100% Attention & Stop Losses Required
I would have been much better off yesterday if I had used stop losses. I have no excuse for not using them. At one point whilst swing trading, I was down £17 (and about 12 ticks) after getting on exactly the wrong side of a fast market move. A stop loss would have cut my losses much sooner. Arguably more important is the attention required to trade safely and efficiently.
After a busy day at work and other commitments, I really didn’t have any time or mental energy to trade but I jumped on it anyway. Big mistake and I am lucky it didn’t cost me anything overall. It only takes a second for a market to start swinging in the wrong direction.
Football Profits:
I won’t be buying a new car with these profits but I was quite happy with how the day went. Some games (especially the Beneficia game) were just not meant to be, despite the shots on target. Although I was a couple of trades away from making a loss, I feel comfortable knowing that my fate was more in the hands of variance instead of my usual poor decision making.
It’s worth noting that a lot of people do not recommend trading on Under 21’s/19’s games due to their inconsistency. I will be following this advice from now on as a newcomer, I’d be silly not to!
Horse Trading Profits:
I was lucky not to loose anything with these trades as I really was not paying attention. Stupid move.
Nice post Laurence, you’re learning trading the right way in my opinion. You have to make these mistakes and lose the money to understand what filters you can put into your trading strategy.
Thanks Luke! Really appreciate the feedback. You mentioned “filters”, thats my next lesson as tightening up other areas of my trading (staking etc) have made a huge difference.
Sticking to different rules / filters sounds so dull and uncreative at first but it is so much fun once you realise they make you more cash! I suppose you have to get the stupid losses out the way with early on to realise how vital rules/filters really are