The Sloppiness Continues

Today's Results:
Horse Racing... 4.91% profit. New bank... £385.13

The only consolation is the bank is still growing, despite my all too regular habit of throwing much of my daily profit away.

This afternoon's session saw me lose over £7 in the second race, which put me on the back foot somewhat. It took me another 4 races to get it back. And this was the story for much of the afternoon. 2 steps forward, 1 step back.

I stopped after the 4:50 as I had to fetch my daughter from school and do a spot of grocery shopping at the local Tesco. I managed a grand total of £28 in profitable trades in the afternoon, but true to form, I threw a large portion of that away in losing races. £14.01 lost in 4 races. I'm not going to get anywhere fast if I keep reducing my daily profit with some really stupid mistakes.

The evening session, once I got around to it, started off OK, but I found it really difficult. Apart from one race, I was only earning pennies. The markets seemed really weird this evening and I just couldn't get on with only small portions of my stake being matched most of the time. It was very frustrating. In all I traded 11 races this evening but only managed to add £4 to my total for the day. This was despite the fact that I was using some of the highest stakes I've ever used. In retrospect, perhaps the problem lay with the markets being too weak to support my staking.

So, a profit of just under 5% keeps me edging upwards and, assuming things go well tomorrow, I should break through £400 which will be good. I just hope it's a little easier and I stop making these stupid mistakes.


Drifter said...

Mistakes are part of trading we just have to accept them and hope they don't cost us too much in profit. The only way to not make mistakes is to stop trading! Even the best traders make mistakes the thing to do is quickly realise your mistake then move on. You should be pleased that yo are making mistakes but still making a profit.

Alistair said...

Hi Drifter,

I know I tend to come across overly self-critical at times - that's just my nature. I am pleased that my bank is continuing to increase. However, when I'm losing on 25%-35% of the races I enter resulting in 50% of my profit being wiped, I've got to be concerned.

It has been particularly bad this week for some reason. Hopefully, it was down due my recent illness, time will tell no doubt.

But, as you say, the fact that I am still making a profit despite those mistakes is certainly something to be happy about.