Thursday, 23 August 2012

Day 8 - Lost the plot, and almost lost the lot!

I lost £328 today, but it could easily have been more than £1000. This raises huge doubts about whether I am cut out for trading.

Trading requires patience, discipline and an aversion to gambling. I have little patience, no discipline, and I gamble at the drop of a hat. And I don't know if I can ever change.

It may seem completely stupid, but I am seriously thinking about increasing my stakes from £300 to £500. The reason for that is that I want to take fewer risks, but of course, that means that each risk will be bigger. I'm aiming to make fewer, better quality trades, and reduce the number of bad, impatient trades  Another option would have been to lower my expectations and make quality trades at the same stake level, but that doesn't turn me on. It could all go belly up very quickly.

Sometimes when you enter a market, the price can immediately, in a split second, jump six ticks against you, and there's nothing to warn you that it is about to happen. You just have to deal with the situation that is before you.

Races traded: 30
P/L -£328.36
Average P/L -£10.95

Races traded: 310
P/L £1613.42
Average P/L: £5.20

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