Thanks for your reply.LeTiss wrote: ↑Wed May 23, 2018 2:45 pmOf course, yes
I had an eye watering loss on New Years Day 2008 (£2000), and decided I had 2 choices
A) Either Change
B) Accept Defeat
I'd got to the point where carrying on as before was no longer an option
Everytime I had a red screen, I would reward myself for trading out and accepting the loss. I remember having a phase of loving Toblerone at the time, so everytime a trade went wrong and I avoided going IP, I'd celebrate with a triangle of Toblerone!
Eventually, I found that it became second nature, and accepting red screens was simply part of the game
Another tactic of mine was how I staked. I'd noticed that my %S/R was about 75% - so even though my losing trades only equated for 25%, the losses would dwarf the winners, as I either got out too late, or would massively overstake to compensate for previous losers.
Therefore, I decided to approach this game as being all about ticks - if my tick sizes were always equal, then surely if I'm winning 75% of my trades, I must be able to at least break even, and that would be a start. If I set a target of winning £2 per tick (after greening), then that would safeguard me from disasters. That meant if I backed a 1.80 selection, the stakes would be £360. If I backed 2.42 the stakes would be £242. If I layed 6.60, the stakes would be £68 etc - I set up Excel to calculate all the permutations for me!
However, my losing trades were now always only £2 per tick, and this gave me the power to happily trade out for a loss, as I knew I was still going to be profitable over the course of the day. I basically tried to make a profit of level ticks each day, the money simply followed
Peter Webb has always been dubious about that tactic, but I can assure you, I wouldn't be here now if I hadn't done that. When you have a gambling background, the psychology of trading is far more problematic than reading graphs, or predicting the direction of a price
I don't do those level ticks now, but it was key in enabling me to intially navigate through those shark infested waters
I had a very predictable experience yesterday: I got dumbly frustrated with winning small amounts, I took stupid risks and had a losing day. I learnt that losing (a little) is worse than winning (a little).
I should know better.