Well i just thought i would open with something different today rather than the normal ...morning all lol , but as luck would have it its sandsville where we are heading today with todays best efforts coming from the AW , i know a lot of people dont like this shizzle and you do indeed get some freaky results from time to time but more often than not there are some trading opps to exploit , " seek and ye shall find ".....
been reading a book over the last couple of days , one that looks inside the mind of a trader , very interesting and some curiously accurate points were made...here is an extract..
"I've never seen a trader succeed whose explicit or implicit goal was to not lose. The trader who
trades to not lose is like the person who lives to avoid death: both become spiritual
hypochondriacs.
No union was ever destroyed by a failure of romance. It is the loss of respect, not love, which
ends a relationship.
Love, once present, never dies. It must be killed.
Sometimes we select markets--and trading styles--much as we choose romantic partners: by their
ability to validate our deepest-held images of ourselves. Our choices generally succeed, for
better or for worse.
Many a trader fears boredom more than loss, thereby experiencing the two in sequence.
Goodness of character is measured in loyalty to others; greatness of character is measured in
loyalty to principle.
1) What is the quality of your self-talk while trading? Is it angry and frustrated;
negative and defeated? How much of your self-talk is market strategy focused,
and how much is self-focused? Is your self-talk constructive, and would you want
others to be talking with you that way while you’re trading?
2) What work do you do on yourself and your trading while the market is closed?
Do you actively identify what you’re doing right and wrong in your trading each
day—with specific steps to address both—or does your trading business lack
quality control? Markets are ever changing; how are you changing with them?
3) How would your trading profit/loss profile change if you eliminated a few days
where you lacked proper risk control? Do you have and strictly follow risk
management parameters?
4) Does the size of your positions reflect the opportunity you see in the market, or do
you fail to capitalize on opportunity or try to create opportunities when they’re
not there?
5) Are trading losses often followed by further trading losses? Do you end up losing
money in “revenge trading” just to regain money lost? Do you finish trading
prematurely when you’re up money, failing to exploit a good day?
How can traders reduce their level of performance anxiety? Here are a few strategies that
I have found to be effective:
1. Focus on process goals when thinking about trading, rather than profits/losses –
Traders like to set goals for themselves, yet often as not, monetary goals end up
creating unnecessary pressures. More effective goals are ones that focus on the
process of trading, such as limiting losses to two ticks if you’re a scalper or
holding trades until a trailing stop is hit. A nice mindset is, “If I just trade the
right way, the profits will come.” This takes much of the pressure off the
performance.
2. Tackle risk incrementally. Risk places a psychological magnifying glass on
situations and greatly increases the opportunities for performance pressure. A
foul shot in the first minutes of a basketball game is the same foul shot in the final
seconds of a tied contest, but there is a huge psychological difference. Traders
who try to radically increase their size quickly find that the trade that worked out
with 1 contract may not work with 10, because of pressures to (too) quickly limit
losses or take profits. A gradual ramping up of size is far more effective than an
impulsive leap for which one is emotionally unprepared.
3. Step away from the screen. The self-talk during periods of performance anxiety
actually interferes with the accurate processing of market data, because the part of
the brain responsible for perceiving and acting upon market patterns is not being
activated. It is far better to step away from the screen and refocus on what the
market is giving you than to act blindly on one’s fears and compound an alreadydifficult
situation.
4. Use mental rehearsals to make threatening situations familiar. This is perhaps
the single most effective technique I have found for reducing and eliminating
performance fears. By using guided imagery to repeatedly face threatening
situations and mentally rehearse how one would like to respond, one can
eliminate much of the stress when those situations actually occur. The goal is to
so often face the performance fears in your mind that the coping response
becomes automatic, like a habit pattern.
All in all some good solid points made the overall read is 274 pages long but an enjoyable read non the less , if anyone is interested in reading the full book i will email to you upon request.
**********************************************************
Now onto todays racing......
Todays best EW bets :
1.15:30 SOUTHWE - HILBRE COURT - 2nd @ 5.33 ( hit 1.31 )
2.16:30 KEMPTON - MASTERS CLUB -
3.18:30 KEMPTON - RIVAS RHAPSODY -
4.19:00 KEMPTON - EREKA -
5.12:40 TOWCEST - SAFE INVESTMENT -5th
6.13:40 TOWCEST - SILVER ROQUE -2nd
7.14:10 TOWCEST - TONY DINOZZO - Unplaced
8.15:10 TOWCEST - ROMNEY MARSH - Unplaced
9.12:50 EXETER** - DUN SEE DEE -3rd
10.14:50 EXETER* - VALLEY VIEW - 1st @ 7.2
**********************************************************
Todays NAPS :
1.12:30 SOUTHWELL - DUKE LIAM - UNPLACED ( HIT 1.55 )
2.13:30 SOUTHWELL - GREYFRIARSCHORISTA - UNPLACED ( HIT 1.32 )
3.14:30 SOUTHWELL - DOUBLE DUCHESS - UNPLACED
4.15:00 SOUTHWELL - PRICELESS ART - 1st @ 1.83
5.13:10 TOWCESTER - CLOSE HOUSE - 1ST @ 2.56
6.13:50 EXETER - ROYAL CHARM - UNPLACED ( HIT 1.35 )
7.15:20 EXETER - MISSION COMPLETE - 1st @ 5.15
***********************************************************
Todays best DUTCH :
1. 14:00 SOUTHWELL - FOLLOW THE FLAG / ROYAL SWAIN ) 2.78 / 3.95 - Fail ( but FTF drifted out to 7.6 pre and i did trade my position out and made a small profit )
***********************************************************
been reading a book over the last couple of days , one that looks inside the mind of a trader , very interesting and some curiously accurate points were made...here is an extract..
"I've never seen a trader succeed whose explicit or implicit goal was to not lose. The trader who
trades to not lose is like the person who lives to avoid death: both become spiritual
hypochondriacs.
No union was ever destroyed by a failure of romance. It is the loss of respect, not love, which
ends a relationship.
Love, once present, never dies. It must be killed.
Sometimes we select markets--and trading styles--much as we choose romantic partners: by their
ability to validate our deepest-held images of ourselves. Our choices generally succeed, for
better or for worse.
Many a trader fears boredom more than loss, thereby experiencing the two in sequence.
Goodness of character is measured in loyalty to others; greatness of character is measured in
loyalty to principle.
1) What is the quality of your self-talk while trading? Is it angry and frustrated;
negative and defeated? How much of your self-talk is market strategy focused,
and how much is self-focused? Is your self-talk constructive, and would you want
others to be talking with you that way while you’re trading?
2) What work do you do on yourself and your trading while the market is closed?
Do you actively identify what you’re doing right and wrong in your trading each
day—with specific steps to address both—or does your trading business lack
quality control? Markets are ever changing; how are you changing with them?
3) How would your trading profit/loss profile change if you eliminated a few days
where you lacked proper risk control? Do you have and strictly follow risk
management parameters?
4) Does the size of your positions reflect the opportunity you see in the market, or do
you fail to capitalize on opportunity or try to create opportunities when they’re
not there?
5) Are trading losses often followed by further trading losses? Do you end up losing
money in “revenge trading” just to regain money lost? Do you finish trading
prematurely when you’re up money, failing to exploit a good day?
How can traders reduce their level of performance anxiety? Here are a few strategies that
I have found to be effective:
1. Focus on process goals when thinking about trading, rather than profits/losses –
Traders like to set goals for themselves, yet often as not, monetary goals end up
creating unnecessary pressures. More effective goals are ones that focus on the
process of trading, such as limiting losses to two ticks if you’re a scalper or
holding trades until a trailing stop is hit. A nice mindset is, “If I just trade the
right way, the profits will come.” This takes much of the pressure off the
performance.
2. Tackle risk incrementally. Risk places a psychological magnifying glass on
situations and greatly increases the opportunities for performance pressure. A
foul shot in the first minutes of a basketball game is the same foul shot in the final
seconds of a tied contest, but there is a huge psychological difference. Traders
who try to radically increase their size quickly find that the trade that worked out
with 1 contract may not work with 10, because of pressures to (too) quickly limit
losses or take profits. A gradual ramping up of size is far more effective than an
impulsive leap for which one is emotionally unprepared.
3. Step away from the screen. The self-talk during periods of performance anxiety
actually interferes with the accurate processing of market data, because the part of
the brain responsible for perceiving and acting upon market patterns is not being
activated. It is far better to step away from the screen and refocus on what the
market is giving you than to act blindly on one’s fears and compound an alreadydifficult
situation.
4. Use mental rehearsals to make threatening situations familiar. This is perhaps
the single most effective technique I have found for reducing and eliminating
performance fears. By using guided imagery to repeatedly face threatening
situations and mentally rehearse how one would like to respond, one can
eliminate much of the stress when those situations actually occur. The goal is to
so often face the performance fears in your mind that the coping response
becomes automatic, like a habit pattern.
All in all some good solid points made the overall read is 274 pages long but an enjoyable read non the less , if anyone is interested in reading the full book i will email to you upon request.
**********************************************************
Now onto todays racing......
Todays best EW bets :
1.15:30 SOUTHWE - HILBRE COURT - 2nd @ 5.33 ( hit 1.31 )
2.16:30 KEMPTON - MASTERS CLUB -
3.18:30 KEMPTON - RIVAS RHAPSODY -
4.19:00 KEMPTON - EREKA -
5.12:40 TOWCEST - SAFE INVESTMENT -5th
| 5 | 3¼ | Safe Investment (USA) | 7 | 11-2 | t | David Bass (3)Lawney Hill | - | 4.20 | 5.30 | 5 | 2% | 2.14 |
|---|
| 2 | 7 | Silver Roque (FR) | 5 | 11-7 | Dominic ElsworthHenrietta Knight | - | 1.14 | 3.11 | 2.88 | 7% | 1.48 |
|---|
8.15:10 TOWCEST - ROMNEY MARSH - Unplaced
9.12:50 EXETER** - DUN SEE DEE -3rd
| 3 | 2½ | Dun See Dee (IRE) | 7 | 10-10 | Noel FehilyCharlie Mann | - | 3 | 3.85 | 3.50 | 8% | 1.43 |
|---|
**********************************************************
Todays NAPS :
1.12:30 SOUTHWELL - DUKE LIAM - UNPLACED ( HIT 1.55 )
2.13:30 SOUTHWELL - GREYFRIARSCHORISTA - UNPLACED ( HIT 1.32 )
3.14:30 SOUTHWELL - DOUBLE DUCHESS - UNPLACED
4.15:00 SOUTHWELL - PRICELESS ART - 1st @ 1.83
5.13:10 TOWCESTER - CLOSE HOUSE - 1ST @ 2.56
6.13:50 EXETER - ROYAL CHARM - UNPLACED ( HIT 1.35 )
7.15:20 EXETER - MISSION COMPLETE - 1st @ 5.15
***********************************************************
Todays best DUTCH :
1. 14:00 SOUTHWELL - FOLLOW THE FLAG / ROYAL SWAIN ) 2.78 / 3.95 - Fail ( but FTF drifted out to 7.6 pre and i did trade my position out and made a small profit )
***********************************************************
Hi Clint, fascinating read. Very interesting. Have a good day :-).
ReplyDelete