On figures, September was disappointing as the bank dropped down by around thirty quid.
This was mainly down to 12th September when I lost 80 quid by ignoring my stops and chasing a trade. It just goes to show that these simple lapses in discipline can have a big effect. Had I kept to my stops losses, I would have shown a very reasonable profit for the month but the oldies, fear and greed, ruined what would have been a good month.
In reality, I didn't get to trade much at all during the month - most of my weekends off were spent travelling and the evening meetings came to an end. I actually only got to trade for 4-5 days in September.
The target for the end of October is €1340.10 and even though I've surpassed that, this static period is a worry and I need to crack on with making money again.
Going forward...
* We are already into October and I haven't had a chance to trade as yet. I realise that I'm going to have to plan better and get more time trading. I'm going to have to look at the calendar and do as much of the all-weather evening, and also the weekend meetings as much as I can. I can't hit targets or make money unless I trade so I'll simply have to organise myself a bit better this month.
* A loss in September (my first losing month) is a bit sobering as it was purely down to a single day of indiscipline. I MUST knock this type of thing on the head going forward.
* I've had some emails asking me to put up more videos on youtube. It's been a hectic few weeks for me at home and work and I simply haven't had the time. I know I've said it before, but I do plan on filming some more trading sessions soon.
As for trading this week: There's evening racing at Kempton tomorrow but I do a wine tasting course on Wednesdays so that's out. I work late on Thursdays so I won't get to do Wolves that evening - however, they have late racing on Friday which should be do-able. I'm working during the daytime on Saturday but again, there's evening racing from Wolves so I'll try cover that and I hope to do daytime Sunday aswell. As usual, thanks for the comments and questions during the month.
Ludlow (Weds)
18 hours ago
Posts
Wayne, I've been following your blog now for the past few months and enjoyed your posts so far. Your training videos and articles in Betfair are, by far, the easiest to understand and have given me a solid foundation on which to take forward my own trading strategy. So far I've been conducting 2 quid trades over the past few months trying to get a handle on the markets and am now moving towards trading for real. Keep up the good work and I hope you don't let a poor September derail you otherwise excellent progress so far. Cheers!!
ReplyDeleteDavid temp051@sky.com
Thanks for the positive comments.
ReplyDeleteIt's great to see you are using small stakes while you are learning the ropes. All too often, people assume that if they had a big bank, they would trade better but that's not how it works.
If you don't respect your pennies, you won't respect your pounds and it seems like you have maintained a disciplined approach by using small stakes as you learn. Discipline is one of the most important attributes in this game so fair play.
I'm not too despondent about September although I am a bit peeved with myself about that one particular messy day. Fingers crossed I can top up the bank in October.