Gambling with money made trading, tell me how to stop this please, I need help!
Initially the point of me even getting into looking at different strategies was an acceptance that I was always going to gamble, so I should be doing whatever I can to win.
Of course came upon trading and eventually after thousands of £££'s wasted and an education of years losing, I found my place.
But I carried on gambling, not terribly but I was still going through the motions and ending up over estimating positions and thus overstaking. The trading lead me to just trying to earn more money to bet with, which seems ridiculous written down but thats how it played out.
Next step I took to deal with the pissing money away issue was automating as much as possible, the goal being to alert myself when potential trades opened, so I wasnt bound to the screens waiting for them and in theory 'seeing' less guessing opportunities. I achieved the automation in finding volatile and potentially great spots to trade but I had nothing else to do some days, so would wind up sitting around watching numbers fly about like before regardless, then making awful bets.
Final straw was going FULL automation, the holy grail, never touch the stupid machine again, something everyone wants.... which I actually achieved last year for a period but again, any money I made was just getting dumped into random tennis or football games, I just couldnt help myself and actually got worse the more I won through automation. I spent too much money and just stopped gambling completely.
A few changes in circumstance this summer has brought me back, I wasnt gambling at all for months this year despite having a fair bit of cash coming in through work, just had zero interest. Even with no.love for tennis sh"t, I always had coming back to trading and even experimenting with automation again on my mind, which I recently plugged into again.
Running the old automation scripts for a few weeks and refining them a bit, Ive found them to be doing OK again, similar results to the months I ran them in 2017, lots of even days with the occasional great winning day. Excel is turning over dozens of bets a session on one of my other computers I never need to look at, that was the goal all along and it was to stop me gambling, it hasnt worked.
How the hell do I stop gambling money Ive won trading? Ive a serious problem.
This week I am about UP 300 on the spreadsheet bets and DOWN 600 overall, Ive gambled through 300quids worth of easy profit and then another 300 on top of that, with my liquid bf balance going down from £1000 at the start of the week to sub £500, which Ive now had to deposit more into.
The pattern is all too predictable, even though its all happening on another computer I should never need to look at and I have confidence in, if I have a few free moments I will bring up the balance on the work computer orr my phone and it starts.
I'll either be- cool, I've made £40 in the past hours racing, I might aswell have a "free" go on some other sport or oh crap, I keep getting stopped and Ive lost some money, I'll just check again in an hour..... so I am betting winnings but accepting trading loses without feeling like I need to chase them, regular bets however are another matter, this week when Ive guessed wrong on one event, Im straight into the next to try and get it back.
Am I doomed?
Overcoming gambling addiction
Many people interested in trading on the sports markets, have gravitated from having been a punter initially.......I feel your pain, as that was me many years ago. I managed to overcome it, so don't despair - all is not lost.
The first issue punters have with trading is accepting a loss. Having an aversion to losers (is in my opinion) the biggest reason for failure in sports trading. You have a 50% chance of guessing the movement of a price, even your cat has a 50% chance. It's not an inablility to read graphs, it's an inability to accept a loss. As I've said many times here "the difference between a successful trader and a bankrupt one, is what they do when they are faced with a red screen"
I've also said many times, that punters expect a run for their money. If you back a horse and it falls at the first, or gets beaten on the run in, you've still had a run and seen the race unfold. If you back over 2.5 goals and it's 0-0 after 60mins, you're still in the game even though it's looking grim. However, with trading that isn't the case. You can lose money before a race has started, or a match has kicked off. That's an alien concept to punters, and they find it difficult to accept, so they let those bad trades run, or go IP, or gamble to win the losses back, or overtsake trades massively to win that money back, or go down the path of loss recovery systems like Martingale
Trading has a betting element to it with regards to opening a trade, but to be a trader you must have an exit plan too. Most unsuccessful traders, just have an entry plan, or the exit plan goes out the window when their trade has gone wrong.
The problem is, trading isn't as exciting as betting. Winning £10 from a green trade is pleasing, but it doesn't make the blood pump and the heart race like having a £10 bet on a horse that wins. For some people it would be like being a recovering alcoholic and taking a part-time job as a barman. The temptation would be in your face all the time, and it only takes boredom, or a shitty day in general to derail you. In some ways it's like the alcoholics mantra "I haven't had a drink today"........or in this case "I haven't had a bet today"
Sometimes you need to face your demons head on. I lost £2000 on letting a bad trade go IP once. I printed it off and stuck it on my wall as a reminder. It was an eye watering loss, but whilst I could the see the details on my wall everyday, I never repeated the mistake. Eventually, the burning desire to avoid such disasters had subsided and I took it down.
My suggestion is to keep a diary of your activities. This includes putting your emotions down, as you'll probably find that the times you fuck up, are when you've had a drink, or slightly bored/depressed/frustrated etc. The moment you can feel those feelings coming on, then shut down your computer and walk away (easier said than done admittedly). Reward yourself everytime you've avoided temptation - I used to love Toblerone and would eat a triangle everytime I stopped myself from making a massive mistake, where I knew I would have done previous
Good luck fella. But, remember................there's nothing wrong with walking away. We all have weaknesses, none of us are perfect. If your betting is destroying your trading, and ultimately your life away from here, then saying goodbye to it all is a good day, not a bad one
The first issue punters have with trading is accepting a loss. Having an aversion to losers (is in my opinion) the biggest reason for failure in sports trading. You have a 50% chance of guessing the movement of a price, even your cat has a 50% chance. It's not an inablility to read graphs, it's an inability to accept a loss. As I've said many times here "the difference between a successful trader and a bankrupt one, is what they do when they are faced with a red screen"
I've also said many times, that punters expect a run for their money. If you back a horse and it falls at the first, or gets beaten on the run in, you've still had a run and seen the race unfold. If you back over 2.5 goals and it's 0-0 after 60mins, you're still in the game even though it's looking grim. However, with trading that isn't the case. You can lose money before a race has started, or a match has kicked off. That's an alien concept to punters, and they find it difficult to accept, so they let those bad trades run, or go IP, or gamble to win the losses back, or overtsake trades massively to win that money back, or go down the path of loss recovery systems like Martingale
Trading has a betting element to it with regards to opening a trade, but to be a trader you must have an exit plan too. Most unsuccessful traders, just have an entry plan, or the exit plan goes out the window when their trade has gone wrong.
The problem is, trading isn't as exciting as betting. Winning £10 from a green trade is pleasing, but it doesn't make the blood pump and the heart race like having a £10 bet on a horse that wins. For some people it would be like being a recovering alcoholic and taking a part-time job as a barman. The temptation would be in your face all the time, and it only takes boredom, or a shitty day in general to derail you. In some ways it's like the alcoholics mantra "I haven't had a drink today"........or in this case "I haven't had a bet today"
Sometimes you need to face your demons head on. I lost £2000 on letting a bad trade go IP once. I printed it off and stuck it on my wall as a reminder. It was an eye watering loss, but whilst I could the see the details on my wall everyday, I never repeated the mistake. Eventually, the burning desire to avoid such disasters had subsided and I took it down.
My suggestion is to keep a diary of your activities. This includes putting your emotions down, as you'll probably find that the times you fuck up, are when you've had a drink, or slightly bored/depressed/frustrated etc. The moment you can feel those feelings coming on, then shut down your computer and walk away (easier said than done admittedly). Reward yourself everytime you've avoided temptation - I used to love Toblerone and would eat a triangle everytime I stopped myself from making a massive mistake, where I knew I would have done previous
Good luck fella. But, remember................there's nothing wrong with walking away. We all have weaknesses, none of us are perfect. If your betting is destroying your trading, and ultimately your life away from here, then saying goodbye to it all is a good day, not a bad one
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SeaHorseRacing
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I managed to overcome it.
Great advise from Le Tiss..
Set yourself some rules..
For example.. I still bet horses however I do NOT gamble on my betfair account.
If I fancy a bet and it’s substantial sums... I won’t trade after the race.
For example if my bets at 4.00pm I will trade up to about 3.45 and knock it on the head.
You need to change your paradigm, if you look at betting on horses as investment... with a bank roll this will eliminate any emotion...
Great advise from Le Tiss..
Set yourself some rules..
For example.. I still bet horses however I do NOT gamble on my betfair account.
If I fancy a bet and it’s substantial sums... I won’t trade after the race.
For example if my bets at 4.00pm I will trade up to about 3.45 and knock it on the head.
You need to change your paradigm, if you look at betting on horses as investment... with a bank roll this will eliminate any emotion...
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wearthefoxhat
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It seems to break down into 2 elements.
1. You win with automation most of the time.
2. You can't control the urge to have other bets on other sports where you lose all of the time.
At least you're brutally aware of number 2, but can you be satisfied with number 1?
Automation can take away the emotional side of trading/gambling, what it seems you're looking for is some excitement/emotion by getting involved with more random gambling.
It's been said that a troubled gambler enjoys losing as much as winning. I can never quite get that, but if it's relevant, that thought process can be turned around with some form of goal setting, daily/weekly or a specific amount not defined by a timescale.
Example of this, although the thread back in the day had its' critics, was a lady by the name of Maria Santonix, who turned £3,000 into £100,000 by laying her own selections to a staking plan that compounded over time. She posted all her selections upfront on a forum, winners and losers, the bank amount as it grew, until the figure was achieved. The thread was compelling as everyone joined in, some detractors, but she kept posting even during a losing run.
Whichever way you look at it, it took a concerted effort, discipline, determination, and emotional energy to stick to the task in hand.
Without necessarily posting on a forum (although it could be interesting), by following something similar and being true to yourself with record keeping, it might build up to something considerable and avoid the urge to lump on any random bets.
1. You win with automation most of the time.
2. You can't control the urge to have other bets on other sports where you lose all of the time.
At least you're brutally aware of number 2, but can you be satisfied with number 1?
Automation can take away the emotional side of trading/gambling, what it seems you're looking for is some excitement/emotion by getting involved with more random gambling.
It's been said that a troubled gambler enjoys losing as much as winning. I can never quite get that, but if it's relevant, that thought process can be turned around with some form of goal setting, daily/weekly or a specific amount not defined by a timescale.
Example of this, although the thread back in the day had its' critics, was a lady by the name of Maria Santonix, who turned £3,000 into £100,000 by laying her own selections to a staking plan that compounded over time. She posted all her selections upfront on a forum, winners and losers, the bank amount as it grew, until the figure was achieved. The thread was compelling as everyone joined in, some detractors, but she kept posting even during a losing run.
Whichever way you look at it, it took a concerted effort, discipline, determination, and emotional energy to stick to the task in hand.
Without necessarily posting on a forum (although it could be interesting), by following something similar and being true to yourself with record keeping, it might build up to something considerable and avoid the urge to lump on any random bets.
Hi Mark,marketraisen wrote: ↑Sat Oct 20, 2018 4:27 amHow the hell do I stop gambling money Ive won trading? Ive a serious problem.
This week I am about UP 300 on the spreadsheet bets and DOWN 600 overall, Ive gambled through 300quids worth of easy profit and then another 300 on top of that, with my liquid bf balance going down from £1000 at the start of the week to sub £500, which Ive now had to deposit more into.
If you find yourself unable to stop gambling away money, regardless of whether you made the money trading or working, I think you really need to get professional counselling from a gambling counsellor. A counsellor can look into the reasons and psychology as to why you do it and give you practical help.
You have my sympathy and I wish you the best of luck.
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Crazyskier
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I had similar issues for a VERY long time. Eventually I realised that I felt worse grinding an automated profit only to piss this and more away with one silly lay trade that I couldn't red up and won IP, than I did with a simple lost bet!
Eventually it comes down to mental DISCIPLINE and self-loathing sufficiently to grow some balls and make the change. I'm pleased to say that I now have the odd £20 punt here and there, but never, EVER, E V E R allow myself manually trade while my bots are running.
No exceptions, nada, even when every nerve in my body is telling me to.
I'll repeat once more.
Find some discipline' or give up. And sooner rather than later.
CS
Eventually it comes down to mental DISCIPLINE and self-loathing sufficiently to grow some balls and make the change. I'm pleased to say that I now have the odd £20 punt here and there, but never, EVER, E V E R allow myself manually trade while my bots are running.
No exceptions, nada, even when every nerve in my body is telling me to.
I'll repeat once more.
Find some discipline' or give up. And sooner rather than later.
CS
marketraisen wrote: ↑Sat Oct 20, 2018 4:27 am...any money I made was just getting dumped into random tennis or football games, I just couldnt help myself and actually got worse the more I won through automation...
How the hell do I stop gambling money Ive won trading? Ive a serious problem.
This week I am about UP 300 on the spreadsheet bets and DOWN 600 overall, Ive gambled through 300quids worth of easy profit and then another 300 on top of that, with my liquid bf balance going down from £1000 at the start of the week to sub £500, which Ive now had to deposit more into.
With all due respect to everybody who's commented on this thread, when someone asks the question "how the hell do I stop gambling?" I don't think continuing to gamble in a disciplined way is the answer. It's not a case of simply failing to accept a loss and green-up, the OP is talking about blowing his money by gambling on anything uncontrollably.
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ShaunWhite
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+1 Offering advice about how to be a better gambler is missing the point completely as Derek as said.Derek27 wrote: ↑Sat Oct 20, 2018 4:00 pmWith all due respect to everybody who's commented on this thread, when someone asks the question "how the hell do I stop gambling?" I don't think continuing to gamble in a disciplined way is the answer. It's not a case of simply failing to accept a loss and green-up, the OP is talking about blowing his money by gambling on anything uncontrollably.
Try and take a week off from trading & gambling, it's not too daunting, it's just a week ....but if you can't do it, try and be man enough to seek help asap!
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spreadbetting
- Posts: 3140
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For once I agree with Derek, contact GamCare and exclude yourself from all betting sites. So many people con themselves they're winning on one hand but losing it and more will silly mistakes, bottom line is you're losing so stop now.
If you truely believe your 'bots' win money pass them on to a trusted friend/family member, and let them run them for you on their accounts ,to distance yourself completely from any opportunity to gamble. Sounds like you don't need the money, as you work ,so it's always going to be hard for you not to gamble that 'free' money. Winning money on Betfair never meant anything to me until it became my sole income simply because I was earning enough not to need it, if you don't need it it'll always be hard to treat it with any respect.
If you truely believe your 'bots' win money pass them on to a trusted friend/family member, and let them run them for you on their accounts ,to distance yourself completely from any opportunity to gamble. Sounds like you don't need the money, as you work ,so it's always going to be hard for you not to gamble that 'free' money. Winning money on Betfair never meant anything to me until it became my sole income simply because I was earning enough not to need it, if you don't need it it'll always be hard to treat it with any respect.
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spreadbetting
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A bit like an alcoholic wanting to give up spirits but still carrying on drinking his favourite lager? At least he's chosen the right place to ask because he's bound to get the advice he wants on a betting forum 
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SeaHorseRacing
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It’s difficult ... I think a compulsive gambler and a gambling addiction are two separate addictions..spreadbetting wrote: ↑Sat Oct 20, 2018 5:23 pmA bit like an alcoholic wanting to give up spirits but still carrying on drinking his favourite lager? At least he's chosen the right place to ask because he's bound to get the advice he wants on a betting forum
A compulsive gambler is somebody who usually lies compulsively, deceives his friends and family’s to fix there out of control addiction..
Than you have gambling addicts who cannot behave appropriately with money... due to poor money habbits.. if your not very good with your money, always broke and feel emotionally involved when gambling i believe you can overcome this..
The compulsive gambler needs physcholigal help... and usually there so bad, there homeless, or in prison any way.. I wouldn’t say he was that..
The question he needs to ask... does he wake up in the mornings with the urge he must gamble and if he doesn’t he’s prepared to do anything to do it... if not he’s probably just not tuned up and requires to learn some seeious discipline.
Just my observation...
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SeaHorseRacing
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It’s a very interesting topic and one I have researched extensively..
When is started trading whenever I had a bad day or big loser I started betting uncontrollably on betfair. Just choosing horses and backing them..
One day I was like... am I a gambling addict? And I pondered on it for a while and all though some would argue yes.. i realised my loses were caused by an uncontrolled emotion.
Yet the very next day I’d wake up and be ready trade again... with intentions to trade until the next time weeks later I did it again.
After researching I noticed how compulsive gamblers are compulsive and usually commit crime or whatever it is to bet... this is a form of escapism and this person would most likely could have been a drug addict or even alcoholic it just turn out it was gambling for them..
By training habits I think this guy could overcome his problem. It will be difficult but he could do it.
He needs to find out the underlying issue. If you gambling I get away from a beating wife or tragic reality... seek help
When is started trading whenever I had a bad day or big loser I started betting uncontrollably on betfair. Just choosing horses and backing them..
One day I was like... am I a gambling addict? And I pondered on it for a while and all though some would argue yes.. i realised my loses were caused by an uncontrolled emotion.
Yet the very next day I’d wake up and be ready trade again... with intentions to trade until the next time weeks later I did it again.
After researching I noticed how compulsive gamblers are compulsive and usually commit crime or whatever it is to bet... this is a form of escapism and this person would most likely could have been a drug addict or even alcoholic it just turn out it was gambling for them..
By training habits I think this guy could overcome his problem. It will be difficult but he could do it.
He needs to find out the underlying issue. If you gambling I get away from a beating wife or tragic reality... seek help