Just Not Disciplined Enough

I will probably take the weekend to do some reading, Profitable Betting Exchange Strategies, provided by Peter Webb at the Betting Exchange Academy course.

With a well disciplined start, being a little more selective with the races I traded, adjusting stake and strategy to match my abilities etc. etc. the first few races went according to plan.

After that I went a bit awry, I carried the 15:15 in-play and was staring at a mind numbing £68 red before the race finished. Fortunately it worked out ok for me in the end with a profit of £44.78 in the race.

With this indiscipline I quit for the afternoon, considering myself to be extremely lucky that I was over £50 up instead of £90 down. However, the pull of trading, despite the stress sometimes I still really enjoy it, got me back at the PC just over an hour later. This time I did exactly the same thing and it didn’t work out.

Why is it? Your mind knows the correct thing to do but it also prevents you from doing it, despite the most obvious dangers. 7 weeks I went without taking a trade in play but it still catches me now. Fortunately the loss was so much less than the win and I ended with a profitable day.

If I had exited at the correct time on the 2 races my net P&L for the day would have been around £6.00, if both had gone wrong for me my net would have been a loss of about £92.00. As it happens I ended the day nearly £42.00 up and feel I need to do some work on my mindset.

So, I doubt I will trade over the weekend, I think I’m too dangerous for my own good at the moment and will come back refreshed on Monday / Tuesday next week.

Have a good weekend.

Cheers