Sunday, 14 December 2008

Keeping warm

Saturday was a bit disappointing, I was ready to start a full days trading, but then I saw the heavy rain outside - my first reaction was that'll be Cheltenham definitely off. Anyway as you were probably aware two meetings were cancelled. I know two meetings were still on, but I decided to just leave the day out. I'm feeling better now, still blocked up, but mentally prepared for hopefully a full week of trading not interupted by bad weather. I didn't trade today either, I was tempted, but usually Sundays throw up tougher more unpredictable and irrational trading conditions (at least thats how I find it!), or maybe because I'm usually out Saturday nights and probably because I'm less sharp because of it. I think its only natural to pin reasons on good or bad results, but!, this brings up an interesting discussion. 

I've been trading for over a year now, and I use to find myself loving Saturdays, they used to be my best day for a guaranteed boost in profits. All of a sudden one Saturday I had a bad result, and that doubted my confidence for the following Saturday, directly effecting my abilities. So for 2 months I did not like Saturdays, they were producing bad results for me and I was coming up with reasons such as 'oh, there are too many races on with not much liquidity'. Then on another Saturday, and the following Saturday, I produced good results, contradicting my reasons. Anyway the moral of the story is that pinning reasons on your bad results can sometimes be a bad idea, you might start associating a day of the week or certain conditions with bad results; by mentally telling yourself that, it will leave you feeling less confident and more likely to follow the negative trend you have set yourself.

So maybe I need to start trading Sundays with a different attitude!


John said...

I have the same problem , i hate saturdays and i just dont do sundays anymore, i find sundays jump around too much and unpredicatbly so and saturdays well my excuse is that many horses are held up and prepared for a particular saturday race when prize money and prices are higher which makes the racing unpredicatable for punters and bookmakers are prepared to stand potential liabilites more so than midweek.
But maybe i need to change my attitude also to weekends. great blog, you are 50% ahead of me for December and you have been ill - a kick up the ass for me!!

TickSize said...

I'm sure you may recall that I used to hate trading on Saturday's. I posted losing results on two consecutive Saturday's. This lead to negative thinking on my part that I couldn't win on any Saturday. It got so bad that I started to miss trading on Saturday's.

However I came to realise this thinking had no basis in fact and I had to overcame this this baseless thinking, which I did.

The mind is a powerful tool however we can give harbour to thinking that can undermine a trader and cause them to doubt our actions.

Thanks for your message. I wish you a Happy Christmas and New Year. I hope you reach your goal for 2009.

Adam Heathcote said...

Cheers John. Yeah its suprising how we make excuses, when in fact its just a matter of adapting to the market conditions. Nice profits your making then!

TickSize - looks like you have learnt from mistakes :) Have a great Christmas too.