Money Management

Learn sports betting strategies and discuss key factors to consider when placing a bet.
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andrejt
Posts: 153
Joined: Tue Sep 02, 2014 2:59 pm
Location: Slovenia

Romario wrote: Today, with overoverconvidence I backed a favorite (on the daily highest traded price) and it went straight against me. Since it was still 4 Minutes to the Off I did not scratch nor put a Stop Loss. The price did not come back, I went In-Play and lost my complete Bankroll of Euro 200.-.
Hey Romario,

Well, I'm also a newbie and must say that I lost my bank twice because I went in-play. Here's what another user said to me (and he was completely right) :

"Unfortunately the only way to learn is the hard way, and if that means blowing a bank in order to learn then so be it
Not going in play and cutting your losses is always a struggle even for experienced traders!
"

Now, if I go for a swing trade I ALWAYS set a stop loss! If I scalp I scratch as soon as I'm not 100% sure I'm on the right side!

If the trade goes against me, I just accept the loss and move on. This is of course easier to say that to do, but I would strongly suggest u "learn" this as soon as possible.

Good luck, practice as much as you can and never give up ;)
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macawboy
Posts: 61
Joined: Thu Aug 13, 2015 7:18 am
Location: Worksop uk

Romario wrote:Greetings from Switzerland and I am a Newbee in Sports-Trading.

Last Saturday I was lucky to get green figures for 24 times in a row before the start of the races. I still play with small figures and my total win was Euro 20.26.- only.

Today, with overoverconvidence I backed a favorite (on the daily highest traded price) and it went straight against me. Since it was still 4 Minutes to the Off I did not scratch nor put a Stop Loss. The price did not come back, I went In-Play and lost my complete Bankroll of Euro 200.-.

So I came to the conclusion that I need some Money Managment-Know-How and came to this post which was very helpfull.

But now I wonder if Zenyatta, LeTiss 4pm and PeterLe, after a couple years, still have the same opinion about Stop Loss.
Hi Romario
I am a newbie myself and holding my own just using small stakes myself.
You say you had 24 greens in a row for a total profit of 20.26 euros so just wondered how you can lose your bank of 200 euros on one race even though you went in play.
Did you up your stakes for that race ?
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macawboy
Posts: 61
Joined: Thu Aug 13, 2015 7:18 am
Location: Worksop uk

One thing I do so I never do go in play is by sticking to my 30 second rule.
I close my position no matter what 30 seconds before off.
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andrejt
Posts: 153
Joined: Tue Sep 02, 2014 2:59 pm
Location: Slovenia

macawboy wrote:One thing I do so I never do go in play is by sticking to my 30 second rule.
I close my position no matter what 30 seconds before off.
You can even automate this - just add a rule that greens/reds up 30sec before the off and apply to all markets you're trading. Great way to "help" yourself not to go in-play ;)
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macawboy
Posts: 61
Joined: Thu Aug 13, 2015 7:18 am
Location: Worksop uk

andrejt wrote:
macawboy wrote:One thing I do so I never do go in play is by sticking to my 30 second rule.
I close my position no matter what 30 seconds before off.
You can even automate this - just add a rule that greens/reds up 30sec before the off and apply to all markets you're trading. Great way to "help" yourself not to go in-play ;)
Not gone down the automation route yet andrejt, but that sounds really good advise I will look into it and implement it into my trading.
Thanks
Steve
Romario
Posts: 4
Joined: Sun Jan 24, 2016 6:54 pm

hey Andrejt, totally agree, eventhough it is not always easy to keep the discipline when trading.

yes Macawboy, because of overconfidence of making a couple ticks i raised the stakes.

thanks for the advice.
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