A Personal Challenge
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@ryan-carruthers Thanks Ryan much appreciated.
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@michael-roberts I will watch this closely, at any point if you need me just ask buddy!
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@michael-roberts I hate weekends for trading! It sounds counterintuitive but I very rarely made a profit on saturdays (or sundays) and its only this last month that ive hit 3 profitable saturdays and 3 profitable sundays in succession. I was just getting too busy, looking at too much, diving on anything on my shortlist without properly checking in-play stats and then when it was quieter i was looking for trades as i had that adrenaline going! It was exhausting and just wasnt good for me or my bank! This last month ive not done a single trade off my shortlist and ive rarely done every game on the shortlist, i missed the first 3 out of 10 yesterday for example as i wasnt able to give it my 100%
I cant do the computer thing myself but logically it makes sense, just giving yourself that minute or two. Plus it helps you switch of mentally if the machine is off
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@lee-woodman It is obvious that I have to alter my ways otherwise it will all end with no bank.
I like the idea of turning off my laptops when finsihed, or doing some menial taks. Funny thig is since I have begun trading Football I seem to make a profit in the mornings and afternoons, but in the evening I "blow most of the profit". Then when MLS matches are on in the early hpours I seem to make a profit again. Weird eh!
I also like the idea of staking £2 per trade or a Liability of the same amount. Saturdays as you are well aware can be manic with so many matches. It is a time that Iam fully aware where errors can easily be made, so I tend to keep my stakes low during this day.
As I have stated in my first post, when my bank reaches £100 I shall keep to 2 to 3% of the bank. This is I know the ONLY way to be profitable in the long term.
Miro -
@michael-roberts Its very rare for a trader to pack it in because of bad strategies, its usually always because of 'blowing up'.
Maybe once you are done with trading then walk away to do something else (even something menial like housework, walk the dog, whatever) and turn off your PC/Laptop. Obviously you can fire it back up again if you decided to but it will give you a couple of minutes and becomes a conscious decision rather than just an emotional reaction
Regarding staking, this is something i suffered with and was too overly optimistic after a good day so i upped the stakes and when the variance hit it was at bigger stakes. I dont change my stakes more than fortnightly now and i always make the decision of what stakes to use when its a quiet weekday and i have my results there for proper analysis, rather than saturday afternoon when im pulling the trigger and thinking only about the 3 in a row ive just won. It just means im deciding logically rather than emotionally. If i was using your bank then i would be sticking to £2 liabilities maximum and using low-variance strategies. Id stick at £2 until id built it up and then you can implement a proper staking plan of 1 point = 1%
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@lee-woodman
Hi Lee.
Many thanks for your thoughts. Many of the ones that you mention do come to mind. The "trigger" scenario comes to mind. Is it boredom, the need to trade more? I do not know.
From yesterday I am determined not to trade anything that I have not researched myself.
I have taken on board the trigger secanrio and shall from today think about everything I do. How I am feeling, am I in the right frame of mind (concentration). Even at my ripe old age I have to get to know myself as far as trading is concerned.
Once again many thanks for your thoughts.
Miro -
Double post
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Double post
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@michael-roberts Good luck! I guess youve got to correct those issues through recognising the triggers and breaking it down to root level to find a way to stop them. So what causes the lack of discipline? Is it chasing losses, boredom after completing your shortlist, is it a belief that you need to trade loads constantly, lack of rigid staking plan? Whatever it is will be personal to you (although theyve no doubt been suffered by others, myself included to most of these) and you need to find a way to combat those. If you think about them individually (what happened before you jumped on a bad trade, what mood were you likely in etc) and list them, im sure we can offer suggested ways to deal with the triggers
Out of interest, did you grow your bank to 900 or was it just invested?
