Trading Is Easier Than Parenting

If there's any traders out there thinking of having kids, don't! Trading is so much simpler than being a parent.

My darling daughter, bless her, has been pestering me and her mother to have a second set of ear piercings. We both said no. I've just received a phone call from my ex-wife telling me that our daughter had gone against our wishes and had it done anyway. More accurately, done it herself with a needle in her bedroom on Sunday.

I don't know whether to punish her, or applaud her bravery. Anyway, that's her grounded, and even better for me, no more 5% of my winnings as pocket money. Whoohoo!

As for trading, well yesterday, I only managed to fit an hour in after being at a client's all day. I was pretty tired so I didn't do much in that hour, but a few more pounds were added to the pot.

Today, was an extremely frustrating one. I started off well enough, building up a reasonable profit in the first half hour. I then lost it in the next 30 minutes. I repeated that process for the next 4 hours! Whenever I threatened to build up a head of steam, the valve blew and I lost all my pressure.

It wasn't as if I had difficulty putting in some good trades. I was. I just kept throwing it away again. How much of that was psychological after Sunday's big loss, I don't know. I was certainly much less willing to take my trading to the last second.

I didn't start getting things together until after 3 o'clock, when a bit more cash came into the markets. Don't get me wrong, I was still making mistakes but I was putting some decent trades in as well. Like the one where I was trading 'Iains Story' in the 3:17.

I felt that it was going to come in a fair bit, but I entered the market too early. It very quickly drifted big time and I chased it as it did so until I was fully out for an all red £7. It then reversed again and started to come in as I had expected - and it kept going. I eventually came away with nearly £4 profit.

Actually, there's a very important lesson there for any would be traders. DO NOT PANIC. If it goes against you, keep your wits about you. More often than not, you'll be able to reduce your loss, or turn it around completely.

To be honest, even for me, that lesson is still a work in progress.

I stopped after the end of the afternoon card. Though I did do a handful of races in the evening, they were pretty unspectacular. I traded 60 races today and came away with a disappointing £26. I lost 14 of those races at a cost of £28.96! While it is always nice to get a profit on the board, particularly after Sunday's big loss, losing that amount simply isn't good enough. I essentially made nearly £55 in profitable trades today. That's great, but to throw over half of that away is inexcusable.

Clearly, still a lot of work to do.

4 comments:

PhilipH said...

I'd say the days profit was GREAT! No good crying over spilt milk.

What about MY stupid muck-up on Willie Hill's website yesterday. I meant to have a silly "fancy bet" on Avoca Dancer and Echo Dancer.

Instead of placing 40p ew Avoca, 20p ew Echo Dancer with a 20p ew double I typed in £4 and £2 each time, forgetting to put the decimal point in front! Bet was submitted and there is no "confirm bet" option on Hills so I was on!.

Hayley Turner left it far too late on Avoca Dancer and finished third, of 7 runners! Spencer won on Echo Dancer. I consoled myself that I'd taken the top price in both cases as you get the best of SP or odds taken with Hills. Still, it was a bloody stupid error to make.

Alistair said...

Ah, the old 'misplaced decimal' goof. I'm sure you're not the first do that Philip, and certainly won't be the last.

At least it was only one place out and the damage wasn't great.

Alistair

Cassini said...

Ouch - hope her tetanus shots are up to date. I've seen some nasty infections on self-pierced ears. Get her checked out.

Alistair said...

She seems to be fine Cassini, thanks. Her ears are heeling nicely. Rather her than me though.