Tuesday, March 17, 2009

I Trade Well When ....

1. I close all my trades before the off.
2. I have no other distractions in the house.
3. I watch pictures of the races before the off.
4. I accept my loses as just part of the trading process.
5. I take lots of small profits frequently
6. I am confident.
7. I enter the market about 7-5 mins before the off.
8. I put very little pressure on myself.

I probably have more to add to this but this is my thinking so far.

I have decided to write these down because my trading like the economy has started to stagnate. The last 2 weeks have just been one step forward one step back. I have tried to be positive with these statements as I feel I have been far to hard on myself recently and this has led to a complete lack of confidence. So I feel it is time to refocus again and not look for such big profits just more consistent ones.

Sunday, March 1, 2009

Glad to see the back of February

As the title suggests February was a bit of a disaster mainly caused by two big mistakes on two days. I think this has also led to a lack of confidence in my trading. Recently I have just made lots of bad trades. Therefore I have consistently lost on the Horse Race trading. This has again made me question if I should continue to trade them. Most of my mistakes have stemmed from holding onto positions too long a common mistake among traders. Some of my other sports have continued to be profitable e.g. football although most of that was from one game. The figures were slightly better than this as I made £130 on the Australian markets. The most annoying thing is that I have undone all the good work from January. I am now looking forward to March and a lot more trading opportunities.

I hope to post a bit more but when things aren't going well it can be quite difficult to share the bad news.