Thursday, 10 February 2011
That is some painful reading, I can tell you. So what happened? Well it's the usual answer - loss of discipline. But each loss has a different tale to tell. The worst thing any trader can do is refuse to look at their losing trades. It's not easy to do, to face the demons of failure but analysing your mistakes can only help you get better.
As you can see, there were actually only 2 major losses. Without them, I would've been in profit. However, when analysing trades you should never be so naive to think that just the red trades were the mistakes. You have to be honest with yourself and recognise that maybe some of the green trades should not have been done either.
Tuesday started badly. I placed a bet on the Errani v Chang game, thinking someone had left up a very juicy price on the Italian that simply had be taken. A few minutes later and all of a sudden, the market was suspended. I thought maybe Errani had retired as she'd just lost the first set but I could see from the scoreboard that they were still playing into set 2. But the market was now closed! I was fuming as I phoned up Betfair, ready to berate them for yet another cock up. The guy on the other end of the line soon put me straight - I had accidentally clicked on the 'Set 1 betting' market. My full stake was gone forever. No wonder I'd gotten such a good price! I was simply stunned for a good 10 minutes. I have never done that on a tennis match before, such a stupid lapse in concentration. But that's all it was. And it will in all likelihood never happen again. I just had to brush it off and not let it affect my trading. And for most of the day, it honestly didn't. I made it all back in no time and was hitting my stride when disaster struck again.
I was following Dokic v Safarova when I did something so inexplicable, I still can't believe that it happened. I placed a trade at a risky point, it went wrong but instead of coming out, I got pissed off and let it run. The longer I left it, the worse it became until I just snapped and shoved my ENTIRE bank into the mix. I was close to tears at that point and seething with rage at my own idiocy. Fortunately, I closed the trade rather then let it ride - I had everything on Safarova and Dokic won. But why did I do it? It will sound silly but I did it because I was tired.
I'd been running earlier on and I was shattered plus I hadn't eaten and my stomach was rumbling. I remember watching the game and struggling to concentrate and focus. I was irritable and uncomfortable, so out of impatience, I took on a risky trade. It shows once again how you must be in a steady frame of mind at all times. I've traded when tired, hungry, busy, drunk, angry and distracted in the past and it very rarely leads to good things. But I never set down a firm rule to prevent it happening. So now I am - I MUST NEVER TRADE WHEN TIRED OR IN THE WRONG FRAME OF MIND.
I felt physically sick afterwards. It just came out of nowhere, it wasn't even as if I was on-tilt. But I will learn from this and move on. And as always, I look for a positive from a negative and that is that I at least redded up and didn't lose my entire bank, as I would've done last year. However the following day, things got worse............