Trading Update

It's always much easier to talk up successes rather than focusing on trading failures, so I have had a quick look at my P&L for the month so far.

When I started trading on a regular basis in March, my intial target was to make a small profit and get away from giving away any money to various bookmakers.

I know I have a good knowledge of football and think that I can a read a match well in running and after showing a bit of ability at picking winners and more importantly some discipline
I set an arbitrary target of £200 a month profit.

Reading some other blogs from traders who are both more serious and experienced than me, I have picked up a number of tips, but the one that stays with me is in this game you should close out losing trades early and protect your bankroll at all costs.

What I have learnt this month is that when I trade well in a disciplined manner the profits roll in, the actual amounts of money are relatively small (£30 - £40 A night) but it soon adds up. When I lose my discipline it is easy to lose £40-£50-£60 in an evening and undo a lot of hard work.

I am doing ok this month (+£159.33 in June). I should be doing much better given the amount of winning trades that I have made, but any profits are more than welcome.

I suppose the moral of my story is that it is not that difficult to make small and regular profits from trading but it is easier to lose larger amounts through loose and indiscplined trading.

Small and regular profits never used to be that appealing to me, but a growing bankroll and more cash withdrawals than deposits have sold me on the idea.

There is a huge difference between being a punter and being a trader, and I think I am on the verge of morphing into a successful trader - hopefully my punting days are over!