A Crisis Of Confidence?

No update to the running total today - I only made the grand total of 7p! LOL!

I wasn't comfortable trading today. After yesterday's bad performance I slashed my stake to £50 with a view to protecting my bank while I got my head together again. However, I just couldn't get going. I wasn't jumping on opportunities that I normally would and spent much of the afternoon either not getting involved or scratching for pennies.

My confidence wasn't helped by losing more than £8 in the 3rd race of the day. Once I managed to get level again, I quit.

This crisis of confidence I'm going through at the moment is not just a result of posting a loss yesterday. It's been building all week due to the number of bad trades I've been having. Yes, I've managed to post daily profits all last week, bar Saturday, but that's been more due to good luck than good judgment.

I'll see how I feel tomorrow, but as I'll miss most of Tuesday anyway due to work commitments, I may well take Monday off. A rest may well do me good.


Anthony said...

Keep your head up Alistair. It'll come back to you. Maybe it's time to switch to the win markets. It seems, from what you've written, that there is often not enough liquidity for you to bail out when it moves quickly.

Alistair said...

Hi Anthony,

Moving to the win markets is something I've been thinking about for a while. I confess, I'm reluctant to do so while I'm making money in the place markets - this weekend's results aside. My place market 'style' is just not suitable for the win markets and consequently I fear I will have to start again.

This weekend's 'crisis' was kicked off by a stupid mistake on my part where I clicked on the wrong side of the ladder for what I was trying to do. In other words, I saw the lack of liquidity on one side of the market and meant to capitalise on it but screwed up big time. LOL!

I'm a bit more settled today as I've had time to put my losses in perspective. So I'll carry on with the place markets for now, with the intention of reaching £1000. I'll then feel comfortable knowing I have a reasonable bank to branch out into other markets.