Today I was a little tired as I had been reading Caan Berry book for most of the night, and I have to say I like the way he writes, and he makes trading seem very simple to understand. The book also goes on to talk about greed and also not letting the trading to go “in play” which is something I have been a sucker to do a few times.
Today’s Goal was to lose not as much as yesterday as yesterday’s sports trading was desperate, and I mean mega desperate but that was yesterday and today is today, so I am fresh and ready to get those ladders up and running and see those pounds go green… I can only dream!!!
Right I got off to a great start and was trading with £7 stakes and for the first four races I was in profit by £1.80, and then I screwed up, and that cost me £1.21, but that is not the end of the world but still a loss is a loss. Then a small profit of £0.38 and then another loss of £1.13 and then a profit of £0.32 then a huge loss of £1.85.
However, all those losses were good losses because for the next five races I was focused and showed a nice profit of £2.11. With every loss, I make I learn something new but then a loss of £1.91 came along, and every loss really does hit you hard in the gut.
My wife arrived home, and I was then distracted and lost £3.31 which in the end I lost £4.35 which was pretty bad but still a lot better than yesterday.
The thing I did notice today was that I am really beginning to understand the markets, and I can see where something is going and where it is likely to go. Don’t get me wrong I am not exactly a pro by a long shot but the more I stare longingly at those Betfair ladders, the more it makes sense.
I have mostly been using a technique called scalping, and when the market is right it works like a charm but when it goes wrong it spirals out of control which is a terrible feeling.
One of the scalps I got greedy and moved my money three times up the ladder to try and sneak more profit and then it bombed, and I lost out totally which is not okay, and that was a hard lesson to take.
I also successfully carried out a swing trade, and I only watched a tutorial on what a swing trade was and it quite literally unfolded right in front of my eyes and boom it worked like a charm.
I have also recorded a few of my trades today, and I will upload them to youtube as I would be very interested in what people think about the way I trade and also any pointers to get me closer to that £50K would be awesome.
Anyway, tomorrow is a new day, and I hope to end the day with less than a £4 loss, and if I can produce a profit, I will be a very happy chap for sure.
Please leave your comments below and I will do my best to answer them.