So this month I’ve had no end of connection problems after a sudden move, the recent £1.9k loss due to connection dropout as I mentioned in my previous post was a complete rookie error. Having spoken to my ISP again they seem to have messed up the order several times, finally it’s looking like it will be rectified on the first of Feb. In the mean time I have a friends I can work from a little in the afternoons, today was my first day back since the disaster!
Turned out ok for the time, its bizarre how a little bit of time away can often have a positive impact on results!
I also have had a few messages asking for general tips, one of which I thought I’d answer here:
Danny said: “Have you any tips for me or anything in particular I should really practise on to hone my skills?”
Something I hinted at in a previous post HERE was the fact that not every situation is the same and treating them all the same will often result in varied results, this may be the reason you find trading one, two or three races one after another result in a good outcome to only find in the fourth all profit is lost, or even worse ending in a hefty loss!
So in order to ‘hone’ your skills I would advise anyone to take a step back, look at the different markets and all the contributing factors much like i say in the Pre Race Trading Guide. Learn what situations are more than likely to behave in the way you profit from best, everyone is an individual and for that reason some styles/markets will suit some more than others.
The reason my results are often so consistent is because I manage to ‘switch modes’ as it were quickly to suit the given situation, a portion of this will take anyone time as it’s a personal thing.
So you’re probably now thinking that’s great but im no better off than when I started reading this post. Take a moment to sit down and make a list of your strengths and weaknesses.
For example you might think the majority of my profits come from small scalps and the losses often come when im trying to take a big swing and it goes against me! So why not focus on the small scalps and completely abandon the swing trading just for now and hone in on your scalping, find the right environments in the markets that suit you behaving this way and avoid the highly volatile situations that result in fast moves that frequently leave scalpers high and dry.
Much like the previous post it’s a case of walking into Tesco to the reduced aisle and picking up yourself a bargain! forget about lingering in the over isle’s and giving away your cash to products at a unvaluable price!
It’s also important to highlight this is a bit of a personal affair, it may take some time to realise what you like and what you dislike when trading, you don’t have to be great at it all to make money!! and as time goes by this understanding alone will no doubt allow you to adapt in the different situations.
If you’re having trouble making decisions and understanding how you ‘feel’ when your trading often I’d say its a good idea to talk out loud when you trade, by doing this it’s harder to ignore a bad decision when you say out loud – ‘im not so sure on this now, maybe it’ll come back in’. If you hear yourself say it rather than just think it often it’s enough to do the right thing!