A New Day

Following my attendance at Peter’s seminar on Monday I have spent a couple of days reading the literature provided and watching the markets but not actually trading. In my mind I have been applying the strategies learnt and watching for the “what if” scenario had I physically traded.

It was pleasing to see, on paper, that the key methods and strategies seem to bear out as I’ve been taught this week and that the markets react, in general, as Peter and his team described (although, I am sure that it will not always be the case). You cannot test it on paper but managing the exit strategy is as important as, if not more than, profitability so this would be the real test.

So today, a first attempt at trading under my new “rules and regulations” and I have to say that I am very pleased with how it went. I was very tentative but there was a major difference in my mental attitude and confidence towards making the trades. I had less regard for worrying about a trade going against me as I was mentally prepared for the exit in such a case.

I did make an error today that cost me about £3.00. I was preparing to exit at a 1 tick profit when I decided to close the Betfair graphs I use. I have these set slightly off to the right of my screen and when I close them I usually right click the graph title bar and select “close”. On this occasion I just clicked the X in the corner of the screen which happened to be Bet Angel! By the time I had re-opened and exited I had lost 2-3 ticks and lost £2.16 on the trade.

The day could have been better and ended £3.19 up, despite my mistake, with minimal trading and my bank increased by 1.33%.

I could have put more trades through, but it is early days so I will just see how the first week or two go. Hopefully my confidence will grow and I will be comfortable taking bigger risks and, therefore, bigger rewards.

Cheers