Wednesday, 22 February 2012

Day Twenty seven

Made some massive errors today, messed up big time, went inplay, lost loads, not going to go into it right now but its a long way back from here. Its a mixture of greed and being impatient, not trading anymore tonight, seriously f'd off with myself again.


  1. Hi Steve

    Sorry to hear that you have had a bad day.

    It appears that impatience and discipline are you short comings.

    At the start of your challenge you were doing OK, small profits on a daily basis, which is of course the way to go.
    These small steady profits soon mount up.

    Setting a daily target is in itself not a very good idea as it heaps far too much pressure on you and can lead to you over trading.

    You have now had 2 major hits in less than a week so unless you can stop doing the things that have been responsible for these hits then Trading may not be for you.

    Also I think focusing on one particular sport is a better way to become successful rather than trying to master several, I know you are only doing pre race horses and football but why not drop the one where you have had the main issues and concentrate on the one where you have had the success.

    Anyway I wish you well and look forward to reading your updates.

    Finally and don't take this the wrong way but focus on what you are doing and forget about promoting other people's services so much, spend your time concentrating on making money for yourself not other people.


  2. Your right Niel, learning trading is like spinning plates and maybe I have been trying to spin one too many, also with setting daily targets and posting them in public just adds to pressure that trading has, with regards the promotion of other services this also leads me to less focus, so I will now focus on my trading but will a less public aspect and only be updating once a week or so. But thanks for your advice Niel will take it onboard.

  3. This is a very consistent outcome for a large amount of traders and one you can overcome. I have seen so many people get the basics right, start really well and kick on for a month or two and then one of two things happen.

    They start to aim too high or the discipline loosens. And that results in a loss. Once that loss comes the confidence is knocked and they have a bit of a panic. Some people at this point will raise the stakes to recover the loss and get in more trouble or worse still they will win the money back.

    If they win the money back, they feel a bit invincible and think if they get in trouble again they will be able to get out of it and so the discipline falls further.

    It is extremely depressing to come back the day after the big loss and that is why it is so important to avoid them.

    But when faced with a winning position, people can easily accept a win and exit, they become risk averse. They don't want to lose what they have so they take it.

    When faced with a loss, people become risk seeking and will risk further loss to avoid the one they are about to suffer. It is a well known reaction and has been studied and proven to be the case.

    You can come back. You need to have some time off, about a week, reload and start again with a new perspective. Take your profits quickly and your losses quicker.

  4. Steve, I suspect most traders have blown at least one decent bank, for the reasons stated by Neil and TB. I would encourage you to continue blogging as an aid to your discipline - taking a public 'bath' can be therapeutic if for no other reason than it engenders lots of 'been there, got the tee shirt' sort of messages.

    Stick with it, and learn from your mistakes.

    Good luck,



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