Fresh start

Hello,
How is your trading going? I hope it is going good. I am finishing this month with -€48.79 loss. Was not trading a lot, was busy with other things, but then I was trading I was doing reckless and stupid actions. 
Probably gonna switch to Forex trading in near future, I believe it has more perspective in the long term. And very important thing what I like there - speed, probably I will not loose one weeks profits just in a few seconds. Of course I have an edge, system there, without it I would not even think about jumping in these markets. In the mean time I am making scrolls in the history and it proofs me about 75% win ratio, with average ~100 pips profit per day.  In other hand you will not make there from 15 to let's say 100 in one week either. This is my main problem, I don't have available bank balance to put in FX markets without taking reasonable risks in my trades. So I will keep trading horses to save some money for a future Forex trading and for a living.
I noticed that I am far away from my trading plan at the moment in the pre race horses. So it's a good time to make a fresh start and put everything in the places. Remember, without a trading plan, it's almost impossible to win in these very competitive markets. You need to know what you are doing and why. And let your edges play out in the some number of trades. Indeed, it was my problem for this month :)
Very important thing is money management. I am going to start with 15eu bank. I think +10% per day is very realistic and achievable. So let's the power of compounding play its role here. It's says that I should have after 46 trading days (~2 months) about 1k trading balance, making no withdrawals. Well, we will see if it gonna work like this :)

Next very important thing is your edge. I believe I have few of them. My main edge will be applying technical analysis for favorites, it's gonna work best for 1.5-3.0 odds. It will be combination of swing and scalp trading.  And if the fav's will be over 5.0, I will be looking to scalp other bigger odds. The last Ninja chart's template what I am playing looks like these few examples bellow. Well, there are a lot of discussions about technical analysis in betfair markets, but I have news for you - markets are patterned, like people's psyche too, so why it should not work? If some traders can find patterns in the markets by the spoofer's actions why I can't find winning pattern using my knowledge about technical analysis?

I need to keep win ratio reasonable, let's say 2:1 and profits will come. Actually these charts looks very nice only after market is completed, in the real time they are more "choppy", lots of small gaps, flied away stop losses,  and missed entries. These things are hidden behind "HaikenAshi" indicator, however it helps me to see market in bigger view and see patterns more clearly.

Other very important and crucial thing in trading is your psychology... Your positive, calm and confident mindset. I lack that for sure. Well, I believe I have a fix for it too :) My best trading periods was then I was reading about trading psychology, probably it motivates me and makes a positive mindset for me. However after finishing these books it's looks like I was not able to make new good habits and I always fall down to destructive old behavior patterns. So I will start to read them again :)

So that's all for today. Gonna make few posts in the near future, and we will see how my plan will gonna work in the "real" mode.

April results

Hey there!
Quick review of the last month. I finished April with €689.19 profit, traded 471 markets. It's a lot better than March with €284.69 profit. However I got BIG unnecessary losses again, ~550eu profit lost due the very old boring IN PLAY.. It's seems that for my subconscious mind is better to loose money than to stay zero in the day. Well, I don't want to make this blog only about my in-play problem, so I will not gonna analyze that too much. If you read last post you can see that this resistance level, double top worked nicely ... Well I am still positive, after that IN-PLAY day in which I blow 450 I took about one week off.  And after this break I managed to earn about ~250 profit in few days. It seems day offs is always good for me. If you got some problems with trading, take some holidays, for your brains it's always good to rest from hard/stressful period. 

These April results shows me that I am improving, and I hope that this learning curve will remain pointed in the same direction. Markets is always in change mode, sometimes it's seems that they are completely different than it was yesterday. And sometimes it's very hard to understand why I am not making money: it's my traders mindset fucked up? or markets changed dramatically for that day and I don't know how to trade them? ... What I have noticed that in this period that we got more non trending markets than it was in the past. Let's put it in the example.

Trending ones. Entries after pullbacks.

And now we get most of them like these. They are still okey to trade, you just need to see support/resistance levels, and put your bets after the price is failing to break them or place your bets then these levels are broken.

Well, who knows how markets will gonna look after few months, be ready to make some adaptations.

My plans for May is to finish my bachelor work and of course to finish university at all. One month left guys! :) So I will not be able to trade full time, thinking to do it only in weekends. So my expectations in trading for this month is not high, probably will not be making more than in April. So that's it folks :) Have a nice green day :)

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 :)