Bet Angel for newbies / Getting started : Appears simple but is devilishly difficult.

We were all new to Bet Angel once. Ask any question you like here and fellow forum members promise not to laugh. Betfair trading made simple.
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elizabeth57
Posts: 13
Joined: Sun May 14, 2017 8:28 am

Mon May 15, 2017 10:12 am

Good post as a new trader there is a lot i can take from this thank you

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LeTiss
Posts: 4205
Joined: Fri May 08, 2009 6:04 pm

Mon May 15, 2017 10:18 am

I would just like to add, that it's about getting the balance right.

It's very easy when you get to a point of being carefree about your trading, that you cross a line and become careless. I am still emotional about my trading, and that's because I recognise who I am - the moment I stop giving a shit, is the moment I become reckless

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Pontius Fascias-Inn
Posts: 8
Joined: Sun May 14, 2017 5:57 pm

Mon May 15, 2017 1:54 pm

LeTiss wrote:
Mon May 15, 2017 10:18 am
I would just like to add, that it's about getting the balance right.

It's very easy when you get to a point of being carefree about your trading, that you cross a line and become careless. I am still emotional about my trading, and that's because I recognise who I am - the moment I stop giving a shit, is the moment I become reckless
Of course you are right LeTiss, I don't mean totally carefree, not sure if I could even get to that state. Being risk-averse brings problems, the reluctance to take a loss, chasing tendencies, and spiraling into emotional decision making. Elizabeth will likely know what I mean! ;)

I think what I've picked up (by reading on here!) is that you can obviously get to a level whereby you are comfortable with the risk associated, and strong and confident enough in your edge to know that any unforeseen event (or psychological weakness) can be overridden and cannot cause you to lose control disastrously. I forget the saying but it might be conscious competence or something like that :? If there is a goal, thats what I would like to achieve. I think for me automation may be key. I don't think my current software has an auto-hedging feature. Which actually for any newbie, would be a godsend.

I think what I've realized is that the countdown pre-race as the clock ticks down to 00:00, is for me the critical moment....so right now, after looking at the results, pre-race scalping feels a bit like I'm trying to defuse a bomb against the clock. Its goes past 00:00 and BOOOOOM - Bang goes my account ! lol

After 10 odd days, and on demo, the thing is the numbers are meaningless (albeit a way of keeping score). To a certain extent, it's almost pointless continuing because, I can know the markets and how they move, inside out and back to front, have perfect entries, exits, and flawless execution, even learn perfect staking and bank roll management........but none of that will ever over-ride my own ability to psychologically self-sabotage, at any given moment.

Probably one of the best trading quotes I ever heard was that "I've got rules in place, so that I protect myself from myself"....and so the biggest (and shortest NOT quickest) journey I need to work on, is the one that shortcuts the wiring inside my head. Probably means grabbing a scalpel, and heading off to the Psychology threads before I go anywhere near Betfair again.

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Cards37
Posts: 190
Joined: Sun Oct 01, 2017 7:40 am
Location: Canberra, Australia

Wed Mar 07, 2018 6:29 am

Dallas wrote:
Thu Oct 01, 2015 11:28 am
You might want to view this video from another thread it highlights the importance of keeping losses to a minimum and under control

https://www.youtube.com/watch?v=n5z3_XwqK3s
Long time ago I know but keen to see this but link no longer valid? Any idea Dallas where it can be found now?

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Dallas
Posts: 8375
Joined: Sun Aug 09, 2015 10:57 pm

Wed Mar 07, 2018 11:14 am

Cards37 wrote:
Wed Mar 07, 2018 6:29 am
Dallas wrote:
Thu Oct 01, 2015 11:28 am
You might want to view this video from another thread it highlights the importance of keeping losses to a minimum and under control

https://www.youtube.com/watch?v=n5z3_XwqK3s
Long time ago I know but keen to see this but link no longer valid? Any idea Dallas where it can be found now?
If its the one im thinking of I've just checked my PC and dont have a copy anymore, ill check my laotops later in case i still have a copy on one and will post it up if i find it
Im not sure if you'll find it anywhere else (other users on YT), it was a simple but effective demonstration by someone showing why its harder to recover a loss

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Cards37
Posts: 190
Joined: Sun Oct 01, 2017 7:40 am
Location: Canberra, Australia

Wed Mar 07, 2018 11:29 am

Thanks - hopefully it can be resurrected. Lot of great stuff in this thread. Reading old threads can be enthralling I’ve used up several hours today doing so. Now to try and put it all in order mentally!

stueytrader
Posts: 300
Joined: Tue Dec 15, 2015 6:47 pm

Sat Mar 17, 2018 9:42 am

LeTiss wrote:
Mon May 15, 2017 10:18 am
I would just like to add, that it's about getting the balance right.

It's very easy when you get to a point of being carefree about your trading, that you cross a line and become careless. I am still emotional about my trading, and that's because I recognise who I am - the moment I stop giving a shit, is the moment I become reckless
Just found this quote from some time back - really resonating with myself currently.

Been having one of those 'hot' runs that we all know of (it's what makes the bad runs bearable). I've found myself feeling like my profits are basically making themselves with so little effort on my part - but I know that is dangerous too. Yesterday had a smaller setback, and started to wondered whether it was actually 'careless' rather than 'carefree'.

One thing I do know, I'm feeling very unstressed about trading recently - winning kind of does that I suppose. My general finances are looking fine which is also an aspect - I can see that even losing runs wouldn't bother me as much as they would have done in my past. That's also an aspect of this, where trading fits in your life and money in general.

Stu.

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wearthefoxhat
Posts: 228
Joined: Sun Feb 18, 2018 9:55 am

Sun Mar 18, 2018 9:58 am

Kai wrote:
Mon Nov 30, 2015 12:01 pm
Apologies if I'm not allowed to post this but maybe this is the book that would benefit you most, "The Daily trading coach - 101 lessons for becoming your own trading psychologist", you can download a pdf version of it here https://atoast2trading.files.wordpress. ... 9_-a23.pdf

And then there's the obvious choice of "Trading in the zone" as well, you can find almost any such book online with a quick search in a pdf format if you don't want to actually pay for it.

I'm not really into books myself but a lot of people recommend those so you can't go wrong with that, a good book can explain things much more eloquently than any of us here on the forum.
Thanks for free download. (nearly 2 and half years ago) :)

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ShaunWhite
Posts: 3347
Joined: Sat Sep 03, 2016 3:42 am

Sun Mar 18, 2018 2:15 pm

Kai wrote:
Mon Nov 30, 2015 12:01 pm
you can find almost any such book online with a quick search in a pdf format if you don't want to actually pay for it.
It's such a shame people have this attitude towards books (and software and music) because it's already hard enough to make a living from being a creative.

If you want a book then buy a new one so that the author gets paid because the consequence is that books of real quality and depth won't be published anymore and you'll be left with just the 5min recycled ebook rubbish. If a book helps you make ONE decent trade or stops ONE bad one then it's paid for itself. Yet another case of the acceptable face of casual theft and the insidious everything for nothing culture.

The next time Peter runs a course he should look out for people watching through the window.

Derek27
Posts: 2552
Joined: Wed Aug 30, 2017 11:44 am
Location: UK

Sun Mar 18, 2018 2:27 pm

ShaunWhite wrote:
Sun Mar 18, 2018 2:15 pm
The next time Peter runs a course he should look out for people watching through the window.
It's on the sixth floor. ;)

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