The Importance Of Concentration

Half an hour ago, I was looking forward to posting a decent day on the greyhounds to add to the one I had yesterday. Now, I have to report my worst ever loss as the last 30 mins have seen me go completely on tilt.

After the 3:43, I was looking at a tidy £30 profit and, as I had 10 minutes before the next, I nipped downstairs for a cuppa and to put the tumble drier on. When I came back, I immediately jumped straight into the 3:53 without re-appraising the market. You won't be surprised to learn that my bet was immediately taken and my side of the market collapsed with the price sweeping through me like a hot vindaloo. I eventually managed to get out for a £10 loss.

Annoying? Yes. Careless? Absolutely.

How many times do I have to tell myself not to get involved in the race immediately after I've gone to do something else? I never seem to learn that simple rule. My concentration is ALWAYS off.


Having composed myself, I set about building up the profit again. I put in a couple of reasonable trades in the next two races and I was quite happy with what I was doing. Then came the 4:14 and I got stung big time.

My concentration still wasn't there. I wasn't paying attention to WH Radio and I got caught with an open lay on 'Cactus Candy' when the market suspended. Though I crossed every finger I had, somehow I just knew that the stupid mutt would win. A late charge round the outside of the last bend and it caught the leader on the line.

So, over £96 lost in the space of 25 mins or so. In fact, I can add another £5 to that as a double I had on Genoa/Palermo lost as well. Simply one of the worst half hours I've ever had since I started this trading lark. It has wiped out much of this week's profit.

I had high hopes of this month comfortably being my second best month, but I'll be struggling to achieve that now. At least I won't need to pay my daughter much in the way of pocket money this week!

I'm away to lay into my punch bag for a while to get it out of my system. I'll be back on track tomorrow.


leonthefixer said...

Sorry to read about your loss mate - look upon it as the final payment you owed on the lesson and you are now done paying for that lesson.

Move on - don't let affect your trading this week - it has happened, it was an error but as long as you learn from it and it stops you doing it again it will be money well spent.

You are still on for a good month - I would be happy winning the amount you are currently lookng at so chin up - you will have it back in no time.

Hopefully catch you in the Chat room before racing this week - I think it is time I took my seat back :)

Alistair said...

I'm afraid I sold all your furniture 2 weeks ago Leon!

Today's glitch all but forgotten. I'd recommend any newbie trader gets them self a punch bag. Great for putting things in perspective.

PhilipH said...

I throw darts at a full-size photo of Gordon Brown. Helps a bit!

Drifter said...

Chin up Alistair

These things will happen from time to time. I am just impressed with how you keep these to a minimum.

Did you win? I hope the punch bag took a good beating.


Alistair said...

Thanks for the comments guys. The loss was annoying at the time, but all forgotten now. I've benefited from these things in the past so it was probably time to pay.

Whilst the punch bag was good for letting off steam, what it really showed is how unfit I am. Perhaps I should have more cock-ups to encourage me to use it.