Saturday 14 March 2009

What a cock up



Well I thought Id make a hash of it on my first day of the blog, hopefully this will give you an insight into what it takes to become successful trader. Or not!

I should really write this in the about me section but who cares Im not looking for an audience more using this as a way to vent my frustrations, success? or failures in my quest to become a profitbale trader.

To let you know where I am at, I have been messing about on the exchanges for a few months with no degree of success so far, my losses far outweigh my gains and I thought it would make a refreshing change for some people thinking about doing this too see a losing blog! not that I am negative about my abilty to crack this, (I will manage it some day) but I wanted wannabe traders to see that its not simply a case of going on a course with peter webb and then coming home to a betfair cash machine.

The courseis great, and is perfect to open your eyes on how the markets work, but it is certainly not a magic wand that will make you rich overnight, you have to work work work practice practice practice? no doubt there are some naturals out there who can trade very well very soon! but I dont fall into that category!

The above dumps from my betfair account is taken from the 1st december til now and it shows a couple of hundred quid loss on the horses, I dont believe this is a real loss though, but more paying to learn? you have got to lose money in the start I reckon before you can make some, so be prepared to lose!

The next one is my P + L from today which shows mostly wins, but 2 big losses where I let the horse go in play and lost my whole bank, which means I cant trade again with real money until monday when I get some more cash on the bank, so sunday for me is purely for watching! bummer.

My biggest issues or traits that I am sure are holding me back from being profitable is that:

A: I cant scratch trades quick enough
B: when a trade goes the wrong way and I end up in losing position I feel as though I have to let it go in play, because its got to come back in surely? might work the odd time! but 9 times out of ten its stung me! look at my overall P + L !! if anyone out there can help me conquer this let me know! otherwise I will keep going until it happens naturally?....one day please!

Its great to see alot of traders doing really well out there and some remarkable figures being posted out there with money that some can only dream of, it used to really piss me off reading those and frustrate the hell out of me!

Ive always been the kind of guy that says, if he can do it so can I!.... throw that rule out the window when learning to trade!! I now can read those other blogs and be happy for the guys making the bucks and can acutally get inspiration from them to continue my quest!

I gave up a profitable business to do this? who could blame me? looking after 15 plus staff, dealing with tax, employment law and all the other things that running a business cant be!

I now drive a taxi on nightshift purposely to allow me to trade full time during the day on the horse racing markets, I beleive that is the commitment it needs to become successful!

As for today, in my relative experience I found the markets a little lacking in cash and not too many great price movements? I always find saturdays harder than any other day, which is contrary to the other traders who find them easier! I made a few ticks here and there but in the the end I screwed my bank once again by not sracthing quickly enough and and letting in running take over my brain! I cant stress how important it is to scratch a trade as soon as it you see it going against you! thing is I can say that all day and teach you how important it is all day but cant seem to master it myself!

Anyway, I must dash I have a curry to eat and now have to ferry drunken arseholes around glasgow for the next 12 hours! oh the joys? I ask myself why I do this most days! the answer is all around me! just look at some of the P an L's on other blogs!

2 comments:

  1. Good luck with the blog, I always enjoy reading them from people starting out rather than someone posting massive sums of money everyday.

    About Peter Webb's course, how much did you learn from it and would you say you've got a better understanding of trading now compared to before?

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  2. Hi Scalper!

    Thanks for your commentI thought it would be a bit different to have a blog from someone not making a mint! it shows what you have to go through before the bucks come rolling in!

    As for the course, it's definetely worth while doing, its not a magic wand but it gives you an insight into how the exchanges work and in particular the horse racing markets, you need to go home after the course and build on the thoughts and processes that are invoked in the course and pratice practice practice, I am sure there will be others though that have went on the course and instantly clicked about how to trade, but for me it was more of the beggining of my journey!

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