Daily profit

[SeaHorseRacing]

I can’t say for sure because I haven’t seen your method, but what it sounds like to me from my own experience is 1) your possible holding on too long on a very loved system/bot- maybe think about letting go
2) you brain is making you think it will be profitable because most Days it goes into profit- when you change your stop at profit your probably just notice longer losing runs.

Rather than trying to stop at profit maybe trying tweaking that actual strategy. If it does reach profits maybe it can simply be improved?

Maybe think about types of races? Times your entering the market etc to adjust.

[ruthlessimon]

I don't mean to be funny Mark, but the only way to stop your profits disappearing is to stop trading for life. If you stop betting for the day they can disappear the next day. Making money and losing it the same day is only different to making money one day and losing it the next, psychologically, because you were happy to be in front for one day. Put on your trading hat and you'll realise it's exactly the same thing!

So if you lost between the times 5pm - 10pm; pretty much every single day (for the last year); you'd keep trading at 5pm - 10pm tomorrow?

[SeaHorseRacing]

In all fairness. I haven’t traded greyhounds for a good while now, but...

I was only ever able to make it pay during the evenings. I attempted afternoons a few times as I was consistsntly making £40-100 every evening and thought well maybe I could triple that and skip those dire horse racing days but those afternoon dogs are hard to trade imo.

So I wouldn’t write off a stop at a profit type method at all. As Bags afternoon greyhound compared to evening cards imo are completely different ball games.

Used to trade horses all day than Greyhound all night. Last 6 months find myself trying to make excuses to miss saturdays feature races.

[spreadbetting]

There's a big difference between stopping at certain times/avoiding afternoon dogs and stopping at a set profit. The first two are about limiting losses because your strategy doesn't work for those conditions, stopping a profitable system with no valid reason is just limiting profits.

If you have a winning strategy the more markets you pile thru the more you'll even out any variance and the more your profits will grow.

[Derek27]

I don't mean to be funny Mark, but the only way to stop your profits disappearing is to stop trading for life. If you stop betting for the day they can disappear the next day. Making money and losing it the same day is only different to making money one day and losing it the next, psychologically, because you were happy to be in front for one day. Put on your trading hat and you'll realise it's exactly the same thing!

So if you lost between the times 5pm - 10pm; pretty much every single day (for the last year); you'd keep trading at 5pm - 10pm tomorrow?

Not quite sure what your question has to do with my quote, but if I lost between 5pm and 10pm almost every day for a year, I'm pretty sure I would have lost the rest of the hours of the day and given up long before a year. In fact, I can't afford to lose for a year - the money would all be gone!

But the OP's question had nothing to do with quitting at a certain time of day where statistics tell him to. It's simply a case of quitting while he's ahead for fear of losing his gains. On the other hand if he lost early in the day he's quite happy to continue to trade. It's simply loss recovery and doesn't make sense.

[ruthlessimon]

It's simply loss recovery and doesn't make sense.

No, you've assumed it's loss recovery (unless I've misread the OPs original post). I didn't see any mention/data of similar style losses early in the day?

Time is just as valid an area for improvement as any other variable (i.e. sucking at competitive races). But I'd say there's a confounding variable somewhere. The best example I can think of is (although doesn't apply directly to the OP), lack of focus. A trader who simply cannot cope with the demands of 8hrs of trading, will see a consistent drop in performance later in the day. & to tell them "the only way to stop your profits disappearing is to stop trading for life" is a bit silly imo!

[Derek27]

It's simply loss recovery and doesn't make sense.

No, you've assumed it's loss recovery (unless I've misread the OPs original post). I didn't see any mention/data of similar style losses early in the day?

Time is just as valid an area for improvement as any other variable (i.e. sucking at competitive races). But I'd say there's a confounding variable somewhere. The best example I can think of is (although doesn't apply directly to the OP), lack of focus. A trader who simply cannot cope with the demands of 8hrs of trading, will see a consistent drop in performance later in the day. & to tell them "the only way to stop your profits disappearing is to stop trading for life" is a bit silly imo!

I am currently running a automated system with greyhounds. 60+ races per day. The problem is i can get profit if over 30% some days but because the bot keeps running i sometimes end up with a loss.
Is there any way to stop guardian once a set profit is reached or once my account balance reaches a set ammount??

I don't do automation but I didn't know bots suffer from fatigue and need a rest after a few hours.

Stopping at a 30% profit but continuing regardless of how much you lose, if that's not loss recovery what would be the reason for continuing?

There isn't really any different to loss recovery and lack of profit recovery - they both involve betting purely because you're dissatisfied with your position!

The bottom line is that if a bot makes money and then loses it if it continues, it's not making anything - it's a losing bot, stopping for a few hours and then starting it again is pointless.

I suggested giving up trading for life as a better alternative to stopping a bot for a few hours to avoid losses and then continuing with it, hoping it will perform better, out of those two options. I wasn't suggesting it was the best option. As SHR suggested, tweaking, reconsidering, analysing the results could be the way forward.

[markybhoy]

Let me explain a bit further as the post was to find out if there was a way to basically switch off guardian at a certain profiit level and now its turned in to my system is useless, my bots not working and i should give up.
With the stats i use there will be a peak point in each day, begining middle or end that i will have profit of over 20% sometimes 30%. If i let my bot run at worst i will have a minimul loss or break even. What i want to do is stop guardian arround the peak profit as any trader would. Saying its not working is a bit like saying no system works as there will always be loss and therefore u could argue loss recovery is always used.
Derek your talking like u have the golden egg of trading and have never lossed. Surely u have good days and bad and would like to minimise the bad. Or maybe we should all give up at the first loss we encounter.

Cheers everyone for the input anyway. I will try tweaking the system and see what can be done

[Jukebox]

In between al the critisism you might have missed that a workaround was offered.

[markybhoy]

Sorry jukebox. What would you use as a work arround? Much appriciated by the way

[Jukebox]

Its on P1 of this thread.

[markybhoy]

Thanks Jukebox i will give that a go today and see how it works.

[Jukebox]

LOL I'll look out for some unusually large hopeful lays on the Champions League Winner market

[Derek27]

Let me explain a bit further as the post was to find out if there was a way to basically switch off guardian at a certain profiit level and now its turned in to my system is useless, my bots not working and i should give up.
With the stats i use there will be a peak point in each day, begining middle or end that i will have profit of over 20% sometimes 30%. If i let my bot run at worst i will have a minimul loss or break even. What i want to do is stop guardian arround the peak profit as any trader would. Saying its not working is a bit like saying no system works as there will always be loss and therefore u could argue loss recovery is always used.
Derek your talking like u have the golden egg of trading and have never lossed. Surely u have good days and bad and would like to minimise the bad. Or maybe we should all give up at the first loss we encounter.

Cheers everyone for the input anyway. I will try tweaking the system and see what can be done

Just to be clear Mark, I never suggested you give up, I just said that's the only way to insure you don't lose what you've won. I'm happy and most people are happy to continue to gamble with their profits knowing they could lose what they've won - that's what gambling is all about!

If your profits peak at 20-30% each day it's worth investigating the reasons why, such as comparisons between winning and losing markets. Identifying the reasons would at least give you more confidence that the trend will continue. Good luck.

[ruthlessimon]

I didn't know bots suffer from fatigue and need a rest after a few hours.

Here's a better one:

Maybe the OPs wife gets home from work (with the kids) @ 5pm. Dailymail, Youtube, Netflix, Xbox, all running simultaneously - will have an effect on the latency. Causing the bot to go bonkers during this period - only visible by the extreme difference in p&l (i.e. huge winners, & huge losers, outside what is expected).

If that was the case, having the foresight to spot something like that is incredibly difficult (& imo why trading is so challenging)

Have you seen some of my other posts r.e. loss recovery/stopping for the day?