Beware The Siren's Call

It has been shown time and time again, that I cannot trade the win markets consistently well enough to make it pay long term, which is why I try to stick to the place markets. However, with the place markets being so thin as they are since the change to the winter racing schedules, I find it increasingly difficult to resist the call of the main markets, like a sailor lured on the the rocks by the call of some beautiful young mystical creature.

Today, was a case in point as I found myself down nearly £27 after only five races with two particularly nasty losses accounting for the bulk of it. I stopped after that.

On a really good day, I can break £50, so some time ago I decided to introduce a daily stop loss of £25. If I hit this, I stop trading for the day. Given that I rarely hit £50 in a day, even a stop loss of this size still hurts, but I feel it necessary to help prevent me from going completely on tilt.

My decision to change my working hours so I can trade Monday afternoons is looking evermore like an expensive mistake. Not only do I have increased traveling expenses, but I have yet to win on a Monday afternoon since making the change. To such an extent, that I'm seriously thinking of not trading on a Monday at all.

I'll still keep the revised work arrangements, for no other reason than it forces me out of the house, but I don't think there's any point in throwing money away.


Steve said...

Mondays are always hard going Alistair, be a better idea to work those days than taking the day off only to get lured into trading them thru boredom.

Wednesdays onwards would be much better days to trade if you have the option to switch.

Alistair said...

In hindsight Steve, I shouldn't have bothered making the change. Too late now. It wouldn't be fair on the client to keep chopping and changing. Besides, I actually like going in two mornings, rather than all day. It seems to make the time pass quicker and I get to drive my new car more often.