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!

An ass at Football

I thought that I had football sussed out and was going to make some consistent profits. What an arrogant tosser. Nope. I still have a lot to learn. I was trading on the Motherwell v Hearts match in the under 2.5 goals market and after looking at past stats and a bit of research, I thought there would be a couple of goals. I know too little about football to get confident here, but I was. I was too over confident to think and decide on a price to get out of the trade at. So after a few scalp trades which gave me a few ticks profit, I put on a lay, expecting a goal and the price to jump up. The price began slowly dropping and I watched as it approached my lay price. I thought, should I just get out here and re-lay at the lower price? But, no, I didn't, I just thought "any minute now, a goal will be scored and the price will jump up". It didn't. It kept dropping. I don't know why I was so convinced another goal would come in. I think I'll stop trying to predict results, or at least make sure I have an exit plan first.