Well the Spaniards at Jazztel have finally realised theres a problem with my line, and are sending a guy out to the apartment on Thursday to check it out. So fingers crossed by then my internet should be up and I can get back into a 'groove' again. Frustrating when you are depending on other people to sort out your problems, but that's unfortunately the life of a trader when your dealing with the internet and computers as your livelyhood.
Luckily I have managed to get some trading done on my mate's line. However it is a bit temperamental and feels and bit 'sticky' at times, but it's actually fine to trade from and beats all the internet cafe's I've tried in the past.
I'll post Sat's results below - I enjoyed the day, there felt like a lot of 'spoof' money around but enough genuine money to get some great swings. Reading people trying to manipulate the market is a skill, but often the spoof money is quite obvious to see. Look for the money actually getting matched, not the fake money queing up looking like it wants to be taken.
My results show 2 big losses where I got the market pretty wrong. But as I've mentioned before it's how you recover from those losses thats most important. I felt I was lacking a little discipline at the end of the day, but knew I was trading well and quickly made back the losses I made. I know its frustrating to lose money and that terrible feeling of 'getting it wrong'. But you have to give yourself a slap and get on with it. Trading is a massive mind game which you have to be in control of. The sooner you don't let the loss affect you, the sooner you will get the losses back. You really can afford to take a few losses in a day and still come out with a nice profit. Think of a loss as a sign to concentrate and focus more, not a sign to get annoyed with the situation and in turn affect your profits.
Hi Jack,
ReplyDeleteIm mighty impressed with your trading and your blog, I think I've just broken through the stage of trading where you/anyone were/is about to quit... Things have upped for me recently(not carried away yet however, and must not) and I think its more to do with my change of mindset than any big change in the trading im doing. Would you agree that it can be sometimes more to do with whats going on in the head and attitude towards losses??? Great blog, keep it up!
Hi Jack, i have been following the betfair trading world for a while now, studying everyday and really treating the topic of sports trading as a university course without exaggerating I'm on the computer when i first get up until i go to bed with very little other activity in between (strictly learning though, not actually trading proper) i now feel confident enough to dip my toe in and put what i have learnt thus far into practice. I do however have 1 burning question....
ReplyDeleteAs you have probably guessed i am unemployed at present hence the spare time to constantly study and i am also a massive sports fan and cannot begin to imagine a better job than anything sports/finance related. Do you think though i should just deposit something along the lines of £50 at first and see how i get on or as i am currently inclined to do, get a full time job and smash a full month out or something giving me enough capital to start with a healthy bank and start trading straight after this. I know you are probably thinking the first option but i feel this will be very time consuming and bills have to obviously be payed. I also appreciate the fact that i should learnt to walk before i can run but with the time i am willing to dedicate to trading i really do feel ready to go.
Contrary to your probable thoughts at the moment also, i am not looking for that "quick buck" or "get rich quick scheme" but something i can develop into a career and do full time to provide for my family and if i enjoy myself along the way then that's great.
I hope this has given you some insight into the type of trader you think i can be and i hope your experience and wisdom could help me achieve my goal.
I eagerly await your opinion and possible ideas for me.
Many many thanks Jack
Mr Trade
dear Jack, I enjoyed reading your comments about prices going beyond the true value point in markets. With these sort of trades, or any other for that matter, do you prefer to lay first with your trades during a drift or are you happier backing a steamer? Any rough average you can give us based on your typical trading. I ask as it seems that one can be burned much quicker backing a reluctant steamer than the other way around. What do you think? Thanks for the insightful nuggets. Rgds, Peter
ReplyDeleteManders - Congrats stick at it! I think it's very much to due with what's going in your head that ensures someone becomes profitable long term. I've always believed it. It's being able to have a steady focused mindset at all times throughout your day. Also forgetting about the wins/losses after the day has happened is also key....remember you have a life outside of trading :)
ReplyDeleteLeon - I think the best way to become a full-time trader is obviously to start of with a small bank. £50 bank is a good start, and keep your stakes small. I recommend getting a part-time job in the evenings if you can. Then you can trade all day and get the expenses paid on the evenings whilst learning. Giving as much time as you possible learning the markets and still having a much needed source of income. I did this for a while before finally taking the plunge to go full-time. All the best with your venture.
Peter - In all honesty it depends on the market, and the conditions affecting my decision. But I'm very happy laying or backing first. I think you have to be able to not worry about which way the market goes, and be able to profit in either scenario. It's probably in your mind that you are getting burnt quicker with the steamers. A drifter can move just as fast. Always be ready for a move going either way.
I read your profile with profile with interest and I think you are a rather brave person
ReplyDelete