Re-coup losses
-
- Posts: 21
- Joined: Sun Jan 25, 2015 6:41 pm
In Guardian is it possible to increase a back bet on an automated race in relation to the previous race or the account balance. I was thinkiing along the martingale lines of increasing your bet to recoup losses if you lost the last race.
Don't do it. Simple as that. Unless you want to be another fish.garwoodstud wrote:In Guardian is it possible to increase a back bet on an automated race in relation to the previous race or the account balance. I was thinkiing along the martingale lines of increasing your bet to recoup losses if you lost the last race.
The biggest mistake people make in trading/betting is loss recovery strategies - we've seen it a million times on this forum. This includes letting a bad trade go 'In Play' or chasing losers with bigger stakes and greater risks on the next trade
Do yourself a favour garwood, and listen to people more experienced than you in trading........your wonderful foolproof idea will simply send you to the poor house
Do yourself a favour garwood, and listen to people more experienced than you in trading........your wonderful foolproof idea will simply send you to the poor house
Could not agree more.LeTiss 4pm wrote:Do yourself a favour garwood, and listen to people more experienced than you in trading........your wonderful foolproof idea will simply send you to the poor house
Someone else in agreement
https://www.youtube.com/watch?v=nh0IngAgsoI
-
- Posts: 21
- Joined: Sun Jan 25, 2015 6:41 pm
I understand the dangers of the doubling up to recoup losses, I was not planning on doing that. But what I had in mind required the next bet to be placed would be based on the result of the last race. I gathered this cannot be done through Guardian and that I would need to do it through Excel. Is this correct.
Thanks for your replies.
Thanks for your replies.
-
- Posts: 45
- Joined: Tue Apr 19, 2016 10:12 pm
I really would not do that either. Do your most to get a high strike rate on level stakes when testing your strategy. Get that right first then consider a partial loss recovery plan IF you are not likely to lose large amounts daily.
I have tried loss recovery plans, some endorsed by top traders - they have shitloads of money. And I lost loads earlier this year following one. Most traders starting don't have huge betting banks. Others are taking money out of household budgets, I hope they are not following loss recovery plans.
Avoid full loss recovery plans IMHO. The only one I do think can be okay, if back bets, is the labouchere staking plan, but again that is my experience.
I have tried loss recovery plans, some endorsed by top traders - they have shitloads of money. And I lost loads earlier this year following one. Most traders starting don't have huge betting banks. Others are taking money out of household budgets, I hope they are not following loss recovery plans.
Avoid full loss recovery plans IMHO. The only one I do think can be okay, if back bets, is the labouchere staking plan, but again that is my experience.
- Crazyskier
- Posts: 1185
- Joined: Sat Feb 06, 2016 6:36 pm
I also agree absolutely that loss-recovery is a route to the poorhouse in anything other than level stakes (and be patient enough to wait for the losses to recover) or staking a flat percentage, be it 2% or 5% of total bank. That way you lose less when on a bad streak, and win more when on a wood run...Dallas wrote:Could not agree more.LeTiss 4pm wrote:Do yourself a favour garwood, and listen to people more experienced than you in trading........your wonderful foolproof idea will simply send you to the poor house
Someone else in agreement
https://www.youtube.com/watch?v=nh0IngAgsoI
- Crazyskier
- Posts: 1185
- Joined: Sat Feb 06, 2016 6:36 pm
Crazyskier wrote:I also agree absolutely that loss-recovery is a route to the poorhouse in anything other than level stakes (and be patient enough to wait for the losses to recover) or staking a flat percentage, be it 2% or 5% of total bank. That way you lose less when on a bad streak, and win more when on a good run...Dallas wrote:Could not agree more.LeTiss 4pm wrote:Do yourself a favour garwood, and listen to people more experienced than you in trading........your wonderful foolproof idea will simply send you to the poor house
Someone else in agreement
https://www.youtube.com/watch?v=nh0IngAgsoI
- Crazyskier
- Posts: 1185
- Joined: Sat Feb 06, 2016 6:36 pm
LOL. Tried to edit 'wood' to 'good'... weirdjimibt wrote:blimey crazyskier, you've entered the world of mirrors within mirrors!!
- ShaunWhite
- Posts: 9731
- Joined: Sat Sep 03, 2016 3:42 am
If loss recovery systems worked 100%, I'd use them instead of my main strategy.
I'm still recovering from the OPs use of the 'm' word around here.
If anything do the opposite to make efficient use of your bank? Trade smaller if you lose, bigger when you win. Now i'm going to sit back and wait for the flack from the level stakes boys after that comment
I'm still recovering from the OPs use of the 'm' word around here.
If anything do the opposite to make efficient use of your bank? Trade smaller if you lose, bigger when you win. Now i'm going to sit back and wait for the flack from the level stakes boys after that comment
-
- Posts: 45
- Joined: Tue Apr 19, 2016 10:12 pm
Been on several forum thread (not here) where long term traders have talked about loss recovery. Even though one of them, cant recall the name of it, admitted to lots of loss chasing. That one was about laying below 3 on the favourite and adding losses to the next stake.to75ne wrote:just out of curiosity "I have tried loss recovery plans, some endorsed by top traders", who are these "top traders" that endorse loss recovery plans?
Another were the traders touting about years of experience on Pete's Betfair Method many threads out there. This is about laying below 2 on the first horse trading below 2. Until you get a win. That was where I lost £300 in 2 days. That stake plan aims to recover 100% of the loss and the stakes get risky beyond belief on a losing run.
Both are laying strategies that can work with Bet Angel in a much better way using conditions and level stakes.
basically, wash up and move on... on the flip side, i have on occasion managed a GREAT trade (horses) 45-30 minutes out and then on nearing the 5 minute pre-race window have been tempted to try and improve the bottom line. also just *move on* - often ends in a worse position. i guess i'm saying, you realise it's an emotional attachment when you are still focussing on a profit or loss after the fact. the truth of the matter is to be calculating and balance the losses against the (better) gains without harbouring any ownership over the trade (or it owning you!!).LeTiss 4pm wrote:Long-term traders and loss recovery systems?
Nick Leeson anyone?
Chasing losses will eventually bankrupt anyone who follows that path