Tuesday, 12 May 2009

Let myself down badly

Sice starting this blog I have really honed my discipline in and was getting so much better this weel and even doubled my bank, but today my discipline level slipped and I sinned badly, so badly I could cry like a big baby - I let a trade go in play and have wiped my bank, so I am back to sqaure one, I cant believe i went so long without doing it and now this, It makes you feel so low when it happens, I wonder why I done it again after so long, I dont know if every trader goes through this and its a case of every time you do it you get stronger? to a point where you absolutely wil not do it again, or is it just me??? anyone reading that has any useful tips or anything else to say feel free to let me know! I am away to sit in the naughy corner and beat myself up.

Not only has it made me extremley pissed off, but its knocked my confidence - Anyone reading this who is trying to learn to trade please please please do not let a trade go in play, you might get away with it a couple of times, but it will come back and bite you, and steal your bank - Guaranteed.

The strange thing about this was I was greened up for £3.92 and I got greedy and tried to get some more out of the market and bang the price shot away and I could not accept the huge loss I was facing, its concerning because I have been taking losses in the chin lately and accept that you cant get away from them, but the sheer speed this price shot away left me like a rabbit in the headlights waiting to be run over and run over I was! big time!


  1. Hey paul, I feel your pain. I think every trader goes through this, and you kind of have to go through it to become a profitable trader. The only advice I can give you is: don't do it. Easier said than done, right? But the pain you feel when the bank is wiped out does end up reminding you not to go in play ever. If you do go in play and let it happen again, punch yourself in the face really hard. That will help. But I hope it doesn't come to that. We've all done it, but it will never give you what you need long term...consistently green figures. Can I ask what the Betfair Man taught you during your session with him - what golden rules did you pick up that you didn't know before? Many thanks and all the best and get back in the green soon, my friend. Cheers, Dan

  2. Paul, what you have done has been done by many before you and will also be done by many after you. I lost £500 last year by backing an odds on shot and then waited to lay it as it's price came in. It didn't, it drifted like a barge and so I was faced with a large red-up, or I could get out in-running. I mean it's an odds-on shot, it's bound to shorten up........isn't it?

    It didn't, it finished 5th of 7, that's probably why it drifted so much, someone knew and I just watched a race on the telly with a horse running with £500 of my hard earned on it's back.

    So what did I do wrong? - I gambled, that's what I did, and we are supposed to be traders. There's a big difference between the two.
    If you let a bad trade go in-running, then you switch to a gambler, so you have to ask yourelf which one you want to be. I have, because I know that gambling hurts more than taking a bad trade on the chin.

  3. Nightmare. I feel for you mate but it happens. I had built my bank up from £10 to £116 in a couple of days by getting lucky with in running then boom, bank gone. I have just started pre race trading and that was a lesson well learned although i am sure it will happen again.

    Get straight back in the saddle and look at the loss as payment for a lesson learned.

    Best of luck.

  4. Thanks very much for the kind comments guys, its really nice to have some other people to talk to in what can be an otherwise isolated world!

    Every negative has a postive outcome and I decided to have a day off, which allowed me to get the overgrown garden done and go for a fair old walk with my dogs, got a fair bit of sun and plenty of air in the lungs!

    I can honestly say now I wont go in running again!

  5. We know we shouldn't do it but we still do!

    Having good discipline is a real struggle at times.

  6. This last mistake should be my LAST! its get to you so much it teaches you a lesson!

  7. hi paul how did your day with dave go?

  8. Hi There,

    Will write up a review of my session with Dave tommorrow hopefully! been trying to disgest it all over the weekend!