What, if anything, tempts you into reckless behaviour?

Trading is often about how to take the appropriate risk without exposing yourself to very human flaws.
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gutuami
Posts: 1858
Joined: Wed Apr 15, 2009 4:06 pm

SeaHorseRacing wrote:
Sun Aug 12, 2018 11:04 am


I had a little card...
Which read as such..

I am so happy and grateful that I do not act recklessly if I have a losing trade.

I would read this on every race/market I opened and after I finished each trade

I also took the profit and loss column out of the ladder. Worked wonders.

...
I would like to point out that our brain does not process negative commands. If I say to you don't think of a orange elephant - immediately you have to think of a orange elephant in order to know what not to do. psychologists suggest that avoiding using "not" may have greater effect on remainders. But every case is different. Sometimes we do need to remind ourselves both states.
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STARBUCK62
Posts: 54
Joined: Sat May 23, 2009 3:30 pm

Will I ever learn too, I played a blinder yesterday and in the last tradeI let it go in play because I did not want to take a £1.48 loss, so put it in at 00-00 for a scratch thinking it woukd drop down 2 ticks.
It was a 5 furlong race my horse was slowly away and BOOM before I knew it the race was over and out of pocket by £64, if I had took the initial loss I would have still been up £17.40.
One day rhe penny will drop, sooner rather than later,, it was sole destroying.
The positive I take from it is that it was in my control and it was only me that caused the outcome that was, my other trades including penny losses and scratches were well executed. 😍
FrogThimble
Posts: 124
Joined: Mon Dec 11, 2017 6:26 pm

STARBUCK62 wrote:
Sat Aug 18, 2018 10:38 am
Will I ever learn too, I played a blinder yesterday and in the last tradeI let it go in play because I did not want to take a £1.48 loss, so put it in at 00-00 for a scratch thinking it woukd drop down 2 ticks.
It was a 5 furlong race my horse was slowly away and BOOM before I knew it the race was over and out of pocket by £64, if I had took the initial loss I would have still been up £17.40.
One day rhe penny will drop, sooner rather than later,, it was sole destroying.
The positive I take from it is that it was in my control and it was only me that caused the outcome that was, my other trades including penny losses and scratches were well executed. 😍
I'm an in-play trader but I've never had any success on the 5 furlong races because, as you say, BOOM. So now I just completely ignore them. They're not for the likes of me. I can trade 6 furlongs in-play with a fighting chance, as there's just enought reaction time to get out, but 5 furlong races are too dangerous.
JTEDL
Posts: 536
Joined: Wed Aug 23, 2017 2:21 pm

5f in running probably need to be in and out by 20-30 seconds but still risky, all over in about a minute, just watch one on the inplay trader screen, you'll see what I mean.
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LeTiss
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Joined: Fri May 08, 2009 6:04 pm

FrogThimble wrote:
Sun Aug 12, 2018 3:03 pm
That's a great idea. I think I'll print something like that out for myself. As it happens I've just had a losing trade again of the kind that made me behave badly yesterday (took out the day's profits)... but I'm behaving myself this time and made a sensible normal trade on the next race.
I can recommend printing off disasters. I done that after losing a massive wedge (£2000) by letting a bad trade go IP!

I printed off the details and blue tacked it to my wall, just as a constant reminder to always take a red, and move onto the next trade.

It was invaluable, as it eradicated my biggest flaw, and after a few months, it just became second nature to never go IP
FrogThimble
Posts: 124
Joined: Mon Dec 11, 2017 6:26 pm

LeTiss wrote:
Sun Aug 19, 2018 4:58 pm


I can recommend printing off disasters. I done that after losing a massive wedge (£2000) by letting a bad trade go IP!

I printed off the details and blue tacked it to my wall, just as a constant reminder to always take a red, and move onto the next trade.

It was invaluable, as it eradicated my biggest flaw, and after a few months, it just became second nature to never go IP
Wow! My disasters will never be as big as that as I play with a 3-figure bank only. However, as an in-play trader I need to accept small reds regularly too so printing off my next big red sounds like a good idea.
stueytrader
Posts: 863
Joined: Tue Dec 15, 2015 6:47 pm

FrogThimble wrote:
Sat Aug 11, 2018 3:16 pm
I've noticed one dangerous trait in my own trading behaviour. It seems that, psychologically, I am willing to accept any loss on any trade except for a loss that more than wipes out the day's profits so far. When that happens I tend to get frustrated and either up my stakes or try a full on gamble in the next event.

I got lucky but I didn't deserve to.
Those two section sum up some of my own previous issues quite well - it isn't usually having losses that has broken my discipline, rather a size of loss and relation to my (previous obsession) current day's P/L.

I also think the latter point is relevant - whenever I chased in the past and got lucky it really made it easier to get to that point again. Not good to 'win' sometimes in this game I believe... ;)
FrogThimble
Posts: 124
Joined: Mon Dec 11, 2017 6:26 pm

stueytrader wrote:
Tue Aug 21, 2018 1:41 pm
FrogThimble wrote:
Sat Aug 11, 2018 3:16 pm
I've noticed one dangerous trait in my own trading behaviour. It seems that, psychologically, I am willing to accept any loss on any trade except for a loss that more than wipes out the day's profits so far. When that happens I tend to get frustrated and either up my stakes or try a full on gamble in the next event.

I got lucky but I didn't deserve to.
Those two section sum up some of my own previous issues quite well - it isn't usually having losses that has broken my discipline, rather a size of loss and relation to my (previous obsession) current day's P/L.

I also think the latter point is relevant - whenever I chased in the past and got lucky it really made it easier to get to that point again. Not good to 'win' sometimes in this game I believe... ;)

Yes... I've had a crazy yo-yo kind of day today. Lots of ups and down. I've been both lucky and unlucky today, I think it's fair to say.
Strela_999
Posts: 5
Joined: Tue Sep 25, 2018 4:41 pm

I noticed that I'm tempted to go for a dangerous bet when I've had a good day and when I've been lucky a lot ; I tend to get into an optimistic state of mind and my luck always ends up overextending itself.

So, to make it simple, I'd do much better if I stepped in dog crap, dropped some sauce on my shirt and missed my bus before going to the bar to take a bet :lol:
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wearthefoxhat
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Joined: Sun Feb 18, 2018 9:55 am

Reckless behaviour...= Richard Fuld @ Lehman Brothers 2008.

When facing all the evidence against further buying, he doubles down...(the rest is history)

https://www.youtube.com/watch?v=kpoRhtFriWg
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