Just traded 18 races on the Australian Sunday afternoon racecard. I was mainly concentrating on having a definite plan before entering a trade.
Firstly - I had a stop/loss in mind at a specific negative tick movement in mind before entering a trade.
Secondly - I had a plan to trade out half my stake at a pre-assigned positive tick count.
Thirdly - I planned on keeping my risk to the same stake amount on most races and to have a definite limit on the maximum amount that I would put into the market on any one race.
Fourth - Do not let the trade go in - running.
All up I did reasonably well on the day. I did let one trade go in -running which was disappointing. It didn't cost me but it has been a big problem for me in the past that I get 'caught in the headlights' a bit when it goes against me in play so I must avoid it in the future.
I went up to my maximum stake on one race when the circumstances didn't warrant and it cost me nearly $3. It should have been 1/3rd of this if I had been more disciplined.
Even with the above errors I managed to win on 15 trades for the day and lost on only 3. I ended up in profit $16.78 for the day which was (in my opinion) a great result for the small stakes that I was using. If I had been more disciplined I could have made a few more dollars with even less risk.
I am planning on being more consistent in avoiding the big losses. The above 4 step plan is a big part of that as is my plan on developing a different mindset whilst trading. I believe that I can consistently give myself an edge by being more disciplined before entering a trade and whilst involved in a trade.
Time will tell. I don't expect every day to be as easy as today but I do believe that if I can continue to improve my mental state whilst trading that I can, at the very least, be a profitable trader.
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