Saturday, 8 August 2009

That's more like it!

A great day, not only for my confidence, but also financially. There was a wobbly period though, and I lost a lot through going in play without closing off my bets. I've often thought that part of the reason I let bets go in play is because I think I gain from it. Often I turn reds into greens, and it feels good to do that obviously. Today I'm pretty sure I lost because of it. I managed to turn tiny reds into very big reds. I'm sure it's partly down to stupid pride.

Someone commented on this subject and advised me to reduce my stakes as a solution to going in play. I'm grateful for any advice, but I actually think that would have the opposite effect on me. It would just reduce the worst risk, so I'd just let it go because the risk is lower. My stakes are relatively low compared with many traders who make as much as me. The reason I don't increase them is because I fear the outcome of me letting them go in play. That is why I think I really need to red up every time, because if I'm to improve, then I need to increase my stakes. Although I know that I should avoid big losses by redding up, when it comes time to do it, I can't. It defies all logic.

On a more positive note, I'm ahead of target. However, maybe Saturdays should count as two days?







5 comments:

Jack Birkhead said...

Hey Allan thanks for wishing me good luck on my quest and id like to do the same. Great totals on Saturday, may i ask are you using your own knowledge of horse racing to access the markets? or trading them blind shall we put it?

I can hopefully guide you in the right direction of nailing that all important discipline rule. First i'd say don't worry about targets, personally i think it adds more pressure on yourself and too be honest like gambling you don't really know what the day is going to throw at you. Also the reason I red up every single time I'm in a loss is to ensure my solid discipline is not touched for the remaining day. Lets say the big red came in, you will be regretting not redding up for at least the next race and prolly the rest of the day. Its almost too easy to lose again the following race because your controlled midset has been thrown out of sync. Redding up enables you to deal with that loss there and then and not let it carry on in your head for the rest of the day. Hope this helps

Jack

Robert said...

Good profit, how much do you use per trade and do you back or lay first?

Leonthefixer said...

very inconsistent profits, seems you're almost gambling judging by the spread in wins/losses. Don't mix and match trading and gambling in play it'll catch you eventually.

Allan said...

Thanks Jack. I don't use any knowledge of the horses. I just monitor and act on the price movements. I agree about targets, I shan't bother with them. Thanks for your help.

Thanks Robert. My maximum liability is about £800. I don't have a set rule about backing or laying first. That's determined by the direction in which I think the price will move.

I agree, Leonthefixer. I'm hoping to eventually break that habit.

leonthefixer said...

I just want to point out that the comment made by Leonthefixer is not the leonthefixer who was behind the blog:

http://dontgiveupyourjob.blogspot.com/

I find it amazing someone has copied my username!