Not Before Time!

Today has been so satisfying on so many different levels, it's difficult for me to know where to begin. I might as well start at the beginning I suppose...

One of the things I'm acutely aware of is how unfit I am. I've had trouble with my weight for some time and I'm very conscious of the fact that I've been piling it on in recent months. On going health issues make it extremely easy for me to make excuses not to do things - but they are just that; excuses. So I've decided to start doing something about it.

After spending an hour tidying up the house this morning, I went for a three mile walk. It's a walk I used to do at least 4 times every week, but I've got out of the habit and have rarely done it in the past 12 months. I really enjoyed it and, dare I say it, it set my mind up for the trading in the afternoon - as you can probably guess from the screenshot below.


Rather than give a blow-by-blow account of my trading today, I thought I'd spend some time discussing why I suddenly managed to outstrip my daily record by some margin, having spent much of the past fortnight struggling to get anywhere. Indeed, today's profit is more than 4 times what I've earned since passing the £1000 mark nearly two weeks ago.

For whatever reason, everything about today was different compared to recent days. I was relaxed and not in the least bit concerned about todays trading. In fact, I was really looking forward to it. I really do think that going for that walk had a lot to do with that.

Looking back over my days trading, I do not believe I was trading any differently than I normally do other than being much more confident. However, there is one glaring difference when I think back to other days when I've struggled. I traded in 32 races today and scratched 15 of them with only 1 small loss of £1.39 and therein lies the answer I believe.

Not the fact that I only had 1 loss, but the fact that I scratched nearly 50% of the races I entered. By extension I guess, this is why I had so few losing trades.

One of the things I have castigated myself for many times, as documented throughout this blog, is the fact that I throw away a large part of my profit. Despite posting profits of £30-£50 on a regular basis, I'm also posting the cost of losing trades of £20-£40. In other words, I am regularly making profitable trades that collectively approach today's total, but wasting it by having quite a few losers as well.

Today was completely different and was within a gnat's ball hair of being a loss free day.

Those scratched trades are interesting in themselves. In the past when I've scratched a lot of trades, I've become more and more frustrated as I haven't been making any money. As a result, I make mistakes, enter markets that I shouldn't and try and force trades that simply are not there. The fact that I was able to keep my discipline when, for long periods, I wasn't realising any profit is another reason to be very satisfied with my performance today.

Another area that gave me some satisfaction today was the way in which I stuck to my reading of the markets and had the courage of my convictions. This was true throughout the day, especially in the last two races where I made £34 in the last ten minutes of the day. But strangely, it is a scratched race that gives me the greatest pleasure of this.

On three different runners in the 7:20 at Chepstow I was caught out by a significant jump with large sums as soon as I entered the market. On each occasion, I held my ground. These sums, despite potentially putting me some 10 ticks in the red, where isolated. Even though they were of sums much larger than that on my side of the market, I was convinced they would disappear. Sure enough they did and the market came back to my position where I was able to scratch.

If I'd been sharper and much more on the ball, I should've taken those jumps on, but I wasn't and I didn't. I was happy to scratch so I'm not going to beat myself up about it.

Some satisfaction was also had in a couple of in-play hedges using the technique I outlined in yesterday's post. My only disappointment came in the 7:00 at York. Having got my self some £2.50 in pre-race trading profit, I stuck £2 on 'Perpetually' @ 4.70 and placed a closing trade at 1.40. When the race went in play though, I bottled it and moved my closing trade to 2.24. The horse won at an SP of 11/1 but I only got an extra £2 out of it. Hey Ho!

Unfortunately, I didn't fancy any of the horses in the last two where I'd made significant sums, otherwise I would've stuck more than £2 on in-running.

So, there you have it. I VERY satisfying day where I've broken my record profit for a day's trading; I've posted my best ever individual trade, albeit it just; and most importantly, I traded like I should always be trading - full of confidence.

All I need to do now is carry that confidence forward into the coming days, but I think I'll be starting with a walk in the morning.

3 comments:

Mark Iverson said...

Well done Alistair - an excellent result.

I find getting the mind right the most important part of this trading game and it looks like you've got a way there of uncluttering the debris before getting started.

All the best,

Mark

leonthefixer said...

Well done mate - keep it up! Good to see you back to winning ways!

Alistair said...

Hi guys, and as ever, many thanks for the comments.

Keeping my feet firmly on the ground though after yesterday's triumph. One good day doesn't make a system and all that...

Just been for my morning constitutional, so raring to go. Just need to keep the ball rolling now.

Ali