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.
Concentrate on doing the right things at the right time and do not think about winning money. The fact that you are doing what you are suppose to do will in the long term provide the success that you want to achieve. Mistakes that you made in febvruary are almost unavoidable but you must let them go and use your mental erase button. I know of a very successful trader on Wall street you uses this mantra on a daily basis.
ReplyDeleteBest of luck
I feel the same way. Really have to force myself to post losses.
ReplyDeleteBut I also feel that it's a good thing to do as you accept the fact that it happened and you can start working on fixing it.
I have no idea how your financial situation is so maybe the money doesn't matter to you. but maybe it's a good idea to lower your stakes in the horse racing quite a bit until you start turning out consistent profits?
Lower stakes will not change the game but will dampen the blow on your bankroll bigtime, thus lowering the chance of having to give up on it entirely due to it becoming to costly.
Good luck though! I'll be reading how you're doing.
Ouch! Those bloody horses again! Sorry to see that large negative figure there Drifter. The Holy Grail of Trading is proving pretty illusive for me as well - though I'm not play with such big numbers. As far as the nags go, it's back to basics for me.
ReplyDeleteI actually do better on the nags by making use of the Bet365 televised offers, though I do not do them as often as I should.
Good luck in March. I hope it sees a dramatic turn around for you.
Alistair
Thanks Guys for the messages of support. March has been much better already. Well I haven't lost any money yet.
ReplyDeletePeterWebbHereIcome the money does matter a bit but most of the losses were money I had made in January and thankfully not spent. So I am not too concerned about this at the moment.
The Limited Risk Bettor I think your point about moving on is so important. I lost over 1 grand with 2 mistakes but It affected my trading for the rest of the month. For some reason it is only now that I have started a new month that my trading is starting to improve.
Alistair I feel like perhaps I should move on from the horse racing but I am so determined to make it work I won't give up yet. I might live to regret that but I think I am nearer to a breakthrough as strange as that may appear.
Drifter