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Friday, May 20, 2011

Reasonable profit, but my discipline slipped.

 Had a fairly good day today with a profit of over €80. Don't think I'll bother with any more evening stuff as I want to spend a bit of time with my daughter before she goes off to bed. 

I must admit that I was a bold boy on one race and let it go in-running rather than redding up for a loss. I was pissed off with myself for doing this as I had a big liability and even though I know it's wrong, there are times when you just become paralyzed and won't get out of your position. Sometimes it becomes ridiculous the positions we hold on to just hoping the price will come back.

As the potential loss was getting near 80 quid, I shook myself out of it and clicked the button to get out. Lucky for me, by the time the bet was fired in, the price had moved back in my direction and I only lost €27.28 on that race. What the fook was I thinking though?   Sometimes I surprise myself at such recklessness.

Other than that, it was a reasonably OK day today and I used a mixture of strategies to trade. It wasn't the easiest somehow and I got the sense that there were a few feckers with very big banks manipulating the markets somewhat. Sometimes this works in your favour, other times it doesn't - but it's a bit annoying to see 'fake' big orders getting pushed in then pulled out, especially on the quieter Irish races.

While the monetary profit today was good, I'm not entirely satisfied with myself today - I was a bit too nonchalant and wasn't as strict as I should have been. In truth, I probably over-traded a good bit today just looking for some action as I won't get a chance to trade over the weekend much.

I got away with it today but deep down, I know I should respect my bank a bit more.

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