Sunday, 25 November 2007

Don't Fall In Love!

No, I havn't gone soppy. Don't fall in love with your trades. Last night I let a loss run and it wasn't until afterwards when I was kicking myself for it that I worked out why. I had "fell in love" with the price. It took me ages to get the lay side filled. The price kept moving and I nearly had it and then when I finally had the lay matched, the price moved up a tick and I was looking for another tick when it turned back. It bounced up and down a few times and I sat staring. Finally, the price went down to the price I had managed to lay. If I was sticking to plan, I would have scratched out, but I let it run and down it went. Stupid really and I knew it, but when I thought back at how long it had taken to get the lay filled, I was kind of reluctant to end the trade for nothing and 'hoping' for a price rise. Classic newbie behaviour and something I thought I was well over and normally would be. So, that's that. Back to the mind set of getting out quickly if it looks like the vicious flaky bitch, that is the price, turns on me!


leonthefixer said...

Hey mate good to see your blog is still going. How are your trading profits going these days?

leonthefixer said...

Hi Mate, good to see you still posting, I was wondering if you have been having any luck with the trading? It would be good to get an update on how things are progressing for you.

Richard said...

Hi, good to hear from you. Things are going okay now. It all went somewhat pear shaped during my dabble with football when my bank took a severe beating. I've since gone back onto the horses which has been a lot better. I'm only getting to trade on weekends at the moment but my bank is building up again. How is it going for you?

leonthefixer said...

Hi mate, sorry I couldn't remember if I had left the first comment or not hence the 2 previous comments.

The trading has been going pretty well for me on the horses, the football hasn't gone any where near as well but Ray over at the Sports Trader has given me the inspiration to get back into it. I have spent some time thinking about how to trade the markets and plan to paper trade it for a while before putting money down.

The horses though are going well beenhitting the £20 a day mark regularly and have been over £30 some days which is good as my current target is £20. Have managed to increase my bank by more than 270% in the last two months and plan to be at 500% within the next 4 weeks after which I will be stepping things up a bit.

Any hope things continue to go well on the horses for you.