Whilst I didn't achieve huge profits, the successful trades I had on the last day of Cheltenham's Open meeting (Sunday), were of a sort to give great confidence and optimism going into Monday. I am aware that things change at this time of year and that liquidity is dramatically decreased particularly on Mondays) but I went from my best ever day on the Sunday to my worst on the Monday.
All and any pointers are enormously welcome.
Help me please
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iambic_pentameter
- Posts: 443
- Joined: Wed May 18, 2016 1:24 pm
Season's Greetings
You've not said how long you've been trading but losses are part of the game, I'm afraid.
The trick, is how you deal with those losses and therein lies the fun part of trading.
All I would say is that try to be selective in the races you trade - on Boxing Day there are 78 races and if you try and trade them all, you will most likely over trade and lose money.
Sadly, there is no quick fix in trading and its a case of putting in the hours and learning how different markets react i.e. some lend themselves to swing trading, some to scalping and some a combination of the two.
A common theme I've seen in the 19 months I've been trading, is that professional traders focus on protecting their bank at all times.
Best of luck,
Iambic
Disclaimer: I'm only posting on Christmas Day as Mrs Iambic is laid up in bed with a nasty infection
You've not said how long you've been trading but losses are part of the game, I'm afraid.
The trick, is how you deal with those losses and therein lies the fun part of trading.
All I would say is that try to be selective in the races you trade - on Boxing Day there are 78 races and if you try and trade them all, you will most likely over trade and lose money.
Sadly, there is no quick fix in trading and its a case of putting in the hours and learning how different markets react i.e. some lend themselves to swing trading, some to scalping and some a combination of the two.
A common theme I've seen in the 19 months I've been trading, is that professional traders focus on protecting their bank at all times.
Best of luck,
Iambic
Disclaimer: I'm only posting on Christmas Day as Mrs Iambic is laid up in bed with a nasty infection
If you have not been trading very long, then its fairly common to have a big losing day straight after a big winning one. Although you will be trying to guard against it, over confidence is one of the many problems new traders have to deal with. The trick is not to get too cocky when you have had a good day and not to get too down when you have a bad one. Easier said than done I know.
Another thing to be aware of has already been covered by iambic. Is your style more suited to scalping or swing trading? The big meetings often suit a scalping style more than a swing trading style.
Who am I to talk as I'm a Noob but what we're your reasons for entering your trades on your winning day? How did this reasoning change on your losing day? Did your exit criteria on your winning day differ from your losing day?? Just stuff I try to monitor!!