I was so pleased to be up for the month yesterday — now I have put it all at risk with two new trades. If both go against me, I will lose 50bps, plus who knows how much more on other, correlated trades. Perhaps I now have too many trades on; but I know that the older trades will eventually be gone, and new ones will have to take their place.

It’s hard to get back into the ring when the previous opponent has pummelled you. It is even harder when you have beaten your last few opponents, and you know it could all be undone by getting totally beaten in the next round. But you have to keep getting in the ring.

This is one of the ways that trading is like beagling. If you are whipping in and have lost the pack, you can’t despair, or stop for a rest — you have to just keep going.