Steady As She Goes

Today's Results:
Horse Racing... 4.8% profit. New bank... £520.77

With another 4.8% added to the bank I'm please to announce that I've now gone through the £500 mark - half way there to the magic £1000 trading bank - from a £10 start. Bloody marvelous!

I had a slight change of tact today where I wanted to be a lot more conservative in my trading and not take so many risks. The aim of course was to minimise the number of mistakes I've been making. More specifically, reduce the amount of hard earned profit I was throwing away each day which was limiting my daily return. I don't know if I was successful - the jury is still out.

In trying to take less risks, I found that I wound up chasing pennies. The two worthwhile trades that I did have were matched by two equally bad ones. Which is exactly how it tends to be when I trade 'normally'. As a result, I was only £3 to the good when I stopped to make dinner at 4:30 having got involved in only 9 races. Three of those were scratched with the two losers costing £7.25.

In the evening I only managed 6 races in between ferrying children around the countryside and watching some of the football. I scratched two of those, but thankfully had no further losses. I did however revert back, at least in part, to my more riskier trading style which I'm comfortable with.

I'll still try and be a bit more conservative in my approach though with a view to striking a better balance between risk and caution. The aim of course is to reduce the wastage that I've had over recent weeks, despite consistently making a profit. Time will tell I suppose.

Tonight though, I'll go to sleep happy in the knowledge that I'm hitting a daily profit target that will make a difference.

1 comment:

Anthony said...

I think with trading you have to take risks to get the big returns. When you get behind what you think might be a big steamer or drifter you sometimes have to keep throwing more money at it to get the best value. These end up being the best trades you'll do. Don't worry too much about how much you're losing on individual trades or how much of the day's profit you're giving away. You can't win every trade and you're already 5,000% up on your original bank in no time at all. I'd say it's going very well so far. In time you'll learn when not to enter the market, i.e. when you're desperate to get involved in a swing but miss it only to jump in when it's over. Sometimes you miss them which means zero profit - no problem. If you jump in too late it normally means a loss. Keep on as you are and you'll gain a bit of finesse.