Maintaining discipline so far

Its been a short month for me with only 86 races covered over 7 days. So results for July is a net loss of £20.38 representing just over 10% drawdown from the starting book of £200.

I was hoping to be at break even but I guess maybe even thats too much to ask at this stage. The really pleasing news is that I have maintained enough discipline to accept all losses and red them up and to have all positions closed before the off. I cant tell you what a stress reliever it is to not have to go through closing off positions in running.

One thing I have overlooked is that I assumed that by being more disciplined would naturally translate into better results but actually that hasnt happened, well so far it hasny anyway. The reason is that on looking back at my previous stats from when I allowed myself to leave positions open in running my actual gains, when they happened, were much larger than they are now. So by being more disciplined my profits when I win are smaller in line with my losses being smaller too.

So where am I going with this? Well it means I must get much much better at closing off losing trades more quickly. I am going to try to limit this to £1 per race but its challenging. I cant allow trades to go against me by more than 2 ticks which doesnt leave much flexibility to hold out for prices coming back in my favour.

My plan for August is to maintain the tight dsicipline and lose less than I have lost this month. It may be too early to set profit targets just yet. Onwards and upwards - but I would be happy with onwards and sideways to be honest.

Strange day for Trading

Todays washout at Perth made it an awkward day for trading. The remaining races were poorly scheduled from a trading perspective and I found it really difficult to get into a steady flow and it showed in my results.
There is a mix of good and bad news to report:
On the good side I am remaining very disciplined and accepting losses as they arise - redding them up before the off and not taking any in running so far. I have to say it has worked wonders for the stress level! Also I am winning a higher percentage of races than I am losing = about 60:40 split at the moment.
The bad news is that my overall losses are higher than my wins which means I have to be more disciplined with ny stop losses which I only use selectively.
However I am still finding my feet again and there is the odd experimental tactic that I have tried - mostly unsuccessful. Tick sizes started at 20p but I have readjusted this to 40p even though I havent started to increase my book size yet. Book is down 6% so far so nothing to panic about and for my first month of full time trading (starting 10th August) I am only looking to break even.

1st Day Back

Results from 24th July - Day 01

4th time lucky?

Its been a long time since I posted on here and thats entirely down to the fact that I havent traded since March after I lost the plot and destroyed my book in a short period of time.
Its the usual story I am afraid - poor discipline! Time away from trading helps and I now intend to pick up where I left off last time but leaving all the bad habits behind hopefully.
I will be trading with a book of £200 and will be trading every week day as of 10th August. I will post my results and ongoing commentary back up here most days.
Thats it for now -wish me luck!