Showing posts with label trading discipline. Show all posts
Showing posts with label trading discipline. Show all posts

Friday, 21 November 2014

How You Can Lose...

It is not my intention that this becomes too much of a 'P&L' blog. I am not sure how much point there is in putting up your profit and loss unless you are using it as a tool to help you with your own discipline. However sometimes it is worthwhile putting up a loss as a lesson to others!

On Wednesday I had a situation where my pre race opinions affected my in play decision making. Over the years you obviously pick up knowledge of horse racing - you just can't help it - but I try not to let it influence my in play decision making too much - depending on the type of race.

In the 13.50 at Hexham (4m Hcap Chase) I had formed a pre-race opinion about the J. Ewart trained Snuker and layed the horse in running at about 11.0. It wasn't a bad decision really as the horse went out to around 55.0 but I decided not to hedge out completely, deciding only to reduce my liability, even though he never looked completely beaten.

I had it in my head pre-race that he wasn't going to win and I probably looked 'too hard' to find fault with him in running.

It is not a mistake or a loss I make very often. My last loss of this nature was in the first week of November (£150.00).




Anyway I pushed on and managed to reduce the loss on the day to something respectable. It was a pity because I had virtually a 100% trade record out of the 18 markets I traded in properly. However, even without Snuker, the day was never going to be more than mediocre as real opportunities were sparse.

In hindsight it was a competitive, small field race, that I might have left alone.