I am a little bit happier today with my trading as I seem to be able to spot the trend, and I am a lot more patient when it comes to placing and getting in and out of trades.
A loss was made but not as bad as it could have been and also I seem to be getting my head around what is happening I have also found a nice screen set up that helps keep me focused on the race rather than having to dart about two screens constantly.
I have also been doing a lot reading over at the Bet Angel forum, and it seems like there are a lot of people on there that make a lot of money from trading and so this does fill me with confidence in the process. I have also noticed that a lot of the traders talk about trading as a trade like you would a plumber or a plasterer and this is very interesting.
A plumber or plasterer tends to have to learn his craft for a number years and before he is allowed to be let loose on a paying customers property. They have to prove themselves which I think is very much like trading and I was kinder hoping to start making money within a week then just ramp up the stakes and be on target for retiring by the end of next year. I now see trading as like an apprenticeship… So that is the approach I am taking to trading now.
Trading is a trade that takes time to learn and from what I can tell years to master. You know what I quite like it, I spend most of my life in front of a screen anyway. This is a bit different in the sense that I am using my brain a lot more than I would in my other business which can only be a good thing.
Anyway, todays trading loss is not too bad…
I am being very selective today at what and when I trade, and some race markets looked sketchy and so I just sit and try and predict in my head what is going to happen. I get it wrong most of the time and most of the time I need to remind myself that the “trend is my friend.”
Anyway, I would like to thank Dave from Bet Angel for helping me and guiding me along the way I way, and I hope that by the end of the week I will seeing at least one day where I break even or at least make a profit.
I will be blogging every day I trade so stay tuned and if you like what you read then please make sure you like, share and subscribe.