discipline

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trader44
Posts: 236
Joined: Wed Oct 29, 2014 1:28 pm

JPK65 thats the problem when i feel like that it tempts me to take chances i shouldnt so am working on not feeling like that and confidence comes with experience if you are profitable i am guessing
max_usted
Posts: 133
Joined: Tue Feb 14, 2017 6:07 pm

LeTiss wrote:
Fri Aug 11, 2017 7:36 am
Alcohol..............NEVER attempt to trade after a drink

Also, there's nothing worse than trying to trade with a raging boner, it's impossible for a man to concentrate when he has an erection - either go and shag the missus, have a wank, or just wait until it's gone
lol ... +1. So true.
JPK65
Posts: 41
Joined: Fri Jan 27, 2017 6:09 pm

PATIENCE, PATIENCE & MORE PATIENCE…….whoops I did it again….I just lost 3 weeks profit in one race….I was up about 75% of my bank after (pretty much) keeping my discipline this month. Then I was pushing for my target of doubling my bank before the end of the week (so I could get of minimum stakes) and I let one too many go in-play….I knew I was pushing my luck and I got a kick in the balls as the price plummeted. DON’T SET TARGETS as you will only take chances and get punished. :x
Jamie
Posts: 9
Joined: Fri Jul 01, 2016 2:16 pm

I guess setting targets is really not much different to chasing losses. You'll likely take more risk in order to reach your goal, and get caught out sooner or later.
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Thebest147
Posts: 93
Joined: Thu Nov 05, 2015 8:01 am

The thing is about discipline is,if everyone is waiting for the perfect senoirio before they pull the trigger then i would assume that the opportunity may have passed,if you're right you will be particularly matched but if your wrong you will be fully matched,why not go with the psychology ever trade has a cost to find out and trade from there
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gutuami
Posts: 1858
Joined: Wed Apr 15, 2009 4:06 pm

people lose their discipline when they encounter a loss. Usually this changes state of mind and people enter in so called fight or flight mode as losses are perceived as threat to survival. The other thing is your physical state which depends on sleep, drink and food and thus affecting your concentration. there is an interesting device called heart rate monitor which due to technology evolved a lot in recent years. Now it is possible to measure your HRV at home with your phone and hr monitor such a polar h7 for example. it was discovered that variability of changes of the time intervals between successive heart beats reveals your state for the day. And should be measured first thing in the morning. Anyway, discipline in trading should be regarded as a muscle that is possible to train only when you face a critical situation which in most cases is a loss.
Last edited by gutuami on Sat Sep 02, 2017 6:44 pm, edited 1 time in total.
JPK65
Posts: 41
Joined: Fri Jan 27, 2017 6:09 pm

Don't trade when you are depressed. I suffer from bouts of depression and I was on a real downer last week. To make matters worse I had a disastrous week's trading. Looking back, everything I learned went out the window and it looks like I wanted to lose.
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Derek27
Posts: 23468
Joined: Wed Aug 30, 2017 11:44 am
Location: UK

I agree with trader44, complacency after a long winning run is one of my problems. You cannot keep up the level of disipline that resulted in the long winning run if you ever get to the stage when you take it for granted that you are going to make money trading.

I drink in the evenings when trading on American racing, without any problem (smaller stakes), but since I started arbing on US racing I came quite close to a major (probably alcohol induced) disaster when I backed a horse with a bookie and laid the wrong horse. :oops: Luckily I realised the mistake and traded out for a small loss.

Another problem I've had on occasions, and I'm embarrassed to admit it, is trading out of frustration. For example, laying a horse, backing it for a loss to close trade, and then without fully thinking it through, immediately trading it again to try to recover the one or two ticks.

I can't remember where I read it, but one trader recommended keeping a diary of all your mistakes. He found that when you're entering the same mistakes again and again in the diary it becomes embarrassing and makes you feel the idiot that you are, which should stick in your memory when trading.

At the end of the day, trading is like speed chess - it doesn't matter how good you are at chess, you will make mistakes when making quick decisions. I think the key is to identify your common errors that result in losing markets, and not just eliminate them, but to make it second nature to avoid them.
trader44
Posts: 236
Joined: Wed Oct 29, 2014 1:28 pm

nd I'm embarrassed to admit it, is trading out of frustration. For example, laying a horse, backing it for a loss to close trade, and then without fully thinking it through, immediately trading it again to try to recover the one or two ticks.

done that loads of times derek .in all honesty i have done some mental trades when i think back on it lol.
heres on of them .
i had £900 in betfair i backed a front runner in ireland at 6 it didnt shorten at all and started going backwards very quickly there was no way i was taking a full stake loss £20 so i laid it back massive for £20 to get my stake out as soon as i caught the price it turned into pegasus and found a gap on the inside and won .i done £500 in and thought i was going to pass out haha well it felt like that at the time .
i read somewhere that trading in running you have between 3-5 seconds to make decisions so you lay or back and get out within -5 seconds it might be shorter depending on your strategy and you do this over and over again throughout the day . i cant think of many jobs where you have to be that focused and making decisions so quickly ,maybe there are but cant think of many :D
trader44
Posts: 236
Joined: Wed Oct 29, 2014 1:28 pm

maybe someone else would like to amuse us with some of their stupid trades when starting out ie i arent taking a loss on this one and BOOM it all goes pear shaped :D
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SeaHorseRacing
Posts: 2893
Joined: Fri May 20, 2016 7:06 pm

I allowed an £8 loss turn into a £400 bank buster all because I sat on nice green position too long it turn into a red on the greyhounds.

It was that loss in December why I am earning a living from Trading. I guess for those who overcome poor discipline will eventually get that one that sticks forever.
Hard work and your discipline will change.

The less time I spend on this forum the better my results are... some small changes make all the difference.
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Derek27
Posts: 23468
Joined: Wed Aug 30, 2017 11:44 am
Location: UK

trader44 wrote:
Thu Sep 07, 2017 5:49 pm
maybe someone else would like to amuse us with some of their stupid trades when starting out ie i arent taking a loss on this one and BOOM it all goes pear shaped :D
When I first started trading I tried to have £2 on Twice Over in the 2008 Derby antepost market at 1000. I accidentally entered £1000 at 2.00. Fortunately I only had £50 in my account at the time, so no damage done, but lesson learnt and mistake never repeated.

My biggest loss was about £350, which resulted from oversleeping and failing to close a trade I placed the previous night. When I logged on to Betfair and realised the loss, I just thought to myself that if I can't get out of bed by 2 0'Clock on a Sunday afternoon, not only was it bound to happen eventually, I actually felt I deserved to lose that money!

Undisciplined traders will never win on the exchange, but getting up at 2:00pm and forgetting about an open trade takes discipline to a whole new level. :lol:
trader44
Posts: 236
Joined: Wed Oct 29, 2014 1:28 pm

Undisciplined traders will never win on the exchange, but getting up at 2:00pm and forgetting about an open trade takes discipline to a whole new level

absolute classic :D
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ruthlessimon
Posts: 2094
Joined: Wed Mar 23, 2016 3:54 pm

lol, I misread that. I thought the discipline was to literally "get up at 2pm" :lol: I must say after some late nights, it is pretty tempting to only trade the evening markets!
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ruthlessimon
Posts: 2094
Joined: Wed Mar 23, 2016 3:54 pm

LOL, no turns out I did read it right. :lol: :lol: . Although realising I've left a position open would certainly wake me up pretty quick; might have to trade in pyjamas & no time for a shower with only 10min gaps! I can relate though :oops:

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