Sunday, 15 August 2010

Keeping a cool head



I took another step in the right direction today after getting cruelly SMASHED IN twice. Someone was lumping on again and my lay bet was demolished with a kamikazi 33k back bet taking me for -£25, which was followed by a withdrawal and a price re-adjustment which kindly re-adjusted my loss to -£30...bah! This was followed some time later by a similar scenario except I clawed it back to about -£9.

I was very calm about it though and tried not to let it affect my state of mind when trading the races that followed, which is a sign that my trading is evolving in a good way. Another snippet from the excellent Trading in the Zone by Mark Douglas states:

"...but the bottom line is that successful traders have virtually eliminated the effects of fear and recklessness from their trading. These two fundamental characteristics allow them to achieve consistent results."

I can certainly appreciate how debilitating fear is and it's something that I'm endeavouring to cut out of my game. Reckless trading seems to come out of fear too, or indeed laziness or plain stupidity.

He then goes onto make the point:

"Interestingly, most traders are closer to the way they need to think when they first begin trading than at any other time in their
careers. Many people begin trading with a very unrealistic concept of the inherent dangers involved."


Food for thought!

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