Mental Health Returning

Today's Results:
Horse Racing... 2.6% profit. New bank... £554.19

I managed to get involved in the evening racing today and continued from where I left off yesterday. I was particularly keen to limit any losing trades, even if this meant that I didn't take all the opportunities that came my way.

I traded 9 races in total this evening, scratching 2 at the expense of a few pence with no losers. I missed a few good moves, but I'm not too concerned by that. What is of more importance is the return of some level of confidence in reading the place markets which had virtually deserted me over the weekend.

There was no stand out trades today. Instead, each winning trade averaged out about £2, so I'm happy with that over the couple of hours I traded. I'm at home for the rest of the week and should manage to take in most, if not all, of the racing each day. Tomorrow, I should be able to get back to where I was on Saturday and push on from there.

Here's hoping I can string a few profitable days together before the next aberration.

2 comments:

Drifter said...

Well Done Alistair good to see you continuing the good work. It is me Drifter I had a bit of a mare last week and just kept making mistake after mistake untill I had lost nearly all my profit,. Then in a slight rage I deleted my blog!

I have done some serious thinking since then and decided to give up trading for the moment. I just apear not able to keep my discipline and therefore if I continue in my current state of money I would probably end up losing money.

I would like to thank you and Anthony for all your support and I intend to keep watching your progress. I really hope you make it to £1000. I think watching your steady progress might help me to wake up to the fact that slow and steady is the way forward. I plan not to trade to the new year I think that this extended break may help me to lose some of my bad trading habits.

Good Luck with your trading.

Drifter

Alistair said...

Hi Drifter, I wondered what had happened to you.

Sorry to hear of your of your losses. Keeping one's discipline sounds such an easy thing to do, yet it's all to easy to lose it when something goes wrong.

As you've no doubt read, I've had major doubts over the past few days all caused by a stupid mistake I made on Saturday. It's essentially taken me 3-4 days to get back on track due to the dent it made in my confidence.

No one should underestimate how important mental strength is in this game. I'm still learning.

If your confidence is shot Drifter then it is perhaps wise to call it a day. By all means take an extended period to collect your thoughts and decide what you want to do. All I would say is, from what I've seen from your now defunct blog, you have the skills to be a very successful trader. It would be a shame to let that skill go to waste.

Only you can decide that of course, but it may help if I tell you that this is the fourth time over the past 2 years I've tried trading the horse markets. Only now do I feel I have the necessary mental strength to succeed. Even then, as this week has shown, I still have my moments of weakness.

Take care my friend, and don't be a stranger. If you ever want to chat on MSN, then you'll find my contact details in the sidebar on the right.

Alistair