Peaks and Pitfalls of being a trader, black February…

Posted on Posted in Betfair, Horse Racing, Psychology

First of all, apologies for the lack of posts just lately. I’ve been away for a while, if you’ve mailed I’ll be in touch shortly.

So following on from last months posts and frustrations with a sudden move and broadband being installed there have been a few further issues, im a bit of a hypocrite here as I always offer the right advice when it comes to trading and how you should approach it along with how you ‘feel’ but unfortunately earlier this month I failed to follow my own advice and broke my own golden rules. It’s embracing to say but as I’ve always said from the begging of blogging I make every effort to be completely honest about my trading.

So eventually after about 3 hours on the phone to BT and 5 phone calls my new connection was installed! I couldn’t wait after the problems it had previously caused although jumping in feet first probably didn’t help. Coupled with the fact I’ve had a few life changing personal problems over the last month that have been ongoing I really shouldnt have even been trading at all. If your mind is not on the task fully then its likely to be wasted time or worse, wasted time and money. As I always refer to the pneumonic HALT, if you’re Hungry, Angry, Lonely or Tired dont trade!! sort them issues first. It just leads to irrational behaviour in the markets which leads to losses.

So what happened? I started trading, maybe 40% of my mind on the task and 60% on other problems ive had. The first couple of races went ok, the third was a bit choppy but I did ok then bang first mistake. The £106 loss was annoying but not something im not accustomed too, I managed to put it straight in the next although was playing too bigger stakes without a doubt. It wasnt long before disaster struck overtaking and the £576 loss came. Given the state of mind I was in then I should have just stopped, but I didn’t. I battled on before really making another mistake in the 3.30 race on too bigger stakes! It was at this point I did something I havent done in years and years, I didn’t hedge up… if the horse lost I didn’t lose anything, if it won then well…. it won….

 

So, what can you do when things like this happen? not a lot other than learn from it. I really messed up here and with all the other stuff ive had going on I havent traded for over a 10 days as I went to visit a friend, the break was needed.

Confidence is down although I know in these situations it wont be long until things are back on the up! the problem is with such little time to the end of the month and such a big loss February may finish a negative result… which makes the £100k and actual challenge now!! I still think I’ll do it but its gonna be tight!

 

I’m gonna start slow and work into it, having no expectations in this type of situation is key!! I’ll resume posting more frequent again so you can watch me bounce back from this!! were all human after all, these things happen!!

 

13 thoughts on “Peaks and Pitfalls of being a trader, black February…

  1. Caan, your honesty is commendable. It’s easy to post about profits, but very few blogges would have the guts to post about a heavy loss like you have. And your mistake is something we can all learn from.

    At least March is just around the corner… a chance to get stuck into better quality racing markets and kick on. Chin up, I still think you’ll make your £100k challenge.

  2. Damn! It made me sick just reading about it.
    I think that you’re very brave writing a blog post about it and it is definitely the first step to not making the same mistake again.
    You should decrease your stakes and don’t start chasing losses, to ‘catch up’ on the months result. Trade some lower stakes, gain some confidence again and work your way back up.
    All the best!

  3. Very refreshing to see a trader blogging about losses as well. Just shows that it can happen to anyone regardless of experience. I’m sure you’ll bounce back quickly Caan

  4. Holy sh…t!
    I very sorry the big fails but You know:we are humans… and the only people who make a mistake are working.
    Please follow the shering Your good or bad news because lots of help to people who want to go in the “easy”treader life.
    Good luck to future and dont drinking to mutch! 😉

  5. Be mindful Caan, forget the challenge and just BE. The cash will roll back in and you will probably make £200,000 instead!

  6. Hi Caan,
    I guess you couldn’t reduce the loss with your stakes even if that horse Bridie Ffrench was trading in-play at 50.0… Good luck with the challenge! Still plenty of time.

    1. Hey Miki, the PC2 (60%) worries me a little although with ladbrokes competition this year hopefully that will change. Im not sure what you mean about not liking?

    1. They have bought BETDAQ exchange and are looking like possible competition for the future for Betfair… in which case they may have to make rates more competative

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