“Good trades rarely go wrong from the start, but bad ones do. The earlier you cut out of a bad position the better”
I really should have read this before trading today, it might have reminded me in the 15:45 Hereford as I left it go a bit longer than I should, ah well.
Today I tried a few of the different strategies I’d learnt with some differing results. The most successful for me was the final race I traded where I caught and rode an upward swing, then a downward swing, then another upward swing, all on the favourite.
Unfortunately the damage to today’s profit had already been done by me leaving a few trades just a little too long and it really wasn’t more than about 5-15 seconds overdone.
Sometimes it seem like you are taking 2 steps forward and 3 back and other days 4 forward and 2 back but at least the overall gain is 1 step. Anyway, a loss of £0.63 today but, I hope, a gain in experience and knowledge. Bet Angel is quite an extensive program, I’m still learning how it reacts to various settings and occasionally it catches me out (16:40 Southwell).
The good thing about today is that, in virtually every race, I know exactly where I went wrong and what I did wrong. I think that this is the first time I have felt that confident when reviewing my days trading so I guess I’m moving forward, very slowly.Cheers
As a fellow amateur trader my p/l is very simlar to yours a bit hit and miss some days i'll make a little and some days ill loose a little but we both feel we are making progress which is the main thing. Having only been trading for 2 weeks now what advice could you give someone in my position who hasnt been on Peters course.And how do you define a good or bad trade.Keep up the blog its very interesting to see how your getting on.
ReplyDeleteThanks
Hi Anon
ReplyDeleteIt proved more difficult to answer your queries than I initially thought so I've made it the subject of my next post.
Thanks for your comments and good luck
Cheers