I know all about the horrible sinking feeling, and it still happens sometimes. If you are letting ur emotions get in the way then u will never suceed. It sounds like u are emotionally involved in ur trades, are unable to accept that you have got it wrong, unable ( through hope or greed) to take control and do what is necessary( eg, cut out and accept the loss), and do self destructive things like blow ur balance when it goes wrong, because then you can release ur anger and hurt, and blame the markets.I)@v1d wrote: What I want to avoid is, that horrible sinking feeling you get, when the profit and loss indicator stays red and increases exponentially, and your balance is reduced to nothing.
One step forward, two steps back.
So I've taken all the advice and I'm reading the blogs, re-watching the videos(don't they make it so easy!), re-reading the manuals, I'm spending hours glued at the screen, I've placed about a million back and lay bets, keeping to small stakes mostly, only to fritter away at my betfair balance. All the video's do is rub my nose in it. I'm bored stupid, sick of the sound of "this event will this and this event will that." It feels like any time I place a bet, there someone out there who pushes the price in or out until I have to cut out. I wish I hadn't embarked upon the betfair trader's journey. I was looking forward to spreading the good news to family and friends about how I had found a good way to make money. At the moment I wouldn't wish this on my worst enemy. The cons are far outweighing pros. When does it start sense?
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andyfuller
- Posts: 4619
- Joined: Wed Mar 25, 2009 12:23 pm
Mate - my best advice to you is to stop now. You seem to think in about 24hrs you could have gone from zero to hero, no way could you have read/watched anywhere near the amount you need to. You need to invest months learning this game. If it was easy everyone would be doing it, well we wouldn't as we would have retired to a beach!
If you are bored of trading in such a little amount of time it really does sound like it isn't for you.
There are plenty of other ways in life to make money, I wish you the best of luck with them.
If you are bored of trading in such a little amount of time it really does sound like it isn't for you.
There are plenty of other ways in life to make money, I wish you the best of luck with them.
David
This was on another part of this site but could be right up your street.
http://www.buymystupidebook.com/
Save yourself some pain - go away and have a good think of why you are doing it. If it is to earn an income then you will first need to learn the ropes of trading plus also to learn how to control your emotions. We all have bad days and we all have races that we either don't trade very well or make a loss.
Have you the right midset for this? No need to answer me but it is a question for yourself - focus on what you can control and not what you can't.
Someone moving the market away from where you are trading happens to us all from time to time btw.
This was on another part of this site but could be right up your street.
http://www.buymystupidebook.com/
Save yourself some pain - go away and have a good think of why you are doing it. If it is to earn an income then you will first need to learn the ropes of trading plus also to learn how to control your emotions. We all have bad days and we all have races that we either don't trade very well or make a loss.
Have you the right midset for this? No need to answer me but it is a question for yourself - focus on what you can control and not what you can't.
Someone moving the market away from where you are trading happens to us all from time to time btw.
I)@v1d
I think you should heed mr fullers advice but; no doubt there is an annoying nag somewhere in your head tempting you to give it another go. If you must succumb to the nag I would suggest you have a go at the following:-
Deposit only 30 to 40 quid in your account. You don’t need anymore, and worse comes to the worse that’s all your lose.
Put anything you have read/heard about filling the gaps, swings, scaling out, speculative orders etc, to the back of your mind for the time being.
The idea is not to win and not to loss. But to get a feel for how quick prices move, at what times they move quicker/slower etc. don’t try to work out what’s causing them to move (that’s for the future, if you ever get to grips with trading).
On the favourite or second favourite, put a back bet in at its current price ie, £2 at 3.45. if it gets matched or you think it’s likely to get matched, put in a lay bet of £2 at 3.45. if that gets matched, nothing lost nothing gained.
If it goes out or appears to being going out put in a lay at 3.5. you loss very little.
Also right click in stop loss’s 3 ticks away both sides, or better still use global settings to do it for you. So if you do let the price move to far due to your slowness/lack of experience, you lose very little (3 ticks).
10 to 20 seconds before the official off green up or red up. Don’t chance going into play, get out and switch to the next market. If your going to let trades go in play, quit now cause your lose.
Do this for several days. Remember you’re not trying to win and not trying to lose. Just stay even. If you do win or lose no major gains/loss’s.
If after several days (full days, as many races as you can) your self matching £2 bets without any major hiccups, up the stakes to £4. do it again for several days.
Hopefully after doing this for 2 or 3 weeks, you will start to get an idea of how and when money enters the market, how it’s getting matched. All you really have been doing in effect is watching the markets for 2 or 3 weeks, but with your money in them it’s far less dull.
If after all this you have to be honest with yourself. There is a lot more to learn, and the only way is with experience. Take a week off, don’t fire up bet angel or betfair, just think and decide whether you are going to like doing this day in day out. No way are you going to make it pay for at least a year. If you don’t enjoy trading, that includes taking loss’s, then your be unsuccessful, unhappy, probably lose a lot of money, and waste a hell of a lot of time (you can get money back, but time is worth far more than money, and you can never get that back).
If you find out you don’t enjoy it, or you don’t come out more or less even. Then you would be wise to take Andy’s advice.
Regards tony.
I think you should heed mr fullers advice but; no doubt there is an annoying nag somewhere in your head tempting you to give it another go. If you must succumb to the nag I would suggest you have a go at the following:-
Deposit only 30 to 40 quid in your account. You don’t need anymore, and worse comes to the worse that’s all your lose.
Put anything you have read/heard about filling the gaps, swings, scaling out, speculative orders etc, to the back of your mind for the time being.
The idea is not to win and not to loss. But to get a feel for how quick prices move, at what times they move quicker/slower etc. don’t try to work out what’s causing them to move (that’s for the future, if you ever get to grips with trading).
On the favourite or second favourite, put a back bet in at its current price ie, £2 at 3.45. if it gets matched or you think it’s likely to get matched, put in a lay bet of £2 at 3.45. if that gets matched, nothing lost nothing gained.
If it goes out or appears to being going out put in a lay at 3.5. you loss very little.
Also right click in stop loss’s 3 ticks away both sides, or better still use global settings to do it for you. So if you do let the price move to far due to your slowness/lack of experience, you lose very little (3 ticks).
10 to 20 seconds before the official off green up or red up. Don’t chance going into play, get out and switch to the next market. If your going to let trades go in play, quit now cause your lose.
Do this for several days. Remember you’re not trying to win and not trying to lose. Just stay even. If you do win or lose no major gains/loss’s.
If after several days (full days, as many races as you can) your self matching £2 bets without any major hiccups, up the stakes to £4. do it again for several days.
Hopefully after doing this for 2 or 3 weeks, you will start to get an idea of how and when money enters the market, how it’s getting matched. All you really have been doing in effect is watching the markets for 2 or 3 weeks, but with your money in them it’s far less dull.
If after all this you have to be honest with yourself. There is a lot more to learn, and the only way is with experience. Take a week off, don’t fire up bet angel or betfair, just think and decide whether you are going to like doing this day in day out. No way are you going to make it pay for at least a year. If you don’t enjoy trading, that includes taking loss’s, then your be unsuccessful, unhappy, probably lose a lot of money, and waste a hell of a lot of time (you can get money back, but time is worth far more than money, and you can never get that back).
If you find out you don’t enjoy it, or you don’t come out more or less even. Then you would be wise to take Andy’s advice.
Regards tony.
Thanks again for your helpful support and advice. Looks like there's a sensible strategy to follow. I'm caught between the devil and the deep blue sea. I'd like to see a return on my investment in time and money. I don't want this opportunity to turn into a waste of valuable resources. I'd gladly put the hours in if I could make £10 a race. I beat myself up when I lose.
I suspect I have spotted the first issue that needs addressing - " . . . a sophisticated trading tool that does it all for you . . ." 
Bet Angel is a sophisticated trading tool - but it won't "do it all for you!" As the other forum members have suggested, learn to use the tool, read the forum contributions from traders who have been through all the trials and tribulations, watch the videos, and then practice over and over again until you build your confidence. For the first 3 or 4 months I was making 40 or 50 cents from a successful trade - but I was learning.
I set myself a modest weekly target for the first year (I am now in my third year of trading) and now I make more than that initial weekly target in a day.
But, I still have along way to go.
You must serve your apprenticeship and pay for your lessons in the form of losses - believe me that nagging feeling in your gut that follows a loss - especially due to my own stupid mistake drives home the lesson better than any course or book could ever do.
Good luck with your trading - but I suspect you need to significantly recast your mental approach - that is the secret to becoming a good trader.
Galilee66
Bet Angel is a sophisticated trading tool - but it won't "do it all for you!" As the other forum members have suggested, learn to use the tool, read the forum contributions from traders who have been through all the trials and tribulations, watch the videos, and then practice over and over again until you build your confidence. For the first 3 or 4 months I was making 40 or 50 cents from a successful trade - but I was learning.
I set myself a modest weekly target for the first year (I am now in my third year of trading) and now I make more than that initial weekly target in a day.
But, I still have along way to go.
You must serve your apprenticeship and pay for your lessons in the form of losses - believe me that nagging feeling in your gut that follows a loss - especially due to my own stupid mistake drives home the lesson better than any course or book could ever do.
Good luck with your trading - but I suspect you need to significantly recast your mental approach - that is the secret to becoming a good trader.
Galilee66
I was the same as you mate thinking i had found the golden egg it soon hit me i didnt. i started 2 years ago ish and found it hard. one day was good two days were bad.i would say keep records (excel) and find a edge the only way to test this is say put £50 in your account make sure all your stake size is the same when it comes to ticks i.e 1.01-2.00 £15 2.00-3.00 £12.5 3.00-4.00 £7 4.00-6.00 £5.. now trade as much as you can dont go in play or gamble after 500 races go to your excel sheet see how your doing.if your at a loss keep going with other 500 races i know it seems slow but its a trade you have to learn.you dont become a welder in 2 weeks it takes 3 years at least trading has taken me on and off 2 years i have gave up lots of time but come back fighting thinking i will crack this now its happeneing not as much as i would like but its getting there i would say on average am making off a £400 back 15% back a day any thing else i take out as i want to learn a lot more before i up my bank. a good site that helped me on my way is www.jimmakos.com i was in a dream world till i read that. and i found a good vid by peter webb the other day let me find it..... 
http://www.youtube.com/watch?v=PHv-RBvu4Yo found it 
http://www.youtube.com/watch?v=PHv-RBvu4Yo found it