Losing Confidence!

[rogerlisa]

Relatively new to trading. Have watched countless videos, tried a mentor who ripped me off to the value of £1200, tried football, horses, ice hockey and tennis. I am convinced I can make a living out of it but keep failing. I have tried laying the draw at football along with in play options like under and over goals etc, laying outsider horses (can make £700 per day at this but when you have loss its big and I do get them to often), trading the odds on horses and tennis but market always seems to go against me.
Now I have lost £6300 in learning I need to start making money, so a few questions:-
Are there any genuine mentors around?
Twice yesterday on the horses favourite was sitting at 4.5 and had not been higher all day, only lower. I backed it and immediately the price drifted and never returned. Why?
Why at the bottom of the ladder is there sometimes in excess of £30,000 layed at 1.01 waiting to be matched before a race. How will this ever be matched, and surely if it is the horse would have won in which case a lay bet would be pointless.
I have more questions but would be happy if I knew a simple trade that I could do to generate £300 per day. Does anyone have any suggestions and answers please.

[Euler]

if I knew a simple trade that I could do to generate £300 per day

If you find it can you let me know!

It looks like you have spread yourself too thinly. You need to focus on one market and one strategy then execute that exceptionally well IMHO.

Trading can be tough so you have to earn your spurs unfortunately. Even if an experianced trader teaches you how to trade you still need to practice hard to be an expert at it.

[to75ne]

I am convinced I can make a living out of it but keep failing. I have tried laying the draw at football along with in play options like under and over goals etc, laying outsider horses (can make £700 per day at this but when you have loss its big and I do get them to often), trading the odds on horses and tennis but market always seems to go against me.
Now I have lost £6300 in learning I need to start making money, so a few questions:-

why are you convinced? your experience to date would more than suggest otherwise.

you would be best to stop and forget about it for a
long time.

you are in a downward spiral, seems to me your trying to never take a loss,cant stand losses and therefore end up taking much bigger losses than is probably necessary.

you also seem to be trying many different types of markets, being able to trade one market is hard enough and in your case it suggests to me you are chasing losses not tradinng.

you need to forget about trading at least for 6 months or so and get your head sorted out, you are not in a mentally fit condition to trade. if you continue you will only cause yourself more damage and harm.

i dont mean to sound unkind or unsympathetic, quite the contrary. please stop and find a friend/relative to try and rationalise your situation with.

kind regards

[mugsgame]

I have more questions but would be happy if I knew a simple trade that I could do to generate £300 per day. Does anyone have any suggestions and answers please.

Are you serious?

Walk away, thats my advice.
It will get worse.

[Alpha322]

I am convinced I can make a living out of it but keep failing. I have tried laying the draw at football along with in play options like under and over goals etc, laying outsider horses (can make £700 per day at this but when you have loss its big and I do get them to often), trading the odds on horses and tennis but market always seems to go against me. .

1 You havnt learnt how to trade your dicipline and what markets you want to specialise in is not there

Now I have lost £6300 in learning I need to start making money, so a few questions:-

I spent nearly £5000 in courses and in bankrolls but its taken me 3 years to fish it back with confidence
Trading and reading the markets on the horses takes time, this isnt a get rich scheme it takes dedication and development of skill , you must learn to take losses and have paitence.
As MG says leave alone if you need quick money
please

[superfrank]

Twice yesterday on the horses favourite was sitting at 4.5 and had not been higher all day, only lower. I backed it and immediately the price drifted and never returned. Why?

because, rightly or wrongly, the market decided that it's chance of winning was less than 22.22%.

trading is not easy (regardless of what Euler says!). it's a probability game.

the five fundamental truths according to Mark Douglas (Trading In The Zone) - a repetitive read that could be boiled down to a few pages, but good for novices.

The five fundamental truths2.jpg

[LeTiss]

I've lost count of the number of posters who appear on this forum saying, I want to earn £200-£300 per day, I'm not interested in studying trading, or spending over 1 hour a day at it, I just want you to tell me your secrets, so I can play golf 7 days a week, get hammered and pick up lots of cracking birds

[gutuami]

just some random thoughts
you don't know what you are doing, have very (x10) big expectations and you're probably over-trading with pretty stakes and you are gambling. The best mentor for you is You. Knowledge comes in small proportions of your time spent on markets. You need lots of patience and discipline. Love your losses and hate your mistakes. It's better to know why you lost in a trade than not knowing how and why you won. Confidence = lots of + trades. Laying an outside horse is not a trade. Keep your present job.

[herbie]

For me it was seven years of sitting staring at screens, bouncing from football to racing to tennis to football etc....getting frustrated..not knowing what I was doing.. sometimes knowing what i was doing....grabbing discipline for a brief moment for if to kick me in the face within a second making me feel sick to my stomach

...going on peters course twice....travelling across the country to find glimpses of information....deep down knowing I could do this...

reading every book on trading I could devour....

...been a miserable sod around my family when it didnt work..holed up in my room looking at a screen for sometimes 16 hours of the day...

then I asked myself what did I want?... I wanted to trade football and make a bit of money...so I sat down worked out what I knew about football markets, what I claimed I knew and what I didnt know....I then picked one area and used excel to help me organise myself...
I can now make money... not very much.. but now i am scaling that up...but the key is I trade first not to lose....and winning comes

I did all this over that amount of time because I used small stakes....£2-£4

My only advice to you is dont expect anything from the markets ...or anything will kick you in the face...

These markets are the only markets in the world where you can learn and test ideas with small stakes... use that advantage...

it's an art form this....like any art form, it needs time, skill and disapline....JUST USE £2 STAKES TO BEGIN WITH...

Herbie

[mugsgame]

I've lost count of the number of posters who appear on this forum saying, I want to earn £200-£300 per day, I'm not interested in studying trading, or spending over 1 hour a day at it, I just want you to tell me your secrets, so I can play golf 7 days a week, get hammered and pick up lots of cracking birds

With you on this LT, I am sick of it to be honest. Getting to the point of leaving 'cos it's just winding me up.

[NR169]

Before you leave Mugs could you just tell how to make £200 a day as I am fed up with testing ideas, running automations, reading and researching and not having a life.

I want to get up late, drive a Porche and do it all with no effort.

Is that not reasonable?

Now off for a cold shower as sadly I am a trader and there is a long afternoon and evening ahead.

[mugsgame]

Before you leave Mugs could you just tell how to make £200 a day as I am fed up with testing ideas, running automations, reading and researching and not having a life.

I want to get up late, drive a Porche and do it all with no effort.

Is that not reasonable?

Now off for a cold shower as sadly I am a trader and there is a long afternoon and evening ahead.

ha ha nice one NR, £200 a day? It's a known fact we don't get out of bed for less than twice that. Anyway who wants a Porsche when you can have an AMG

[superfrank]

NR

i suspect that the type of people that approach this game with the gold rush attitude don't last very long.

it took me a couple years to recoup early losses and scrape a living from it - and just as things were getting better the racing markets turned to sh*t!

i'd advise anyone who is thinking of trading for a living (sports or financials) to forget it (unless you wanna work for an investment bank). the amount of people who make a living from trading is probably less than 1 in a thousand from those that try. it can be done but it requires a lot of hard work and an inhuman mentality (and often lifestyle!).

the trading industry won't tell you that (including BA) because they are the ones selling the shovels (and making the money) in the gold rush.

[Boing]

rogerlisa, don't go on tilt. Just go back to basics and build up from there.

[legendz]

i agree with the majority , i've been using bet angel for 4 years now only just in the last 6 months started to make a decent profit, all very good but like someone posted the markets have turned to shit, different pc charges coming and going so i still have have a job with a good income because i dont know whats round the corner, on a more personal note , ive grown countless grey hairs i have a few more wrinkles but most of all my six pack is now a god damn beer keg , and i dont drink but i do sit on my ass at the computer alot , hence my first decent profits went on a treadmill and a new bike. my point is it can be done like everyone says, but its hard work and there are a lot of sacrifices.