Trading Horse racing : The going in-play problem. Yes, another thread about it.

The sport of kings.
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DLB999
Posts: 12
Joined: Sat Jan 14, 2017 12:14 am

Mon Jan 22, 2018 2:25 pm

The possible cure.

After a few days of thinking I've come up with a plan. This plan is geared towards breaking the habit of not taking a red or exposing my bank to too high percentage a red in the first place, leading to me going in play in an attempt to recover losses.

Bank will be £20 again. Stakes will be set to 0.05p profit a tick. This means in order to reach a 2% loss of bank the price would have to move significantly against me. Such a low risk exposure would mean there should be no problem taking reds psychologically. I have a high strike rate so the greens throughout the day should add up.

There is another side to this. I've been researching commitment contracts. They seem to work well. I have given my long term partner access to my Betdaq account, she is well aware of what my profits and losses should look like with the bank and staking being used and will be checking every trading day. Should I blow another bank in-play, she is going to ban me from all exchanges and I will quit trading. The deal has been made.

I also have some automation running to hedge before post.

So automation, risk management, and commitment contract. This will continue for 2 months. After which I will increase bank to around £100. The same checking will happen from my partner for another 2 months, after which bank will be increased again.

How do people feel about this plan? Is there anything here people do not like?

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ShaunWhite
Posts: 3195
Joined: Sat Sep 03, 2016 3:42 am

Mon Jan 22, 2018 2:45 pm

DLB999 wrote:
Mon Jan 22, 2018 2:25 pm
The possible cure.
It's about whatever works for the indiviual. I don't think there are rights and wrongs when it comes to this sort of thing.

The main advantage I can see is that if you end up having a break from trading then you can have the peace of mind that you gave it a good shot rather than just playing around chaotically. One thing I do like about your plan is that you are seeing success as being in control of those reds, if you do that then the up side will look after itself.

You could maybe include a little reward at the end of any days you complete where you kept on plan. I'll leave it to you and your partner to work out what might work for you ;) ....or you could be made to sleep on the sofa if you mess up? That should sharpen your mind.

Stay positive, it sounds like you're down to just 1 or 2 issues which must be a good thing.

spreadbetting
Posts: 1535
Joined: Sun Jan 31, 2010 8:06 pm

Mon Jan 22, 2018 2:50 pm

DLB999 wrote:
Mon Jan 22, 2018 2:25 pm

Bank will be £20 again. Stakes will be set to 0.05p profit a tick. This means in order to reach a 2% loss of bank the price would have to move significantly against me. Such a low risk exposure would mean there should be no problem taking reds psychologically. I have a high strike rate so the greens throughout the day should add up.
Few people have problems with low exposure reds going against them it's the big ones that matter :) I think all you'll end up doing is giving yourself a false sense of security and lapse back into old habits once a big red comes along. Face your fears and just close out the big reds, your high strike rate will soon recover any tradig losses no matter how big they are if your trading strategy actually works in the first place and you haven't been kidding yourself by boosting profits with bad habits. Avoiding the situation is pointless as it will crop up sometime no matter how hard you try the run and avoid it.

convoysur-2
Posts: 1058
Joined: Thu Jan 12, 2012 10:00 am

Mon Jan 22, 2018 4:04 pm

the answer to the authors problem is in this 5 min video
https://www.youtube.com/watch?v=gYLyRwStCxA

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ruthlessimon
Posts: 1206
Joined: Wed Mar 23, 2016 3:54 pm

Mon Jan 22, 2018 6:37 pm

spreadbetting wrote:
Mon Jan 22, 2018 2:50 pm
Few people have problems with low exposure reds going against them it's the big ones that matter :)
I'm inclined to actually disagree with that. Personally, I think a blown bank, smashed screens is actually quite rare. Obviously not in the case of the OP, but for people reading this who aren't in that position, but are struggling - apathy (caused by a lack of progress - consistent niggly losses) is the big killer. You arrive at the market, & you just don't care anymore. You're not reviewing your trades, you've lost that spark & hunger you had when you were brand new, you're on twitter 50% of the time during the afternoon etc. In a football match a team that's 3-0 down, generally don't go all out attack to bring it back. Their heads drop, they don't press as hard, lose mental energy. Then they go 4-0, 5-0 down (think Brazil 2014). It takes one hell of an effort to just say - "let's just not concede any more lads."

I reckon the majority of traders fail this way.

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ruthlessimon
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Joined: Wed Mar 23, 2016 3:54 pm

Mon Jan 22, 2018 7:10 pm

If the OP is still blowing banks, he's in YR 1.

However, once he's liberated from those mistakes he'll enter the breakeven grind of death. This is where the apathy of kicks in. Everything you try fails, people in you're circle are telling you to quit etc now your psychology is tested. It's a catch 22, perfect psychology with a random trade plan - I'd class as psychotic behaviour!

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Derek27
Posts: 2203
Joined: Wed Aug 30, 2017 11:44 am
Location: UK

Mon Jan 22, 2018 8:59 pm

ruthlessimon wrote:
Mon Jan 22, 2018 6:37 pm
apathy (caused by a lack of progress - consistent niggly losses) is the big killer. You arrive at the market, & you just don't care anymore. You're not reviewing your trades, you've lost that spark & hunger you had when you were brand new, you're on twitter 50% of the time during the afternoon etc.
I can certainly relate to that in my bonker days of trading.

Back to DLB999's plan. If you can grow your bank and steadily and proportionally increase the point where you cut your losses and trade out, it could work. At least you haven't much to lose. Good luck.

DLB999
Posts: 12
Joined: Sat Jan 14, 2017 12:14 am

Mon Jan 22, 2018 10:36 pm

Cheers Derek.

Plan starts tomorrow. Ill report back in a month, or much sooner if I get banned.

Halliday
Posts: 370
Joined: Sun Jun 12, 2016 3:40 pm

Mon Jan 22, 2018 10:59 pm

DLB999 wrote:
Mon Jan 22, 2018 10:36 pm
Cheers Derek.

Plan starts tomorrow. Ill report back in a month, or much sooner if I get banned.
At least you've recognised your problem and your solution seems sensible so best of luck.. hope it works !!

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ShaunWhite
Posts: 3195
Joined: Sat Sep 03, 2016 3:42 am

Tue Jan 23, 2018 12:53 am

ruthlessimon wrote:
Mon Jan 22, 2018 7:10 pm
the breakeven grind of death.
:D That came from the heart.

You might like this https://www.youtube.com/watch?v=oHz9ts9 ... 03&list=WL it's about the tricky zone. Not too much new in it but it's good to know it's a 'thing'

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