Over recent day and weeks, I have felt my discipline slip and my mind not focussing on trading. I've had a number of things on the go in my life of late which are causing 'distractions'. I am aware that I have been drifting into a gambling mindset rather than a trading one and this morning saw the best example of that.
I acted on a tip by a forum member in a site I frequent, namely SoccerLotto, He was recommending to back Sam Querrey to beat Marcos Baghdatis.
With this in mind, and seeing that Querrey was serving first I decided to back him once the match went in-play for £100 with a view to laying him off for a £10 profit. Within 20 secs of placing the trade, his odds shot out as Baghdatis took the first game and I was looking at a £50 loss.
I waited for a couple of games to see if Querrey could break him back but no, so I took the hit and got out for a loss of £46. I do not have the nerves to see if he'll fight back.
I'm annoyed with myself for this lapse. Not so much for the losing trade itself, but for diving into a market I know little about based on the recommendation of someone I know to have a good record. I went in with no plan, no knowledge and no sense. A pure gamble.
And as I type this, I see that Querrey has fought back and my trade out position would have been taken. I'm so used to the fast paced pre-race markets where trades are completed in seconds that I clearly cannot handle the the stress required to hold one's position in a tennis match.
I need to take a break, not just because I'm feel myself slipping into a gambling mindset, but because I am frustrated. I haven't been able to set a path for myself with regard to where my trading is going. I'm spending long hours in front of my PC and it is having a detrimental effect on my domestic life. I currently feel I need to spend those hours in order to build up any sort of profit.
My trading has clearly plateaued and that is a worry in itself. Hopefully a break will do me good.