April 2010 Summary

It has been an interesting and rewarding month for me, not just because I returned to profit after suffering my first ever losing month back in March, though obviously that helped.

I hadn't been enjoying trading that much for quite sometime as regular readers may have gathered from my regular postings. This culminated in last months loss, but in turn, that loss served as a catalyst for change. Change that was long overdue and very much needed.

One area that I had been struggling with was the greyhound markets. In terms of the trading, it had been deteriorating for some time, but that wasn't the real reason for the struggle. Although I'd made a fair amount of profit in the dog markets for some time I'd been growing rather weary of the amount of time I was having to spend in order to achieve those results. Frequently sitting for 9-10 hours per day in order to win £10-£30 was definitely losing it's appeal.

I really needed a change as my work/trading/life balance was completely out of whack and it was taking it's toll.

The losses I suffered last month, particularly as I continued trying to get to grips with the horses, really gave me the excuse to make those changes required. As such, I've effectively gone back to basics. Back two years indeed, and started again with £10. I should've done it a long time ago, but having been successful in the past I was reluctant to go back to earning a few pence here and there. Having taken the plunge, I've been a lot happier.

I've completely dropped the greyhounds. I did one race at the very beginning of the month, which I lost big time as I got caught by an early suspension. That certainly helped to seal the deal I can tell you.

Instead, I've been fully focussed on the horse win markets, building up my bank with a view to increasing my stakes as I go, as I continue the learning process. I've found this month so much better, simply because I have this new 'project' to keep me focussed.

As any successful trader will tell you, having the correct frame of mind is perhaps the most important thing. Whenever that goes, it makes the trading ten times harder. Fortunately, I feel I have a much better balance now. Dropping the dogs has freed up the mornings so now I'll be able to get back into a regular exercise regime, which will also help in itself to set the frame of mind prior to trading each day.

I'm carrying on with the football, though that tends to be actual betting. Not a huge amount, and I fund it with winnings from the trading. It's nice having something to shout at the TV about. I'm still harbouring dreams of making a concerted effort of trading soccer matches, but I never seem to find the time. Someday.

Ultimately, by the end of the summer, I want to be consistently making £50/day. I feel that is a realistic target. So more of the same please will do for May and the months beyond.

4 comments:

leonthefixer said...

Hi Alistair - good to hear that things have taken a turn for the good and that you are enjoying the trading more.

It sounds like you have got your trading/life balance back in order and I think you have made the right move of moving away from the dogs where you were spending hours at work for less than minimum wage.

It seems you enjoy this new 'old' challenge and perhaps it could be something you repeat when you reach a certain amount or do a slightly different kind of challenge as it seems to have refreshed you and pushed you and allowed you to enjoy trading again.

Cheers for the blog - I enjoy reading it and keeping up with how you are doing!

Alistair said...

Hi Leon. Thanks for popping by.

Dropping the greyhounds has certainly made a difference by freeing up the mornings and giving me more time to do the things I should be doing with feeling the need to be sitting in front of a computer.

Whether that allows me to improve in the horse markets remains to be seen, but at least I'm in a better frame of mind when doing it - which is half the battle I think.

Robin said...

Alistair,

I very much "lost my way" in April and dabbled in areas I really should not have and paid the price.

Like you, I am going back to horse racing and sticking to pre-race trading only.

I stuck forty pounds into my Betfair account yesterday and was really pleased to make just over ten pounds profit. (My target is 5% per day of the total bank.)I know it is going to be a slow process but, I will be happy with taking out twenty five pounds per day from my endeavours.(Which means a working bank of five hundred pounds.)

Good luck for May.

Robin

Alistair said...

I certainly find it a lot easier when the stakes are small Robin. I'm sure you will find the same.

Take today for example. Using stakes of £19, I made over £22.

I'm deliberately taking it easy as sharp increases in stake size, and consequently the potential losses that may occur, has played havoc with my mindset and directly impacted on my trading.

It's all about building one's confidence. Get that in place and the larger stakes should follow.

Good luck with your trading.