Shell Shocked!

Today's Results:
Horse Racing... 14.8% loss. New bank... £55.57

And the nightmare continues....

I've called it a day after only six races, four of which were losses. The other two were in profit but hardly enough to buy a packet of crisps!

The day got off to a particularly bad start in the first race of the afternoon where I lost £6.28 (9.6% of my bank). I never really recovered from that. Indeed, I'd not properly got my mind in gear after yesterday's disappointing performance. As a result, I should never have tried trading today.

The second race saw my losses mount to over 11% and I should've seen the signs and stopped then but I didn't. Determined to recover something I pushed on, earning a few pennies in the next two races and losing some on the fifth race of the day.

The sixth race was the last straw though taking another £2.47 from my account. That was the cue to jack it in.

I stuck to the place markets today, in the hope that I'd get back on track, but my confidence was shattered from yesterday and consequently my trading was severely impaired because of it.

I persistently found myself selecting the wrong horse to trade, where it looked as if it was going to move but didn't. When I spotted selections that were on the move I found it difficult to latch on to that movement because of the aftereffects of yesterday. As a result, I'd sit and watch as, tick after tick, the price marched on. I'd eventually pluck up the courage and place my bet and BAM! In the blink of an eye it turned against me.

I'm absolutely shattered mentally. Over the past two days I've lost 28.5% of my horse trading bank. I'm going to take a break from the horses for a couple of days to get my head back in gear and think through what I'm doing/have been doing. I cannot figure out in my head why there has been such a dramatic turn around in my horse trading skills after showing such improvement over the past two weeks.

There's a few tennis tournaments on at the moment so I think I'll concentrate on those over the next couple of days.


leonthefixer said...

Sorry to see you had a bad day again mate - may be best to take a day off as you plan. It is how you deal with the losses that will separate you from the losers on BF. I personnaly had a good day today though it could have been slightly better but £80 for a days trading is very pleasing!

No one is going to win everyday - I hate losing on a single trade and as such will go back over my video to work out what went wrong. Sometimes as happened to me today I did the right thing but the market went against me anyway - sometime this will happen and you have to accept it. Try not to beat yourself up to much just remember you have done very well already!

All the best for the next few days I will keep an eye out for your next update - not sure if you saw my post re. MSN or Skype - if you want a chat via that just let me know.

Alistair said...

Thanks for the comments Leon.

The time I took out this afternoon helped. On reflection, it was definitely a mistake to trade the geegees today. My head simply wasn't right for it.

I may just sit and watch some of the racing tomorrow and see if I can get my thinking straight again.

I had a couple of successful plays on the tennis in the evening, so it's not all doom and gloom. I will be carrying those over to Thursday.

Good to see you had successful day.


Graeme Dand said...

Hi Alistair.

Sounds like a good time to take a break mate. One thing I wish I did more was just watch some of the markets and not bet. When I was trading, I was always trying to trade every race as I lacked discipline and I needed to make a return as I was losing income from not working!

If you are happy to miss a day's trading, just watch the markets and try to learn from doing that. I watch the markets more now when I'm not trading and you see some amazing things in the win markets which I try to learn from.

Good luck for when you get back into it.


Alistair said...

Thanks for the support Graeme.

I'm going to sit and watch the markets today and may get involved in one or two races but with much reduced stakes. I need to get some confidence back after losing nearly 30% of my horse bank.

Still, my Tennis Hedging Strategy is looking good. I got involved in a couple of matches last night and paper hedged a few more and they were all successful. So over the coming weeks I will be more active on the courts, so to speak.

Who knows, I may end up like you and your golf and cut back on the horse trading. Time will tell.