For those that are following this blog, may I first of all apologise for the lack of posts. My only excuse is the fact that I have been beavering away looking for the elusive edge. The edge eh, where do you buy 'em from, anyone got any spare (ones that work obviously) because to be a successful trader you must have an edge. Three months in and I am beginning to believe this more and more.
As you can see by my results on the right, Months 1 & 2 were a bit of a nightmare of spells of indiscipline, blind panic, anger, frustration, despair, and many head in hands at the desk moments. Month 3?, well Month 3 shows another loss I'm afraid - a loss of £96.38 which in comparison, is, I believe, a massive step forward (and £37.50 of that was due to letting two trades go in running - I know it shouldn't happen, but two in a month is just a massive improvement on where I was. Great though, that still when I let them go in-play, they still slap me - a great reminder)
So, the difference between last month and my previous two?
Smaller stakes - still concentrating on making a profit rather than a salary
Experimentation - Playing around with different strategies, recording every result, some failing almost immediately and some showing just 60% strike rates, (which is only slightly above a toss of a coin re entry points) and one, which last week recorded a 74% strike rate which is encouraging)
Discipline - Redding and Greening 'almost' every time
Patience - Not trading every race if my current criteria is not met (I only traded 397 races this month as against 606 the previous month)
Future plans? Well, I have decided that I will re-evaluate my position after 6 months, Months 1, 2 and 3 have all shown losses. I'm really hopeful that Month 4 will produce my first positive P&L, but if I continue to lose through to month 6, well..........
Written on my wall at the moment, is something I read on someone else's blog which is inspirational to me right now, and it's this - "You only fail when you give up".
I really hope I don't fail.
Men Slams Redux
1 day ago