Thursday, 10 February 2011

Time Out

After 2 absolute horror days, I've decided to stop posting for a few days. I have had excessive losses in 4 matches which have wiped out my profits for the past couple of weeks and as you can imagine, I'm pretty low right now. I will definitely be back, probably next week but for now, I feel that I need to get back to basics and have no distractions.

I will post up my P&L eventually, as although I am ashamed of those losses, I think It is the right thing to be honest in any blog like this. I did not start Centre Court Trading in order to show off about how great a trader I am or to brag about how much money I'm making or for the advertising money or to dupe people into buying something. I did it for 2 reasons:

1. I need a creative outlet. I am a big writer and have done lots in the past in my spare time, from writing my own books to working for websites writing music reviews. It is a passion of mine and I felt I would enjoy doing this in between trades, to satisfy my creative urges and keep me off forums like Betfair!

2. I thought it might help me with discipline by giving me a tangible record of what happened when I messed up.

This is a warts and all blog - if I have a bad day, you will know about it and in detail! I wanted to be different than these blogs you see where all you get is a brief post about the actual tennis and a screenshot which doesn't really mean anything except that they are making money and you don't know how! I wanted to show what trading is like for a relative novice, someone who is not consistently profitable yet but is battling to get there. That means getting inside the mind of the blogger and maybe learning from what they are doing mentally. 75% of trading is all about mindset. It might even be higher than that! The rest is knowledge of the game and the markets and anyone can learn those things given enough time. But learning the correct mindset? That is the hard part.

A select few will already have that mindset naturally and will take to trading relatively easily but most of us don't. I'm not one of them! I'm a creative person, a dreamer, someone whose mind wanders easily. I don't like to be sat in one place and I have no patience to wait for half an hour for an opening. I am not good with numbers and I have always struggled to make quick decisions. All these things go against what a good trader requires. This has been my downfall. But I am working on it and I will get there one day. And that is what this blog is about - watching someone struggle to get that mindset and hopefully over-come the obstacles that prevent most people becoming successful traders. So if you are looking for someone to post endless screenshots of profit in the hope that you can work out what their strategy is - this isn't the blog for you! But I'd say one thing about that; be wary of those blogs. Never trust someone who only has greens and never has reds. Every trader loses occasionally. And if they take a few days or even weeks away from posting, ask yourself what is really going on?

Anyway, I'll be back to talk about my shocking performance soon. I actually have realised that it is partly this blog that is causing me problems. Having analysed all my bets and gotten to the root cause of each one, as I always do, I've realised that I have been thinking about what I'm going to write here and how I'm going to be perceived a little too much. This has definitely affected my mindset and some of my trades. I basically lost discipline and all of those large losses were as a result of me going for a bit too much, trying out stuff that had nothing to do with my strategy. So at least I can take a positive from that because if I'd just stuck to what I had been doing successfully this year, I would have been in profit.

I'll be back in a few days with all the gory details - hope you'll join me :)

4 comments:

  1. "I've realised that I have been thinking about what I'm going to write here and how I'm going to be perceived a little too much."

    If that's the case then knock this on the head NOW :-(

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  2. You are probably right! But I'm confident that I will learn from this mistake. I just needed to remind myself why I'm doing this and I actually believe that in the long run, having this as an outlet and a record will make me a better trader.

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  3. Long ,long road, anyone thinks this is easy money has no comprehension, the biggest issue we have , to borrow a Bob Rotella phrase id "getting in our own way". Chin up, if you want to see a blog with a succession of car crash betting try mine :-
    http://plaw999.blogspot.com/
    trading now but if your read back enough I have lost a fortune due to my own compulsive behaviour, I'm sure I'll self destruct again too.

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  4. Thanks, I will definitely be having a read. I've added you to my blogroll.

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