Thursday, 30 April 2009

Agitation = Bad!

I was trading the other day and felt agitated over something, but had no idea why I was agitated. It was definitely having an effect on my trading. I was trying to figure it out so I could do something about it - it ended up giving me a headache! It made me lose some large amounts in a couple of races from making purely bad decisions.
Recently the markets have felt consistently different each day. The build up of liquidity has felt quite different each day - possibly just the transition into the flat seasons which I can't really remember much of last year. It doesn't effect my trading; I always approach each race independently, using appropriate stakes given the liquidity of the race. Over the last week I've found myself getting more frustrated than usual if I take a loss, I think it's mostly because the week before I hardly had any losses, and having a few losses, I forgot how to take them on the chin!

Well it's nearly the end of April and it's been another record breaking month! I'll post the results up tomorrow. I'm definitely not expecting a record breaking month next month, as I'm not sure if there are any big meetings on like Cheltenham or Aintree. Plus the heat in the summer really plays with my emotions, and the noise from an air conditioning unit can be an annoyance! - I'll have to try and figure something else out this summer.

I just came back from a seminar by Richard Bandler, he's the co-founder of NLP (Neuro-linguistic Programming) - it was fantastic, he's also a pretty good comedian! I'm slowly becoming more aware of how powerful our brain is, and I'm intrigued how it works and why we do certain things and behave in certain ways, and what's the best way to overwrite bad behaviours! Anyway, good luck with your trading, there is plenty of it on at the moment.

9 comments:

Anonymous said...

Hi, Do you use candlestick analisis? and what you think about it in betfair market?

Anonymous said...

Hi Adam,

dont beat yourself up over the losses, it has led to many a traders downfall. a losing day is ok as long as its a winning week or winning month. i worked out trading 25 days with an 86% strike rate (winning days) i could still allow for 6 out of the 25 to be losing days. you seem really focused so just keep ticking the to do boxes each day and it you will prosper.

Bob Q.

Anonymous said...

Adam I know exactly what you mean, the last 2 weeks have had me taking on loads more losses, I feel its much harder to read then normal, I think your very right in saying it's the transition from Jumps to flat, The markets can really get moving, I imagine as soon as you and the markets adapt to the flat season you will find loads more opportunities and achieve some higher figures then you achieved over the jumps!

Good luck

Anonymous said...

Adam, in every other post when you have had some bad days you always say how you get up move around and reset your mind set. In this post you didnt mention that. Remember how you have always bounced back in the past and dont let the psycology beat you. im sure it wont.

Something that has interested me is how on days you say the market was really good, where trades executed easily, other people have thought the opposite. i was wondering if we should set up a type of blog or forum where by traders simply comment on particular markets or days to see how every1 views it. I find it fascinating that 2/3 people viewing exactly the same data can find so many differences and opinions.

Crazy Comics said...

Hi Adam,
Just wondered re following:

1. What percentage of your trades are swing (4/5 ticks +) and what percentage scalp (2-3 ticks).

In forex trades they say that about 20% of the time you will get good swing trades. Probably more on betfair...

2. Do you bet in every race or some races you avoid.

cheers
den

donfede said...

Adam,

Let's say you have to move overseas, to Canada, continental Europe or Australia or elsewhere. Most of the races take place in the UK.

Do you think you would still be as competitive as you are, considering the long distances from the horseracing events you participate?

We all know there is some latency on the web, and the farther away you are the longer it takes to watch on your screen what is happening.

Anonymous said...

Hi Adam, do you trade in other markets e.g. stocks? It seems you are not too diversified and heavily reliant on the BetAngel API. If a regulatory act got passed say in 1 year from now, how would you sustain trading? Don't mean to be awkward with this question, just interested if you have found a diversity..

Adam Heathcote said...

Hi Anonymous1, I don't use candlestick charts, I have never tried to use them yet!

Hi Bob, I can't see myself ever letting a bad day or even week get to me so I fail at trading - it would be silly. But thanks for reminding me though, it's good to know.

Hi Anonymous1, thanks!

Hi Anonymous2, I think people will always view the markets differently. People who lose will tend to view it worse than those who win, naturally.

HI Den, I don't really know, about 50/50 I think. I bet in nearly every race.

Hi donfede, I think I would still be competitive yes! It is very tempting to move somewhere warm, but I like London.

Hi Anonymous3, I don't trade in stocks or any other market yet.

John Coleman said...

Hi adam,

I have only been a recent follower of your blog having been introduce by a fellow trader.

I was interested to read about the course you did on NLP . I would like to recommend you read a book by a guy called Anthony Robbins. Awaken the Giant within. Anthony is a world wide know guru ( previous clients include andre agassi ect. I was on course with him last year in the UK where he managed to get 10,000 people to walk across burnign coal in their bare feet. Slight gimic, but it higlights what can be achived with the power of the mind. I would highly recommend the book,
It covers all areas of your life and includs a lot of NLP.


As an aside. I recognise your pictures of where you stayed in Dublin . I am from dublin myself , and i am guessing by where you stayed the night cluns you might have frequented where either Krystal , ( slighly upmarket ) or copper face jack ( easies place in the world to pull girls, or at least it was in my hayday ) or you may have ventured down to cafe en sein,


anyway keep up the good work.


John


ps
if intersted in knowing more about Anthony Robbins ect. or the really hot places to go the next time your in dublin. then you can get in touch with me on john.coleman@irishmortgagebrokers.ie

pps , i am only a novice in tradign terms, am making small profits , but i certainly would be able to add anythign to your knowledge on this front. Or at least I wouldnt think i could