Money Management

Learn sports betting strategies and discuss key factors to consider when placing a bet.
giulio2010
Posts: 962
Joined: Sun Sep 12, 2010 9:11 am

freddy wrote:Humans have a habit of seeing patterns where there are none,

some trades go against you and some for you,
but you remember the bad ones more.

if you record the stats even trading at random breaks even, so it is all in the mind ;)
That's the same thing they tell you about poker...I have to agree with you, but there are people that even with discipline and unfortunaly with short bank can't see that as random and for many disciplined players it does not break even...Freddy did you work for online poker companys? :D :D
That's excatly what they say when four of kind lose against a royal flush 5-6 times out of 100 hands dealt...Just kidding...

P.S. I am taking lesson about horses, I hope I can show some good results in a month time...Luckily no need of money management courses....
Zenyatta
Posts: 1143
Joined: Thu Mar 11, 2010 4:17 pm

And again...

Selection Odds Stake($) Bid type Placed Profit/loss($)
Chosen Character * 4.65 545.01 Back 1,988.08
Chosen Character * 3.91 648.66 Lay -1,884.08

Back subtotal: 1,988.08
Lay subtotal: -1,884.08
Market subtotal: 104.00
Commission @ 4.9%: 5.10
Net Market Total: 98.90

Do Peter and Adam sense a disturbance in the force? ;) There's a new 'big man' in the markets folks, and he wants blood :D
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LeTiss
Posts: 5386
Joined: Fri May 08, 2009 6:04 pm

Zenyatta, I know this is going off the money management subject, but what you're displaying is psychological change in your trading. This in turn is giving you positive results.

The £34k lottery win has changed your attitude to the markets, you're in a position where you don't mind potentially losing £1000, because you're a gambler and you can now afford to.

Keep riding that wave, good luck
freddy
Posts: 1132
Joined: Sun Aug 01, 2010 8:22 pm

Zenyatta, hope you will post when you have a a huge loss too, just to give things balance, it's inevitable it will happen if your adding to losing trades and it will most likely be allot more than 100-00 :twisted: .

not saying this carn't work but you will need some big balls at times :lol:
Romario
Posts: 4
Joined: Sun Jan 24, 2016 6:54 pm

Greetings from Switzerland and I am a Newbee in Sports-Trading.

Last Saturday I was lucky to get green figures for 24 times in a row before the start of the races. I still play with small figures and my total win was Euro 20.26.- only.

Today, with overoverconvidence I backed a favorite (on the daily highest traded price) and it went straight against me. Since it was still 4 Minutes to the Off I did not scratch nor put a Stop Loss. The price did not come back, I went In-Play and lost my complete Bankroll of Euro 200.-.

So I came to the conclusion that I need some Money Managment-Know-How and came to this post which was very helpfull.

But now I wonder if Zenyatta, LeTiss 4pm and PeterLe, after a couple years, still have the same opinion about Stop Loss.
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andrejt
Posts: 153
Joined: Tue Sep 02, 2014 2:59 pm
Location: Slovenia

Romario wrote: Today, with overoverconvidence I backed a favorite (on the daily highest traded price) and it went straight against me. Since it was still 4 Minutes to the Off I did not scratch nor put a Stop Loss. The price did not come back, I went In-Play and lost my complete Bankroll of Euro 200.-.
Hey Romario,

Well, I'm also a newbie and must say that I lost my bank twice because I went in-play. Here's what another user said to me (and he was completely right) :

"Unfortunately the only way to learn is the hard way, and if that means blowing a bank in order to learn then so be it
Not going in play and cutting your losses is always a struggle even for experienced traders!
"

Now, if I go for a swing trade I ALWAYS set a stop loss! If I scalp I scratch as soon as I'm not 100% sure I'm on the right side!

If the trade goes against me, I just accept the loss and move on. This is of course easier to say that to do, but I would strongly suggest u "learn" this as soon as possible.

Good luck, practice as much as you can and never give up ;)
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macawboy
Posts: 61
Joined: Thu Aug 13, 2015 7:18 am
Location: Worksop uk

Romario wrote:Greetings from Switzerland and I am a Newbee in Sports-Trading.

Last Saturday I was lucky to get green figures for 24 times in a row before the start of the races. I still play with small figures and my total win was Euro 20.26.- only.

Today, with overoverconvidence I backed a favorite (on the daily highest traded price) and it went straight against me. Since it was still 4 Minutes to the Off I did not scratch nor put a Stop Loss. The price did not come back, I went In-Play and lost my complete Bankroll of Euro 200.-.

So I came to the conclusion that I need some Money Managment-Know-How and came to this post which was very helpfull.

But now I wonder if Zenyatta, LeTiss 4pm and PeterLe, after a couple years, still have the same opinion about Stop Loss.
Hi Romario
I am a newbie myself and holding my own just using small stakes myself.
You say you had 24 greens in a row for a total profit of 20.26 euros so just wondered how you can lose your bank of 200 euros on one race even though you went in play.
Did you up your stakes for that race ?
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macawboy
Posts: 61
Joined: Thu Aug 13, 2015 7:18 am
Location: Worksop uk

One thing I do so I never do go in play is by sticking to my 30 second rule.
I close my position no matter what 30 seconds before off.
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andrejt
Posts: 153
Joined: Tue Sep 02, 2014 2:59 pm
Location: Slovenia

macawboy wrote:One thing I do so I never do go in play is by sticking to my 30 second rule.
I close my position no matter what 30 seconds before off.
You can even automate this - just add a rule that greens/reds up 30sec before the off and apply to all markets you're trading. Great way to "help" yourself not to go in-play ;)
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macawboy
Posts: 61
Joined: Thu Aug 13, 2015 7:18 am
Location: Worksop uk

andrejt wrote:
macawboy wrote:One thing I do so I never do go in play is by sticking to my 30 second rule.
I close my position no matter what 30 seconds before off.
You can even automate this - just add a rule that greens/reds up 30sec before the off and apply to all markets you're trading. Great way to "help" yourself not to go in-play ;)
Not gone down the automation route yet andrejt, but that sounds really good advise I will look into it and implement it into my trading.
Thanks
Steve
Romario
Posts: 4
Joined: Sun Jan 24, 2016 6:54 pm

hey Andrejt, totally agree, eventhough it is not always easy to keep the discipline when trading.

yes Macawboy, because of overconfidence of making a couple ticks i raised the stakes.

thanks for the advice.
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