Thursday, 29 September 2011

The Fear Factor

It's been a tiring week so far, with 6am starts and 6pm finishes but I wouldn't have it any other way right now. I wanted to throw myself into every possible match I could, so that I could continue to sand off any rough edges to my new strategy and feel 100% comfortable with it. Things haven't gone as well as I'd hoped but overall, there is plenty to be pleased with.

The biggest issue for me has been that when I get a bit frustrated, I tend to try and force a trade by reverting to my old system. I am finding it harder than I thought to 100% commit to my new approach. Because it is so different to how I used to trade, I am still going back to some of my old ways, almost like a comfort blanket. Though it hasn't produced much comfort, as almost every time I've done this, I've ended up in trouble! But when I have stuck to the new strategy, it has come up trumps time and time again.

I think the main issue for me right now is my bank size. I have to admit that I am down to the last dregs and a couple of major losses will wipe me out. And when that happens, there will be no way back, at least not this year. This extra fear of my trading journey coming to an end, is causing me to be too cautious with my new approach.

It reminds me of back in March, when I went through such tough times. I was in equally as bad a state with my bank back then and was hemorrhaging money every day. I attempted to introduce a new strategy that was similar to what I'm doing now but it failed miserably because I was too scared to fully commit to it. I ended up caught between two systems and just made the situation worse. Well this is the beauty of keeping a blog! I can recall those mistakes and learn from them because basically, I'm doing the same thing now. The big difference now is that I'm not panicking and going completely loco from trade to trade!

My bank may be frighteningly empty but I know that the only way to go forward is to remain calm, positive and fully commit to my strategy. Of course, it's never that easy once the game is turned in-play. But I've not lost any money this week and would be comfortably in profit if I'd just stuck to my new approach. I guess it's never going to be a smooth transition when you've slaved for over a year to make one strategy work and all of a sudden, you do a drastic u-turn and try to adapt to another way that is the complete opposite. Hopefully, I will now take on board the mistakes of Spring and lead into a Winter of content.

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