Tuesday 12 October 2010

I'm in danger of letting this slip....

It pains me to say, but since re-entering my professional role on  a full-time basis, my trading and blogging have been suffering horrendously. Most evenings I'm not getting in before 7 - 7.15 and with the majority of games kicking off at 7.45 or 8pm there is little time after I've eaten to prepare properly.. The net result is that in the rush to pick a game my whole modus operandi has been nuked! I'm making poor decisions, and compounding those poor decisions in-play by putting myself under too much pressure to make a profit. Inevitably, my average profit is therefore lower than it was, and I'm staying in too long or getting out too early. The nature of the job I do, retail main dealer vehicle sales, means that I work every Saturday and every other Sunday. So I find myself questioning where to go from here...

A glance at the last few day's results sheds some light on what I'm talking about...


With two days not traded at all, and mediocre results on the other days since my last update you can see what I mean! On a positive note, I am still marginally ahead of the game, massively so when the withdrawals already made are factored in. The goal is still achievable within the time frame, and I genuinely believe the 1-1 1-2 2-1 trade will continue to work for me more times than it goes against me. 

I am also conscious that after trading late and tired the last thing I really want to be doing is writing a detailed but downbeat blog post! The quality and frequency of my posts have dropped off, and many fewer people are reading my missives now! 

So, what to do??

The easy thing to do would be to say 'sorry folks, I've fcuked it up and am quitting whilst I'm ahead!' But I'm not a quitter by nature. So we're stuck with each other, like it or not! 

Having said that, I've got to be realistic - I can't trade as I was doing up to three weeks ago. Simple - can't be done! But, as I said at the beginning, fortunately I don't rely on trading for an income, and don't really need the extra money badly enough to enforce self-discipline on myself - which was why I came up  with the whole idea of both the compounding concept and of writing all this lot!

So this is what I'm going to do...

I will continue to trade toward my original goal, but my emphasis is going to shift away from the stated aim and if I fall short of the target so be it. I am not going to trade every night, but will probably do two or three evenings in mid-week with the occasional Saturday evening and Sunday trade thrown in. I'll focus on the 1-1 1-2 2-1 strategy, but, as much for variety as any other reason, will throw in the odd full blown correct score trade as well. I will update the blog only when I trade, and the post will be detailed, as they used to be. My aim now is to head in the general direction of £2000 by NYE but the emphasis more than ever will be on trading correctly and bank preservation.

I've read through the above and think it makes sense, but I've just got back from a 500 mile round trip with a day's training squeezed in as well so it could well be gobbledegook - I'll let you decide!
 

3 comments:

  1. Gundulf,

    Interesting reading your posts.

    It is imperative not to rush decisions when it comes to your trading. Trades placed without a thorough thought process too often lead to losses.

    You are far better to forgo trading in a market which you are unsure of, rather than placing bets without due diligence which end up losing.

    Personally I do not like setting time frames as part of my target as this causes bets to be placed simply for the sake of marginally increasing my bank. There is enough inherent risk associated with gambling without taking additional risk through markets you wouldn't usually participate in. I understand your situation is different as part of your experiment is for you to meet your target by the
    end of the calendar year.

    I look forward to seeing you reaching you target, and wish you all the best in these endeavours.

    Cheers,

    RoseZella

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  2. Keep it going mate, but on your terms. I'm really enjoying what you're doing, mainly because you're telling us the rough, as well as the smooth. Far too often (and I include myself in this) people only open there mouths to let people know how much they have won. I sometimes look at these people and wonder where I'm going wrong, without knowing they'd had a few losses previous.

    What this blog has done for me, is give me confidence that, with a similar bank, similar trading techniques (taught by Bingo and Ads and of course your 1-1,1-2,2-1) I can do something similar to what you're aiming for. Slow and steady. If (hopefully when) I/we reach that £2k mark you've set yourself then I can look at taking things a lot more seriously in terms of making decent money regularly.

    Think as yourself as an invisable running partner training for a marathon! Reading your blog is keeping me going!

    Looking forward to the next updates.

    Longy

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  3. Thanks for the comments guys. Both of you talk a lot of sense, and I'm grateful for the feedback. Home at 8.30pm tonight, and The Apprentice is on the telly so no trading tonight!

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