Tuesday, 9 June 2009

Taking time off

I've been working quite intermittently lately, and busy with plenty of things - such as buying a car. I have been trading, and of course I am carrying on with the blog - no doubt about that! I know it's been just over a week since my last post - someone just asked me if I'm stopping my blog! I really enjoy writing this blog and can't imagine discontinuing with it. I did trade on Derby day, although I was slightly hungover - so I just traded on the Epsom races alone; the other races seemed fairly poor in terms of liquidity. My confidence is back up again now - when my confidence is low, I can see the mistakes I make whilst trading; it's just so hard to change your trading style in an instant.

Taking time off
Regarding the post title, there are advantages to working non-stop. I remember when I started I wouldn't take a day off, I worked on every race I could - little did I know that that's exactly what you need to do to give yourself the best chance to get good at trading. It's the same anywhere else. Successful individuals work extremely hard at their chosen profession to work their way up, and when they have raised their game, they have the freedom to take time off, knowing that they have already put the hard work in. I find that if I trade too many consecutive days, my performance drops. So what I do now is take the time off when I feel I need the time off; allowing me to maintain a high level of concentration throughout a trading session without exhaustion. It's good to recharge the batteries! I've had quite a few days off though, that once I'm more settled and have less distractions, I will feel ready to trade 2 weeks non-stop!

This month so far I'm currently averaging just above my average per day from last month. I want to work hard the remainder of this month as I feel guilty for spending a large chunk on a car. Actually, it brings back memories of a motivation I had to make money trading. I have never had any problem spending money, and I used to spend my winnings easily - the motivation being if I didn't make any money the following few days, I would have no money at all! (I was strict about not withdrawing past a set amount in my account I was happy trading with).


Anonymous said...

Adam you have to tell us what car you have bought just to keep us going. I agree with you about taking time off, we all deserve a break every now and then especially in this game give your mind a rest mate.

RacingFerret said...

Come on, tell us what make/model of car you bought. I'm going to guess BMW M3.

N5girl said...

Hi Adam

I am loving the blog - keep up the good work. I especially love the blogs with the details about the markets and your personal development.

I train investment bankers (not traders though) and all of this stuff is brilliant as it give real insights into behavioural finance which is something I am only just getting to grips with.

From the blog about your normal day it sounds like you a very short term trader (20 mins before the off). Is there any reason in particular for this?

From what I have read so far it appears as though there are different trading styles on Betfair. Are you able to switch between styles such as swing, scalping? Or do you favour one in particular and if so - why?

Also with regards to your personality type you have said that gambling (i.e. naked long or short positions) make you very uncomfortable. Do you think this personality trait helps with your trading?

Final question - how often during a race would you rinse your stake through the market and how do you determine the stake that you use?

Sorry about all the questions but this is one of the most interesting things I have read in ages.

Andy said...

I'm sure we're all wondering what car you have gone for, we have to know, put us out of our misery :)

Anonymous said...

What kind of car are you getting Adam ?

Anonymous said...

If it not to nosey what type of car did you buy...(A Ferarri or A Maserati??)

Anonymous said...

Good for you!! What car did you buy?

Anonymous said...

What car did you get? it better be a bloody good one with your profits!!

Anonymous said...

Hi Adam
YOu are really good trader and I am sure You will make your challange.
But I think You could try to make bigger challange. I think about creating new betting exchange. Of course without premium charges. I suppose that about 100 k GBP could be enough to start with this kind of business. So it is approximately 3 months of Your great work. And I am sure that satisfaction with beating Betfair is much more better then even your best trade ever done.
best regards
Tomasz ( twtwtw@wp.pl )

Anonymous said...

hi adam great idea to take some time off. why feel guilty about buying a car? you earnt it, enjoy it as well, what car was it by the way, come on post the pictures!

Anonymous said...

bm 3 series (cocky cool)
Audi (Mr Smooth)
actually anything from Germany
Convertables (...something for the ladies)s2000 maybe?

anything with 3 wheels
Used rover!!
smart car
pink suzuki vitara
Anything from Japan

Adam Heathcote said...

I didn't intend on saying what car it was! It's nothing mega expensive, I really love it. I won't go into the exact details but it's a Mini.

Hi N5girl, training investment bankers sounds quite cool - what does it involve? I am a short term trader because any longer than that I believe you need a knowledge of the horses - something I think would consume a lot of time. I am able to switch between styles - it is key to becoming a successful trader I believe. My favourite would be scalping as it is less stressful! Not being a gambler helps quite a bit, mostly in terms of never wanting to gamble on a horse, not hedging my bets, or letting the race go in-play without exiting my position in the hope of getting better odds for the exit trade.

Hi Tomasz, I don't think I'd have a hope in hell of starting an exchange to compete, let alone with only £100k!

H Anonymous, I feel guilty because I feel I should be saving for a house!

Anonymous said...

Saving for a house?! you should be able to buy one out right soon enough and I can't imagine a mini will have set you back too much! about 2 weeks wages?

I'd have gone for a Lambo, you only live once!