My third attempt at Trading

This is not my first attempt at sports trading. I had two brief flirtations last year. Needless to say that both attempts were ultimately unsuccessful.
The odds are heavily stacked against success for the novice trader. It takes time and money to learn how to trade but invariably your trading account is reduced to zero before you really get to grips with implementing the right strategies for the various types of markets/race you encounter.
Unlimited trading funds are not the answer to the problem. Nor is paper-trading as it doesnt replicate the stresses of real-life trading.

Despite having lost approximately £300 in a my first month of frenzied pre-race trading I still remained firmly confident that there was scope to improve and become successful. I decided that I needed some trading education and as luck would have it Peter Webb had just announced further one day seminars - I didnt hesitate to book a place.

The great thing about that day in Hook is that it provided many years worth of market experience into 1 days education. It provided the tools of the trade - types of market, ways to approach markets, considering all the options, correct entry points and correct exit points. I would rate it as an absolute must-do for anyone seriously interested in sports trading.

However on my return to trading, I immediately fell into another trap designed to relieve you of your money in double quick time - over-confidence. I was convinced that I knew what I was doing. I held on to losing positions in desperate hope, charged into markets before any analysis and went in running without a plan. Despite a strong start I once again fell into bad ways. Within another 4 weeks I had lost my second starting stake of £200.

To be honest at that point I nearly gave up. But I was so intrigued as to what successful traders had that I started to read up on the subject - something I had never considered up to that point. Ridiculous really when you think about it - why do we assume that we can be immediately successful at something when most skills in life take many months and years of serious studying.
I also stumbled on the missing ingredient and I think I must have been blind to not have pickd up on it earlier - trading psychology.

I will elaborate more on this in further posts but for now I will say that it is entirely repsonsible for my third attempt at trading and my current approach to each race, each day - Assess options, assess risk, implement, learn, remain neutral, STAY DISCIPLINED and most importantly - DO NOT LOSE MONEY.
Over-confidence is dangerous, already I am trying to suppress it and not get overly analytical about money and returns at this stage of progress. I must end the month with the same amount as I started with, thats all I am after as this achievement allows me to stay in the game and continue learning.

Enough for now...