Monday, 8 December 2008

Nearly a clean sheet

Well I started today off really well. Only managed one loss the whole day which was extremely good. Although I would have preferred the loss not being there to make it look more impressive, but then it would have also made it unrealistic to those who are learning to trade. I have losses everyday and it's normal to incur losses.

I read and hear other traders talking about keeping your discipline; you won't find me talking about discipline too much because I find it comes naturally to me, I know what needs to be done so I just do it. Obviously to know what needs to be done you usually need to have made a mistake to learn from. Learning from mistakes is key to success.

I have been doing really well since starting this blog, and kind of wish I started the challenge from when I started the blog. But that would be cheating! I look forward to a losing day to show everyone that no matter how good you are, losing days are inevitable. One thing I mustn't do now is approach every new day with the attitude that it's easy; expecting to make money, because that's when you trade badly and need a kick up the backside.

Just to let you know, I didn't trade Sunday, two meetings were cancelled, so following my rule I didn't trade.

9 comments:

Isabella said...

Hi Adam

Well done on another very profitable day. Your blog is a real inspiration. Sorry to bombard you but I really have to ask a few questions! I have been trading for about six months now and am finally making regular profits, so I hope I can get closer to the kind of money you are making soon! I am intrigued as to how much money and what sort of 'ticksize' you must be putting through the market to be making the kind of money you do I assume you must be using at least £1000 in for example 2.0 to 3.0 range. (Am I close?) I have a 'bank' I use of £500 each day which I split into stakes or 'ticksizes' depending upon the prices being traded. I am managing to make on average about 12% or about £60 a day from that trading pre race UK only. Would you say there is still room for alot of improvement, what would you expect to hit with that £500? Any insights you can provide would be much appreciated.

Thanks, Isabella

pt9091 said...

Hi Adam

What a result for early week! I noted that second last race od the day netted you £135 profit and was a handicap, I preseume you did not scalp and there was a big drifter or steamer in the race, could you confirm? many thanks
paul

Adam Heathcote said...

Hi Isabella, my ticksize is basically what the market permits at the time of trading, so you can imagine it changes quite a lot depending on liquidity. 12% is a good return; £60 off £500 isnt bad at all, sounds similar to what I used to do I think.

Hi Paul, I think I scalped on two horses to get that result.

Isabella said...

Hi Adam

Thanks for that. I do like to know how I am getting on relative to other traders and upping my targets/expectations. I will just need to keep upping my bank (I take some out as profit and leave some at the end of each week). Anway thanks again.

Isabella

Anthony said...

Hi Adam,
I note you said in response to Isabella's comments that she is making about what you used to make. It made me wonder what happened to make you earn more. Was it a Peter Webb seminar or similar? Or did you just build up your stakes to the point you are now at?

Adam Heathcote said...

Hi Anthony, I just learnt the markets much better and my trading became more efficient. There's always room to evolve!

Anthony said...

Thanks for your reply Adam. I was hoping you might say that maybe Peter's course made you see the light as then I might be able to do something constructive to make a decent profit! I've been trading for about 3 years now but can't seem to move forward. You make in 2 days what I make in a month and it's very frustrating, though I do not begrudge you your undoubted skill and ability.

Adam Heathcote said...

Sorry Anthony - forgot to answer your question about Peter's course.. I went on Peter's course only knowing what a back and a lay bet was roughly. If you need inspiration to achieve more I would not doubt Peter's ability in giving you that in search for better results.

Anthony said...

Thanks Adam. Shame he never comes up North with his courses (Hint hint Peter - I know you're listening!).