Dealing With Winning
I’ve read a lot of trading blogs/forums over the past few months and a common topic is dealing with losses, something I’m all too familiar with! In a strange kind of way, losing is becoming quite comforting as I can usually see where I went wrong and know what to improve. Hindsight is a wonderful thing.
If you want to read more about losing, I’d recommend reading How To Deal With Losses? by Caan Berry. I’ve learnt a lot from reading his blogs and ebooks so would encourage any new trader, especially interested in horses to soak up all of his material.
Although it really isn’t happening that much at the minute, nobody prepared me for winning. Despite losing all my profits and more on horses, yesterday I took home a nice green from correct score trading on football later that evening (See the days P/L sheet below).
As you can see from the Profit/Loss page, I made 3 bad trades at the end of the night that lost £80+ of profits. How did this happen?
Ego Is The Curse Of All Traders
Without getting all Gandhi on you, I’ve come to realise that I would be in a MUCH BETTER financial situation if it wasn’t for my ever hungry ego. What do I mean by that?
After a successful evening of football, I felt like I knew it all. I’d had so many winning trades that I was sure to win these last few. My liability was far too high on the Wycombe game but who cares? I’d been on a winning streak and it was going to continue! How wrong I was.
Ego Doesn’t Just Ruin Your Trading Profits
How many times have you bought something just to impress your mates? Shiny cars (or bikes!), watches, champagne, whatever floats your boat. It’s all just crap to polish your ego in the grand scheme of things and think about how big your trading bank could be if you didn’t waste all that cash!