Thursday, 4 June 2009

where I am at

Its been a couple of weeks since I last updated so I thought I would post what Ive been up to:

I have finally found a stratgey that I think works well and once my testing is done should give long term consistent profits, I am still using two pound stakes but my strike rate as of now is up at 90%, the reason I have not upped my stakes is that on the 10% of the losing trades I make I am not scratching fast enough and it eats away at my profits so really all i have been doing is practising getting out of bad trades as quickly as possible and slowly but surely I am getting better at it.

I could use the new automatic stop loss feature (right click) which is now avaiable on betangel multi ladder but I want to be naturally good at this now instead of relying on the software to do ti for me as long term that is the mindset that is esssntial to becoming a profitable trader.

Reading various blogs I see that the succesful traders started out using automatic stop losses but progressed quickly to there own intervention, so this is where I am at.

I now actually find it quite easy to predict which way the market is going to go and what I am also trying to do is get my money in before the price move takes place so that I get can the maximum profit out of it and then closing it out before it reverses - as for letting things go in running, thats a no no now, and the reason being is that I now realise that its so easy to get out of red position as the markets throw up so many more opportunities to get other successful trades in, knowledge is definetly power and the more I pratice the better I get, so hopefully I will be confident enough in the next couple of weeks to stick £500 quid and start making some good money! looking forward to posting healthy P and L's - I can feel its not going to be long at all!

My adice to anyone reading who is struggling is practice practice practice and look for repeating patterns, when you spot them and become good at spotting them all the time you will start to wonder what the fuss is! and I still know so little but what I do know is enough to make some good money! some of these guys have been at for years and still learn new things every day, its a mountain to climb but there are so many different ways and paths to get higher and higher!