Today was a short trading day since I had a horrific race that didn't go right at all. I expected a horse to drift in play since it was a 2 mile + race and I figured I could sneak in a close there. Well it kept on coming in and I got out with a big loss of £20; not great for 60p tick sizes. Possibly poor decisions going in to play brought about a hangover from the day before. After the race I stopped and chilled out. Tomorrow, I will have my grinding mentality back and will make the right decision at the right time; hopefully.
Today's p&l: -£21.45
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About Me
- firedave
- Hello! I'm David and have embarked on a new plan to trade for a living - I like a challenge! Since graduating in 2004, I've been working as an IT Consultant and am now hoping to put those skills into use and develop my trading capabilities. Looking forward to the journey...
3 comments:
Hi!! This is a very useful blog. You might like to share your experiences in Betfair's FanPage at Facebook.
Hi,
I'm a terrible trader, race after race goes wrong. It might be lack of experience, although I've been playing with it for a couple of years now, or it might just be lack of ability, but when I've had a bad hit I get the cash back using Mike J Davies's dutching technique, then try trading again, that way I don't need to keep re-loading my BF account, cheers, P
Hi Prediction,
It sounds like you're trying to hard. You're trying to find that perfect edge which will give you that perfect trade. Remembering that every market is different will help you here. There are no two markets the same as that would mean that the same traders and gamblers were on every market doing the exact same things. Bearing this in mind, you make sure you're ready to cut losses as soon as they look bad trades. This way you'll be ready for any changes in direction. Markets can go anywhere and being ready for this is what will make you a good trader. This is why confidence is key...with confidence you don't mind cutting out for a small loss as you know the bigger profit is coming round the corner. With no confidence you hold on to a losing position for too long and it seems the whole market is against you.
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