Trading Account balance: +£73.28
Well it had to happen. Over 150 races traded since I started and I hadnt done anything stupid. Today I did something stupid. On reflection I think that having gone so many races without any significant losses had put me into a frame of mind where I wasnt prepared to accept a big loss when it actually arrived.
As to the race in question: I completely mis-timed all my entry points on the 17:05 at Warwick. I wish I had recorded it so I could analyse how badly I traded. By the start of the race I was sitting on a £6 loss. Rather than accept it and move on I chose to back it in-running for £20, hoping to wipe out the loss and take a profit. Of course the horse didnt win meaning my loss was now £20 instead of £6. This also meant that if I had accepted the inintial £6 loss it wouldnt have materialised anyway!
It blemished an otherwise diciplined well thought out days trading so I am not too disheartened. In fact its a timely reminder of core strategy and the only thing more important than NOT TO LOSE MONEY which is DONT CHASE LOSSES.
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