Utter Rubbish

Today's Results:
Horse Racing... 1.0% profit. New bank... £875.61

I seem to be going through a lack of confidence at the moment. Last Friday I happily posted a new daily record, having gone through the £50 mark in one day. It has taken me another 7 days to earn the same amount - and that's thanks to one good session I had on Wednesday. Other than that, my trading has been very poor.

Today was very much a case in point. It was really tough going and when I'm down on confidence, it gets worse. It's almost self-perpetuating.

I was only about £10 up by the end of the afternoon. So although I had some wins, they were small compared to normal. I kept missing opportunities, not getting on them when I should. Instead, I'd follow them wary that my judgment has been lacking of late. I'd eventually jump on them when the trend was on the turn and so I had a fight on my hands just to break even. This led to frustration, and consequently, the mistakes increased.

I lost £28 in 6 lost trades today and scratched 18 of the 38 markets I got involved in. So I come away with the grand total of £8.31.

Like the title says.... Utter Rubbish.


TickSize said...

Hi Alistair

I wouldn't be be so hard on yourself. The most important thing is that you continue to protect your bank and not lose money. It sounds like you have become hesitant. Perhaps you should reduce your stakes to levels you are comfortable with until your confidence returns.


Alistair said...

Hi Ticksize,

You hit the nail on the head. Whenever I have a wobble, the resultant few days is usually plagued by hesitation. This has certainly been the case this week.

I have dropped my stakes a bit, though not by too much. I'll soon ramp them back up again once I see signs of a recovery.

God luck with your trading today.