One Of These Days...

Today's Results:
Horse Racing... 4.9% profit. New bank... £84.08

... I'll be completely screw up free.

I've had such an excellent afternoon. Not a loss to be seen anywhere and a double figure percentage rise in profit.

Cue dinner break and the evening session where I lapsed into some of the sloppiest trading I've ever done. 4 races and 3 of them losers. Throughout the evening session I kept telling myself that nothing was happening, so quit. Instead, I fell into that old habit of entering markets that had little, if any, liquidity; trying to force trades that weren't there.

Actually, that's not entirely accurate as someone else obviously managed to trade at the expense of yours truly.

Fortunately, my winnings from the afternoon were sufficient to allow me to post a 4.9% increase to the horse racing bank.

I found the markets pretty thin today. Surprisingly so for a Saturday. There were quite a few races in the afternoon where nothing was happening, so I left them. Why I was unable to do the same in the evening I do not know. Clearly I should have.

In total, I traded in 19 races today - all in the place markets as usual. Of those, 3 were losers and 6 scratched.

So, the graph continues to point in the right direction, which is the important thing of course.

I've now been doing this for two months and the £10 bank I set aside for horse trading has grown to £84.08 - a 840% increase.

This is of course a staggeringly good result. However, I'm very conscious of the fact that there is a long way to go. At the moment, I'm barely making a fiver for 3-5 hours work (it doesn't help that I keep chucking big chunks of it away each day). Still, it's slowly building. Within the next 2-3 months I aim to be at least making the minimum wage. £20-£25 per day is surely a realistic figure to achieve.

Onwards and upwards...


leonthefixer said...

Good to see you still managed a profit. I always say to people that one of the hardest things to do in the trading game is nothing! I used to be guilty of just trying to do trades as I hadn't done any for a while but it is sods law when you do that it goes against you. I think that may have been part of the reason behind my recent bad run. Thankfully though I have got better at doing nothing over the last 6 months.

If you can master the art of doing nothing when you need to be doing nothing you will be doing your profits a lot of good!

I know what you mean about just winning very small amounts. I was in the same boat when I started out but you will be amazed at how it will start building up. You will soon be looking back at the amounts you currently make in a day and will be making them per trade!

It shows great discipline to build it up slowly and you will learn a lot from this current phase - when things go wrong it is best they go wrong with small amounts!

840% increase is some going so well done! I had to remind myself last night that I had actually done very well this month dispite thinking I hadn't. I have had 2 weeks that were poor trading wise but have still won nearly 100% more than I did last month. So don't beat yourself up too much - you are on a steep learning curve and you are heading in the right direction unlike many!

Alistair said...

Thanks for the support Leon.

I'm pleased to say that the way I have chosen to increase my bank seems to be working. When I've tried to trade in the past I became completely disenchanted using minimum stakes. Whenever I bumped the stakes up to make all the effort worthwhile, I'd lose it immediately.

Buy using my full bank of £10 (initially), and reinvesting the profits/losses I've managed to see tangible progress as I've been learning.