Old Territory New Angle

It’s been a week of mixed emotions and a lot of reflection for me.

Lately, my understanding of the markets has begun to truly flourish. I’ve realized that while I can confidently make money during the summer, this strategy won’t suffice year-round. As Mr. Wilson would advise, versatility and adaptability are key to survival. Recent discussions with others have opened my eyes to perspectives I can’t believe took me so long to consider seriously. Here’s what I’ve been pondering:

When I first started trading using Geek’s Toy, I participated in a forum challenge that garnered a lot of positive feedback—and some criticism. At that time, I might have been onto something promising, despite not fully grasping it. Various issues, especially going in-play, led me astray from what could have been a lucrative approach. I would enter the market within specific time frames and price ranges, sticking to £5 stakes. Despite its success, the fear of getting caught and going in-play overshadowed its potential. This has led me to abandon that segment of the market, trading without much strategy, guided only by instinct. This might explain my current mental struggle.

After some reflection and conversations, I’ve decided to revert to my earlier trading method, obviously with stakes higher than £5 but with a better understanding this time. This approach seems to stabilize my profit/loss (P/L) somewhat, even if the totals aren’t as high as they might be. It’s a possible fallback plan, adding another dimension to my trading strategy.

An analysis of my individual race P/L over a month underscores my earlier point: avoiding major mistakes could have significantly improved my financial outcome.

For a more successful month ahead, I aim to reduce the variance in my earnings per race. The goal is to achieve a stable P/L with minimal losses, adhering to the strategy I’ve revisited. This not only promises to enhance my mindset but also to restore my confidence. As someone once wisely advised, “Get your kicks spending the money, Chuck, not making it.”

Here’s a new mini-challenge for myself: From now until next Wednesday (the 2nd), I aim to keep my losses under £100 for the week. I’ll provide an update then. Wish me luck!

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