Trading Diary

[ShaunWhite]

..my aim for just December is to manage my account and to not lose money. If by the 1st January I have £50 in my account I will be very happy.

You said this on the 2nd. Has it changed? Because on the 3rd you say....

I can feel myself getting frustrated because I was only a few quid up after sitting at my desks for hours and in return my results had an effect.

"only a few quid up"....wow, you outperform your own project plan and it affects you negatively. That's something to meditate upon.

I'm not even sure you've got any serious trading issues. It looks like an project management or expectation management issue to me. How will you hit your delivery date when you keep changing the project plan at random, often within 24hrs?

[SeaHorseRacing]

..my aim for just December is to manage my account and to not lose money. If by the 1st January I have £50 in my account I will be very happy.

You said this on the 2nd. Has it changed? Because on the 3rd you say....

I can feel myself getting frustrated because I was only a few quid up after sitting at my desks for hours and in return my results had an effect.

I understand what your saying but I am trying to progress. Although my target is to break even for December I still need to correct myself on my faults and errors.
Assuming I stick to my plan I should make money but I am trying to teach myself that this is a business and I want to be in a position were my trading becomes 2nd nature.

I have set myself very realistic goals because my aim is to be making a living from this come April.
If I don't make note of errors I won't improve.
It is very difficult trading with such small stakes and I am learning so much everyday day.
I have been trading with fairly big stakes for a while now so I am not concerned about scaling out as I have almost the same strike rate just setting my goals lower so I can really work on my faults.
It may appear negative but I am trying to work on all my faults so I don't blow my bank again.

I appreciate your comments and always like something else to think about.

[dannycutts]

my aim is to be making a living from this come April.

What do you class as a full time wage? Even to take small £10k a year home you need to be mega consistent... Its a challenge for sure but I would say that is a tonne of pressure whether you think it is or not...

Good luck but you dont have long to reach april

[iambic_pentameter]

Hi SHR

You mentioned earlier in the thread, that you meditate reguarly. I do this as well and find it very useful. Meditation, of course, is about living in the moment i.e. living mindfully.

What I've found useful when trading, is to do just that - 1 market at a time, and trade mindfully i.e. in the moment.

In terms of having a date to be making a full time living from trading is commendable, I wonder if this may put pressure on you? Why not leave the full time element open ended and just concentrate on trading 1 market at a time.

When I started my journey, I though that I would be able to be earning X by Y date.

Now, I've not reached the X or the Y part of the equation yet, but I've certainly become more realistic and focused in the way I trade.

Case in point:

Last night, I'd identified some races that were of interest to me and put some money in the markets. As it happened, Ludlow was abandoned today and this means that based on my criteria, there is nothing I'm going to trade today.

And whilst this means I won't make any money today, it also means I won't lose any either - and that is a nice feeling.

I should add, I work from home and have another income so I'm not depending on any trading income at this stage.

Keep at it but don't put yourself under too much pressure.

[SeaHorseRacing]

my aim is to be making a living from this come April.

What do you class as a full time wage? Even to take small £10k a year home you need to be mega consistent... Its a challenge for sure but I would say that is a tonne of pressure whether you think it is or not...

Good luck but you dont have long to reach april

That is a very good question, my goal for over the next year is to make a living from trading which would need to exceed 15 grand a year. However, my real aim is to make a lot of money long term.
This is is only a 3/4 year project. It's not something I am planning to spend my life doing. I am currently studying equine and with my experience will be looking to take out a trainers licence in about 5 years.
If I can make a few bob to put me in a position to have better set up in 5 years time that would really help.

[SeaHorseRacing]

Hi SHR

You mentioned earlier in the thread, that you meditate reguarly. I do this as well and find it very useful. Meditation, of course, is about living in the moment i.e. living mindfully.

What I've found useful when trading, is to do just that - 1 market at a time, and trade mindfully i.e. in the moment.

In terms of having a date to be making a full time living from trading is commendable, I wonder if this may put pressure on you? Why not leave the full time element open ended and just concentrate on trading 1 market at a time.

When I started my journey, I though that I would be able to be earning X by Y date.

Now, I've not reached the X or the Y part of the equation yet, but I've certainly become more realistic and focused in the way I trade.

Case in point:

Last night, I'd identified some races that were of interest to me and put some money in the markets. As it happened, Ludlow was abandoned today and this means that based on my criteria, there is nothing I'm going to trade today.

And whilst this means I won't make any money today, it also means I won't lose any either - and that is a nice feeling.

I should add, I work from home and have another income so I'm not depending on any trading income at this stage.

Keep at it but don't put yourself under too much pressure.

Yes meditation is really helping me focus on each market and it is great way to start my day.
I have been working on changing my paradigm and I highly recommend it. YouTube changing your paradigm the results are truly amazing. Things are slowly getting better.

I know and can make money in the markets and I hope come April I can eradicate the demons inside of me.

It's just these little glitches in me that have been programmed in my sub conscious mind that need over coming.

It sounds like you have great discipline which is an excellent trait to have. That's just it. The trick is to not lose money but at the same time don't be afraid to lose money.

My biggest learning curve over the last few months within the markets is not to be afraid to lose money. You will get loses its part of the game.

So many times over the last year my targets to make X and Y have changed so much. I believe my target is very realistic.

[SeaHorseRacing]

Not sure about anyone else but I find Ayr quite a difficult track to trade along with Lingfield I think the markets will be quite difficult today especially as a Monday.

[dannycutts]

my aim is to be making a living from this come April.

What do you class as a full time wage? Even to take small £10k a year home you need to be mega consistent... Its a challenge for sure but I would say that is a tonne of pressure whether you think it is or not...

Good luck but you dont have long to reach april

That is a very good question, my goal for over the next year is to make a living from trading which would need to exceed 15 grand a year. However, my real aim is to make a lot of money long term.
This is is only a 3/4 year project. It's not something I am planning to spend my life doing. I am currently studying equine and with my experience will be looking to take out a trainers licence in about 5 years.
If I can make a few bob to put me in a position to have better set up in 5 years time that would really help.

Ah fair enough Good Luck I am watching and willing you on

[ShaunWhite]

I understand what your saying but I am trying to progress.

Of course you are, but surely you need progress against your 20 week plan rather than trying to chaotically progress on all fronts simultaneously. Do you even have a detailed 20 week training plan, with clearly defined goals for each week or day ? As you would do if you were a horse trainer?

The adage coined by Benjamin Franklin "“If you fail to plan, you are planning to fail!” is as true today as it ever was.

...or maybe you're more of a Thomas Edison who once said: “I have not failed. I’ve just found 10,000 ways that won’t work.”

[Halliday]

Hello,

I have been trading now for approximately 14 months and have recently just gone full time. I have created this topic in order to help me reach my goals and hopefully it can benefit other new traders and myself along the way.


I have given myself 6 months to get to where I want to be.

I have worked very hard to be in a position to do this and additonally if it all fails I am in my second year as student, which is only 4 days a week in the mornings so it fits perfectley.

My trading business fully opens as of the 1st December 2016.
I am starting with a trading bank of £300. I have spent alot of time debating over this. It was going to be £1,000 but I dont think it is right and my reasons for doing so are for long term gains and a process of graft to get where I want to be.
I am currently trading with alot more but I have a very careully designed plan and strategy to be where I want.

My Goals:

My december target is to not lose money. There should be no problem with this at all but with a small bank I am weaning myself into becomming a better trader. Although I have already started trading full time I have stepped back to work on some other habbits ready for December.

There are no exceptions. My balance is £300 and I will manage and protect this. It is going to be very painfull and have an excellent days trading and make only £10 but this is no tnegotiable. It is not about the money it is about acheiving my goals and reaching targets.

My target for January and February is to slowly increase my stake each month in comparision to my £300 current balance. So if by february my balance is £900 then my stake will only be 3 times bigger then what they are from my first day.

I will withdraw 50% of all my profits each Friday and my week commences on a saturday adjusting stakes on the first of each month.

My long term target for now is to have a decent betting bank for Cheltenham and to have a successful Cheltenham.
This will set me up for the summer to be in full swing, hopefully making some money on the way.

If I fail or break my plan. I will restart with my £300 balance and start the process again from the begning.

It is not about the money. I have proven to myself now for a while I can make money and I have managed my account for a good period so I am ofically launching with my set goals and targets.

I have no desires to create a blog but thought I would post it here so I can be reminded of my goals and share my journey with you guys. I will upload my profits and losses each day.

Feel free to comment along the way.

I will see you as of the 1st December.

Have just been reading your journey SHR and congratulate you on your honesty but cant hep but agree with the last poster when he said

"or maybe you're more of a Thomas Edison who once said: “I have not failed. I’ve just found 10,000 ways that won’t work.”

You were going to start trading on Dec 1st and protect your bank,yet you lost your bank the day before you were to start !!
There are so many contradictions in what you say you are going to do and actually do.

You say its not about money,and that you've proved you can make money,when clearly it is about making money(as you given your job up).And its clear to everyone that you havnt made money.

Even looking at some of your P/L shots,it appears that you trade market after market,and even with small stakes and trading there seems to be signs of a pattern of "chasing losses"

I'm guessing your for the most part taking "a gamble",and that the gambler in you is what determines what you do...Rather that you having any set plans( despite clearly stating what you are going to do and how in your posts)

You say you have learnt all you can about trading,but don't appear to have " become a trader" if that makes sense?

Id be interested to know how you plan to take out a training licence,the cost are enormous,have you thought it out ,or is it a dream at the moment.

It just seems to me that " the gambler" in you is driving your thought process,and despite you saying your making progress,Your clearly not in relation to any of the goals you set out in your opening post

Hope I don't sound too harsh,and hope you get there in the end,I think like many others on here that automation might be the answer,

Keep posting but please re-think everythng you are doing

[SeaHorseRacing]

Think I need to clear the air as there appears to be lots of confusion.
I left my job to go full time trading, I am in a position to indulge in the markets until the end of April.
My plan is obviously to make money otherwise I wouldnt be trading, but I have stripped back so I can improve as a trader.
Although I did blow my bank and have done a few times now doesnt mean I havent made anymoney because I have. I have been making a fare few quid for a while now however every now and then I have blown my bank.
I have gone full time because I am making money but initially I want to spend the winter really windig up and getting to grips ready for the summer.
My goals and plans may change and turn depending what approaches me.

I never chase my losses ever (from a trading perspective-meaning when I take a loss I aproach the next market the same). I am very selective with the markets I chose to trade, it just happens on the weekend there was alot of markets that applied to my strategies.
Today it being a weaker race day I am much more selective.

I really appreciate the comments keep the comming.

[SeaHorseRacing]

A pretty decent day considering how crap the racing was!
Very thin markets today. Let myself down on one trade and should have scratched the -1.96.

[Halliday]

Think I need to clear the air as there appears to be lots of confusion.
I left my job to go full time trading, I am in a position to indulge in the markets until the end of April.
My plan is obviously to make money otherwise I wouldnt be trading, but I have stripped back so I can improve as a trader.
Although I did blow my bank and have done a few times now doesnt mean I havent made anymoney because I have. I have been making a fare few quid for a while now however every now and then I have blown my bank.
I have gone full time because I am making money but initially I want to spend the winter really windig up and getting to grips ready for the summer.
My goals and plans may change and turn depending what approaches me.

I never chase my losses ever (from a trading perspective-meaning when I take a loss I aproach the next market the same). I am very selective with the markets I chose to trade, it just happens on the weekend there was alot of markets that applied to my strategies.
Today it being a weaker race day I am much more selective.

I really appreciate the comments keep the comming.

Thanks for that SHR when you say you are "very" selective with the markets you trade can you explain what you mean .. Despite what you say you looking at your weekend markets you appear to have traded all on Sun, and on Saturday entered markets with same off time or five mins apart .. Nothing wrong with that( Tho some would argue it's overkill).. What criteria do you use and what are your. " strategies that you mention ?

Still can't understand when you say you've been trading for 14 months and making money, yet you've stripped back to so you can improve !! Yet clearly you haven't

Your goals and plans already seem to have changed drastically . Lost your bank and now trading with £50 .. Gearing up for Cheltenham . Now winding up for the summer

" Making a fare few quid for awhile now . But every now and again blowing my bank " .. How dies that work in terms of your profitability long them .

You just seem to flip flop all over the place . You need to be honest with yourself .im still no clear per what your strategies are p, how you trade , and how you can say you have gone full time and are making money ... is your P/L over last 6months/ year enough to live on ?

Just need some clarity

[Pinnochio]

It's all very confusing Halliday, why someone supposedly winning money would assume lowering stakes would erase errors is beyond me. Everyone has flaws in their trading but as long as the end balance is positive you do your best to minimize or remove them. Limiting your profability by trading pennies for 4 months makes no sense whatsoever if you're winning and the overall profits outweigh any blips along the way especially if you've only a few years to play before becoming champion trainer too.

[Halliday]

It's all very confusing Halliday, why someone supposedly winning money would assume lowering stakes would erase errors is beyond me. Everyone has flaws in their trading but as long as the end balance is positive you do your best to minimize or remove them. Limiting your profability by trading pennies for 4 months makes no sense whatsoever if you're winning and the overall profits outweigh any blips along the way especially if you've only a few years to play before becoming champion trainer too.

Couldn't agree more .. Just does not make sense , we are all here to help each other , but when something just isn't right you have got to ask questions.Hopefully SHR will clear up the confusion or a decent thread will become worthless

Reducing his bank to £50 before he even traded with his intended £300 ( because he lost it, but was still making money hence the reason for giving up his job to trade full time ) ... Is ridiculous !!