Sunday, 3 February 2013

Forget the money..... become effective


I was replying to a post on the 'Trading for Freedom' website and as I was typing the reply I noticed that I was in fact giving myself some useful information. One of the members had set himself a goal of winning a certain amount on a daily basis by the end of each month and he was beginning to feel frustrated as he hadn't yet reached that goal. I replied that he shouldn't be particularly worried about how much he had won every day. My own experience is that your trading will be affected if you are continually looking at your P&L during the day. I have mentioned this before, the only thing that you should be focussing on while your are trading is the trading itself. Therefore it stands to reason that if you fully concentrate on how you are trading and your focus is to improve how you trade (by cutting out schoolboy mistakes, being patient and waiting for clear cut opportunities, not being reckless, sticking to a defined staking plan, sticking to any other rules that you may have, gradually improving your knowledge and enhancing your strategies, etc) then your trading will improve, your confidence will grow, and in turn you can gradually increase your stakes and ultimately win more money. So effectively you should reach a stage were you are winning an average daily amount that meets or exceeds your old monetary based goal.





I did venture out on Friday evening and entertained a few sherberts (unfortunately the second boozer that we frequented only served Fosters) and managed to stumble back home at about 03:15 accompanied by a large doner and chips!

After my debacle with my car I managed to get a replacement 100A PAL fuse and stuck that in this morning, connected the batteries and hey presto ..... I'm back in action!




Yesterday (Saturday) was the first day that I really noticed the difference in the pre-race markets on busy days, such as Saturdays. Most of my trading was either pre-race or early doors in the win market and my forays into the place market were much less, so I felt as though I'm finally making the transition away from the place market and into the win for both pre-race and IR.


05/02

Not much to report, apart from the fact that the sun has come out and we have 3 meetings today and Southwell AW is back in action.






Just stumbled across this on YouTube. I've only had the chance to watch the first few minutes but it looks really interesting.





... and you thought trading on Betfair was difficult!


13/02

Well we have a few more meetings today, five to be precise, so thing are picking up a bit and Cheltenham is only just around the corner. I'm gradually getting my plan into action, that is pre-race trading in the win market, followed by early IR trading in the win market, followed by a bit of trading late on in the place market (hope that makes sense). I need to be a bit more aggressive in terms of stakes, so I'll get my arse in gear today and increase them slightly.