Hey guys,
I'm still pretty new to trading. So at the moment, I'm finding that having some basic rules in place can help prevent me from losing too much.
I've learned the hard way to never go inplay for example. I find that I tend to lose the most when I do this, on one hand I usually recover my losses in play successfully, but when I don't I lose the entire stake which takes too much of a hit on my bank, therefore I've now decided I will always take a loss before the off rather than trying to recover in play.
Do you guys have any rules like this? I'm particularly interested in strategies for preserving my bank.
Trading rules you live by?
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JayMcGbetting
- Posts: 2
- Joined: Thu Mar 16, 2017 12:50 pm
- Location: Manchester, UK
- Contact:
Hi Mate,
Very new to this aswell so still very much learning.
The biggest thing I've learned so far is about consistency. Yes you might win big by going in-play, but how much of that is trading, how much is blind luck.
I'd been trying to do Back to Lay (BTL) front-runners using pace form. Without really having much experience of horses the first few days were really good. If the horse was ahead, i'd let it run and it might win and I was able to make some decent profit (£80+ each day). That all came crashing down on day 3 when, thinking I had this trading lark figured, I upped the stakes and had a horse fall at the first hurdle. Days profit gone in less than 20secs.
Of course instead of accepting I'd made a mistake i then tried to back the favourite for another £100 only for that to fall too... 2 days "trading" gone in 1 race.
It was at that point (or maybe a few days of thinking about it later) I realised I hadn't got anything figured out at all and I'd just been lucky on the first couple of days.
I've now given up horses all together as it's something I know very little about and have instead opted to focus on the stats and oppportunities in the football markets which is the thing that originally drew me to trading.
Hope that is useful, best of luck for the future.
Jay
Very new to this aswell so still very much learning.
The biggest thing I've learned so far is about consistency. Yes you might win big by going in-play, but how much of that is trading, how much is blind luck.
I'd been trying to do Back to Lay (BTL) front-runners using pace form. Without really having much experience of horses the first few days were really good. If the horse was ahead, i'd let it run and it might win and I was able to make some decent profit (£80+ each day). That all came crashing down on day 3 when, thinking I had this trading lark figured, I upped the stakes and had a horse fall at the first hurdle. Days profit gone in less than 20secs.
Of course instead of accepting I'd made a mistake i then tried to back the favourite for another £100 only for that to fall too... 2 days "trading" gone in 1 race.
It was at that point (or maybe a few days of thinking about it later) I realised I hadn't got anything figured out at all and I'd just been lucky on the first couple of days.
I've now given up horses all together as it's something I know very little about and have instead opted to focus on the stats and oppportunities in the football markets which is the thing that originally drew me to trading.
Hope that is useful, best of luck for the future.
Jay
Good Morning guys,
Welcome aboard, not an expert, far from it but you will find the following helpful..
viewtopic.php?f=17&t=8320
Learning to trade I find is like learning to drive, you must get into good habits & repeat 'em time & time again.
Oh & PLEASE keep your stakes low when learning, I know it's hard but please don't think by watching videos with guys trading using three & four figure stakes it's that's easy to replicate, I did it & then become unstuck & then some.
It's not a case of 'mirror, signal, manoeuvre' with trading, its more a case of 'watch, remember, wait, execute, watch, remember, watch, wait, watch, wait, watch, wait, watch, watch, watch execute'.
The markets are monsters, ride with 'em, don't fight 'em.
Another good thread is:
viewtopic.php?f=2&t=13282
Again, welcome aboard.
Keep it green
Welcome aboard, not an expert, far from it but you will find the following helpful..
viewtopic.php?f=17&t=8320
Learning to trade I find is like learning to drive, you must get into good habits & repeat 'em time & time again.
Oh & PLEASE keep your stakes low when learning, I know it's hard but please don't think by watching videos with guys trading using three & four figure stakes it's that's easy to replicate, I did it & then become unstuck & then some.
It's not a case of 'mirror, signal, manoeuvre' with trading, its more a case of 'watch, remember, wait, execute, watch, remember, watch, wait, watch, wait, watch, wait, watch, watch, watch execute'.
The markets are monsters, ride with 'em, don't fight 'em.
Another good thread is:
viewtopic.php?f=2&t=13282
Again, welcome aboard.
Keep it green
Excellent stuff - if you've already cottoned on to this biggest trading pitfall, then you're over halfway theresloth456 wrote: ↑Fri Mar 17, 2017 5:19 pmHey guys,
I'm still pretty new to trading. So at the moment, I'm finding that having some basic rules in place can help prevent me from losing too much.
I've learned the hard way to never go inplay for example. I find that I tend to lose the most when I do this, on one hand I usually recover my losses in play successfully, but when I don't I lose the entire stake which takes too much of a hit on my bank, therefore I've now decided I will always take a loss before the off rather than trying to recover in play.
Do you guys have any rules like this? I'm particularly interested in strategies for preserving my bank.
My advice is to have a notebook - use it as a type of trading journal, making notes of all your bad trades and what went wrong, make a note of all your successes and what you did to achieve it. You'll be amazed how quickly things fall into place, and how quickly you will identify your strengths and weaknesses. I still have all my notes from 10 years back, I still ocassionally read them
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marksmeets302
- Posts: 527
- Joined: Thu Dec 10, 2009 4:37 pm
Whenever you are desperate to get the price back to break-even, repeat to yourself: "I have been anchored". Get out of the position, take a deep breath and you will be free to continue, sometimes putting on the same position again.
You'll find many references to anchoring on this forum.
You'll find many references to anchoring on this forum.
One rule which i like is not to get over excited by a good win but also not too down about a bad loss. Keep your emotions as level as possible
If you only use a bank size you can afford to lose and stake as per your experience and level of ability in the markets then there is no reason to let your emotions run away with you
If you only use a bank size you can afford to lose and stake as per your experience and level of ability in the markets then there is no reason to let your emotions run away with you
I think the biggest issue that a lot of new traders have is that they get bullied by the market. You need to think about where the market is about to go, not follow it somewhere.
Too often people get kicked out of a position when it was perfectly valid. It's just that the noise made them jump off a perfectly good trade.
Too often people get kicked out of a position when it was perfectly valid. It's just that the noise made them jump off a perfectly good trade.
Concentrate on one sport, preferably one that you have an interest in and understand , it really does help. Never set yourself daily targets, never "chase losses.
Don't over complicate things,make sure you have an exit strategy.and to start with keep your trades simple, and stick to one way of doing things( nearly all my trades to this day are still Lay to Back trades and only on HorseRacing
Don't rush things , don't think you have to trade every single market, there's always another day.
Keep records, and never kid yourself,most people lose money fact !! Its the easiest in the world to sit in front of a computer and think your "a trader "
But most of all enjoy it, because if you don't and your just doing it in the hope of making money, it won't work.
Don't over complicate things,make sure you have an exit strategy.and to start with keep your trades simple, and stick to one way of doing things( nearly all my trades to this day are still Lay to Back trades and only on HorseRacing
Don't rush things , don't think you have to trade every single market, there's always another day.
Keep records, and never kid yourself,most people lose money fact !! Its the easiest in the world to sit in front of a computer and think your "a trader "
But most of all enjoy it, because if you don't and your just doing it in the hope of making money, it won't work.
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SeaHorseRacing
- Posts: 2893
- Joined: Fri May 20, 2016 7:06 pm
Plan your loss before you enter the market. By that I mean know how to manage your loss before you enter. Are you scratching your trade no matter what? are you only closing when the market tells you too? Are you only taking a two tick loss no matter what..
Are you looking for a long term trend? If so you can allow a lot of noise if you have a picture in your head from A to B. If its a swing trend your expecting, than you need to adjust your loss to this market.Taking a small loss may not be the right thing to do. This type of market you can sometimes give a little slack to another price moving which is not helping your position. Where as some trades requires immediate action when something happens on another ladder.
Are you looking for a long term trend? If so you can allow a lot of noise if you have a picture in your head from A to B. If its a swing trend your expecting, than you need to adjust your loss to this market.Taking a small loss may not be the right thing to do. This type of market you can sometimes give a little slack to another price moving which is not helping your position. Where as some trades requires immediate action when something happens on another ladder.
Manage your expectations.
Posted long lists of winning trades means you compare yourself to these lists and think you are doing badly if you are not profiting from every trade.
However if more true lists were published of wwLwwLL as a better reflection of what actually occurs then you would probably be favourably compared and wouldn't beat yourself up.
Others winning figures should have no influence on your trading, learn from traders advice but ignore their figures.
Its your own individual profits that you need to measure, based on your finances and the amounts you trade.
Someone will always have a prettier wife, better car, and tougher mate.
Posted long lists of winning trades means you compare yourself to these lists and think you are doing badly if you are not profiting from every trade.
However if more true lists were published of wwLwwLL as a better reflection of what actually occurs then you would probably be favourably compared and wouldn't beat yourself up.
Others winning figures should have no influence on your trading, learn from traders advice but ignore their figures.
Its your own individual profits that you need to measure, based on your finances and the amounts you trade.
Someone will always have a prettier wife, better car, and tougher mate.
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Ginger8585
- Posts: 11
- Joined: Wed Nov 16, 2016 10:09 pm
Before every race I say "I'm not going to trade this race, i'm just going to watch it"
This stops me over trading and trained me to naturally only open a position once i saw an opportunity.
I used to be disappointed with myself for not being able to find an opportunity in a market and instead of leaving it alone I'd end up guessing.
This stops me over trading and trained me to naturally only open a position once i saw an opportunity.
I used to be disappointed with myself for not being able to find an opportunity in a market and instead of leaving it alone I'd end up guessing.