Well it has certainly been an interesting month for me. For those of you who didn't see my original post one month ago my plan is to turn £1,000 into and bank of £10,000 by the end of the year following a set plan (see original post for details).
So the question is how am I doing? - well.........
From the 9th Sept to the 25th Sept all went very well - I stuck exactly to my plan, was focused and disciplined and "trading in the zone" - my bank balance at the end of Saturday 25th was £2,016.45!! I was well on target to hit my £10,000 goal by the end of October, never mind the end of the year and then.........
It all went horribly wrong - MISTAKE NUMBER 1 - I got over confident - I could do no wwrong - this was all too easy (hhhmmmm) - and then MISTAKE NUMBER 2 (nearly fatal) Sunday dawned with me already feeling over confident and complacent and it was a Formula 1 week-end. As some of you will know F1 is my big passion so not only did I decide to watch the race live but I would also trade on F1 and trade on the racing at the same time. Now bearing in mind that my TV is not only in another room but also on another floor in my house this was not the best of ideas anyway! No detering over confident me though as I set off to multi task for the afternoon.. Disaster then followed with my losses that day a huge -£959.41 wiping out all my hard work and putting me in the wrong frame of mind entirely as it then took me a whole week to get my head staright again and be back trading in the zone!! So at the end of the month's trading my bank balance was £891.58 and it could have so easily been so different but for that one day.
Not all days have been in profit of course out of the 30 days 10 have shown a loss but usually quite manageable other than that fateful Saturday! However, have a learnt my lesson - certainly I have. Now I record F1 and don't trade on anything else whilst concentrating on the horse racing. I am back on track now and will report again in another month's time - hopefully with no stupid mistakes along the way.
Just to recap my trading consists of lays and back to lays working from my list but also trading each race if I see an opportunity at the time. Robert has asked me how much I take into account changes of ground etc but to be honest I am looking for a horse that is not going to win and this decision will not be taken based only on the going so any last minute change doesn't really change my selctions, if anything it may help but rarely hinders.
5 comments:
Great read Carole.
I find racing full stop is a learning curve...
Every year I change what I am doing and hopefully learn by my mistakes.
Good luck for the quest..... TGLL
trading like this has to be finely honed and don't think I have the discipline for that sort of approach. Am sure that you must have a starting off point when assessing a race.
and there must be a profile you are looking for when deciding on a trade.
this must have been honed over time- for example -- if I see an animal that will not go in the ground - or wrong way round or too long dsr - blinkers on when going up in trip i will lay it and dont mind the price its at - I will lay it (does not happen that i get all the stats i want but pays off big time)-- same thing with horses that I consider plum right for the day -- all the blues as we say gets my maximum win bet with (because its maximum)a lay to at least cover half my bet -- then the racing kicks in and if its running its race(love hold up animals) will back it right down in running -- and if I get unstuck its usually the last bit that causes it -- love the update really great to have such an honest and open post - will watch your progress with great interest.
Bob
When I first started punting I had a few days where I got cocky and turned a nice profit into a big loss you just feel terrible after my biggest loss in a day is around £400 I think and I felt soooo bad lol. But you do learn from those mistakes, Im much more disciplined now. Good read though Carole :) best of luck with your target.
Great read carole we all have our good and bad days as a keen poker player i have found there is such a think as positive tilt.This is when u have a few nice wins and it all seems to be very easy then you up your stakes and the wheels fall off at times this can be more costly than plain old tilt where you lose and then let it get to you and dig a deeper hole by trying to win back your money good luck i am sure you will battle back in style
That was great reading Carole. I know we can all identify with the over confidence associated with getting a few good results! I can just imagine the buzz you had when doubling your kitty so quickly.
I wish you all the best with your task and will be following with interest. Good luck!!
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