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Thursday, 12 April 2012

Greed - The novice trader's downfall.

Had a really interesting conversation yesterday about the effect of greed on the novice trader. I, like most, thought I had found the golden goose when I happened upon sorts trading. Plans were made for what the vast, untold riches would be spent on etc. Then, of course, reality came calling to give me the real picture. Undeterred, I persevered in the hope that those riches, or something close to them, would eventually be available. I've posted before about how lucky I was in having the funds and support in order to continue, the majority do not.
I've also posted about how, if I had to start all over again, I would go about it. What many, me included, try and do is make the same amounts they hear others are making or what they see in videos. Yes, it is possible to make more than you did/do in your 9 - 5, but the real benefits lie in your quality of life - Being your own boss, working your own hours, spending time with significant other and/or kids, having the ability to do what you want, when you want. Ask yourself this, if you were paid as much as you earn/earned in your 9-5 but with all the benefits listed above, would you do it? Of course you would. So, don't push or force yourself to earn what you think you should be earning through trading, strive to make what you do already. Once you've achieved that and have all the benefits that come with it, then you can allocate time to improving your income.

Didn't get involved with any of last night's matches. They looked dodgy and proved to be so, mostly. I knew Utd would have one slip against a relegation troubled side. Sadly it came too late for my Winners Market lay... Nothing today.

The Grand National - It is against my betting policy to back at short odds in the National, especially as it should be 8-1 the field just to get round, but I like Giles Cross. The others I like at bigger odds are Abbeyraney, Ballyvesey, Le Beau Bai.

Stay green.

5 comments:

  1. Another perspective: http://green-all-over.blogspot.com/2012/04/all-that-glisters.html

    GL.

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  2. Rightly or wrongly, I consider myself to be fairly eloquent and articulate. That said, I must have written this post poorly for anyone to read into it in such a way. Am I extolling the virtues of trading for a living? By default maybe.
    The point of the post is simple - When starting out, trade within your own limits and be realistic with expectations. There's too much white noise within the trading community about how much can be made, which can be very misleading.

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  3. Lambretta, good point, when my winners come in i think i am the mac Daddy and then "re-invest" my winnings which then doesn't work out as well as my original punts.

    if you were starting out again, how would you go about it? and what time frame?

    cheers,
    AL

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  4. Hi AL. I can't comment on punting, as that's not my thing but here's a post from last year on that very subject.

    http://thoughtsofafootballtrader.blogspot.co.uk/2011/10/laying-right-foundation.html

    Best

    Lambretta.

    ReplyDelete