Monday, 21 July 2014

Stupid Mistakes

Really annoyed at myself today because looking at today's cards I thought there would be numerous opportunities to make money. There were and I managed to cock most of them up. The first race I was a couple of quid in profit but I got greedy and tried for another tick and ended down a couple of quid instead.

This set the tone and I managed to get myself into a bit of trouble due to the bigger stakes I'm using. At one point I think I was £21 down. Having said that I went for a chill outside for 10 minutes, came back calmer and more focused, and I'll check in a minute but I think I was about 50p down after the last race.

Learnt a lot more about the markets today and myself without damaging the bank. It's important not to dwell on the bad decisions but just learn and move on.

Just noticed your message earlier today Dave. Hope your well mate, and thanks for the kind words, it is good to be back. I'm not sure what I can do about the size of the p and l but I will try sort it out.

Work beckons,

Richard



It was 38p. I can live with that after the start I had!

Friday, 18 July 2014

Deja Vu

Today was very similar to yesterday in many ways. My alarm went off at 5am, I worked a long 12 hour shift, had a quick shower, a bite to eat then sat down to trade. There were two differences, one of which helped me no end. Firstly, the family had gone out so the house was quiet and subdued just the way I like it and very conducive to trading. Don't get me wrong, I love my family to bits but the odd hour or two of 'me time' is bliss. The other thing I changed was my staking. After nine straight days of profit I decided that tonight I would push the boat out a bit and trade to 15p, 20p, and 25p a tick instead of the usual 5p. After a couple of races I thought I'd made a massive mistake as I took a hit for over £3 but my theory was that since I started I'm getting 80% of trades correct so over the evening it will come back to me, and it did. Tonight I recorded a record day of profit. I can't lie, a few of the trades I made tonight took me out of my comfort zone and I got out way too soon on one trade in particular. I took a loss of a few pence when I should have held my nerve and stuck with my original thoughts which would have resulted in a decent profit. I'm almost sure if the red on the Geeks Toy ladder hadn't have been as scary I would have held on.

Anyway, never mind. You can't dwell on the negatives just reconfirm the positive actions as this is the only thing I believe will take you forward. We have family staying this weekend so I'm pretty sure my next trading session won't be until Monday afternoon and that will be short lived as I am working that night. Not to worry as I have plenty of time off coming up over the next month or so, although I will be spending a lot of time with the family throughout the school holidays.

All that's left to do is post up the p and l from today,

Cheers,

Richard