It Finally Bites Back

I’ve been waiting for this day for some time, yes I lost today, -£4.41 and I guess that came from being overconfident to start with and then fuelling that with a dose of stupidity.

My first trade went against me (I can hear you all shouting “no you didn’t”) well yes I did, I took it in-play and it bit me back heavily, to the tune of -£11.76. The second race didn’t fare too well either with a -£0.31 loss. So I’m looking at a -£12.07 deficit after about 25 minutes of trading.

I’ve now taken 7 trades in-play and the others worked out ok. Now this is a very rough calculation but I would probably have been no worse off trading out when I should have done in all 7 than I am now. However, I believe that today’s trading experience has probably been far more valuable than any other day so far for 2 reasons.

Firstly, although I know I should have closed out earlier, having got myself into this poor position and finally traded out I was then looking to the next trade and not dwelling on the loss as I have always done previously. This really is the first time I have felt this way after a loss.

Secondly, this -£12 deficit actually gave me a psychological target. My biggest win on any day was £6.20 and I realised that if I was to turn it around I would have to out perform my best day by 200%. A tough assignment for a cautious trader.

I took a short break, gathered my thoughts, came back to the PC and applied myself to the job in hand. It didn’t work, I mean I didn’t get the £12.07 back but I managed to recover £7.66 of it and for that I made more trades than I’ve ever done in a day. It goes to show that if you push yourself you may be capable of more than you think.

Anyway, once again, I’ve rambled on too long. Here is the P&L for today and I’ve included the race P&L, just for information, as I wouldn’t normally bother.

Here’s looking to tomorrow, I’ve still £4.41 to recover!

Cheers