Another Crap Profit

Today's Results:
Horse Racing... 3.9% profit. New bank... £497.07

I had just under £50 worth of profitable trades today. Unfortunately, I contrived to lose just over £30 of it.

To throw away 60% of one's profit is just careless. Yet I seem to do it on a regular basis. While I'm happy that I'm making regular profits, I should be making so much more.

Today started off poorly in that the first two races I scratched, the third had no place market and the next three saw me chuck away good profitable positions because I got greedy and went looking for more. So, come 3:30, I was nearly a tenner down instead of being over £13 up. Stupid! Stupid! Stupid!

I traded much better after that and stopped each trade as soon as it went in profit, despite further opportunities.

The evening session saw some excellent trades, but I had a few losses as well, one of them in double figures.

I really must try and get this issue resolved. Looking over my results for the past few weeks, I'm consistently throwing away 25%-75% of the proceeds from profitable trades. The trouble is, I'm not sure if there is any one thing that is the cause.

Obviously, the three losses I took early in the day were purely down to me not accepting what profit I had. I need to recognise when to take the profit and be satisfied.

The big loss I had this evening was a silly mistake on my part. As I normally do, I was switching between runners looking for an opportunity. In the 7:30, 'Krugerrand' had started to drift from the last time I'd looked at it. Instead of waiting a few seconds to assess it's new position, I just jumped right in there only for the market to reverse immediately leaving me exposed. I lost over £11 on that mistake.

Whether it's simply a concentration thing, or I'm not reading the markets as consistently well as I should be, I do not know. Who knows, it may simply be a function of my trading style where I'm more prepared to take risks and consequently get bitten more often. A 2 steps forward, 1 step back approach. As long as I'm making a profit I should be happy.

I'm not though. I'd be a lot happier if I was able to pocket all my profit rather than give much of it away again.

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