I have the utmost optimism most of the time, and I always see the bright side of life, especially when it comes to trading, but since starting the blog it went on a short uphill trend then bang, I am back to losing - for the first time in the last 5 months since I began my trading journey I feel like throwing in the towel, maybe just maybe I am not cut out for this, my bank of £50 is now halved, its only £25, but its not the money that matters its the pyhscoligical effect its having on me and my body I can actually today feel my blood racing and my heart pounding! so I think its best to have a rethink about my future as a trader before it gives me a heart attack, no amount of money is worth a life.
I just cant seem to figure out the way the markets moves, one minute I think I have it sussed and can guess which way a market is going to go and sometimes I get it right, but of late its been more wrong and even though I can cut the trades out quicker a lot of small losses hits the bank, the opposite of lots of little winds which is what I have been striving for.
I have no idea if 5 months is enough time or I should be trying for longer, I know everyone is different but the frustration is killing me, normally I can master things quite quickly and pick things up as I go along, but the horse racing markets are a complex beast which just might be beating me! perhaps some time just watching the markets for a couple days instead, who knows anyway time for a cuppa!
Best Betfair trading competition ever!
6 years ago
5 months - your still in nursery school! Hang on in there, I still learn something new each week after a couple of years. I've been in your position a few times, just take the pressure off yourself. Treat your £25 as a little pot to protect, and have a play with small stakes. Just enjoy the trading as a pastime, and you'll learn plenty whilst you're having fun. The time for pressure is when you're a serious player, and that takes time.
ReplyDeleteThanks Rob! even after writing in my blog yestrday I felt enormous relief, i dont normally let things get to me regrading the training, but yesterday I had to let off steam! Thanks again for the encouragement, will go back to normal today
ReplyDeleteYou've put too much effort in to chuck in the towel now, Paul.
ReplyDeleteWhy don't you have a go at trading other sports and see how you get on with that? That way you won't be too dependent on the horse racing working out.
Thanks Scalper, I most certainly do want to have a go at trading other sports, but in the past Ive been a bit of a jack of all trades master of none, so this time I want to crack one thing before moving onto the next if you get my drift..thanks again, also I am feeling a lot better today as I went to a yoga class and I am completely relaxed and in the zone again today so hopefully wont make too many mistakes.
ReplyDeleteWell done for bouncing back mate. Remember most people bringing in the big bucks needed at least a year or two fulltime before they get to that level. Its great to have the luxury of someone else (like parents) to pay the bills allowing you to commit fulltime, however this is just not realistic for people that need to earn their keep whilst learning. Parttime you need to consider this will take at least 2-3 years. That might sound like a long time, but its isn't really. Do anything parttime for 3 years and your unlikely to be great at it, but hopefully good enough to be earning. Anyway good luck for today, hope it goes better for you.
ReplyDeleteAgain, thank you very much afro, I had no idea it how long it takes to master these things, I was running the mainframe computer systems for a global bank by the time i was 21, so I thought I could master anything quickly! not so easy this time round, but on that note Ive never been so determined to crack something such as this!
ReplyDeleteHello Paul. I gather my trading tips didn't do much for you. Maybe it's time to be more selective in the races you trade, as different types of races seem to have different characteristics in price movement. Keep at it and keep a log of your trades race by race. It will soon be evident where your strengths are.
ReplyDeleteMark
Hi There Mark,
ReplyDeleteNo your tips did work and they continue to work, I re read what you were saying and I noticed that I was breaking the rule you had about not using the theory on horses with odds of over 5.0!! so as you say I am being more selective, and thanks again for the much needed tips!