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2018 November 13th Tuesday

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David

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After starting well, lost November's profits today.

Before 3pm, it was better to back the favourites at the top of the range; was doing well as in profit by 39p.
In the 15.10 again I backed the favourite at the top. But the 3rd suddenly crashed down heavily (no indication that this would happen at all).
When that happens, the favourite will drift sharply. Took a 5 tick loss. Tried another 4 trades, losing another tick altogether.

Similar happened in the 15.40 when I lost 54p.

People mention to cut the losses, but it is difficult when the market suddenly move 5 ticks against you.

I rarely get 5 ticks for me, so the wins are always being outweighed by the losses.

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I rarely get 5 ticks for me, so the wins are always being outweighed by the losses.

My advice maybe a little bit unusual. It's been quite some time since you started trading, that means you know very well how to operate the software, you probably know different emergency situations and how to act & react when they happen. You know that it makes no sense to risk more than you can afford to lose. Right now you probably know every technical aspect of trading yet you still struggle to achieve long term profit and to go up in the game.

Try something different than you are already doing right now. You need to be "in the zone" - that is a kind of situation when you feel like you have a trance. There is only you and the market. You feel the market as a living organism and you feel every beat of it. Have you ever felt like this?

From my own experience, I have had just a few moments in my trading career which really meant I was able step up and jump to another level of trading. The first one was when I realized I can really make some money on this. It took me a few months (on greyhounds). The second one was when I earned £100 in a day for the first time. The third one was £1,000 in a day. The last one was £1,000 in a one race. Once I understood any of these milestones is possible, I was able to repeat them regularly.

I want you to crack the first step, to get you into a profit. You obviously need to change something and my inner feeling is that you need to be more pro-active in the market. You need to be the one who does the decision and takes the position first. Market is often a slow & fat guy, yet very powerful. It's really hard to describe it but there is a little room / space for the profit. Market always follows that space but when it does, it creates another space. You need to get into a situation when you are the one who is on top of everything.

That requires to make quick and maybe risky decisions but you need to stand up and do it, you need to get out of the crowd. Crowd will never bring you to the top. 

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