Friday, April 15, 2011

Paying price for adaptation and trading error trigger revealed

Hello everybody,
These 3 days was a struggle for me. After Aintree meetings I needed to make some adaptations,  to trade more carefully and to watch markets more than to put bets. So in Tuesday I got a first looser day in this month for being too aggressive and putting too much money in the markets. After paying that price in Wednesday I made these adaptations and started to trade more carefully, so it lead me to some profits. However yesterday I screwed up again. It seems I traded 13 markets okey making +50 profit, but in the next few I managed to make some trading errors and lost about -100 getting in the old IN-PLAY.  I was staying all month without in play involved. Indeed I understood how that crucial sabotaging mechanism was triggered and its a good lesson for me.

So it works like this: I get few low quality markets, I mean markets that do not suits my trading style, doing almost nothing, getting bored and somehow I put some bad trades without good odds to my edges, and I lose money. Then that sabotaging trigger works out "I AM STUPID THAT I MADE THESE TRADES, I SHOULD STAY AWAY FROM MARKETS LIKE THESE, HOWEVER I CANT ACCEPT THESE LOSSES BECAUSE IT WAS NOT MADE BY MY EDGES NOT WORKING OUT, I SHOULD GET BACK THAT MONEY AS QUICK AS POSSIBLE". And you can imagine further scenario, how I am loosing money "in play". It's interesting that I "know" that I am doing bad thing, but I can't stop myself. So in the future I need to recognize this sabotaging pattern and firstly I need to stay away from making low quality trades. However if these low quality trades was made, I should STOP instantly and think how further stupid actions can make me feel and how my PL is going to be hurt if I am not going to control the situation, I should take some deep breaths, calm down, take few minutes off and then return to the markets with fresh objective mindset to look for my working edges.

It's funny how my PL developed this month. It's seems that my April PL chart got resistance, and I got double top there, if I trade my PL I would put my entry right now for reversal. LOL, I am not going to do that, and I am not going to sabotage my PL.

One of the hardest realities in the pre race markets is that you need to make very fast adaptations, sometimes it's seems that every day markets are quite different than they was yesterday. A successful trader should develop that flexibility.

That's it for today, I wish good luck for you and a green day in your PL :)

2 comments:

  1. Damn, I got the same mistakes and at the same time. I thought that something was wrong with market. I lost 200 puends do my greed and gambling.

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  2. Ha i could have written this , its sounds just like me!! , ...we are peas from the same pod mate...Gl and keep going ;-0..

    http://phoenixracinguk.blogspot.com/

    Ive added ya so i can follow ur exploits...

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