My on-going inability to move up a gear is something of a mystery to me. One would think, having started with £10 and built that up to nearly £8K (albeit taking 18 months to do so), that I'd be able to push on. Unfortunately, I don't seem to be able to do so.
Something is holding me back and I do not know what, or even how to identify it.
While I am delighted to have seen my initial investment increase by some 80,000%, it has been a tough road involving long hours parked in front of my computer. Make no mistake, that £8K has made a big difference. I wouldn't have been able to replace my car without it. However, I find it worrying that I am unable to increase my average daily takings given the hours I put in.
I am far to erratic at the moment and my confidence levels are such that I dare not look to increase my returns simply by 'scaling up'. Having made the money I have made, I now maintain a fund of £2K in my Betfair account, but I use only a fraction of that on each trade. I can afford to increase my stakes which should see an immediate increase in profits, yet I cannot seem to get past that mental barrier that would allow me to use larger sums.
Granted, the place and the greyhound markets don't lend themselves to huge sums, but I should be able to increase my stake in the former at least. I'm never going to be a trader that uses the ridiculous sums that the Webbs and Heathcotes of this world seem to use, but I'd like to get over this mental block I'm having that prevents me using anything higher than what I'm using just now.
Much of this lack of confidence stems from the way I trade. I sit and watch numbers bounce up and down. There's no form study and little market analysis. After 18 months, I'm not sure I could give you an accurate description of what I do and how I do it. "Badly and inconsistently" some would say and with some accuracy. It certainly isn't scientific, or the least bit structured.
Despite the fact that I have scientific training; have two engineering qualifications from university; I'm a self-taught Microsoft Certified Systems Engineer and designed communication antennas for eight years before becoming a self-employed IT consultant for the last 15 or so, I don't analyse what I've done or what I'm doing. I don't record my trades or take notes.
My scientific brain switched off a long time ago for reasons I won't go into and trying to teach myself new tricks becomes more and more difficult as the days, weeks and years pass by.
I need to do something that will enable me to step up a gear, but I'm at a loss as to what. One thing is for certain. Sitting for eight or more hours a day in front of a computer in order to earn £14.68 (my daily average since I started) is not sustainable. Either I increase that tenfold, or there's little point carrying on.