How Not To End A Day's Trading

Today's Results:
Horse Racing... 1.2% profit. New bank... £877.73

Just a quick update before I head off for dinner...

As you can imagine after my performance this week, I sat down in front of my PC with some trepidation this afternoon. Fortunately I made some reasonable trades right from the off, which helped me settle down no end.

I did have a much better trading day today, although I had a couple of annoying smallish losses mid afternoon. By the time the last 4 races approached I was a decent £22 up. Three races later, I'd thrown half of it away! Very stupid!

Still, I take heart from my trading leading up to that as I was trading much more effectively than I had been doing of late. It would've been a different story if those loses had come in the first 30 mins mind you.

I got involved in 18 races today, scratching 5 and losing a combined total of £16 in 5 others resulting in a 1.2% increase to the bank. That means that this past week has seen a measly profit of £27.62. So, although it's nice to get a profit, it's nowhere near what I should be doing in a week.

Let's hope things pick up soon.

5 comments:

Matt said...

The good thing is you came out ahead of things, you might not have made what you hope for, but you didn't lose, and that's just as important - it shows you stuck to your plan (in general).

Great blog, I keep stumbling on more and more quality blogs at the moment!

Added a link to you ;)

Matt
Punt.com

Alistair said...

Cheers Matt and thanks for the comments.

I've added your blog to my list. You've got some very interesting articles there which I'm still wading through. I look forward to reading your other useful insights.

Alistair

Mark Iverson said...

Hi Alistair,

As Matt says, you finished in front and that's so much better than taking a loss and then taking a week or so to make up the difference - that's when it can get very demoralising.

You maybe moving slowly but you're not moving backwards.

All the best mate,

Mark

Anthony said...

You've got some good support from 2 of the best trading bloggers there Alistair. It's easier to get disheartened than to be positive in trading terms imo. As everyone says, you remember the bad trades and assume the good ones must be luck. This is not the case as luck doesn't create £900 from £10. Keep your chin up and try to work out why you're not being as successful as a week or two ago. Is it just that your mind is being affected by a less profitable run or is it that you're changing your style slightly? This can even happen subconsciously, as I have found out myself. A while ago I realised I was trying to swap from scalping to catching the longer swings but was only doing it tentatively, which didn't really work. Once this dawned on me I was able to adjust what I was doing and have been much more profitable since.
Also, I know I keep harping on about the win markets but if you leave these in the day and just trade them at night you will find there are massive swings to be taken advantage of.

Alistair said...

Thanks once again for the support chaps. I'm confident I'll come through this sticky patch soon. The important point, as you say Mark, is that I'm still making a profit even though I'm not trading well at the moment.

Anthony, with all your encouragement to stick with the win markets, I'm beginning to get the impression that it's you that keeps taking my money! LOL!

Joking aside, I will be going back to the win markets more and more. It's essential that I get to grips with them in the event that I decide to make this trading lark other than a profitable hobby. You suggestion to look at the win markets in the evening is a good one.

Cheers

Ali.

Alistair