Wednesday, 19 May 2010

Be sensible, boy!


Today has been the best day of a fairly lean week so far. Using high stakes of upto £120 effectively nullified my usual game plan; instead of yielding more profit from the markets I killed off all chance of making consistent returns by getting into lots of bother and losing my focus.

So today I went back to basics, allowing myself to only stake upto £40. This was helped by the fact that I withdrew some of my bank and only left in there what I really needed. It seemed to do the trick and, although I got off to a shaky start, things soon picked up and I found myself back in (nice) familiar territory where I was able to trade comfortably and not get annoyed.

The progress had been going so nicely up until last Friday too, with a nice upward trend showing on the profit graph


I've had a few of these humps in my time as a trader, for many reasons including a change of stakes, a change of technique and sometimes just because of frustration. I always seem to overcome them which is the nice thing.

So the game plan going forward is really just to stick to the old game plan. And whilst I will certainly continuing embracing and congratulating those that are more successful at this than me, I will try not to let it overpower my own ambitions.

5 comments:

  1. Good to see you're back on form, Mets. I wouldn't be too quick to assume the higher stakes are to blame for the lean week though. It get's very easy to look for the nearest scapegoat for trading losses , be it the kids, the internet , the missus etc. Although maybe the jump from £40's to £120's might have been a step too far and unbalanced you, I know if I trebled my stakes it'd take some getting used to. I find the same sort of problems trading after a big meeting when I seem to step down on the stakes alot later than I should do and pay the price for putting more into the market than it can take.

    Your pnl for today's looking good so just get that confidence back and probably up those stakes in smaller steps next time.

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  2. Cheers BT - you make some very good points.

    I'll be reigning in the staking for a little bit by using smaller denominations. Confidence building is such a delicate operation in this game!

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  3. Hello Mets, would you be interested in swapping links?

    http://hwap19may2010.blogspot.com/

    Thanks

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  4. Yes indeed. All the best mate :)

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