Oh Crap!!

Yesterday's profit/loss: -£5.76

Today's profit/loss: -£12.81

OK, so that was a complete cock up!

First of all yesterday I had an easy morning, went for a 6 mile run in the rainy north west of England got back home, had some lunch and sat down to trade.

The first couple of races were quite steady which is rare, as I usually mess them up and improve as the day goes on - but I wasn't complaining. As the day went on and around 8 races traded I was already getting frustrated with not meeting anywhere near my target and having a continuous cycle of winning a race, losing the next, then winning, then losing. With my daily ambitious target of £32.50 (or thereabouts), my mindset was completely lost and I ended up frustrated with my performance and ended the day accepting I was not ready for my challenge at -£5.76 after 24 markets traded.

Today was a similar storey soon on as again my frustration kicked in and my enthusiasm to try and win pennies each race deteriorated and again my mindset was lost.

Instead I just started accepting I would lose money and tried trading for the first time with large stakes of up to £70 - Yeah my mindset had gone!!

I am very nervous when entering a market and am afraid to see the market move in the other direction and I will get out quickly; only to see a few moments later the market has come back past my initial entry point and I could have actually made a profit instead of being too hasty.

So I decided I have £100 of profit so far made from trading and it would be a good experience to try trading with larger stakes, picking my entry points and just to try and relax and go with my instinct on which way the market is trending.

It worked quite well despite two occasions where the hedge amount got too much for me and I didn't want to see my profits get eaten up any more, so I closed those two out for -£9.20 and -£8.67.

So on that bombshell I am thankfully taking tomorrow off and maybe even Saturday so I can have time to get my head together and think of what the best step is, possibly back to basics or I could try larger stakes, maybe up to £40 and see how they go.

Not so sure but the last couple of days are experiences that have been worth the loss, to learn about my decisions and realise my weaknesses.

See you next week!