Normally I expect to win on about 80% of races. I aim for 80-90%. 75% is still enough for an acceptable result with my trading style. Yesterday I LOST on 75% of races!!! First, the bad news. If I can't trade profitably then clearly this is a waste of time..........Second, the good news. I didn't blow my whole bank! What an achievement, I still lost money, but at least I have a balance to live another day.
In order to enable me to deal with losses as set out by the book I mentioned, I have had to create a new way of trading. This involves having criteria for entering and exiting trades and not just entering trades because it feels like a good idea. This worked fantastically on Saturday where I doubled my (small test) account balance. It didn't work on Sunday or yesterday, however I think I would have blown my whole balance in times gone past if I was having a 25% strike rate. I always used to find Monday was a poor day for me and I never used to trade on Sundays, so I'll stick with it on Tuesday - Saturday and see if my new trading method will show a profit for the rest of the week. I've made a big dent in what I have available to trade with so it'll be hard to achieve a significant amount of profit, but I'll be happy with 10%.
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