Follow The Yellow Brick Road

I feel like the lion in 'The Wizard of Oz'. I have completely lost my courage and it's costing me decent profit every day.

Right from the off, when I first started this trading lark, I grew to recognise that having opened my position, if I held my nerve it invariably paid dividends. Since hitting the £1K mark, I seem to have turned into a quivering coward.

The trouble is, I'm not sure what has caused me to lose the courage of my convictions, but there is no doubt that it has gone. I hope I can find it again soon to save me spending long hours trading for little reward. It's becoming very frustrating.

I traded 24 races today, scratching 6 and losing 7 at a cost of £23.67 only to come away with a profit of £10.81. That's just not good enough.

I've stopped after the 7:00 as the evening markets are very quiet, particularly at Leicester.

Tomorrow, I'll have to tread carefully due to the planned API upgrade that Betfair have announced. I have no idea if BinarySoft BDI will still be working after it is complete. If it isn't, then my trading career will come to an abrupt halt for a while as there is no point in me subscribing to Bet Angel as I won't be trading anyway from the 9th - 17th Aug.

Just have to wait and see I suppose.


Pete Thunder said...

Perhaps you are trading with amounts of money you are not comfortable with? As a suggestion i would recommend lowering your stakes to something you can, emotionally, handle. Work your confidence up and then gradually come back to your normal stakes. It just like exercise: If you train everyday to failure, sooner or later your muscles will fail. Try some "Active Resting" and see what happens...

Alistair said...

Hi Pete, and thanks for the suggestion.

I'm already running at lower stakes than normal. My cowardice has been plaguing me for two weeks and throughout that time my stakes have been both high and low.

Indeed, last Friday - my best ever day, and the only decent day I've had in a fortnight - had some of the highest stakes I've ever used. So I don't think my stake size is a problem, not from an emotional point of view anyway.

I guess I'm just going to have to keep plugging away until such times as it comes good again. At least the bank is still growing, albeit at a much slower rate than I'd like.