Tuesday, 31 August 2010

August round up


August has been a pleasing month, if tiring at times. I've traded the horses every day to condition myself for full-timedness.

As I've said previously, I'm looking for about £30 a day at the minute on average. I achieved £38 a day on average this month although, as you can see, the daily amounts aren't uniform.


One quite fundamental thing for me has been ending the day in profit, even if it's just a couple of quid. It confirms that I'm managing my bank and keeping things on an even keel. Bearing in mind I trade off a bank of £1000, being able to withdraw my wages each day and protect those earnings has given me a boost.

As you can see from the graph, ever since last October I've had some very negative days that have swung the graph line to extremes; this month has seen a very positive trend in the graph (circled in red).



Damage limitation
On the days where I start off badly and get into deficit, I employ a little technique where I write the negative balance on my white board in red, and then endeavour to claw back from there. It seems to work wonders and I did the same today after getting into trouble early on.

10 comments:

  1. Hy Mets,
    I read your blog for a few months, i start on horses just 2 months ago , i wish in one year be able to do the same as you are doing....

    www.betandfair.blogspot.com

    Best Regards

    ReplyDelete
  2. Hi HPereira

    Well I don't speak Portugese but I wish you all the best :)

    Eu não falo Português, mas eu desejo-lhe tudo de melhor :)

    ReplyDelete
  3. Hi Mets,

    Do you reckon you could get a short video up so we can see a glimpse of your style of trading. You seem like a very stable trader and I am sure myself and others would want to see how your making an average £38 a day.

    Keep it up :)

    ReplyDelete
  4. To be honest Cudster, I'm always a bit wary about what I'd put in a video in case I give too much away. There are loads of traders I would like to see trade but I think they would decline for the same reasons.

    I suppose, at the end of the day we are all working to fairly small margins and whilst my ego might like to show off a good trade, the bank balance he say no! ;)

    I know that's about as useful to you as an ashtray on a motorbike, but I can't think of any way round it at the moment.

    Over time, after endless hours of looking at the markets, some of the things I do are almost second nature and there may be a dozen or so things that I do since every market is different. If you can assemble an small arsenal of techniques that are likely to return a bit of green then the trick is to mix and match those techniques until it becomes more fluid.

    ReplyDelete
  5. Nice going mets, although you do seem to be putting too much emphasis on your pnl which may be hindering you rather than being as helpful as you think.

    I know it's all about money at the end of the day but monitoring the daily pnl after each race is a step too far.

    ReplyDelete
  6. Thanks for the reply Mets, if you don't ask you don't get so I thought I would put that one out there!

    Totally understand and would probably do the same in your profitable situation!

    Keep the blog coming though, makes a good read :)

    ReplyDelete
  7. @Anon - cheers for the comment. I look to get off to a good start and building up a bit of profit early on gives me a buffer so I can relax and take a few more gambles later in the session. The whiteboard thing is purely a mechanism for when I get off to a bad start, it helps stop me going into crazy-man clawback mode!! (which usually results in further losses)

    I begin each session with a starting bank of £1000, which is good in some respects but it's also glaringly obvious what I've won or lost that day. Not sure what I can do about it, I've always obsessed about my daily amounts!

    @cudster - no worries mate. I've got the camtasia software to do it, but whether I will or not is another thing.

    Cheers for the feedback, the next time I think of some meaningless drivel I'll be sure to post it right here! ;)

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  8. its really good to see how much progress uve made. Is that ur first £1K month? awesome anyway, and shows me its still possible to do

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  9. Cheers Neil. Yeah, first 1k month. Hang in there old bean :)

    ReplyDelete
  10. Hi Met,

    Could you add a link to my blog,

    http://www.tradebytrade.blogspot.com

    I am going to attempt a whole month full time trading and see if I can hack it!

    Thanks

    ReplyDelete

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