NeilSpence wrote: I am now solving my "head" rather than trying new strategies as all strategies will have the red screen at some point. Once the mind is sorted just pick a strategy.
Gotta survive long enough for that to occur of course.
Appears simple but is devilishly difficult.
Good thinking.
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NeilSpence
- Posts: 78
- Joined: Sun Nov 17, 2013 11:58 am
Its not working though, after a couple of days of head fizing I go back to refilling the bank(only £30-40)which using a successful strategy should still be enough. But after a while its the same thing. I have given up reloading with £200-300 thinking I am sorted.
The ironic thing is that nearly every time I reload my bank increases until I have my brain explosion. That shows me its not the strategy.
Mark Douglas talks about the "profit gap". The difference between using demo mode and real money. My gap is massive.
Which thankfully proves two giant things.
1. The strategies I use work.
2. I can trade properly.
So, once the head is sorted is should be up and away.
The ironic thing is that nearly every time I reload my bank increases until I have my brain explosion. That shows me its not the strategy.
Mark Douglas talks about the "profit gap". The difference between using demo mode and real money. My gap is massive.
Which thankfully proves two giant things.
1. The strategies I use work.
2. I can trade properly.
So, once the head is sorted is should be up and away.
If it's any consolation, I have a feeling I know how you feel. So, I imagine, do most people who have tried to give up any emotion-driven bad habit, whether it's drinking, smoking, overeating or whatever.
Hopefully, you'll get there. In the mean time, you're right to stay out of the market. If you just think, 'this time it's different' and dive in, you'll probably find that it's not different and you lose money again. I speak from experience...
Jeff
Hopefully, you'll get there. In the mean time, you're right to stay out of the market. If you just think, 'this time it's different' and dive in, you'll probably find that it's not different and you lose money again. I speak from experience...
Jeff
NeilSpence wrote: So, once the head is sorted is should be up and away.
Hi,
Just a little update for you with some good and bad news........
Good news is that I now have £186.70 so I am heading towards my first doubling of a bank, started with £100 on 01.09.14.
Bad news is my trading is still not being executed as it should be and I have gone in-play a few times which I shouldn't have. So I have won the money but know deep down that it's not good enough. I have made progress even on the gambling (in-play) front because there is no way I would have lasted this long without putting more money in my bank if I had carried on the old way. I suppose it's a bit like playing russian roulette 5 times a day, it won't take long before you're brown bread. If you play it 6 times a week, you'll last a lot longer but we all know it will end the same way so I MUST NOT go in play.
I am improving on accepting the losses but you'd be amazed how many times I accept a red of say, £1.12 and then sit there watching the screen, 5 mins to go and go back in only to turn it into a £4.50 red. I can feel my blood boiling sometimes and the language
I'm not going to lose this bank now, no matter what happens so if on my next post I appear to have won nothing or even gone backwards, it'll be because I haven't gambled the bank to win it back. I've come too far to blow this now.
Just a little update for you with some good and bad news........
Good news is that I now have £186.70 so I am heading towards my first doubling of a bank, started with £100 on 01.09.14.
Bad news is my trading is still not being executed as it should be and I have gone in-play a few times which I shouldn't have. So I have won the money but know deep down that it's not good enough. I have made progress even on the gambling (in-play) front because there is no way I would have lasted this long without putting more money in my bank if I had carried on the old way. I suppose it's a bit like playing russian roulette 5 times a day, it won't take long before you're brown bread. If you play it 6 times a week, you'll last a lot longer but we all know it will end the same way so I MUST NOT go in play.
I am improving on accepting the losses but you'd be amazed how many times I accept a red of say, £1.12 and then sit there watching the screen, 5 mins to go and go back in only to turn it into a £4.50 red. I can feel my blood boiling sometimes and the language
I'm not going to lose this bank now, no matter what happens so if on my next post I appear to have won nothing or even gone backwards, it'll be because I haven't gambled the bank to win it back. I've come too far to blow this now.
Quick update on my November trading..
Went in play, lost all my winnings again and back to £100. Total waste of f****** time.
I have learn't in the last 3 months that:
I can't control my emotions
I can't stop chasing losses
I turn trades into blatant gambles because I don't want to accept a red
I am deluded and believe I am capable but in reality I'm just a typical mug punter.
Because of the above, I can't trade and have 3 months of trading almost 1000 races to prove it.
I have started back at the £100 and will post again in January to see how I got on this month.
I know people will just advise me to stop but I must learn to control myself. We'll see how I get on.
Went in play, lost all my winnings again and back to £100. Total waste of f****** time.
I have learn't in the last 3 months that:
I can't control my emotions
I can't stop chasing losses
I turn trades into blatant gambles because I don't want to accept a red
I am deluded and believe I am capable but in reality I'm just a typical mug punter.
Because of the above, I can't trade and have 3 months of trading almost 1000 races to prove it.
I have started back at the £100 and will post again in January to see how I got on this month.
I know people will just advise me to stop but I must learn to control myself. We'll see how I get on.
You haven't actually lost money yet - you're back to where you started
Listen, I was that person many years back, so it is possible to change
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
Listen, I was that person many years back, so it is possible to change
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
I agree completely, the thing that trips people up consistently is there aversion to losses. It's amazing really, but completely understandable. Our emotions were created when we were afraid of getting eaten by a lion so it's natural to try and avoid that.
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marksmeets302
- Posts: 527
- Joined: Thu Dec 10, 2009 4:37 pm
Here's a simple idea. Why not protect yourself from going in-play? I'm sure it's possible to hedge up after the market goes in play with some betangel automation. Once the loss is taken you'll feel better.
Another idea: break the pattern. Next time the market goes in-play and you have an open position don't stare at the screen but do this: have a bottle of water some 5(*) meters away from you. Walk over there, take 2 or 3 sips, return to your screen and immediately hit the greenup button.
Then again, you might be too nervous about all this. You act like your very existence depends on the outcome of the next trade. It doesn't .
(*) I'll leave the conversion to feet or yards as an exercise to the reader
Another idea: break the pattern. Next time the market goes in-play and you have an open position don't stare at the screen but do this: have a bottle of water some 5(*) meters away from you. Walk over there, take 2 or 3 sips, return to your screen and immediately hit the greenup button.
Then again, you might be too nervous about all this. You act like your very existence depends on the outcome of the next trade. It doesn't
.(*) I'll leave the conversion to feet or yards as an exercise to the reader
Quick Update..
Bank now up to £176.67 so going the right way.
Not going to give it a large one about having cracked it because I've had too many false dawns before but what I will say is "cut out the mistakes" is what I think about all the time now when trading.
For the time being, what I do right can remain but what I do wrong needs attention and slowly but surely the mistakes are decreasing and the bank is increasing.
We'll see start of Feb how I've got on.
Happy New Year.
Bank now up to £176.67 so going the right way.
Not going to give it a large one about having cracked it because I've had too many false dawns before but what I will say is "cut out the mistakes" is what I think about all the time now when trading.
For the time being, what I do right can remain but what I do wrong needs attention and slowly but surely the mistakes are decreasing and the bank is increasing.
We'll see start of Feb how I've got on.
Happy New Year.
Quick update...
Bank is now up to £328.08 so won some money.
Still taking far too many risks so I'm not proud of this result, I'd rather have won £50 without going in-play once than £150 chancing my arm. The problem I seem to find is that the more I win, the more lazy and sloppy I become in my approach because I start to feel that I've cracked it.
I got into a good rhythm mid Jan and was making good progress, then one day a trade went wrong so I gambled £296 to win £23. Totally stupid and reckless. My loss got up to £70 but the horse got beat so I got away with it, I could feel my pulse getting faster and faster and am just fed up with putting myself under pressure like this.
I am starting to feel like I can't control my actions because I can say to myself a million times "don't go in play" but it means **** all because once I'm in a big red position my brain scrambles and I'm all over the place. I must add though that I do often take reds and scratch trades all the time in fact but it's when I drop my guard and that maximum loss of £5 is now £9.40, thats when anything goes.
In Feb, I'm going to attempt to go a whole month without going in play regardless of how much I win or lose. I think actually I'll post up on here frequently through the month to keep me on the straight and narrow.
Incidentally, I treat this thread as a monthly exercise to come clean about myself and my failings. I don't type all this because I expect anyone to be interested in my inability to trade, I do it because it kind of takes the weight off my shoulders a bit in the sense that I can be honest and admit all the things that I do wrong.
By the end of this year, I want to be able to post about what I've done right and how I did it.
Long way to go......
Bank is now up to £328.08 so won some money.
Still taking far too many risks so I'm not proud of this result, I'd rather have won £50 without going in-play once than £150 chancing my arm. The problem I seem to find is that the more I win, the more lazy and sloppy I become in my approach because I start to feel that I've cracked it.
I got into a good rhythm mid Jan and was making good progress, then one day a trade went wrong so I gambled £296 to win £23. Totally stupid and reckless. My loss got up to £70 but the horse got beat so I got away with it, I could feel my pulse getting faster and faster and am just fed up with putting myself under pressure like this.
I am starting to feel like I can't control my actions because I can say to myself a million times "don't go in play" but it means **** all because once I'm in a big red position my brain scrambles and I'm all over the place. I must add though that I do often take reds and scratch trades all the time in fact but it's when I drop my guard and that maximum loss of £5 is now £9.40, thats when anything goes.
In Feb, I'm going to attempt to go a whole month without going in play regardless of how much I win or lose. I think actually I'll post up on here frequently through the month to keep me on the straight and narrow.
Incidentally, I treat this thread as a monthly exercise to come clean about myself and my failings. I don't type all this because I expect anyone to be interested in my inability to trade, I do it because it kind of takes the weight off my shoulders a bit in the sense that I can be honest and admit all the things that I do wrong.
By the end of this year, I want to be able to post about what I've done right and how I did it.
Long way to go......
you are fighting the hard wiring in your brain. its been wired over millions of years, to protect your assests etc. it is not been designed for trading, it/you are seeing a loss as a threat/attack on your assets, and it/you will fight to save them to the bitter end.
learning to take ticks is easy, learning to control yourself is hard, as you have to overcome emotions and instincts and reactions to threats (real or percieved) that have worked extremly well for millions of years.
you are obviously struggling on that side of trading.
how to get over it? i dont think there is a simple method/technique whatever.
you either can or you cant.
not much help i know or a dig but, be careful you dont end up wasting all your time and money on something that your brain may not have the best wiring for.
have you tried other markets? maybe you would be better off trading something other than horse races?
learning to take ticks is easy, learning to control yourself is hard, as you have to overcome emotions and instincts and reactions to threats (real or percieved) that have worked extremly well for millions of years.
you are obviously struggling on that side of trading.
how to get over it? i dont think there is a simple method/technique whatever.
you either can or you cant.
not much help i know or a dig but, be careful you dont end up wasting all your time and money on something that your brain may not have the best wiring for.
have you tried other markets? maybe you would be better off trading something other than horse races?
Here is the problem and the SOLUTION you are facing, explained - it's worth watching both videos till the end 
http://youtu.be/lGZyw6PIRvY
http://youtu.be/l6byGO1q8nk
Hope it helps and DON'T GIVE UP!
http://youtu.be/lGZyw6PIRvY
http://youtu.be/l6byGO1q8nk
Hope it helps and DON'T GIVE UP!
to75ne - For me it's a bit like losing weight or giving up smoking, everyone knows how to do it but millions aren't able to do it for whatever reason. If I don't let the red get out of hand in the first place then the situation wouldn't occur like it has been in Jan.
It will be interesting to see this month how little I win (if at all) when I accept reds and don't risk my bank.
I have tried football trading with some success but I don't really know what I'm doing so I'll tread carefully.
Andrejt - Thanks for the link, my eyes almost popped out of my head when I saw the first one was 6 hrs long
I've bought my Kindle to work today so I can work my way through it, I did start watching it last night in bed but only got about 10mins in before falling asleep. I hope that was down to tiredness rather than a reflection of the program content 
It will be interesting to see this month how little I win (if at all) when I accept reds and don't risk my bank.
I have tried football trading with some success but I don't really know what I'm doing so I'll tread carefully.
Andrejt - Thanks for the link, my eyes almost popped out of my head when I saw the first one was 6 hrs long
I've bought my Kindle to work today so I can work my way through it, I did start watching it last night in bed but only got about 10mins in before falling asleep. I hope that was down to tiredness rather than a reflection of the program content The program content is excatly what you are looking for, but the whole seminar lasts a long time yupLammtarra wrote: I hope that was down to tiredness rather than a reflection of the program content
I needed one week for the whole seminar, but learned a lot from it.
Keep us posted about your progress