What is the key?
This week I’ve come full circle. Which doesn’t seem to be uncommon amongst other bloggers on the same path as I.
Having seen a discussion on the geekstoy forum it triggered something in me.
I started to think back to a few months after I started to learn about trading Betfair… I mean when I realised it was actually possible to make good cash.
After seeing the article I dug out some old recordings of me trading, to my horror I found myself using stakes 3 and 4 times the amount I am currently (don’t feel as though I could do that right now). Not only was I using larger stakes but I was using them with little worry it would seem!! I even found myself say on one market ‘chucking in £200 there so not really a great deal’ now to some it may not be but at this point in time it most definitely is to me… its safe to say I was stunned a little.
So what was different then? why? how? and more importantly what now?!
Well im glad to say I know what the difference was. Just then I had just finished reading a very good book ‘trading in the zone‘ and had been employing a particular mindset whilst trading (it’s really not as simple as it sounds). But I was far more confident and ‘fearless’ trading which allowed me to use bigger stakes with more ease frequently. However, upping the stakes so fast resulted in the inevitable and eventually going IR costing me 4 figures, the rest I’ve spoken about to in previous posts.
These problems like going In-play and blowing banks had a knock on effect, they’ve really brought my confidence down and installed a lot of fear in how I behave while in the moment. As for trading in the zone I almost forgot about it! (until recently) And so that’s how I seem to have gone backwards since then. It’s one of the best trading related books I’ve looked at so far, highly recommend it as a read if you have the time.
So what now? Firstly I’m reading trading in the zone again and after two days of starting to read it it’s already had a positive effect on the way I’m operating in the markets! This time I intend to up the stakes more gradually and keep the consistency while cutting out the in-play stupidity issues. I feel like I’m on top of them now although dropping my guard would be a bit mistake, I wonder if that will ever disapear and not be an issue in the back of my mind while trading?
I find this topic utterly fascinating considering the mind-blowing changes it can have in such a short space of time and intend to dedicate my next post into going in-depth as to what I really think about it all!
As Mark Douglas says in his book:
If you’ve been through any of this you’ll know just how baffling it can be! That said, it’s not everything as far as trading success goes – a decent edge and market knowledge is still important.
So go on…. unlock yourself!!
I’ve added a poll on the side bar, please join in! (this poll has been closed – Feb 2011 Post)
Related Article: Best Reading Material