I managed to get a little trading in yesterday (Wednesday), just two races in the early afternoon with a small profit of £0.39. I didn’t post yesterday as I’d not quite finished my June summary and I wanted to get that finished first.
As always nothing major to report but it set me thinking a bit more and I decided on a little different strategy today. I’ve seen many times during my trades that I exit too early, detailed particularly in last Wednesdays post.So for today I thought I’d stay in the trades a little longer, provided they were not continuing against me. What I tend to do is if a trade doesn’t actually go anywhere or drops one or two ticks I get out immediately, only to see the market move the way I thought.
I decided that if a trade did not appear to be going anywhere I would just leave it open and see what happens, on the assumption that my initial “gut” decision was correct.
This had a twofold effect for me. In the first instance it actually worked ok for most trades but, disconcertingly it made me more cautious. However, it’s all about profit and I returned £2.30 today, on a “back” trade total of £120. That’s a massive, by my standards, ROI of 1.91%, hey – big smile!
I do have one trait that is concerning me a little and that is I can feel that I am becoming a little frustrated and impatient at the continuous small figures I return. I am tempted to up the stakes and “go for it” but I do realise that it takes time to learn and I know I have plenty of learning to do yet.It’s my day off tomorrow so I should be able to get a decent afternoon in and test whether I’ve learnt anything or have just been lucky recently. Oh what a way to build confidence!
Cheers
3 years in and losses under control you should probably be looking at higher stakes and less trades.
ReplyDeleteIf you do up the stakes don't try to trade every race, you have to be comfortable with what you are seeing in the market, make sure you are confident about the market and your entry, know what you are expecting from the trade and put in an appropriate stop loss.
I found moving from £2 to £50 stakes has made things much easier for me, but it can also mean disaster if you let your losses run and/or go in play so be careful!
Hi Anon
ReplyDeleteThanks for the advice. I will probably see July out before I look at increasing my stakes.
As for the 3 years in, I've only been seriously looking at it for the last 5-6 months and of those it's only in the last 3-4 weeks that certain things have just begun clicking into place.
Still some time to go I expect.
Thanks for the comment.
Andy