone else tells you to.

  6. Hows the last two months been Neil? Have you knocked the trading on the head for good.

  7. I havent given up for good no, I am still trading, although havent been able to do much recently. I have decided to not update the blog for a while though, I think it was putting pressure on me, along with checking everyone elses blogs all the time.