WTF did I do that for?!

How many times have you asked yourself that?

How many times have you said; “I cant believe I’ve just done that, again”.

There are aspects of our subconscious that, when we are presented with certain situations, will simply take over. Leaving us bewildered by our actions, actions that are in complete conflict with what we want to achieve. You know what you want to do, you know what you don’t want to do, but you still go against your rules. Rules you’ve told yourself over and over you will absolutely stick to. How many times has that little devil voice told you “Hang on a bit longer, it’ll come back” or “Go on. It’s a front runner. You’ll get it back in the run…”? This little voice is your worst enemy and, try as you might to get rid of it, every time you’re in the red end of a trade, that little voice begins to whisper.

WTF

 

 

 

 

 

Trading psychology is a much bigger beast than many people realise. Some very lucky people are predisposed to the right mental make up but the vast majority are not, me included. But, armed with some knowledge, understanding and a few simple tricks, you can begin to get a handle on that self sabotage, improve your mental confidence and, as a consequence, your trading results.

As well as Strategy, Market Assessment, Trade Management, Analysis, Low Hanging Fruit, etc, the MGWorld Foundation Course focuses heavily on Trading Psychology. Helping you understand the root cause of an issue, how to identify and avoid counter productive behaviors. Stopping the internal dialogue that leads you to creating those reds over and over again.

If you want to stop making such crucial errors with your trading, if you want to be part of a community whose members strive daily to help each other achieve, if you want access to continuous learning and development, access to pro traders with a wealth of knowledge and experience, you need to seriously consider the MGWorld Racing Workshop and Mastermind Group.

2018 MGWorld Workshops

@headgamestrader

 

 

Introducing…

MGWorld grows at a rate of knots. Faster than I ever thought it could. So much so, it’s become necessary to bring in additional expertise, not just to help with the day to day running of MGWorld, but to offer a different perspective, a different set of skills and, as a result, greater value to MGWorld members.
Jon Murphy has been trading for many years but joined MGWorld back in 2014. Bringing a wealth of knowledge and experience, from the very start Jon began offering help and advice across all aspects of trading, on-hand to assist members on a daily basis with all manner of questions, writing papers on a broad range of trading topics. Holding webinars to offer detailed understanding of our main strategies and, in particular, trading psychology.
Knowledge, experience and readiness to help are invaluable, but Jon and I share a greater common trait; we are both passionate about helping others achieve success within trading.
As partners in MGWorld, we believe we can offer our members even greater learning, a more in-depth understanding of the markets and the best opportunity to succeed.

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If you don’t already follow Jon, you’ll find him here @headgamestrader

 

 

 

 

Are you Pavlov’s dog?

 

If you’re not aware of Ivan Pavlov, in brief, he had some dogs that, thinking they were about to be fed, would salivate whenever he came into the room. Regardless of whether he fed them or not, the dog’s pleasure sensors would leap into action. Ivan began to study this further using a bell to signal feeding time. The dogs then associated the bell with being fed which, again, got their juices flowing. Such was the influence of the bell, no matter how often Ivan rang the bell without feeding the dogs, they still got enormously excited when they heard it.
Another set of scientists, more recently, took the concept even further with rats. They set up a button that would, only 50% of the time, deliver a drop of sugar water when pressed. These rats overcame numerous obstacles to press the button, they even put themselves through physical pain to reach the button and the sugar water. So much so, the scientists laid down an electrified floor which the rats readily crossed in the hope that on this occasion the sugar water would be dispensed. (Some of the rat’s feet were burnt to nubs but they still persisted)

Now, you may be thinking what the blue blazes does this have to do with trading? Well, apply the same principle to the markets. Are you making the same mistakes over and over, blowing bank after bank, in the hope of this one delivering? When those reds keep burning your feet, it’s the intermittent greens that keep you salivating.

http://www.itsamugsblog.co.uk/?p=1732

 

Dealing With Quiet Periods

With a little “down time” I thought I would share with you my thoughts about how I deal with these days where Racing is badly affected by abandoned meetings.

I often hear comments like “I just want to make £5 a race” or “£100 a day”. I think this timescale is ridiculous and adds pressure to your trading. On a 30 race day, your target of £150 is under severe pressure if after 20 races you are not “on target” or even down for the day. This will affect your decision-making process for the rest of the day, make no mistake.

I always look at the “Big Picture” – This Big Picture extends beyond even Months and into Quarters. How many Companies do you see publishing their results on a weekly basis? Sure, it’s always a good idea to keep track of exactly where you are in the short term. But this is for information purposes only.

When I first started trading I diversified quickly, finding a way to make money from a market, then moving on to something else. Nowadays i trade pretty much exclusively on Pre-race markets. But having what could be called a “portfolio” of different markets to trade is smart if you are relying on your trading.

Summary

  • Always look at the bigger picture
  • Create a Portfolio of strategies on different sports
  • Accept that there are quiet periods in whatever is your main Sport you trade. – The Tennis boys have been quiet lately
  • Use the quiet periods to be productive, either finding new sports to trade or have a productive time with your loved ones. Did you know there is a baby boom within trading circles every October :)

 

A Real Tragedy

It is with great sadness that I write about a friend who passed away a couple of weeks back.

Andy Spriggs or “Super Drew” as he is well known, was a fantastic guy. A real wizard with Excel and all forms of automated trading. He was friendly and approachable. Always willing to help those without the incredible skills he possessed.

He went for a run and then went off to work where he collapsed and passed away. He leaves a young family behind.

As one of our own, we have created a fundraising page to try to offer some financial support to his family. maybe, just maybe give his boys a slightly better Christmas. We want to show Lydia that we care and in what high regard Andy was held.

If you would like to make a donation, however small, it would be very gratefully received. If you want to leave a message for Andy’s family. I know they bring great comfort to Lydia at this incredibly difficult time.

RIP Andy – You will not be forgotten.

Link to Fundraising Page

Cheers

Steve

Merry Christmas

 

No cringeworthy video, no witty little message. Just this….

A genuine “I wish you and your loved ones a very Merry Christmas and prosperous New Year”.

Peace and Love to you all

Steve

 

Christmas message

Unlike the Queen, I will not be delivering a video message. You will not want to be seeing my ugly mug that’s for sure!

I do however want to thank all of my readers for their amazing support over the past year(s). I don’t get to blog as much as I would like. But it’s great that you keep coming back.

Exciting times ahead for me and what I am trying to achieve. A couple of new adventures planned for next year, including a new delivery system for my Workshops.

I wish all of you and your families a wonderful Christmas and a very happy and prosperous New Year.

Cheers

Steve

Legend

As a proud Coventrian I would like to pay tribute to the most important person to grace our fine City since the Earl of Mercia, Lord Leofric’s wife the Lady Godiva rode naked though the streets of Coventry on her white horse in protest of her Husband’s oppressive taxation of his tenants…….. Jimmy Hill OBE.CBE

Jimmy was an inspirational man who many will know only as a presenter on Match of The Day. He was so much more than that.

His playing career spanned over 350 games, the majority for Fulham, where he became Chairman of the Professional Footballers Association (PFA). He campaigned for the abolition of the then £20 maximum wage that a footballer could earn. He was successful in 1961.

He came to us in 1961 at the age of just 33 and took over what then was a struggling 3rd Division club (League 2 now). Coventry in the 1960’s was an awesome place. After the City was destroyed by the Luftwaffe in November 1940, it was a time of redevelopment and transformation. A new Cathedral, a vibrant Motor Industry, we were turning out Iconic cars such as the E type Jaguar, Triumph TR4 and 5, The London “Black Cab” and the best Motorcycle ever made. The Triumph Bonneville. He harnessed this energy and transformed the club. Changing our kit to Sky Blue, adopting the nickname “The Sky Blues” and even wrote what became the club song to the tune of the old Eton Boating tune. “The Sky Blue Song” He also added visionary innovations such as pre match entertainment to encourage the fans to arrive early to build atmosphere. He created what was the first ever colour match day program. Arranged match day trains for the travelling fans to see away matches and oversaw the instillation of the games first electronic scoreboard.

Something not so well known was Jimmy’s “pop and crisp” nights. He got the players in to give out pop and crisps to 100’s of young fans and sign autographs. The forerunner to the community programs that clubs all run nowadays.

He oversaw a redevelopment of the ground which all helped City gain promotion from the old 3rd Division into the top division (Division 1) in 1967, He quit before the start of the clubs first season in the top flight.

He became a Director of Coventry City in 1975, before taking over as Chairman. Making Highfield Road England’s first all seater stadium in 1981.

Most will probably know Jimmy through his media work, his time on Match of The Day being the most notable. He was never afraid to be controversial and it was his idea to have a panel of pundits. Jimmy is also credited with persuading the FA to introduce 3 points for a win, which has been adopted all over the World. At a match between Liverpool and Arsenal in 1972 the linesman was injured. Jimmy stepped in to run the line. Incredible.

In terms of important changes to the way Football is played, managed and viewed in modern times, Jimmy was the guy who forced and innovated those changes. Jimmy Hill was the most important figure that the game has ever had.

My deepest condolences go to Jimmy’s family. To the people of Coventry he will always be “Our Jimmy”. We will miss him terribly. He was and always will be a Legend.

jimmy

Communication & Social Media

Over the time I have been writing my blog, you may know that I struggle to maintain it as often as i should . I have the Twitter account @itsamugsgame, but 142 characters is sometimes a waste of time. Sometimes i want to make a small comment, or see something that i want to reference. The blog is a little to “serious’ for that. So I have decided to make more use of Facebook. It seems that this might be the way to go for me.

I will still be using the blog, and sometimes what I post on Facebook will be replicated on here and visa versa. i want to reach as many people as possible, I think that Facebook is much more mobile friendly, and as we all know mobile communication is the future (and present on doubt).

So if you are interested in what i have to say (oh dear oh dear)  Please Like my Facebook page and you will be able to hear a bit more from me.

https://www.facebook.com/ItsAMugsGame/ is the place where I hang out. See you there!

Cheers

Steve

Changes to Mentorship Program 2016

I just wanted to mention that I am going to be making a huge change to my Mentorship program in 2016.

As it stands I have 2 remaining inductions into the program on 28th September and 23rd November. There are limited places left for these dates. MG World has been very successful in terms of what I set out to achieve. Once you have attended the induction you have the option to stay in “MG World” and have continued Mentoring. Many have taken up this option. In truth there has to be a limit to that support. The limit I am comfortable has been reached now.

Moving forward in 2016 I will be offering a different product. This will be a day long workshop for Racing Traders. Access to my Skype rooms will not be included unless there are spaces available. Dates/Exact content and Pricing will be announced closer later in the year.

if you wish to be included in the last places of my Mentorship program LINK HERE

There are few places available so please hurry. Get in touch at mugsgame@hotmail.co.uk