This morning I was feeling weirdly apprehensive about trading today and I think my problem started with that. I was not confident about trading but could not resist the opportunity as I did not have anything better to do!
I sat down and had a set target in my mind of making £15 in the three hours trading - which I think was a bad mistake.
From the 30 markets I selected to trade, it would mean making an average of 50p a race.
The first two races of the day I was up £2.23 and well on the way to meeting the target. I started to get ahead of myself from there on using £20 stakes to see what damage I could do, again it back fired and from there on I think I lost my mindset and was always playing catch up.
Generally I would lose around £2.80 on a market then catch up over the next 2-3 races only to lose it again and so it went on!
Despite that it was a day learning when to close out bad positions and just accept the loss. I think I could have done much better deciding when to cut my losses but I just could not decide what my strategy should be and this is something I definitely need to work on.
I traded a total of 30 markets of which I lost in 11. The total losses amounted to £14.20 which is a massive figure for my current stakes.
However the positive of today was that I at least finished with a small profit. I accepted that I could not trade well with £20 stakes so I reduced them to £10 and crawled back from there to end the day with +£2.41.
Not quite the target I was hoping for but at least I gained experience with larger stakes and showed I fought back my position!
I really need to keep patient and not to act like a kid in a sweet shop, which at times I do when seeing some nice profits.
If anyone has any good ideas of when to close a bad position, please leave a comment as I need some free advice!
Thanks
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