General discussion : Betfair trading made simple - Part 4 - emotional roller-coaster!

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JollyGreen
Posts: 2011
Joined: Sat Mar 21, 2009 10:06 am

Fri Aug 30, 2013 11:05 am

Trading for Newbies Part 4 - emotional roller-coaster!

So hopefully by now you have decided if you are a victor or a victim and if you have a potentially negative mindset. These things can be worked on and the difference it makes to your trading cannot be underestimated.

Let's be honest we have all flown into a rage at one time or another in our lives, I know I have. At the time it seemed acceptable but afterwards when the dust has settled so to speak, we feel complete idiots. Once again, I know I have! So why did we do it?

Before I move into the why, let's think of it in trading terms. This series of posts can only help if you are honest with yourself, if you try and side-step certain things because they seem embarrassing or painful then this will not work. You may feel it is under control but trust me, when the sh*t hits the fan they will come back to haunt you! It's just you, nobody needs to know. If you want to post about it in a reply then great but you can just keep it private and work on it. This will improve you as a person in many aspects, not just trading.

How many times have you been in a trade that turns against you? I'll go first - loads of times!

How many times have you looked at the screen and said something like "I'll show you (the market)!!" Me again...loads of times!

How many times have you said in true Victor Meldrew style "I don't believe it!" When the markets suddenly reverses on you? Me again.......loads!!

How many times have you said "Bloody typical, it waits for me to put my money in and then it clears off in the opposition direction!" (Usually involves more expletives) Me again.......bloody loads!!

Can you see where I am coming from? You are not alone and there are thousands more like us. You will notice I said us and not you. I have done all of those things. Thankfully I have never resorted to damaging my PC but I have seen screens punched, laptops thrown out of windows, PC towers kicked over and stamped on. I look at people and ask them why they did it. The reply is usually “I feel better for that!” I know that when the dust settles they will feel complete idiots plus they’ll need some new equipment.

Before I move to the next section in a separate post, just be honest and think back to the crazy things you’ve done. Try hard to remember if there was something that triggered the episode and make a note of it. The more you think about this the easier the solution will seem so don't rush it, think about you and make a note of your issues.

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

Fri Aug 30, 2013 11:21 am

That's a nice post, mate

This is a very important aspect of trading, because when your blood is pumping around the body with frustration and anger, the brain makes destructive decisons - hence why some people blow their trading bank on gambling £500 just to recover an £8 red!

I remember a frustrated novice on this forum, saying that the only thing trading had given him was Tourettes! He was looking for help, but I nearly spat my coffee out!
He was right though, because since becoming a trader, I've never sworn so much in my life!

I was one of those people who had trouble embracing a horrible red. Now, I just accept them. Whenever I feel irrational urges, I grab my coat and go for 10min walk, or get a coffee from my local shop - basically anything that just allows the adrenaline rush to subside

Iron
Posts: 6793
Joined: Fri Dec 11, 2009 10:51 pm

Fri Aug 30, 2013 1:03 pm

Nice post. :)

I'm reminded of Mike Tyson's observation that everyone has a plan till they get punched in the face...

Jeff
JollyGreen wrote: Before I move to the next section in a separate post, just be honest and think back to the crazy things you’ve done. Try hard to remember if there was something that triggered the episode and make a note of it.

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CaerMyrddin
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Joined: Mon Sep 07, 2009 10:47 am

Fri Aug 30, 2013 1:26 pm

Great set of posts JG, top stuff as usual.

Junior
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Joined: Mon Apr 20, 2009 3:11 pm

Fri Aug 30, 2013 1:30 pm

This is a good thread , honesty with yourself is the key . I am in touch with a few sports traders (some ex city others ex or current bookies) and temperaments range from totally placid (not me!!) to volcano like .All types can be succesful if individual discipline holds up. Easier said than done! For me the keeping of honest records of every single bet is the only true test and I encourage newcomers to trade on Betfair only for a trial period (regardless of better price elsewhere) so that at a touch of a button P and L is transparent.So many people fool themselves into thinking they are winners untill its in black and white and they realise what they have earnt or lost over the hours spent. "No one ever went bust taking a profit to early "was a mantra drilled into me by a mentor, along with the more controversial "the first cut is the cheapest" Find what works for you and stick to it. Good luck to all

redtra
Posts: 189
Joined: Fri Feb 08, 2013 6:27 pm

Fri Aug 30, 2013 1:49 pm

This is a great post Jollygreen and after a few months of trading, I can relate to everything you said...especially all the down sides of trading. You are so spot-on when you talk of the need to feel good when looking at the markets. Some days for me are good and others bad so it got me wondering how a whole day can have a character of its own. Obviously a day can not be one way or the other as they are not even objects...just time periods so it must be me reacting to what I see, either positively or negatively. Also, as I am trying new things, I notice if I increase my stake then it's a whole new ball game. This can effect the type of day too.

Reading your post about victor/victim was fascinating and to be able to change for the better is now my aim. By nature I am an optimist which at first made me think would be a useful quality for a trader. Now I know it doesn't work like that! Being optimistic can get in the way of the real picture, so...what would you suggest to reduce an optimistic outlook while trading? I have tried not watching any tv or listening to the radio commentaries as this can have an influence as can seeing who the jockey is.

Really looking forward to your next post Jollygreen...they are very thought provoking and helpful for us newbies!

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

Fri Aug 30, 2013 1:54 pm

Oh, I'd just like to add one thing

NEVER attempt to trade whilst alcohol is in your body. Some people may disagree with me, but I have sat in front of my screen after just 1 pint, and the brain thinks very differently.

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CaerMyrddin
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Joined: Mon Sep 07, 2009 10:47 am

Fri Aug 30, 2013 2:10 pm

Never done that, but it's easy to imagine the enthusiasm draining your funds :lol:

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