Monday, 23 November 2009

Back to it

Racing bank at start: £32.40
Racing bank at end: £35.41
Unit stake for next session: £3.54
Average market P&L: £0.14

Everything felt a bit better today, although the mistakes are still plentiful, I am spotting them sooner than before. As I'm improving in certain areas I'm also uncovering new habits which I didn't notice before. One main issue I'm having now is taking the most profit out of my swings. I'm catching more of them now, however I'm taking less profit than I should. I only took about half the ticks on many occasions today, mainly when I saw premature signs for a reversal. I need to focus more on making the most out of these swings as I would of made a significantly larger profit (maybe even as much as double on most markets). I noticed a slight improvement towards the end of the session when I was more aware and focussing on it, and hope to sustain this into the next session. I also think it has a bit to do with the scalping mentatilty that has been my prominent style.

I felt midway through the card my focus dwindiling a bit, I needed a short break to get my mind back on track and finished stronger. Still cannot maintain that focus throughout the session but I'm noticing improvement so I'm happy to see progress. Not even sure if full time traders maintain that focus for the full card but I think it's important to keep pushing myself as much as possible.

I also changed the trading screen around again, no surprises there then! The main reason for this was to allow me to focus more on important information.  It was fine before but over the past few sessions I noticed I tend to look at the ladder too much and that I look at the far right of the screen the least. So I moved the ladder to the far right. The charting is now all on the left screen including the weight of money indicators chart (which I had also missed). I had almost neglected the weight of money indicator due to spoofing but I'm noticing it's usefulness most recently, paticularly whilst swing trading.  I also downloaded a useful free 'Post It' application that allows me to pin messages onto the screen. I use it to remind me of rules and make brief notes just before I start trading each market. This helps me understand the market a bit better after trading it, by comparing what I had written to what actually happened.

Football bank at start: £34.35
Football bank at end: £35.22
Unit stake for next session: £3.52
Average market P&L: £0.06

I thought I would give the few available football markets a go. It's been a while since I traded these markets however compared to the racing they are pretty straightforward. I tried to trade all the under/overs and match odds simultaneously to get the most out of my scalping. Worked out alright considering I only traded 4 matches, and admittadly I almost forgot about the second one and only traded it for about 3 minutes. As the racing slows I can see the football picking up more but at the moment the racing seems to have taken the lead, even after that £15 gift in the Liverpool match I had at the beginning of the month.

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