neeeel wrote:You lack confidence because everything you do when trading turns negative.
What type of trader are you full or part-time?
I have been trading the horse racing markets nearly every day, so was full time i guess
Have you comprehensively watched/ studied the markets you trade?
I thought so, but I guess not, or I would have a better grasp of the markets
Are you interested in the markets you trade?
Not really no, I couldnt care if it was horses, dogs or cockroaches that were racing.
Have you tried to turn losses into smaller losses bit by bit until you break-even?
Do you mean if I have a big loss on 1 race, I keep trading on that race bit by bit to try and claw some losses back? If so, then yes I have managed to do that, but just as often I have made the losses into bigger losses, I guess I need to work on my frame of mind.
Is the capital you trade with needed for maybe future projects, in other words scared money?
Nope, the money is totally money to play around with, but I would still say its scared money even so, my psychological make up I guess
What was your mindset when you first thought about trading?
Wow, that sounds great, really easy, Ill never have to work again!!
When you read other peoples profits do you think wow that's amazing?
How persistent are you?
Very persistent I would say. Day after day I would have losses, and the next day I would get back up off the floor and have another go, day after day after day.
What in life are you good at already and have you worked out why you are good at it?
good question. I am good at fixing computers, computer programming, that sort of thing.why? I dont know.
If I were you I'd read the answers you gave to those questions again.
Trading full-time if not accomplished only places added pressure upon your 'narrow' shoulders to perform.
Working for a year will not allow you to have fully understood the horse racing markets you trade everyday. If people have told you otherwise then I'm afraid that's because they don't understand either.
I have invested a phenomenal amount of time and dedication.
If you are not interested in the markets you trade then will you be able to keep your enthusiasm levels high with all the HARD work before you?
Scared money needs to be deposited in the bank, although choose wisely as many are a bit 'dodgy'
Wow never have to work again. this aint no money tree you can walk upto at pluck at your convenience as you're well aware by now. You are going work harder for longer than anytime previous in order to succeed.
Do not dwell on other peoples profits because they are irrelevant to the situation in hand. Look at their profits and the markets they traded to reach those numbers and think, what are they doing correct and what are they doing incorrectly. If you have done the work/study you should be able to work out the limitations and possibilities for each market.
Very persistent but willing to throw your cards at the table after only one year.
I'm chuffed for you that your good at fixing computers/ programming but you need to work out why. Is it because you have a underlying interest in the subject?
It is possible to turn up to an unknown market and trade it but you will never trade it to the best of your potential. You do not have to commit money to a market whilst you learn how that market works, you can watch all the other silly devils do that for free.
Keep your money elsewhere until you have reached a point (theoretical because you will not be committing real money) where you are confident of reading a market. The point I made about scalping rings true because that is what happens everyday in the horse racing markets but because you don't understand these markets, you are fluffing your lines. You claw money back here and there more than likely through chance and then your luck runs out and bang, further in the red.
Have you checked a blog by leonthefixer called 'don't give up your day job' because you should. He's still in early development but his mindset is correct. Although he should be working even harder and those games he plays need throwing until he reaches his ultimate goal.