After losing my (trading) way in the last few days, I decided to go back to basics. I watched several videos by Peter Webb of Bet Angel this morning to help re-set my mind. I find they help me to confirm how trading can be and that it is possible to be successful at this most difficult undertakings. In fact I have decided to watch a few of these videos everyday before I start trading to help me ‘get into gear’ for the trading day.
One of the videos I watched referred to be benefits that can be gained from recording your own trades. So I decided today to put it into practice.
I downloaded some free video screen software from Screen-O-Matic.com, dug out a headset with a microphone which had been residing in my garage for several years and started to record each trade with my narration.
Wow, what a difference!
I found that verbalising the thoughts that had previously only been inside my head during each trade enormously beneficial. And my trading results for the day bear testimony to that. Expressing my thought about each trade, appeared to give me a clarity that I had not experienced before. And by committing it to video, it gave each thought, view and decision added purpose. Now I always knew that the principle purpose of recording trades is to enable you to review them at a later date – which I will do – however the immediate benefit for me was the process of making the recordings itself. I would encourage any trader to do the same.
An example of one recording of a trade today was the last race at Haydock, which can be viewed here. Apologies for the quality of the video. On my PC it is crystal clear, however on YouTube it is less so. Something I will have to address for future videos
I only used small stakes, as I didn’t want to suffer the consequences of being distracted by videoing my trading for the first time, however all-in all I was more than satisfied with the results.
So, what have I learnt?
- By recording, and more importantly verbalising my thought processes during my trades, I trade better and more consistently.
- It gives me the ability to review my trades and see where I made good decisions and where I made mistakes.
- By sharing my recordings with others via this blog and Twitter, and receiving feedback for other traders, it removes the ‘secrecy’ of what I am trying to achieve.