After blowing a spread betting account yesterday i was wondering if anyone had any words of wisdom to share on risk management and discipline inparticular from people who have had similar problems and what helped them to deal with it :smart:
Ive been doing some of these psychological test and found them rather useful:
Market Psychology Money and Investing Personality Tests
Also i made a list of what i thought i did well with my £200 to make it to a £1000 and what i did unwell to make £1000- 50p so far the pros are heavily outweighed by the cons
Pros
Traded a pin well taking the profits at the 00s resistance level £1 a tik, 20 tik stop and took a profit of about £500
![onepro.gif onepro.gif](https://www.trade2win.com/data/attachments/35/35793-fa6d0269c7b9ae3760e988936e6be42f.jpg)
Cons( wait for it theres alot of them )
Increased position at the wrong time
thumbsdow on the image) when a new high was made rather then waiting for a pullback :s
Left losing postions on the Dow for far too long, including over the weekend and still didnt take it off when the rate decision came out
Allowed others to influence my decisions![Eek! :eek: :eek:](data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7)
Cut winning trades too early, had a short on ftse at 4440 and took it off to early then kept getting burnt trying to get back in on it![Roll eyes :rolleyes: :rolleyes:](data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7)
The risk % was far too high
the plan was to start using the 5% risk rule when i reached £1000 but that didnt go very well ![Frown :( :(](data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7)
And i think some of the biggest mistakes were being too greedy, impatient and having too much of an appetite for risk and the lack of discipline.
Any pointers on developing these points would be greatly appreciated![Big grin :D :D](data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7)
Ive been doing some of these psychological test and found them rather useful:
Market Psychology Money and Investing Personality Tests
Also i made a list of what i thought i did well with my £200 to make it to a £1000 and what i did unwell to make £1000- 50p so far the pros are heavily outweighed by the cons
Pros
Traded a pin well taking the profits at the 00s resistance level £1 a tik, 20 tik stop and took a profit of about £500
![onepro.gif onepro.gif](https://www.trade2win.com/data/attachments/35/35793-fa6d0269c7b9ae3760e988936e6be42f.jpg)
Cons( wait for it theres alot of them )
Increased position at the wrong time
Left losing postions on the Dow for far too long, including over the weekend and still didnt take it off when the rate decision came out
Allowed others to influence my decisions
Cut winning trades too early, had a short on ftse at 4440 and took it off to early then kept getting burnt trying to get back in on it
The risk % was far too high
And i think some of the biggest mistakes were being too greedy, impatient and having too much of an appetite for risk and the lack of discipline.
Any pointers on developing these points would be greatly appreciated