I always look at it this way: at any given point in time the theoretical price is probably the midpoint of the best back and lay. I don't want to pay too much, so when placing a lay, I'll either join or (if possible) dime the best lay.
Taking the available back or lay can beneficial when you need to trade out, especially in a fast moving market. It will lower the variance of your pnl.
Mark.
Appears simple but is devilishly difficult.
A bit late I know but my March update....
Bank up to £240.96 from £134.13 so moving back in the right direction but overall nothing changes i.e win a bit, lose a lot, cheat to try and win it back quicker - you know the score......I got lucky and turned it around but it's not good enough.
For the millionth time, this month I AM NOT GOING IN PLAY, we'll see what happens in April.
Bank up to £240.96 from £134.13 so moving back in the right direction but overall nothing changes i.e win a bit, lose a lot, cheat to try and win it back quicker - you know the score......I got lucky and turned it around but it's not good enough.
For the millionth time, this month I AM NOT GOING IN PLAY, we'll see what happens in April.
How many times (per day) do you go inplay?Lammtarra wrote:A bit late I know but my March update....
Bank up to £240.96 from £134.13 so moving back in the right direction but overall nothing changes i.e win a bit, lose a lot, cheat to try and win it back quicker - you know the score......I got lucky and turned it around but it's not good enough.
For the millionth time, this month I AM NOT GOING IN PLAY, we'll see what happens in April.
Percentage chance of Lammtarra going inplay this month? i'll go for 95% he hasn't been burned badly enough yetLammtarra wrote:A bit late I know but my March update....
Bank up to £240.96 from £134.13 so moving back in the right direction but overall nothing changes i.e win a bit, lose a lot, cheat to try and win it back quicker - you know the score......I got lucky and turned it around but it's not good enough.
For the millionth time, this month I AM NOT GOING IN PLAY, we'll see what happens in April.
Lammtarra, can i ask a question, what do you want out of this trading game
1) Main Income
2) Extra Income towrads regular income
3) Hobby
If it is number one, this is the worst thing that affects you and can hope for. Most profesional traders on here eased into becoming profesional before giving up the source of main income.
I do it for number 2, my main income, my Job hours fit my lifestyle,(even arround child care), i use a relitavly large bank.but i dont put a expectation on it.1% a day is a good average, but dont let BA be your would be holy grail, i have lost at least £6000 and it took me a whole 3 years to get it back,am now on my way, i took Peters course and another coach, the course advice i got fell into place jouring the journey.
I wish you all the luck its a tuff game, here is a tip once your trade drops two ticks below your entry GET OUT YOU HAVE LOST accept it i do this gospel, i then trade another horse to redusce the loss, I NEVER GO into play
1 Forget your bank its spent to Betfair
2 Read up on bank management
3 Get your mindset away from targets (its dangerous) because it makes your mindset believe the market owes you something it doesn,t owe any of us anything
Tkae losses, i took 10 in one session, took time off and had 10 greens in a row at different values, Keep your eye on your bank every 7 days i tend noot to do at a end of a session
Good luck, keep in there you will get there, i thought i wouldnt, when Peter told me about putting his first £1000 through the market i was
, 4 years on tells you the story
1) Main Income
2) Extra Income towrads regular income
3) Hobby
If it is number one, this is the worst thing that affects you and can hope for. Most profesional traders on here eased into becoming profesional before giving up the source of main income.
I do it for number 2, my main income, my Job hours fit my lifestyle,(even arround child care), i use a relitavly large bank.but i dont put a expectation on it.1% a day is a good average, but dont let BA be your would be holy grail, i have lost at least £6000 and it took me a whole 3 years to get it back,am now on my way, i took Peters course and another coach, the course advice i got fell into place jouring the journey.
I wish you all the luck its a tuff game, here is a tip once your trade drops two ticks below your entry GET OUT YOU HAVE LOST accept it i do this gospel, i then trade another horse to redusce the loss, I NEVER GO into play
1 Forget your bank its spent to Betfair
2 Read up on bank management
3 Get your mindset away from targets (its dangerous) because it makes your mindset believe the market owes you something it doesn,t owe any of us anything
Tkae losses, i took 10 in one session, took time off and had 10 greens in a row at different values, Keep your eye on your bank every 7 days i tend noot to do at a end of a session
Good luck, keep in there you will get there, i thought i wouldnt, when Peter told me about putting his first £1000 through the market i was
, 4 years on tells you the storyThanks for your comments guys:
andrejt - I can go days without once going in-play, it is not a part of my trading plan which makes it even worse. I only go in-play when I'm chasing losses, Terrible thing to say or admit but thats the truth.
I suppose on a weekly basis, I'd go in-play 10 times?
Even though every day I'll say to myself I won't do it again
it really p***** me of because I'm not in control.
marko236 - This is my biggest test really, nothing to do with money just not to go in-play. I've lost 2 stone so far using serious will power - I need to apply that to trading.
Alpha322 - I want to ultimately go full time but I have the luxury of having my own business and being able to chose when. I would supplement my income for years before I actually took the plunge.
I've got it all worked out in my head but struggle with the most basic thing of all - accepting losses
which is why I am going to get out quicker on losing trades so that situation doesn't occur.
andrejt - I can go days without once going in-play, it is not a part of my trading plan which makes it even worse. I only go in-play when I'm chasing losses, Terrible thing to say or admit but thats the truth.
I suppose on a weekly basis, I'd go in-play 10 times?
Even though every day I'll say to myself I won't do it again
it really p***** me of because I'm not in control. marko236 - This is my biggest test really, nothing to do with money just not to go in-play. I've lost 2 stone so far using serious will power - I need to apply that to trading.
Alpha322 - I want to ultimately go full time but I have the luxury of having my own business and being able to chose when. I would supplement my income for years before I actually took the plunge.
I've got it all worked out in my head but struggle with the most basic thing of all - accepting losses
which is why I am going to get out quicker on losing trades so that situation doesn't occur.HI I am a newbie here only been trying a couple of weeks, and as you say devilishly difficult! I am booked into the 'master trading course' with the exchange acadamy next week which I was hoping was going to be the answer to all this trading stuff. but after reading all the posts on here I think it will leave me more confused and poorer than before! although I wasn't intending for it to be a full time profession, I was just interested and thought it would be nice to win more than lose! I shall keep studying and playing for a while and see what happens! cheers, keep posting and good luck!
Gus
Gus
Maybe this will help you a little...Lammtarra wrote: andrejt - I can go days without once going in-play, it is not a part of my trading plan which makes it even worse. I only go in-play when I'm chasing losses, Terrible thing to say or admit but thats the truth.
I suppose on a weekly basis, I'd go in-play 10 times?
Even though every day I'll say to myself I won't do it again
In the past 2 months I too went in-play a couple of times and of course the day came when I blew my starting bank
So my TWO goals till the end of the year are simple :
"NO IN-PLAY" and "CUT YOUR LOSSES" and that's it!
I really don't have any other goals (for example : I have to make x eur in a market, I have to get x ticks in a swing, ...) except the above two.
And in the picture you see how I am always reminded of them when trading
What do they do when faced with a red screen ?LeTiss 4pm wrote:
I have said this countless of times on this forum, but the difference between a successful trader and a bankrupt one, is what they do when faced with a red screen
follow his rules/plan and not his emotionsArchangel wrote:What do they do when faced with a red screen ?LeTiss 4pm wrote:
I have said this countless of times on this forum, but the difference between a successful trader and a bankrupt one, is what they do when faced with a red screen
will power instinct
https://www.youtube.com/watch?v=V5BXuZL1HAg
https://www.youtube.com/watch?v=V5BXuZL1HAg
I have worked hard on discipline and not letting trades go in play. There really is no excuse for letting a trade go in play other than you fell asleep or lost your connection. The hardest part is letting go of the gambler mentality when I realised I would never make it with that mindset of chasing losses
I do find though that I am typically racking up a lot of small losses becasue I am liable to cut out a trade perhaps too early rather than risk letting a small red grow into a big one. I have been burned too many times though hoping a losing trade comes back to green
I think there may be problems with my entry points or even that I am overtrading , getting involved where I should not be. Hopefully I can work this out
I do find though that I am typically racking up a lot of small losses becasue I am liable to cut out a trade perhaps too early rather than risk letting a small red grow into a big one. I have been burned too many times though hoping a losing trade comes back to green
I think there may be problems with my entry points or even that I am overtrading , getting involved where I should not be. Hopefully I can work this out
Archangel wrote:I have worked hard on discipline and not letting trades go in play. There really is no excuse for letting a trade go in play other than you fell asleep or lost your connection. The hardest part is letting go of the gambler mentality when I realised I would never make it with that mindset of chasing losses
I do find though that I am typically racking up a lot of small losses becasue I am liable to cut out a trade perhaps too early rather than risk letting a small red grow into a big one. I have been burned too many times though hoping a losing trade comes back to green
I think there may be problems with my entry points or even that I am overtrading , getting involved where I should not be. Hopefully I can work this out
Was in the same postion of being burned to many times and that inturn made me cut out of a trade to early, most of the time i'l let a trade go against me 4 ticks while i work out if it's going against me then decide if i get out.