Tuesday, 14 April 2009

Confidence is key

Confidence is so important when your trading. It can mean the difference between a profitable day and a losing day, even if you have all the other skills required to be a good trader. I was trading the golf like I was trading a horse race on Sunday evening. Looking back I made so many mistakes, I'm so glad I lost a crap load! I was getting carried away - turning my well executed scalps and trades from £700 up in the end, to losing £1,850! My stakes just got bigger, with misfortune - it certainly taught me lessons as I say. Anyway, that's not part of the challenge obviously because that's golf!
Going back to the confidence, I sat down today slightly down from trading the golf, and it showed in my trading - no confidence whatsoever. I was down half way through the day. It got to that point where I put on one of my favourite episodes of A State of Trance by Armin van Buuren with a great song to bring my mood back up to par and from that point on I managed to finish up over a thousand, so my confidence is pretty much restored back to normal now.

Not such a bad Easter, since I am top of the league in all my leagues in the Budweiser Fantasy Football! I'm currently 11,655th out of 1,922,244 players in the whole game - not bad really! I consistently do well in fantasy football; I know most of the people actually forget to make changes to their teams throughout the season, but there still must be some skill that I could possibly transfer to having a slight edge in trading football and predicting outcomes!

I just watched one of the best games of football I have ever seen regarding the 4-4 draw between Chelsea and Liverpool - one I'll never forget. I can still hear the place buzzing with jeers around Fulham. I think I'm going to get my tent pitched up to get my Chelsea Barcelona ticket right now!

4 comments:

Anonymous said...

Hey Adam, awesome blog!, i check it daily, thankyou for posting, just one question, i see one of your screens has the horse racing on it, is that coming to your screen via internet streaming ??, or do you have skytv in your room?

Cheers
Mike

Anonymous said...

Adam.

I have just finished reading your Blog from the start till today.


My Thoughts are that You come across as Confident, Sincere and Helpful to anyone who wishes Help.

I think the video you sent out showed more proof than if you had showed you Trading.

I am going to continue reading your Blog and I will Cheer when you Succeed in your Next Task.

I wish you All the Best.

Adam Heathcote said...

Hi Mike, that's my Sky TV multi-room subscription coming through on the TV on the left.

Hi Anonymous, thanks :) I appreciate it.

Mark Lawrence said...

Hi Adam, just a quick note, I stumbled across your blog whilst going through the Betangel blog adn I must say that it is most inspirational. The most relevant comment has to be when you said you turned £700 profit into a £1,850 loss. I can relate to this as I have been "trading" on and off for the last year and, whilst on a slightly smaller scale I have done the same thing, worked hard on a trading profit only to wipe it out by doing something rash and stupid. So, the fact that I am not the only one who does this, makes me feel strangely better and inspires me to settle for the profits of each trade, however small or large and then replicate without straying from a successful model. my goal this year is to sustain a modest profit in order to prove to myself that it is possible and stay clear of the "when I am successful I am invincible" monster.
Great blog, I will definitely be keeping up with your progress