Wednesday, 13 July 2011

I'm Back, Baby!! (The Sequel)

From reading some of the messages I've received since my last post, I get the impression that maybe some of you might think I'm upset since reading my 3 month P&L. I just want to set the record straight; I am very happy about what I saw on my P&L! It basically showed that all I need to do is red up a few more times to stop losing my full stake and I will be exactly where I want to be. So yes, it's annoying that I had those 30 full-stake losses but we are only talking about 30 trades from a total of 600 and obviously, there are far more times where I did red-up properly. If I just sort out 5% of my trades, I will be laughing all the way to the bank!

Now of course, it was stupid of me not to pick up on this issue earlier. I do keep written records and analysis of all my trades but with the lack of focus I'd been having in recent weeks, I had neglected to properly inspect where any problems might be. In truth, I didn't think I needed to. My ROI is higher than it's ever been. My profit is better than it's ever been for any 3 month period. But it just wasn't quite as much as I'd hoped for and I couldn't quite work out why. I was winning more often and in greater amounts, so I wasn't sure why I wasn't hitting big profit. The full-stake losses just seemed to get swallowed up on the page and because I didn't go back through my records, I forgot about them. Now that I know why I haven't progressed as much as I'd hoped, I'm ecstatic! I just need to get my focus and energy back so that I don't make those mistakes and already, that is happening.

I mentioned I'd been having neck and back problems recently. They have now gone and I've been able to get back to my usual exercise routine, which I've sorely missed. I'm now feeling much more refreshed and physically, my energy levels have shot up. I also have started to cut out a few bad habits, such as messing about on the net and my set-up and professionalism is back to what it was a few months ago. I have a weekend away planned in a couple of weeks and I'm taking more breaks, in order to combat any burnt-out I'm suffering from. But most importantly, I know that the hard work I've put in is now so close to producing what I dreamed of. Just knowing that has put a spring back in my step and the glint back in my eye. There is very little that I need to change now, I just need to make sure I retain my focus and professionalism and I don't foresee any massive problems with rectifying the full-stake losses. There is only one way to prevent them and that is through discipline; controlling your emotions and instilling the habit. This is what I will be working on the most this week. Am I back? I'll let you know in a few days........

8 comments:

  1. I await with bated breath for the next post....

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  2. Sultan, are you a full time trader like all the money you earn and spend are only from betfair trading or not yet ? I ask you this because I need to know one onest trader that does it (you) , all other pro traders I know ,have a separate online business like selling systems.

    thank you

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  3. I have mentioned many times on this blog that I am a full time trader BUT this money is not my only income. I am trying to get to the stage where I earn enough to support myself from trading alone.

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  4. This blog has never been about me showing the world that I am a successful trader because quite simply, I'm not! It's about my struggle to BECOME a successful trader. Trust me, as soon as I do become successful, I will not be on here writing about it, I'll be enjoying the new life I have ;)

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  5. Tell a story about some of the so called full time traders who sell systems!!!!
    Why would any successful business person want to share their secrets, it just dilutes there edge.
    I really feel the only way to be successful on a long term basis is treat trading as a business, there's alot to be learnt from the city pro's, having spoken to a few sports traders, I feel they put far too much "emotion baggage" into their daily trading. I might be talking rubbish but just an observation, the main point for me is being able to compartmentalise reactions and understand and learn from consequences.

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  6. I think you are spot on and it's one thing you can't really learn from any of these systems, yet the most important factor in becoming a good trader.

    All upcoming traders should read at least one financial trading book, as they will spell it all out for you that it isn't the system that will make you money. You have to change your whole way of thinking and that's what is so hard.

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  7. It depends what you expect from a "system". If you want to spend a few pounds and then be able to trade profitably without any further effort then you deserve to fail. If someone has an edge then ofcourse they won't give it away or sell it for a few pounds. Some vendors are honest with the customer and tell them before purchase that the edge is found by many months of hard work on your part.
    By all means lump all vendors together and regurgitate the old lines like " why would you sell your system if it works?". Alternatively, open your mind, think for yourself and you might stop looking for the holy grail and actually start learning something.

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  8. Very true. I think a lot of traders, especially newcomers, think that there is a system out there that they can just copy and repeat easily and it will bring them riches. Maybe we are all guilty of believing that at one time, I know I was!

    The truth is that if one does exist (and I don't think it does) then whoever has it will 100% never tell anyone. That's why some of these systems being sold are duping people.

    However, there are one or two out there that whilst they are not holy grail systems, do impart valuable information about the markets that would otherwise take months for a newbie to discover by themselves. I would include yours in that, TS.

    But as I've said many times on this blog, too many traders are not prepared to put in the hard work and so end up blaming the 'system' when they aren't making money instantly. Anyone who starts trading tennis should not be expecting to make ANY serious money consistently for at least a full tennis season imo.

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