I know I messed up big time yesterday, but I am pleased with how I reacted to the loss.
I could have quite easily thrown the teddy out the pram, especially when I let it happen for a second time.
The only thing I could think about, was I had the chance to get out and I did not take it, instead I depended on luck rather than good judgement.
In other words I gambled and that is not what trading is about, trading is using the information in front of you to help you decided where to get in or not.
And knowing when to get out, if you have read the information wrong.
Today I was determined that I was not going to have a repeat of yesterday, there was only 1 trade that went wrong, the annoying thing about it is I placed my bid at the bottom on the horses range.
And it came in, so I got out for a loss, it levelled off and I put another bid in to try and reduce my losses, it came in again so I got out for a bigger loss.
It levelled off again and I got in again and once more it came in again, my loss was getting even bigger, this horse was the second favourite when I started trading it and it got backed in till it was the favourite.
By this time the race was ready for starting, I traded the same horse in running and mange to get my loss down to a few pence.
I am seeing this kind of thing happening on a regularly.
My Mentor Tony Hargraves