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Saturday, August 7, 2010

A pretty good day - 7 Aug 2010

The Challenge: to increase my trading bank by 5% per month.

The story so far...

Starting bank: €1,000 (beginning of May 2010)
Target for end August: €1,215.51
Today’s opening bank: €1,341.44
Today’s closing bank: €1,448.26
Today's profit: €106.80
Today's turnover: €48,929.86


An absolutely cracking evening with a profit of over €100. A lot of things went right for me and I felt in that zone when you can read the markets very well. One trade did go against me and I turned the book red for a loss of €34.

Obviously, I feel pretty good after today but once again, I chased a bad trade which is something I’ve been trying to stop doing. It worked again but had it gone wrong, I would have been staring at a red book of €90. It’s not always as easy as it looks to take a loss – especially if you see a new trend and are confident of getting out for a profit by opening a new trade (chasing) but it’s something I’m working on and need to resolve before I take a big hit. All in all though, I’m pretty darn pleased as I only traded 13 races in the evening time.

I included the Irish racing too and done well there. People complain that there’s no liquidity there but that presents opportunities too. I find that if you go in early (12-10 mins before the off), you can take your positions right at the top of the queue and leave various orders away from the current price. When the money starts arriving 3-4 mins before the off, you are ahead in the queue at various points which can be extremely beneficial.

Hoping to do some trading during the daytime tomorrow and have promised myself that I won’t chase any bad trades.

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