It's been a while since I last posted (almost a month). The main reason for not posting is that despite my Over and Out post, I have continued to trade without the pressure or embarrassment of posting large losses, (even though I have continued to trade poorly making mistake after mistake and losing quite heavily). Anyway, last week - Week 11 of my return, I managed to turn it round with my first ever profit for the week (albeit a tiny one).
Week 11 - my first ever profit - Wow!, a small light at the end of the tunnel perhaps (or is it just another train heading my way) :-).
The difference? Well it was something that I read in someone else's blog (cheers mind games) that has changed my trading perspective a little. I spent last week trying to just make a profit rather than making a salary. As you may know I started trading with a £1000 bank and always used the whole bank. When this went wrong, I switched to a £500 bank, but that too still allowed me to let potential £450 losses go in-play, so now I am with a £250 bank, not trying to earn / win salary sized amounts, just trying to win something, to prove to myself that I can read some of these markets correctly, and turn a profit. Only when I am doing it consistently and greening / redding every race will I increase the stake to try and make a small living.
What may surprise you is that last week I managed to trade a full week without letting a losing trade go in-play, the first ever week I haven't done it, and the first ever week I have made a profit. Coincidence? I think not. It just took me 10 weeks and a sore forehead to grasp it. Let's hope I can continue for a second week.
Over Thinking in the NBA
7 hours ago