Friday, 12 February 2010

A sinking feeling


This week has been my toughest by far, with the -£54 loss the least of my concerns.

Sunday
Things began to go wrong when I traded last Sunday; the waters were very stormy and the volatility tore me apart in the end. I make little notes on my spreadsheet after every session and my main observation for this day was...

SHOULD NEVER HAVE TRADED!

Monday
I started chasing losses...

You: Schoolboy error!
Me: Yep
You: And you ended up losing more?
Me: Yep

Tuesday
Went into the session feeling positive but snippy markets left me feeling frustrated and bored. Ended up 7 English pence down!

Wednesday
Experimented with stakes upto £100 through boredom and chucked away a bit more of my bank.

Thursday
Went too close to the off in the last race and got smashed for -£13.85...HO HO HO! Could've been a whole lot worse though!

Friday
Was £11 up before chucking it away again to end up a massive 98 pence in profit! I don't feel I did anything THAT silly today, just "one of those days".


Lessons learnt this week:

1) Stick to my usual game plan of making little bits often, rather than looking for big wins using crazy stakes.
2) Quit trading when the clock says 0:00 (I do this 99.9% of the time actually).
3) Avoid highly volatile days (these are evident when the graphs are 'mangled').
4) Chase losses to a point, then know when to quit.

The nice thing about summarising on a weekly basis is that, when the week is up, you can draw a line under it and endeavour to move on to bigger and better things.

2 comments:

  1. The good think about losses is that they point out your mistakes, and what you still need to concentrate and work on( although when Ive had a bad run its hard to think of it like that). Trading past 00:00 is one of my biggest mistakes too, and its hard to combat the "just one more trade" feeling. You just have to train yourself to do it, as in-play is the biggest bank killer.

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  2. Very true Neil.

    I had a stinky Saturday too and have decided to take a week off the horses to regain my composure, so that my profit isn't totally squandered.

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