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Decided to finally have a go at this trading lark for real money last week and got my butt well and truly kicked. Only by sheer luck did I avoid a massive loss and all my trading shortcomings were laid bare before the market.
I was doing pre race horses and I loaded up my account with a fair whack of cash (big mistake). It started quite well and I did make some early gains, it felt good at the time but I am now certain they were not infact good trades though. But what did for me was not the p&l but the movments on the ladder. Despite using training mode a few times I was totally unprepared for the buzz it gives you when you are waiting to get filled up. Because I was using stakes bigger than I should have been I quickly found myself on an adrenaline rush and what with race after race going on I allowed it to totally run away with me.
I'd been doing this for about 90 minutes non stop and I was still a little up at this point. Then I backed this horse for a fair amount and got caught by the bell, I didn't have pictures and it was less than a minute in the red when the race started. As the horses broke out I tried to red up only my horse had not broken quickly and the price was out a long way already. It was at this moment I looked up to check what race it was and saw it was a 5f sprint and it was 7,6,8,12,8,16 etc etc with the inevitible 1000 conclusion. Ouch.
Well I'm ashamed to say I did something I have never ever done before. I totally red misted and did something ludicrous, a massive blind lay on a horse in the next race just to try and get the money back. I should have lost that too, it would have been a four figrue sum but luckily I got away with it so I really dodged a bullet here. But having come through this do or die situation I was so pumped up I became a total action junkie for the next couple of hours. Even the very basic strategy I strated with got chucked out and I ended up in a succession of terrible trades and racked up some big losses. By the end I was almost blindly trading just to get some action.
About the only positive thing I can say about the session is that I did take all my reds and didn't let any go in play purposely. I did learn one important lesson though, I know I am not doing it right in terms of strategy. I do at least know what doesn't work which is a step forward of sorts. Although my session was one of madness and near disaster I have got it out of my system and there won't be a repeat. From now on I will be using small stakes until I can establish I have some sort of edge, just as the books and all the traders tell you to. But sometimes you just need to get stuck in and take some pain in order to learn something. It was really stupid but it has taught me a lot.
I was doing pre race horses and I loaded up my account with a fair whack of cash (big mistake). It started quite well and I did make some early gains, it felt good at the time but I am now certain they were not infact good trades though. But what did for me was not the p&l but the movments on the ladder. Despite using training mode a few times I was totally unprepared for the buzz it gives you when you are waiting to get filled up. Because I was using stakes bigger than I should have been I quickly found myself on an adrenaline rush and what with race after race going on I allowed it to totally run away with me.
I'd been doing this for about 90 minutes non stop and I was still a little up at this point. Then I backed this horse for a fair amount and got caught by the bell, I didn't have pictures and it was less than a minute in the red when the race started. As the horses broke out I tried to red up only my horse had not broken quickly and the price was out a long way already. It was at this moment I looked up to check what race it was and saw it was a 5f sprint and it was 7,6,8,12,8,16 etc etc with the inevitible 1000 conclusion. Ouch.
Well I'm ashamed to say I did something I have never ever done before. I totally red misted and did something ludicrous, a massive blind lay on a horse in the next race just to try and get the money back. I should have lost that too, it would have been a four figrue sum but luckily I got away with it so I really dodged a bullet here. But having come through this do or die situation I was so pumped up I became a total action junkie for the next couple of hours. Even the very basic strategy I strated with got chucked out and I ended up in a succession of terrible trades and racked up some big losses. By the end I was almost blindly trading just to get some action.
About the only positive thing I can say about the session is that I did take all my reds and didn't let any go in play purposely. I did learn one important lesson though, I know I am not doing it right in terms of strategy. I do at least know what doesn't work which is a step forward of sorts. Although my session was one of madness and near disaster I have got it out of my system and there won't be a repeat. From now on I will be using small stakes until I can establish I have some sort of edge, just as the books and all the traders tell you to. But sometimes you just need to get stuck in and take some pain in order to learn something. It was really stupid but it has taught me a lot.
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