Finished September with €1,797.00 profit. Traded 631 markets. Got two losers days (tiredness and frustration break out). Had 4 day offs and all of them were in Mondays, I believe markets are worse in this week day. In most days liquidity in markets was not satisfying, but I managed to reach consistent results and I am very happy of that. I increased my trading balance and staking a little bit, I am getting more confident with my actions in the markets.
I got a very important change in this month: it's my internet connection. Was having responses 75-200 with my old, and with a new 90-140 toy is showing. However my old was not consistent, ping jumping to red at least once in 5-20 seconds, and now no reds at all :) And of course results got a lot better. Never thought that internet connection is so important, but it is. Maybe in the future I will get even better one, with stable 60-90 response times from betfair, when I will be able to get optical internet connection.
Scalping
Most of the time I am scalper, taking 1-4 tick profit. Most of the time trading non favs. I always watch charts to notice forming patterns, like doubles, head and shoulders, trends, triangles or just plain support resistance levels. That knowledge of technical analysis helps me with my trading. What I started to see in the markets is then traders starts to take profits or cut their losing positions, it helps a lot with my trading decisions.
My traders mindset is getting better
Some days in this month I got very frustrated... angry... unhappy... and these feelings of course pulls me out from right traders mindset and my PL starting to get shitty. However I already have a cure for this. I take a psychology of trading book, read few chapters, if necessary to flush frustration and negative feelings I sit for meditation session, after this I am like new, making a restart to my overwhelmed head. After these actions my PL gets to new highs :) Fully concentrated, disciplined, patient, calm, fully immersed in the markets and price action, confident ... I LOVE THIS MIND STATE and how my pl grows with it. It's a lot more fun then trading! It becomes like high performance competitive sport :)
However I am still very careful with my growing trade balance. Don't want to make it big to blow it ... My goal remains the same, slow and steady, consistent trading.
Forex - brain said no!
Well, forex thing is not so good how I wish to be. After few weeks of very hard work in both trading arenas and tons of reading my brain said - stop, stop this obsession, too much, too stressful and too exhaustive. Got very lazy with trading/reading/improving in forex. So I will do it very very slow, I will run nowhere with this kind of rush. I need to keep my inside resources alive. I will trade only one researched simple edge on m15 TF with small position only London session. Will take only 0-2 trades per day.
Yesterday I got a HARDCORE reading about price action :) I think it's a best thing to master, and I will stop searching for best indicator/system.
Well, that's all what I had to say. Good luck!
Hi
ReplyDeletei just started with trading ... and i'm very confused about graphs can you send me some videos or give me advice how to read those graphs how can predict the market which way will go the odds .. :)
Thanks
Hi,
ReplyDeleteAt the time i am struggling with bf pre race horses very much. I am concentrating in the FX eurusd from now. So I can't help you then I am finding myself failing in this trading arena. Plus speed, I am not getting matched then I need, and always then my idea is proved wrong. Graphs ... sometimes they work and sometimes they not. Get some knowledge about resistance, support, double tops/bottoms, pullbacks, trends, range/scalps...
Markets are changing very often, and its getting very frustrating then I am not able to adopt very quickly.
Well, I think the only way to learn trading is to sit in the markets for some months... Read blogs, toy forums... get some books too.
Good luck
Hey! Why you switched your "profesion"? Is Forex easier/more stble than betfair/in any way better than sports trading?
ReplyDeleteHey,
ReplyDeleteProfession is the same "trader"... I still trade horses in betfair, just doing it less and now are coming slow and hard period - small number of markets, less money, hungry traders... There is no easy trading, my next post gonna be "getting a lot worse". Yes, forex has a lot more perspective in a long term, they match about 3 trillions every day, so unlimited money there if you can reach consistent results what I am trying to do. Is it easy? No, tons of things to know and apply correctly, but everything is very hard before you learn and succeed and there are more analytical thinking what makes more attractive it for me.
And what about trading long term in betfair? Let's say I am gonna be successful there for 5 years. Premium charges will not make me happy taking off 60% of my income. HEY! I still want to be rich one day. I think it's a best time to look for other arenas, since I got some "trading" experience and some sort of right mindset. Maybe I will fail in forex, and I'll be very happy to make some money in bf. Time will show. But there is one good thing in life, if you want only the best things, probably you will get it.
Your explanation is more than good to understand you. It's like next step in "trader" occupation. Betfair -> Forex
ReplyDeleteI wish you the best at Forex and hoping that some day I'll be able to understand those charts in your blog. :D
Hello again!
ReplyDeleteIs there some HowTo introduction in chart reading, Forex and so on? I would like to read some book/-s about it in understandable language for newcomer.
At the moment I am reading very hard hardcore reading ... That one book is not for beginners, I left a link in my last post ... but it's very very interesting and eyes opening. Talking about how to read price action without any indicators. And I am starting to think it's a best thing to do, no indies at all, just price action. You can look in amazon for trading technical analysis books too. Or the best thing you can do is to jump to the forums, like here: http://www.forexfactory.com/showthread.php?t=114792 . In these forums there are tons of good threads. Probably google can answer that question too :)
ReplyDeleteAnd about my charts in this blog, most entries are based in the trend direction after making a pulback/small retracement. Most of the time markets gonna at least test that extreme, and if it fails opposite direction is most likely. Other entries are based on very clear support/ resistance points, like double, triple tops/bottoms, then markets tries at least two times to move and it fails, probably it will gonna try to go in opposite direction. However in horses things happens so fast that it makes too late entries for me. And combined with punter's bets, sometimes everything seems to fail.
ReplyDelete