long-sighted-ness

Yep that's what every trader needs- long-sighted-ness, if you are a trader who doesn't look further the today, then I'm afraid your not going to make it in the world of trading. I remember some time ago when I first started this blog I thought this was easy money time, add bit every day = millionaire by then end of the year. Well we are nearly half way through the year and my initial forecasts about having a massive trading account haven't been realised as yet(but its still a substantial one in my eyes), I am not saying its not possible, just that it will take a little longer than first predicted,

Recently my blogging has become a bit hit and miss, shows that after talking about daily P+L's I don't really have any more to say, so my blog will become a bit less frequent than when I first started, but as bits of wisdom come in to my head, I will be here to share them with you.

Goodluck

Seminar update

If anyone is interested I have just received a link to the seminar I attended online through the centaur academy, feel free to have a look and see what they have to offer, I would like to add that it was 11 out of 11 trades on this weekend's football.

Click for seminar

Click here to see daily trader

Good luck and happy trading

Looking to the future

Well this is it where do I go from here, trading is continuing nicely but I was beginning to get a bit bored of posting day after day I made this or I made that, so from now on this blog will no longer be about my profit and loss, as I am not sure it actually has any value,other than  looking at someone else's profit.

So where am I up to, first point sorry for the lack of updates in the past week or so,not really had much to say if you take into account what I said in the previous paragraph, but anyway I am still focussed and still committed to making a success of it. This week I took part in an online seminar from centaur sports trading academy, I was actually really impressed with the way it was presented and what they have to offer, be it mentoring, daily trading tips, in-depth sports trading courses and further online seminars.

Looking at my own trading I still haven't managed to branch out in to any other sports yet, but something I will be researching in the next month or so,or even wait until the start of the next football and just consolidate my trading skills  on the horses instead, who knows, it may even have to take a seat on the back burner as I have an interview next week for new job, its only a couple of months long contract before I go to college full-time (well two days a week)but thats what they call it.

Happy trading

The shackles are off

For the last two days trading I have been trying something a little different front the norm, I haven't been stopping                      trading each race once I have made my 2-3 scalp trades, I have instead been trying to maximise my profit,  yesterday was a really good day as my profit was £40.65 even though   £9.50 of that came from the Betfair crash could have been worse but personally I would prefer it if betfair just voided the whole market as I'm sure there would have been some losers as well, but then where would they there commission from for the ONE SINGLE market(greedy they are). Anyway back on the subject of trading, today have been similar, I have been trading more freely, at times I have found myself at -£2 with a few minutes to go but managed to turn it around for a quid or so profit, I think to avoid the bigger losses with my new £10 stake I will have to be a bit more patient and wait until the volume is increased and the market is formed and stable( as much as it ever is).
I withdrew £33 yesterday as I wanted the money and didn't want to see it wasted by me having a 'moment' a blowing it (self trust and self belief is not there yet), I will do the same today and let my bank increase a few percent at the same time. Until next time ... keep it green

Saturday recap

Seems like everyday before I start trading I feel anxious and begin to wonder if I can repeat the previous days efforts and profits, after a few races I can get into a grove and wait patiently for the next trade to present itself or the next race if I am content with the profits on the current race. I have just been going over the P+L from my betfair account, I traded 39 races and made a profit in 37 of them, my biggest win was £1.12 and smallest was 7p, the two loses I had were -7p which is basically a scratch and the other lose was -£1.78, this was the last race of the day for me and the reason I  made such a huge lose was because my trading bank was on £121.94 and I wanted to make that extra few pence to round it up to £122, this obviously never happened and I could feel myself being tired and not being focussed enough to carry on, so I shut down The Geeks Toy and left it there for the day, I am pretty certain that I would never have allowed myself to make such a lose earlier in the day as it came from over staking and trying to force a position when it was clearly going the opposite direction to my trade.

Total profit for the day was £23.53 an average of £0.60 per race, very happy with the consistency and being able to maintain it through most of the day.

I do not feel I am in the position to give advice to newbies yet, but here goes- it was only a week ago that my trading bank was only £28, and 7days later and after 222 markets I have done considerably well, my format at the moment is 2-3 scalp trades with a one tick offset per race on a 10% stake gives a good return per day, so I just want you to know it can be done.

Now that my bank has exceeded the £100 barrier I has switched to £10 stakes, I feel this is a good time to level my stakes and allow the bank to grow and at the same time reduce my stake to 5%.

Not trading today, bit of shopping with the wife and find somewhere to watch the football later (c'mon United).

See you later keep it green

Positive thinking

Positive thinking today has brought me my biggest ever total in one day of trading, I am aware of the fact that I am still beginning this long journey, but I made two days profit in one day I split my day into two sessions, before tea (day races) and after (evening races), I only scalp one tick offset at the moment and I can safe that the markets move slower in the day and more erratic at night, trading with a stake equal to 10% of my bank I have been trying to make two scalps per race to make a decent return through the day, on many races I made a lot more trades than I intended to, either by get the first one wrong and re-entering the market or by being greedy(seeking further opportunities) but the thing is is the amount I have traded in volume today, I had a brief scan over my P+L in betfair and I would estimate that I have backed and layed over two thousand pound today, that is crazy money considering when I started out this afternoon my bank was £77.20.

Apart from that I am exhausted from concentrating on the screen for the last six - seven hours on and off.

Quick note for any newbies a bit newer than me, if your looking for advice, check out the Racing Traders forum, The Geeks Toys Forum and Tradeshark  tennis forum.

Confidence is growing

Yep confidence is growing, along with my bank and I am starting to get the 'feel' for it I think, I am being more selective with my trading opportunities and making better choices about when to enter the market. If I look back over my posts and see that I was finding it difficult to maintain my enthusiasm to trade at £2 stakes and earn between 3-5p per race, that was a test of my determination and so far I am persevering well. My stake is currently set to 10% of my trading bank and I have be aiming for around 5% a day, but I have been far exceeding this and making 10% as I felt comfortable in the trading environment. If and it is only an if, I can maintain the same progress I should have a balance of around £100 by the end of the weekend, from then on I will keep my unit stake at £10 until I reach £200, so lets see how we.

Quick note to add to this- Although I am happy with my progress recently it still sometimes feels like I am only one trade away from blowing it all, and requires maximum concentration at the moment, I am hoping that as my experiences grow with the higher bank level this feeling will subside and I will have the self belief  to match my confidence and not become complacent, anyway whatever happens I will blog it down as a post on here.

Halfway up a mountain

That's right I have made it to a half century, sticking to the principles in my mind and some how scalping well all afternoon, I do feel slightly mentally tired now though and the PC is going off after I write this post.

I say half way up a mountain in the title, but its not really a massive achievement as I know its still have one hell of a climb left to make something out of trading and make a good enough profit each day, for the remainder of this month my forecast is about 5% a day and I 'should' have £200 in my trading account by the 31st so lets see how it goes.

INTERNET CONNECTION

Just taking a break from trading for few minutes, I was trading up to the off and connection dropped, any ideas on what I can say to BT to make it more stable, I know the timer reads -55 seconds, but even though my connection was gone the geeks toy keeps counting.

Been here before? I think

I have had my trading bank up at this level before, (£44.73 to be exact) but today felt different, a lot different as I  single clicked my stakes and staked responsibly, traded patiently and confidently knowing full well that if this trade was unsuccessful I always had the next one to have a go at, its like the feeling of desperation to make every trade a profitable one has gone and I am not constantly thinking about how much I could make today. I didn't mean too trade so long today as I felt like I did enough yesterday, but took a few breaks throughout the afternoon and I think that this is what's making the difference for me, breaking down the trading sessions into smaller sessions of about an hour or so.
So turned a corner? Maybe so lets see how it goes for the next few races/days/weeks and then I just might have something, by the way I have not gone inplay in a race in the last seven days and that is something I am very happy about.