Friday, 7 August 2009

Ever get that feeling?

Have you ever had that feeling that someone knows what you're doing and is purposefully going against you no matter what? or just for any reason whenever you decide to get in the market it goes wrong? Well snap out of it! I occasionally get those feelings a few times in a month, I have to overwrite them because it's simply your brain seeking reasoning for survival as to why it's not working out for you. There are hundreds of traders out there and so much going on, with people in numerous types of positions, which means that you got yourself into it because you pretty much just got it wrong. The best way to step out of it is to just compare yourself back to when you were in the zone and felt like everything was going right for you.

Comments
I've just gone through a months worth of comments and replied to them, so check back to see if you left a comment; I should have replied. Also, apologies if you've posted a comment and it wasn't accepted. I tend not to accept comments that antagonise other people or users who post comments. I tend myself not to get involved in arguments unless it's merely a discussion, as they literally are pointless!

I was up to lean sheet of about 40 races today from two days ago and I'm pretty sure that was my record for the most number of consecutive races without loss. I sent a message to Peter W asking what his was, to see if I could aim for it and beat it. Guess what? I lost in the very next race! As Peter said, it's always the case! I'll just remember next time to not mention it to anybody, even myself!

A couple of recent P&L's:
Today
Yesterday
Today was a fairly poor day, no excitement. Yesterday was a breeze I was just completely in the zone the whole day and I wish every day was like that! I'm 65% through my last updated challenge at £227k. I predict a very tight finish to it, especially since I have a month's holiday to take, spread over the remaining of the year. It going to require me to remain focused every day.

15 comments:

Tony Christensen said...

Hej adam.
Had some ups and downs reading your blog, and your tips, but think im finally there.
If you visit my blog youl see a screen shot off my best trade ever,(1229.25) In this trade i traded without greening up, hoping for the fav to go well, and it did, greened it up at 1.62.
Tell me do you always greene up or do you some times greene up in-play like i did in the screen shot.

Betting Exchange Trader said...

Hi Adam,
Nice post to complete the entry/exit strategy info. Thanks.
I have trouble with trading the handicaps where favourites might be 5 or 6/1 in a competitive field and there doesn't appear to be much movement (I just leave these alone now) - same in the big fesitvals where there is a lot of money crammed in everywhere. Do you have any tips on how to deal with these races from a trading perspective? It kills me every year to bypass many races at Ascot, Cheltenham etc because I don't see an opening for my money.
thank you
Dan

Peter Webb said...

You beat me today, but not the record! Just remember to PM me the next time you think you may get near it! ;)

Anonymous said...

hello adam thank you sharing your journey with us.

i am starting out at trading and had a question in regards to record keeping. i'm not too sure of the most effective way to display/analyse my results.

do you have any recommendatiomns in regards to a good learnig cycle. for instance recording your trading etc. what sort of techniques did you focus on or in hindsight would recommend to a trader trying to master these horse racing markets.

perhaps if there is enough of a response a blog post on the topic might be in order :)

either way i look forward to your response.

best,
john

Anonymous said...

OK, you win I'll be quiet.

Fancy a private wager on who gets to £350,000 first though? ;)

Anonymous said...

Why do sometimes you show the full sheet of trades you did when showing the P&L and other times you dont. I was just wondering if there was a reason for this, like you cant show us something on that particular one perhaps? Would be nice if you did them all the same, as it seems weird and suspicious that you dont. Apologies if thats not the case. Challenge is going well and am sure you will complete it before the year end, hope you do anyway. Chris

Jack Birkhead said...

I do get that feeling from time to time Adam. But you have put it perfectly when you say change that mindset as quick as you can. Noones out to get you, its only yourself you have to conquer!

Awesome blog mate I've just started my own take a look :)

http://full-timetradersmindset.blogspot.com/

Anonymous said...

Hi Adam I would like to ask the same question as the ones on this post and the one on the previous, why are the p&l screenshots different and also someone posted that you are a better inplay trader than mr.wong. Is this what you do, are you a inplay layer or are you actually trading, little confused. Can you show your actual trades with the buy and sell, this will prove you are not a inplay trader, and these screenshots dont give anything away, they just show what you bought and sold on your trades. all the best with the rest of the mission, alex.

Adam Heathcote said...

Hi Tony, I always green up, it's much easier to handle consistency.

Hi Dan, best advice is to simply scalp them - scalp them with an opinion that if it does go one way, be ready to place your bet in that direction - or double up so you cancel your trade plus one going the way it's about to move.

Haha, no way Peter! I'll be dead quiet & you'll think I'll be on holiday!

Hi John, I think recording your trading is an excellent way of learning. I never did it myself because I never thought of the idea - I felt like I was always learning enough from just trading. I definitely will post a topic on it, it's a good one I have no yet covered!

Hi Chris, I quickly realised there was no point in posting my detailed P&L's every day because there was no point. The only real reason I found people liked me putting them up was for people to compare. I occassionally post up a days P&L to give readers an idea of how I'm doing and for new readers who won't necessarily read back a couple of months what can be possible!

Hi Jack, good blog! I've put your link up on the site.

Hi Alex, what do you mean the screenshots are different? Sometimes I just show the P&L total and other times the detailed P&L for a day. It comes down to the comparing a lot that people do - I don't think it's healthy for new traders looking to get better.
With regards to trading in-play, I don't! I don't know anything about the horses themselves and I would need an SIS feed working from home, which I definitely don't have! Not to mention trading in-play would be impossible to gain a high level of consistency without loss. With regards to proof, I feel I've gone fairly far with evidence of what I do - there will always be people who won't believe it. Thankfully they are the minority! In an upcoming post I'll re-mention the video I did for the fresh faces around.

Clive Keeling said...

hI, ADAM, got to your blog thru the betfair forum - great stuff. I write a monthly newsletter called What Really Wins Money (www.whatreallywinsmoney.com )and if you fancy writing an introductory trading article for my readers, please do get in touch.
Superb blog

Anonymous said...

Hi Adam, good to see you are progressing well, was just catching up on it all. You said in your last post you are 65% through the last updated challenge that you will be doing.

Was just curious as to what happens when the challenge is over? Will you still continue the blog?. Will you still continue doing horse trading? Any thoughts on what you will be doing or have you not thought that far ahead yet. Thanks, Jamie.

Malcolm said...

Adam, going back to your early days, or rather, to your successful early days (the ones where the bank wasn't wiped out due to learning and so on) I gather it was about £50-£100 from reading your earlier posts.

May I ask whether you were just scalping in those days and how many trades/scalps you would do in a market before moving on?

Anonymous said...

At the end of the day guys Adam is very open and we are lucky he bothers to post at all. There are various people out there that would like to throw unreasonable doubt on Adam. but to me it just looks like plain old jealously. Let them stew!

JS said...

thanks Adam, i will certainly look forward to your reply. i have just stated my own blog and would appreciate an exchange of blog rolls links if thats ok with you

i have already added yours, my url is:
http://my-betfair-trading-journal.blogspot.com/

best of luck with the challenge.
best,
john

Anonymous said...

Hi Adam

There are claims that this blog is a advertising scam for Peter Webb and/or BetAngel. What are your thoughts on this matter?

To say the least I am very surprised that you are charging for a service when you can apparently make so much money trading on your own. Particularly as it will reduce your ability to make money yourself?