Posts are limited at the moment, life’s busy, but in a good way!
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Thanks to all those that take time to comment and share their experiences… I’ll resume posting a little more later in the month.
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It’s been a little while since I got into trading now so I thought I’d share some of my general thoughts…
Firstly – Discipline
Just over a year ago I started this blog. I did it because I felt I needed a way of ‘disciplining’ and documenting some of my learning; while trying to navigate my way through the minefields of information available on forums, blogs and the most confusing one of all – the horse racing markets.
It seemed as though their was little true advice on offer and like some of the newbie’s I just didn’t know who to be listening too (half the problem) ….to be honest I felt lost a bit, as I’m sure many others have at times!
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Having been trading a while I was well aware of the pitfalls of knowing yourself while trading. Remaining disciplined even in the face of adversity and definite uncertainty is a tough task.
It’s only now, when I read about certain experiences I think I’m not too bad in that area. Some seem to struggle for discipline far more than I, and I haven’t exactly got it right at times.
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The clip above sums it up nicely…. he waits…… it’s what he does…..
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The clip above sums it up nicely…. he waits…… it’s what he does…..
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By waiting for the clear-cut opportunities and having the ability to wait when you don’t is an extremely valuable asset in the world of trading, if you don’t believe me, try it! Even more so when it’s not going your way. Believing in this can be harder than it seems at first, removing the pressure to produce results is a good way to do this. Successful trading is an intricate network of knowing yourself, how you fit with the market and having a decent edge, some of that cannot be learnt over-night, or even a week in some cases…. which brings me on to the next point….
Determination
No I don’t mean addiction, I mean determination.
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I think many in this game get the two quite easily confused and I have many times before, determination is an understanding and drive to create change and succeed correcting the old habits and replacing them with new improved methods… yes methods. If your reading this and still new to trading, have a little think about this point as it’s under emphasised out there… theirs no point putting the same ingredients in and expecting a different cake. It’s insanity.
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Addictive as gambling is, seeing money is involved its more important to realise why you’re doing it and carrying on rather than completing the repetitive gambling like cycle that so often occurs; don’t expect to eradicate it though! were only human after all!!
Take some time to learn about the markets, what happens to make things react, what doesn’t why etc… sometimes watching the numbers go up and down is not enough… well for me it wasn’t anyway.–
Changing tack
So for the longer readers you’ll know this last year or so has been pretty eventful. Of late I’ve gone about bogging myself down a lot with raising extra revenue and finding ways of making as much as I possibly can, its been productive and eye-opening although I’ve become a bit of a hermit to be honest…. eat, sleep, work, trade, eBay, sleep…. anyway I’ve decided to put the whole property/mortgage idea on the back burner for a while, its not going anywhere I just thought lately with the sun out and summer on its way (while im in my prime), young and should lighten up a little and treat myself to some things on the way. Don’t worry im not going off the rails! I just think it’s not so healthy to be sitting in every week spending sod all just to stack cash up in the bank…
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Anyhow with success lately and the evening racing starting on 20th of April I don’t anticipate being short on cash!! the discipline and determinations paying off so to speak… so the deposit can wait till a bit later in the year, in the mean time I’ve booked myself a holiday with the lads which is bound to be a good blow-out and I’m thinking about getting a new motorbike! I know… don’t I take enough risk as it is? haha.
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….not often you’ll hear me say this but, cheers Betfair this ones on you!
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I’d consider myself quite successful at this stage, although that depends on what you view success as… on thing I have learnt though is; succeeding in the markets is rarely linear. It’s like a boat tacking back and forth across the ocean. Straight lines just don’t happen, you have to have faith that you’ll ‘tack’ ahead when you’re drifting off course.
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You probably gathered by now I’ve achieved to set out what I started to do, become have decent at making some cash from the markets, be disciplined and leave some nice nuggets on the trail for those behind me that wish to learn a little… its been fun although blogging takes up time I could be using elsewhere at the moment. For now I just won’t have time sleeping, eating, working, trading and throwing myself around the country roads!
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If your just starting out on your quest and I hope all the previous posts are of a little help… there’s some little tip-offs throughout the posts if you look deep enough, and think about what im saying.
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Good luck for now!!
Article: Horse Racing Trading Strategies Post
8 thoughts on “Discipline, Determination & Changing Tack…”
Trading’s not going to disappear overnight and the more relaxed your attitude to it becomes the easier you’ll find it is to make money when you’re not chasing it.
Cheers anon… i still wonder who some the anon comments are 🙂
has been an inspiring journey thanks for sharing it Caan, am really grateful for your blog ~ as I see a lot of my own behaviour in what you observed about yourself. That in itself is priceless — I figure once you get to know yourself, thats where the blog naturally finishes,… and the natural trader begins… anyway just wanTed to say Ta, & I think you always were a pro[ficient] at whateva you set your mind too…
Be LuckY 🙂
– RoN
Well done Caan! Have a great holiday and be careful on that bike!!
Dave.
This is a good posting, I was wondering if I could use this write-up on my website, I will link it back to your website though. If this is a problem please let me know and I will take it down right away
Sure.
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You deserve all the prosperity your hard work has delivered. You did well not to quit, by the looks of the rocky patches you initially had, in your early stages of trading. I, too, know the ‘hermit’ feeling; I’ve previously found it hard to go ‘outside’, when there’s money to be made on the PC. Sometimes, during good profit times, you wonder if the +£ balance is actual ‘real’ cash, and it’s easy to kinda lose the value of money in the real world, when you’re pulling good money outta the markets daily. Having a break to actually spend it, mentally puts you back in the real world; so consider it as a bit of trading therapy! Enjoy