In light of the last post I’ve taken a bit of a different approach this week. And its been a really long time since I did such a thing, in fact I haven’t ever done research to this level before I don’t think. I think since all that time ago when I used to sit up really late trying to make sense of what was even going on im now at a real advantage to take it one step further, the main reason being all the experience I’ve had in the markets over the last few years. Im actually confident of what im looking at now in terms of how the markets function before I even start to unravel it further.
So what’s going on?
Well, with the current technical issues I was contemplating treating myself to another last-minute holiday but thought better of it. Over the last year or so everything’s great but I can’t help but feel I’ve stopped developing so much and looking to improve my game. Don’t get me wrong (and I know im at risk of sounding like an idiot to most here) but I didn’t get into trading to just make one or two thousand a week. Part of it was the challenge of doing something new and proving it could be done to those around me (which has been and passed) and the other main thing was the large financial rewards that are on offer.
In short half the fun is improving constantly and to reach the status of crazy life-changing earnings from Betfair would be ideal. It’s certainly possible as others have proved before me so there’s no reason for me not to aswell?!!
So recently I took the decision to remove near on all of my bank (all-except £40) to spend some time really getting deep into the markets, looking at form, news and hours and spending hours and hours recording the markets before reviewing them….
Why remove all the cash?
Well like I said, with the recent problems it just seemed like the right time to do it and previously I have found when recording the markets and looking through statistics etc I get easily sidetracked after spotting an opportunity which ultimately detracts from the end goal. Reaching Jedi status of understanding whats going on, when and why is more important that getting sucked into a trade to make another £50 or so… I decided the only effective way to stop myself from doing this is to take the money out temporarily so that’s why.
Previously I’ve always been happy to fire up the computer shortly before the afternoons racing, trade away for a couple of hours before powering down and walking away a few hundred quid better off. Hopefully this little experiment will have been rather fruitful meaning in the future I can accelerate profits and afford to have even more time off! Plus being able make significantly more makes me feel less anxious about the super PC which, is rapidly approaching.
To keep it all alive im going to set myself a fairly tough target of averaging £1,000 a day minimum, every day spent trading one year from now…. 25/11/2014
“By failing to prepare you are preparing to fail…”
I’m sure we’ve all heard it one time or another, and in my experience elsewhere in life it nearly always rings true so hopefully it’ll be no different here, look out for future updates over the coming months!!
Reckon you’re doing the right thing by looking for other avenues to make money without the distraction of taking the easy earnings.
I remember when I first started making thousands a week it was very hard to take time out as you assume it’s gonna end soon but after a few years you realise it’s going nowhere but you’re still earning pretty much the same amounts and standing still. Only way forward is to explore all options available and to do that properly you need to give it your full focus.
WOW, I added your blog in my feeds today and think it was a good day.
If you will study hard then I need study 2x more than you!
You inspired me. Thank you!
Admirable. I look forward to seeing your progress!
Geeezzzzz Caan!!!! £1000 A DAY!!!! LEAVE SOME FOR THE REST OF US MAN.
Not there yet though mate, but thats the idea. Even that way if I fall short and avg £750 a day say I can still be fairly happy. Averaging them amounts will be pretty tough though so a good goal!
Great sentiments, I completely agree. One thing I think it’s also important to do right is to properly review trading sessions. I think a mistake a lot of people can make (other than not reviewing them at all) is to fire up the P/L immediately after the day’s end and go through what went right and wrong. This is a pretty big mistake as our minds are still going to be full of confirmation bias, whether we’re aware of it or not. It’s always much clearer the following morning. I often find myself look at a trading scenario completely differently 12 hours later.
Completely agree with this tim if users have the capability to store and go thought so much. Its easy to get to the end of the day sometimes and go ‘well that was shit, im not sure if i can do this’ all because of a couple of stupid mistakes that really didn’t need to happen. In the process writing off all that good work and setting themselves up for a fall the following day mentally.
you’re trying to make 1000 a day with 40 bank caan? or after you’re done studying you gonna put money back?
I’m new to trading and its hard to understand what big stakes are fake and what is genuine, if there’s 5k on lay side I’m like its fake but it just push the price out and 5k don’t disappear as I’ve expected lol