Tuesday, 13 September 2011

Growing Balls

So my first day of trading with a brand new ethos has ended. As expected, there were a few teething problems. I've tried for over a year to garner a more cautious mindset and now, I'm essentially attempting to do the opposite. There were times yesterday where I was spotting opportunities but, as I've become inclined to do, ignored them as they were not quite as 'sure' as I would have liked. As you can guess, almost all of those opportunities would have produced green positions.

The US Open final was a classic example. I managed to catch Djokovic at around 1.8 after a few games and was convinced by that point that he was going to win. I didn't think there was any point hanging around for a price above evens, as he was looking far better than Nadal. I only went in with half stakes, as Nadal was still level at the time and Djokovic's price was moving out. But my cautious mindset panicked at the first sign of Nadal picking his game up and I bailed out early for a small red. Nadal didn't trade above evens the entire match. I was gutted because if I'd just held on for a few more points (and I was on half stakes so should have allowed for a bit longer holding my position) I would've ended with my largest win for months.

Instead, I was all-red and this affected the rest of my trades. I was too worried about piling in full-stake and adding to the red when another opportunity presented itself a few games later. Once again, my thoughts were correct and I would've been back in the green if I hadn't chickened out. In the end, I had to take low odds on Novak and I managed to get myself in a tangled mess when Nadal fought back and Djokovic had back problems. I panicked and ended with a red position after over 3 hours, when I should've been all-green and finished in under an hour. Basically, I need to grow a new set of balls!

I remember back in March, when I was going through those terrible dark ages, I attempted to change my strategy and be a little more proactive. It back-fired because I didn't fully commit to the change. I ended up not letting trades run long enough, cutting out early due to fear and didn't know what my plan was from game to game. I was caught between two strategies and it made both of them unworkable. I have to learn from that now and fully commit to the new approach. A couple of nice, re-affirming wins always helps! And that's exactly what I got in two of the WTA matches, where I was much more aggressive than usual in the Marino and Czink games in Quebec. I still have a lot to work on but I have to say, I'm starting to get back that old passion I had for trading again. This way of working is making it far more interesting for me and I'm looking forward to seeing just how far this new approach can take me.

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