My trading journey so far (I'd love to hear yours too)

[Crazyskier]

I now have a money management system that is suitable for me. Rather than thinking race to race I think monthly and more importantly each bet is in isolation to the previous bet.

This simple sentence, when enacted rigorously, can transform the fortunes of 'traders' like me. Really great advice!

CS

[jimibt]

I now have a money management system that is suitable for me. Rather than thinking race to race I think monthly and more importantly each bet is in isolation to the previous bet.

This simple sentence, when enacted rigorously, can transform the fortunes of 'traders' like me. Really great advice!

CS

+1 on that sentence as well. tallies with how i see (but don't enact) my view of things

[stueytrader]

Really great posts in this thread, many thanks.

I won't bore anyone again about my blowouts I've experienced (hopefully in the past for me now anyway), but I've certainly been there.

I believe another big factor in getting 'off-tilt' and steady is to really learn about how trading fits with you, your personality, life and goals in general. I've often been trading while not in a good place in life, and it doesn't work. You have to know where you are heading (or trying at least).

As for trading making you money and happiness, that's an interesting combo too - see some mention that boredom happens even in steady wins. Then the inevitable crashes can follow that. I think again that relates to what your aims are for trading. I had to stop trying to see trading as solving my life - it won't do that in many cases. It might help, but that's all it can do for most.

Be realistic would perhaps be my golden nugget of advice.

[ShaunWhite]

see some mention that boredom happens even in steady wins.

You get steady wages in a 9 til 5 but it doesn't stop you getting bored. Trading isn't a magical fairyland of happiness, it's just a job like any other. Good days and dull ones.

[Cards37]

In 1989 I finished my A-Levels. I was a number cruncher and begrudgingly decided Accountancy might be the career for me. The problem was the prospect of Accountancy bored me - I was a young lad who enjoyed the wrong things too much - I liked to drink, loved having a bet, and was constantly looking for fresh bit of skirt to chase. I thought taking a year out would be a good idea, and ended up as a Trainee Betting Shop Manager for Ladbrokes. I was the last batch of trainee managers to get sent on a course for settling bets on a calculator - we were taught how to form markets etc, and as a number cruncher I excelled. I stayed for 5 years, and didn't go into Accountancy.

This might be an exceedingly dumb question, but are there any online resources/books etc on "how to form markets". It seems like a black art that bookmakers are wonderful at keeping to themselves. While I appreciate advanced models arent going to be out there, surely conceptually the material must have a common base that is freely available?

[stueytrader]

see some mention that boredom happens even in steady wins.

You get steady wages in a 9 til 5 but it doesn't stop you getting bored. Trading isn't a magical fairyland of happiness, it's just a job like any other. Good days and dull ones.

Very true Shaun. Perhaps something that is easy to forget though. I think many come to trading as a professional ideal in a sense that it will make them 'happy', or free from the grind of work etc. All wrong of course, as you say.

[ShaunWhite]

The positive thing about trading if you're into sport is that it's almost all actual trading and research. It's not like other hobby-to-job type businesses that grind you down by doing accounts and marketing and paperwork and regulations and customer relations etc etc, all taking you away from the very thing you wanted to do.

I had good jobs from 18 until about 45 (great money nice offices blah blah blah) but I'd get bored and complacent, so every 4 years I'd take year out to do a 'proper' blue collar job. I did motorbike couriering, worked on a building site, gardening, wood turning (had been a hobby), plastering and one or two ify others. But not long enough away to be forgotten or get back in, often higher up. 'Travelling' seemed to be an acceptable reason for gaps so it never went on my CV and I kept quiet about it. Too many snotty judgemental people. It really really REALLY makes you appreciate when things are good, but it would wear off and I'd start the cycle again.

8yrs ago I decided I was done with the city and messed about doing various things for about 6yrs before starting trading seriously about 18mths ago (I've dabbled with BF since about 2001) Not just being handed a wage is enough reason to stay motivated these days and I know a good thing, I'm very happy thank you very much to be able to work in my slippers with the dog nearby. I don't get that bored really.

[spreadbetting]

This might be an exceedingly dumb question, but are there any online resources/books etc on "how to form markets". It seems like a black art that bookmakers are wonderful at keeping to themselves. While I appreciate advanced models arent going to be out there, surely conceptually the material must have a common base that is freely available?

There's a book called the Art of Legging.

[Cards37]

Thanks, I shall look into that!

[ShaunWhite]

There's a book called the Art of Legging.

Mind which one you get, 'Legging' is the name of the technique for getting a barge through a tunnel. Either that or you'll end up with a pair of super snug trousers.