The main reason I started this blog was an effort to install discipline in my second term as a trader. I thought that if I wrote my experiences, then there would be a strong possibility that other traders both novice and experienced would read it and that a number of things could then come of it.
- New traders could relate to what I was trying to do.
- Senior traders could possibly offer advice on what I was doing wrong
- I would have to improve my discipline, because I knew I'd feel awful stupid writing about my losses caused by the lack of it.
Points 1&2 have met with some success, whereas the discipline completely let me down this month, and I know that if this continues, my remaining time as a trader is limited to say the least. (one month, maybe two). My main fault comes probably from having a gambling background and it is this conflict that causes the big issue. I'll stand by my mistake in Week 3, as I really didn't see it coming, but this weeks horrendous loss was down to letting a really bad trade go in running, despite me advising other novice traders not to ever, not never, let a bad trade go in play. Amazing isn't it. that you do these things, you advise, and then bang.
One strength of mine however, is that once I have picked up the screen and keyboard from out of the back garden, banged my head against the wall until it hurts, I just then think of an Aaliyah record, where she sings, ''and if at first you don't succeed, then dust yourself off and try again'' and so that's what I'll do only this time. I'll reduce my stakes and my bank as the temptation with a £1000 bank, which is what I was playing with, is to let potential £450 losses go in running, and that is what I did.
On the positive side, of which there is always one, it's this blog, which does, when I'm writing it, help me focus on what I should be doing, and so my aim, for month 2, is to try and go a whole month without going in running, and I'll take it a day at a time. Yesterday was a success, but I know I've got a major hurdle to overcome here, well an open ditch really :)
Anyway, onwards and upwards and all that. At least this blog shows, that as well as all these successful traders earning thousands a month, there are some that are losing as well. Maybe I should have renamed this blog - £1000 to a Tenner in one month.
That's it for now. Thanks to those to have contributed to this blog (especially Steve who hit home with some hard truths) and hopefully, when I post next week, I'll show my first green (don't laugh)