Monday, 14 June 2010

Devastation on the Rollercoaster

I seem to find it easier to have things to say when I lose.....and when I lose, boy it's big!

Tonight has been utter devastation. I am following the same bad ways that have been hampering me ever since I ever started trading. It's a very fine line between winning steadily and losing all self control where the losses come thick and hard. 

It all started late last night when I lost £80 on the golf. That loss wasn't settled until early this morning so it goes down as a Monday result. Then on the horses I was making silly mistakes pre-race and was about £50 down over the first four evening races and decided to go in play and lost another £50. So including the golf I was down £180. I should have just called it a day but Lady Jane Digby finally did me in as I blindly laid £50 in play without even a second thought and a further £180 went down the drain! 

The final loss for the day is £357.68 and now that I seem to have calmed down I cannot believe what I have done. It was like a red mist came over me and my body was being taken over by someone else! Losing is part of the game so I can't understand my reactions.

There aren't that many blogs that highlight big losses but it's important to highlight to people thinking about trading that it is not always rosey and dealing with your emotions is the key and the most difficult thing to control. Please do not send me abusive comments, I don't need to be told that I am a complete plonker!

There are a handful of positives. I am still up for the month, year and since I started in Feb 2007. Plus I did not surpass my record loss of £554.01 on 10/06/2007.

I'm off for a beer or three!


sledge13 said...

Sorry about today m8, but great post with its for the rest of the week...

Anonymous said...

I feel your pain!Went in play accidentally today, didn't want to take the £6 loss, so waited, went to about £22 loss before hitting the floor. Lost £138 from my small £650 bank, which was my June profit. Why didn't i take a £6 loss?seems crazy now!I try to think of it as paying for a lesson,(all be it an expensive lesson)which makes me feel better, as I know the more I learn now, the less I will hopefully have to 'learn' when I get good enough to play with bigger stakes.
Great blog, keep it up.

Anonymous said...

Hi Andy - we've all been there and all you can do is start afresh today and write off the loss. That trading chart still looks pretty good so it's not a disaster - hope you have a winning day today buddy!