200 Days Of Trading: Day 7

What a difference a day made, Twenty-four little hours, Brought the sun and the flowers, Where there used to be rain - Dinah Washington Only yesterday was I ranting about the poor performance and just overall, been a

What a difference a day made, Twenty-four little hours, Brought the sun and the flowers, Where there used to be rain – Dinah Washington

Only yesterday was I ranting about the poor performance and just overall, been a bloody idiot by entering markets I wouldn’t normally have done and overstaking like an impatient moron. I knew yesterday that what I was doing was wrong and I was sure not to enter the markets with the same approach. Today was going to be about trading and nothing else… I was certain of it!

Surprise, surprise. When entering the markets with the right mentality, a proper staking plan and patience of a saint, the results are fulfilling. So why is that?

If you were to bet at random or had a machine pick randomly for you, over time you would end up breaking even (minus Betfair charges for winning).

However, our heads don’t work randomly. Most of the time they get pent up with emotion and when trades are losing, we fail to cut them short. When they are winning, we don’t let them flourish to their full potential. Add into that the notion of a staking plan and you might as well give your hard-earned cash to some random person in the street.

Discipline is everything – both in trading and in life and in order to succeed, you have to remain calm, destroy those emotions and work logically in the markets.

So, today…

Notice how I entered less than half the markets that I did yesterday and more than trebled the profits – bearing in mind that yesterdays ‘profits’ were a fluke and certainly not earned.

What’s important here is that I maintain the discipline and leave all my shit at the door before I sit down before the markets.

My only faults here were

  1. The loss on the tennis set 03 : game 9 whereby I entered blindly to try something, but entered the wrong stake when doing so. I entered one then thought it wasn’t taken, so I entered again twice
  2. The profit on Dinamo – the stats were shouting out at a goal but I didn’t use my full-stake as I merely wanted to turn the loss into a profit for football during the day. Ego got in the way but at least it was the right side of failure rather than a crazy over-stake

Happy with how the top graph is moving. I know that the green, yellow and red lines stay more or less in line with each other then I know that I’m trading effectively.

I’ll take this feeling over being an idiot any day!

leeroy@itchy-pig.com

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