Tuesday 30 December 2008

First Day's Trading

Well today was my first day of trading. I was going to wait while new year but thought 'what the hell!'. I only traded on 9 horse races and 1 football match. I was £8.00 up till a few bad results wiped out most of my profit. I still ended up £1.83 in profit but it could have been better. I can't moan though, any profit is better than none!

I learnt a few things today about my trading. I need to cut my losses quickly. On the last race I could've taken a small loss of about £1.00, but instead I let the price drift out resulting in a loss of £7.15 !!! To make matters worse, the horse ended up winning - I'd have been quids in if I'd left it alone, but that would have been gambling NOT trading.

Here is a screenshot of my daily P&L.
I know these can be faked but the people who do that are only fooling themselves really.
I'll be back tomorrow.

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