May Madness

This month so far has been very hard trading wise. I genuinely have felt drained, battered and angry, which is not the best frame of mind. I can’t really put my finger on it, but it just seems like the Betfair markets have been unforgiving to me. 

I have tried to stick to my trading plan, but I have questioned myself whether I was lucky last month, whether I really do have an edge or should I change the way I trade? 

However, I must admit that there have been a few instances this month, where due to sheer frustration I have done silly things. Below are a few thoughts that I have had in regards to my trading this month. These are:

1. Not sticking to the trading plan, especially in terms of when to enter the market, and when to cut my losses. As such, I have been guilty of not having a clear view of the markets and have sometimes relied on guesswork. This has led to inconsistency and hesitation. This has led to a lack of discipline, and I have tried to vary which horses to trade, looking for bigger odds to trade to make more of a profit on a tick, or holding a position too long in the hope the market would come back to me. My new mantra will now be: “Don’t be a prick for a tick!”  I just need to make sure I listen to myself now!!

2. I finished last month with a profit, and seeing as it was my first full month, I expect to make a profit this month too. However, as I haven’t done particularly well, this has added more pressure, as I want to turn things round, and quickly too. I need to get over this as it has led me to take on more risk, and I have paid for it. If I break even for this month then I will be glad. 

The main thing I have learnt so far this month is that trading is hard, very hard. When big red numbers are staring at you, it jus feels like so much hard work and you question everything! On the other hand, when trades go your way, there is a sense of satisfaction too! I just need to get more satisfaction now through probably two of the most boring things imaginable: Money Management & Patience!