Wednesday, 12 August 2009

Awareness

I was driving on the motorway on the M25, you guessed it, in traffic. I was in a slowly moving queue for a while out of the three lanes, and thought, hey this isn't moving anywhere! So after I sat in the queue for a bit I jumped in the next lane where it appeared to be moving faster. Low and behold, as soon as I got in the next lane it slowed down and the queue I was in started moving again. Of course this is a school boy error, I knew the rule of thumb that you're better off staying in the same lane; but I couldn't help it because I was sure it would work out. It reminded me of trading, you see a great move - the price is going down, and it looks like a sure fire thing to carry on going. The minute you jump on it, bang, it goes the other way. It's happened to me many-a-times, and a slap on the knee to remind me not to do it again can only help so much! Learn from mistakes and hopefully next time you see the same thing happen, you'll think twice before entering the market for what you thought was a quick buck. Jumping on trends that have already been going for a while will eventually stop just like the traffic in the lane did; it will go the other way and you will lose out; the measure being money rather than time!

My Awareness Development website should be completed soon, and I can't wait to get it to everyone. There won't be much there except a couple of articles; I plan to write 1-2 articles a week. It's all free, exploring the fascinating world of emotions and thoughts, how we can develop awareness and in general why we do certain things that seem rational, but are in fact irrational after a closer look. How does it relate to trading? - The more you are in control of your emotions, the better trader you can become. This comes through awareness; awareness of your thoughts which fire all these emotions.

Going back to my trading. Yesterday I had a sloppy day, I wasn't focused at all, so after a couple of races I quit; I don't do this too often because it's failing. Anyway I went back home and strolled around the greenery of Buckinghamshire, it was very relaxing and I'm glad I did it - I was very focused today.

13 comments:

keane said...

hi adam,

im keane from malaysia (far east - do u know where's my country?).

anyway u hv a great blogs & enjoy reading (learn as well) it.

acually i wanna be someone like u in time to come (at least 50% as good as u do... 150k pound/yr wil do ya... haha)

i guess im the only one from far east that to acknowledged ur gd sites & also would like to be a pro in trading uk racings.

pls let m know (advisable) how much bank roll for a start to be a novice taders in racing??

do u always green up before race starts?? or do u green up occasionally during in-play??

pls advise.

cheers
keane

p/s : glad to learn from a guru like u. If could turn pro one day, i would be a 1st legend & create history in far east land (i guess...haha)!! sorry for my poor english if u could forgive me.

Anonymous said...

Hi Adam,

I am new to your blog and have enjoyed reading about your story. I am new to trading although I have made a tidy sum on sports arbitrage. Problem is this takes many, unsociable, hours and I am intrigued that so much money can be made in just a few hours a day.

I have a few questions if you don't mind. Do you just use Bet Angel or do you use other tools? The Bet Angel training you recommended - does that include advice on how to pick the right moment to enter and exit trades? You also took about profits before premium - what is this premium?

Look forward to hearing from you.

All the best

Chris

Anonymous said...

I was on the motoway a few months back thinking the same thing.

bftrader.

Donatello said...

Adam do you find it tricky to deal with interruptions during your trading hours, or do you have any? I think I need to find a quieter more peaceful place to trade. Great Blog, Great Trading. Keep it up, looking forward to the website. Well Done, Donie

Owen Rees said...

Adam have you evered spent time looking at the Trading Tribe and Ed Seykota's view of markets, trends and emotions?

If you have I would be curious to know your thoughts on Ed's approach to trading and life.

Try http://www.seykota.com/tribe/ for details of Ed and his approach.

Rgds

Owen

Anonymous said...

Hi Adam,
Have you tried using Hakalau to improve your awareness. It is a method of increasing your awareness but also keeps you in the zone. You are using more of your peripheral vision. Useful for driving as well. Does take practice though.

Anonymous said...

Hello Adam,

I have been reading
your blog for a long time
would you mind exchanging links?

trader1
http://preracetrader1.blogspot.com

regards

Anonymous said...

Hi Adam,

Do you think awareness is more or less important than confidence?

Thanks.

Anonymous said...

Do you use excel at all to give yourself a different view of the market?

Anonymous said...

Would it have been possible to go on the hard shoulder and bypass all off the traffic, though illegal, it seems that this is how your trading is compared to your scenario on the motorway, it seems you are very special when it comes to trading. Why are you so good Adam :D I think you must be the best horse trader in the world by a long shot. Most people would be happy I imagine with £50 a day from trading, how is this done, can you not teach us some of your magic.

Anonymous said...

Hello, I have recently started a blog and I have added a link to your blog on my new one. I was wondering if you could do the same?
Thanks
Paul
http://conqueringsportsbetting.blogspot.com/

Anonymous said...

Hi Adam,

One further question from me - being a full-time trader do you have any difficulties in terms of getting credit for mortgages and such like? I have a full-time job and I am considering quitting to trade full time but I am concerned that to some it may be taken as if I am gambling and therefore difficult to obtain credit.

All the best Chris

Adam Heathcote said...

Hi Keane, I'd suggest between £50 - 200 starting bank. I always green up before a race starts, 99.5% of the time I do, the other 0.5% I accidentally leave it go in-play!

Hi Chris, I just use Bet Angel, no other tools. I haven't been to the updated session but I think they do. Premium Charge is what you pay for making over £5,000 I believe, although it has changed slightly so I need to check up on that.

Thanks Donie.

Hi Owen, I haven't! But I'll hopefully find some time to look at it. I generally don't find interruptions that bad, although I definitely try to minimise them to stay in the zone. Cheers.

Hi Anonymous1, I haven't, it looks interesting - if I end up dedicated my life to trading I would definitely look into it.

Hi Anonymous3, I think confidence is more important than awareness - I was just bringing up awareness relating to my new site!

Hi Anonymous4, I don't!

Hi Chris, I'm only renting at the moment, but I think I would have difficulty in getting a mortgage! I think because it's just not seen as a 'guaranteed income'.