Trading Diary

[DoubleDon]

I want to assure you I'm not having a pop here...

That grand in running where you say you froze. Did you really freeze or did the gambler in you decide to just let it run? Seeing the green getting bigger and the greedier gambling side taking over? I'm only asking because it's vital to be honest with yourself.

I come from a gambling and casino bonus background. In my first few weeks of trading, before I went on course me letting things go in play was a pure gamble (I know you purposely went to trade in play). Obviously gambling and trading don't mix so you have to be honest with yourself. I was a moron, I know it but I've learned and I've dealt with it.

Most definetely a gamble my friend. I intially placed £25 in frustration in which ended up being a £1000 stake. All though it was a genuine mistake. As I intiated a pure bet I simply froze because I intended to gamble but at the same time no way near the amount and I guess F it mode kicked in.

I see it as tuition paid and I spend alot of time working on this.
If theres a plan in place for when your having a bad day it can be prevented. I had no plan in place, was having a bad day and lost control.

Now everyday I am reminded everywhere I go to protect my bank and if things get bad I will simply pull the plug out of the wall and walk away. Sounds crazy but if your not prepared your behavour can take control. Now I know what to do.

Absolutely agree with the walking away, I do it myself and it helps. If I'm feeling I can't read the markets I'm not going to beat myself up, not going to force anything so I'll give the day a rest and find something else to do. There is always another day full of opportunities.

[Crazyskier]

I want to assure you I'm not having a pop here...

That grand in running where you say you froze. Did you really freeze or did the gambler in you decide to just let it run? Seeing the green getting bigger and the greedier gambling side taking over? I'm only asking because it's vital to be honest with yourself.

I come from a gambling and casino bonus background. In my first few weeks of trading, before I went on course me letting things go in play was a pure gamble (I know you purposely went to trade in play). Obviously gambling and trading don't mix so you have to be honest with yourself. I was a moron, I know it but I've learned and I've dealt with it.

Most definetely a gamble my friend. I intially placed £25 in frustration in which ended up being a £1000 stake. All though it was a genuine mistake. As I intiated a pure bet I simply froze because I intended to gamble but at the same time no way near the amount and I guess F it mode kicked in.

I see it as tuition paid and I spend alot of time working on this.
If theres a plan in place for when your having a bad day it can be prevented. I had no plan in place, was having a bad day and lost control.

Now everyday I am reminded everywhere I go to protect my bank and if things get bad I will simply pull the plug out of the wall and walk away. Sounds crazy but if your not prepared your behavour can take control. Now I know what to do.

Absolutely agree with the walking away, I do it myself and it helps. If I'm feeling I can't read the markets I'm not going to beat myself up, not going to force anything so I'll give the day a rest and find something else to do. There is always another day full of opportunities.

When I read comments like this I can't help feeling a little smug at my set-and-forget automation that returns me £6- £15 every single day, without fail (for the last few months)...Naturally I have losses, but the signals and settings are such that it almost never loses more than a single pound across the whole day and over 80% of the trades made are successful (the unmatched bets are the losses, when my hedge timer kicks in just before the off).

Even when I'm home, and I do manually adjust things, the software is my safety net of the sorts of stupid IP stuff that I used to get caught by regularly. Automation has been my saviour in gambling terms, of that there's no doubt.

[SeaHorseRacing]

I think thats fantastic that you have automation that is reeping the rewards. How scaleable is it though?
I will look into Automation but I think I am atleast a year away from it. My aim is to dig deeper into football and tennis next... when I do.. I do not know. I intially thought I could learn to trade other sports almost a year ago but it is just one thing at a time for me right now.

[macawboy]

Enjoyed reading your post SeaHorse.
Great plan in place and possibly a long journey in front of you, i sincerely hope you succeed ,keep us posted.

[SeaHorseRacing]

Enjoyed reading your post SeaHorse.
Great plan in place and possibly a long journey in front of you, i sincerely hope you succeed ,keep us posted.

Thanks mate

[LeTiss]

I came from a gambling background too, and I think it's tougher for those that do. The main reason being that the 2 biggest areas of failure in trading is letting bad trades run, and overstaking. These are traps that constantly wipe gamblers banks when trading, so you need to rewire your brain, and that doesn't happen overnight. It took me a few years to be honest

I like this wallpaper, it says much about gamblers trying to become traders

WP5.jpg

[SeaHorseRacing]

I love the wallpaper.

I agree with you and I have been working on myself for about 9 months now and although better I am still making progress on a daily basis.
Isn't the saying it takes 10,00 hours to become an expert at something so I guess it would apply to re wiring your brain.

So your living proof that it can be done.

[bennyboy351]

[quote="LeTiss 4pm"]I came from a gambling background too, and I think it's tougher for those that do. The main reason being that the 2 biggest areas of failure in trading is letting bad trades run, and overstaking. These are traps that constantly wipe gamblers banks when trading, so you need to rewire your brain, and that doesn't happen overnight. It took me a few years to be honest

And I thought it was just me! LOL

[Crazyskier]

I came from a gambling background too, and I think it's tougher for those that do. The main reason being that the 2 biggest areas of failure in trading is letting bad trades run, and overstaking. These are traps that constantly wipe gamblers banks when trading, so you need to rewire your brain, and that doesn't happen overnight. It took me a few years to be honest

And I thought it was just me! LOL

Me too. I keep saying it - automation saved me from MYSELF!

[newaustralian]

great to hear about your aims and experiences - The forums are to give suggestion as well as guidance - I am excited for you. May I suggest you read my Post - Point of view from Australia. To succeed you need a tight money Management plan- outline in my post. I can give more detail if required - ( My aim is to make 1.17% profit on my capital each day. With compounding my winnings each $1000 I start with ends up rather large after 12 Months.) Bet of luck - I am excited for you. (newaustralian)

[SeaHorseRacing]

great to hear about your aims and experiences - The forums are to give suggestion as well as guidance - I am excited for you. May I suggest you read my Post - Point of view from Australia. To succeed you need a tight money Management plan- outline in my post. I can give more detail if required - ( My aim is to make 1.17% profit on my capital each day. With compounding my winnings each $1000 I start with ends up rather large after 12 Months.) Bet of luck - I am excited for you. (newaustralian)

Goodaye Mate!

Thanks for your post.
I had a read of your other topic. Surely 1.17% profit cannot be scalable for ever? Personally this is not my approach. I have no daily targets, my aim is to protect my bank and take what I can out of the markets. I know roughly what I would like for my Cheltenham goal but if I set specific targets a) I be pushing my self on days when the markets a very very wrack b) it adds more risk and pressure.
For me long term I am teaching myself to protect my bank, never get into stupid positions and to take opportunitys.

[newaustralian]

1 months ago I had $3104 in my bank - ( assume bet only at this stage) - i would hope to make $36.00 or $36/3 ( $12) max a bet. if I won 3 great if I say lost the first bet I need to win the next 4 bets. Today my balance is $5000 - my day target is $58 or 58/3 ($19) max profit a bet. Today my bets have been $12.23, $4.78$12.10,$8.11,$11.38,$11.48,$9.48,$13.97, $14.23 therefore have acheived my target plus. My target next morning will be may $60 or max win $20. As you can see even with a reasonable number of negative bets I would still get my target. As I have said before and will say many more time Money management is the KEY to success.

[chris2785]

Good advice, the thing is with trading, not everyone can be winners, if it was, it would close down. We need to encourage mug punters to get into it also, I dont mean to sound harsh, and this forum is great, but the realirt is without people making mistakes and gambling, then BA would not exist. We are all competitors and opponents.

Chris

[LeTiss]

You're dead right Chris, and I have often made those comments about Peter Webb's astonishing screen shots. Peter makes money from everyone who buys BA, but in reality he probably makes more money by bullying his own customers in the market place

That's the concept of trading, winners only exist thanks to the losers

[chris2785]

Yes I agree, Ive always been suspicious of this 'we are all in this together', 'its all in the mind', 'trading has changed my life, you will get there too' and all the free advice. I have to ask myself why strangers want to help me? The answer is they don't, its to sell BA (which is fine) and to beat me in the markets, no other reason. Harsh but its reality.