The answer I keep telling myself is that it was a good step in my trading life. I stuck to most of my strategy laid out in a previous post, and was very happy that I have not yet gone in play.
There were three big losses today that put me at a stage about -£7 in the red at one stage - and felt like stopping there for the day.
A lot of the markets I traded were basically scatched, a few pence here and there.
My problem was these big losses and I need to find out what caused them.
They came in the first half of the trading day when I wasn't that tierd with watching numbers see-sawing up and down, and generally I was patient to only trade when I saw the right oportunity.
I did increase my stakes on a few races to £20 and for one race I used £20 stakes at a price of 5.0+ which caused a big loss.
Another large loss was after I went two races without even clicking once. I thought I would be waiting all day at that rate so I jumped in the markets for the hell of it. - Wrong thing to do!
All in all the day was mixed, lots of nice little profits, some sensible scratches and an overall loss that is paid for a good lesson learnt; to be patient and to use sensible stakes at various prices.
I am working now through to atleast Friday unfortunately, but atleast I have a guarnateed income with that for now!
I will try and trade the later races if I can make them and will try and keep on the right side of my bank balance and hopefully have it back to £85 by the end of next week.
Good day there Cudster. Early on I was happy just to end around £0, it meant I wasn't peeing away my bank!
ReplyDeleteBut, as Simon Cowell says: I'm not here to patronize you...
...if you're serious about trading for a living you need to put the hours in - we're 11 days into September and this is your first full session? And you're at work the rest of the week!
It's taken me 11 months solid trading to reach a reasonable standard and, while everyone learns at a different rate, your goal of making £2-a-race average by October is not realistic.
Hi Mets, appreciate the post.
ReplyDeleteI have gone in to trading almost blind, only done research myself and have never had any experience of trading etc.
The £2 a race would be a great target, I really appreciate feedback (good or bad) from traders like yourself who are making a living from it - I started the blog to get comments like that to keep me on the right track - keep them coming! - What would you think a good target for a new trader would be?
The work has come up completely unexpectedly, and although I want to trade, it is a guaranteed wage to be made there!
I am hoping to being able to trade through October also, depending on how the next few weeks go and unfortunately work also.
Keep the comments coming!
Cudster
Hey Cudster,
ReplyDeleteI use Bet Trader Evolution. I to am new to trading been using this software about 4 months now.
I use a similar strategy, with 1 click I can enter the market take a 1 tick profit then Hedge and also set a stop loss of 3 ticks.
There is a great forum with many members willing to give advice for us newbies as well as videos on how to trade the different sports using the different tools available.
I do have links on my blog if you want to check it out
Cheers Dags
Not trying to rain on your parade lol ! Just thought I'd give you a heads up. You've got to pay the bills like most of us and guaranteed work should come first - it takes the pressure off while you are learning to trade anyway.
ReplyDeleteJust not sure what you will get from these intermittent sessions. We all come along at different rates though so don't take what I say as gospel :)
£10-a-day is good target to aim for. Consistency is the key. Took me about 4 months to start making a modest monthly profit and that's increased to a respectable level in the last few months.
Hi Dags thanks for that.
ReplyDeleteWill take a look at them tonight.
Hows your trading going, looks like you are more in to tipping?
Thanks Mets, I went to work today but they said I wasn't needed so back home and ready to trade!
ReplyDeleteWill be trading as much as I can today and see what I can get out of it.
£10 a day sounds a good target to go for. My first priority is to get through a whole days trading with a green at the end.