As I am putting together my material for the upcoming Trading Education and Mentoring program Events. I find myself looking at every aspect of what I do and being more critical than usual. I am very self critical, I find it’s the best way to improve performance.
One of my big weaknesses is sometimes I make instinctive decisions. These sometimes, especially in the short term go against me. In this video I am a little more “restrained”.
Have a look at the video (it’s best watched in YouTube in HD). Then read my critique and see my thoughts about it when i watched it back.
00:00 I start by talking about how I am half asleep. This isn’t a great way to trade. I am not actually tired. I am doing other stuff at the same time. It’s a bad habit! This is a Monday afternoon, the markets are very volatile and “slack”. There was not a lot happening so I thought I’d try and scalp a few ticks. As I say, I am not great at scalping, I am always looking for the Glory Shot and a Swing. But I have a crack anyway. Things are going ok, I don’t use huge stakes scalping, like I say, I’m not too confident at it. Stick to what you know and what you do best!
01:30 I miss the initial move on the 2nd fav, it’s moved in 5 or 6 ticks and broken through it’s cross over at 6. The 3rd fav has also sneaked in a couple of ticks and has downward momentum. This has pushed out the fav out and we have at least a 2v1 situation against the fav. Things are looking more interesting so i start to build a position.
02:39 This is a very interesting position. The fav has reached the cross over at 2. This is where there is more risk to backers as the tick size has increased. Once it goes over this it’s even more likely to drift. There is downward pressure on 3 of 4 of the other runners. If you look at the WOM there is 23% on the BACK side and 77% on the LAY side. I think many would interpret this as it will come in. You hear me say often about fill rates, and “watch how the money is being matched” – Here’s a perfect example. WOM means nothing without momentum.
04:25 – The pleasing thing about this was I pretty much got most of my closing money matched at 2.16/2.18. 2.18 was the top price. It makes a change for hanging in too long and not getting maximum profit from the trade.
It looked like it wasn’t going to be too exciting at the start, but turned out ok. The reason I even started the video was because I wanted to show that it was ok to not get involved if there is nothing happening.
Hope you enjoyed this, As always I welcome your comments.
Just to say also that I have had an incredible amount of interest in people wanting to register their interest in the next programs I am running in June/July. If you want to find out about these before I go public. Drop me an email at firstname.lastname@example.org. There is absolutely no obligation – that goes without saying.