New Trader trying to Stop Going In-Play

The sport of kings.
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eightbo
Posts: 2154
Joined: Sun May 17, 2015 8:19 pm
Location: Malta / Australia

What are you talking about lol.

£100 back @ 8.0.
Price spikes out to 10.0
exit 10.5
New bank £76.20

£76.2 back @ 4.3
Another moderate spike against you
exit @ 5.0
New bank £65.53

That's not even that uncommon, massive uphill battle from there, and still liable to a similar hit.
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Last edited by eightbo on Mon Mar 04, 2019 2:47 pm, edited 1 time in total.
invisiblelayer
Posts: 245
Joined: Fri Sep 10, 2010 7:08 pm

Wouldn't even bother with putting even a tenner in if mixing boozing and gambling.

Going inplay is just like a position taking gambler chasing a loss, can't face a loss so think f@ck it. Nobody can help with that just yourself.
eightbo
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Location: Malta / Australia

invisiblelayer wrote:
Mon Mar 04, 2019 2:47 pm
Wouldn't even bother with putting even a tenner in if mixing boozing and gambling.
◘.png

Why else would spoons offer free wifi?
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LeTiss
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I'm afraid you have shown the traits that kill traders more than any other reason -

In my experience, traders don't mess up because they can't read graphs, or because the market has moved in an unexpected way......your cat has a 50% chance of predicting whether a selection will come in or go out - the biggest reason for failure is a lack of discipline, whether that be staking levels, or accepting losses etc

I've been there with going IP, many have, as it's been discussed here endlessly. Some have overcome the urge, others haven't. You simply need to find a way QUICKLY, or you'll have no money left to play with
stueytrader
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Just to add a slightly different perspective.

I learned that actually leaving an element of position taking (betting) was best for me eventually. I don't trade for level numbers all the time, because that doesn't suit me and my style of trading. When I traded to always 'flat trade' it gave me bad habits, wanting to risk more and overstake, betting when I shouldn't be doing so.

My solution was allow an element of judgement in all my traded positions - if I fancy a selection to win or lose I will make the numbers balance appropriate to that (while still looking to profit in any case).

Not everyone can naturally move to a flat trading 'accountant' style IMO, and if it doesn't suit you, and you feel position taking is something you are good at, then consider allowing some of that.

Just my two-penneth.
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ruthlessimon
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PDC wrote:
Mon Mar 04, 2019 1:54 pm
you should be looking to win not make money. They are very different things.
Process should be the focus

"I will never go inplay, because it's always better to exit (here)" (cite, longterm backtest)
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whimsies
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Location: Uk

Add this little automation to all your markets you want to trade and you will never go in play again, greens up win or lose 6 seconds before the off.
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JTEDL
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Was going to suggest that too, add a close/green bot just before off, but easy to turn off/override I suppose if 'on tilt'...
stueytrader
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whimsies wrote:
Tue Mar 05, 2019 9:42 pm
Add this little automation to all your markets you want to trade and you will never go in play again, greens up win or lose 6 seconds before the off.
A good idea in general, though it might be the fact that it automatically 'reds up' that is the issue, unless it always manages to 'green up' in which case, can I buy it please...! :lol:
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PDC
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whimsies wrote:
Tue Mar 05, 2019 9:42 pm
Add this little automation to all your markets you want to trade and you will never go in play again, greens up win or lose 6 seconds before the off.
"Scheduled off" I assume, no way automation can know when the actual off is going to be.
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bennyboy351
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Location: West Midlands, England.

invisiblelayer wrote:
Mon Mar 04, 2019 2:47 pm
Wouldn't even bother with putting even a tenner in if mixing boozing and gambling.

Going inplay is just like a position taking gambler chasing a loss, can't face a loss so think f@ck it. Nobody can help with that just yourself.
I find a COUPLE of beers CAN help my decision-making process in a positive way; its the 3rd, 4th and 5th that bugger it all up! 'hic!' :lol:
eightbo
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Location: Malta / Australia

bennyboy351 wrote:
Wed Mar 06, 2019 7:49 pm
invisiblelayer wrote:
Mon Mar 04, 2019 2:47 pm
Wouldn't even bother with putting even a tenner in if mixing boozing and gambling.

Going inplay is just like a position taking gambler chasing a loss, can't face a loss so think f@ck it. Nobody can help with that just yourself.
I find a COUPLE of beers CAN help my decision-making process in a positive way; its the 3rd, 4th and 5th that bugger it all up! 'hic!' :lol:
Reminds me of an old episode of Brainiac Science Abuse where they wanted to know: Does lager make you bad at sports?

From what I remember the guy started dishing up on the pool table after a couple of pints and then gradually declined from there.

That show was a fantastic balance between learning and entertainment.

They have the Full Episode on YouTube
— — — — — — — — — —
Timestamps:
10:5312:12
25:3527:43
35:2538:38

If you like the show, I noticed they have all the episodes available in HD on their channel.
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firlandsfarm
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eightbo wrote:
Wed Mar 06, 2019 8:45 pm
Reminds me of an old episode of Brainiac Science Abuse where they wanted to know: Does lager make you bad at sports?
I remember a similar one on a News type documentary many years ago at around the time the breathalyser was introduced where they wanted to show the effect of alcohol on your reactions and therefore your ability to drive safely. They put together a few reaction tests from a simple "press the button when the light flashes" to a more sophisticated (for then) fairground type of dummy car seat and controls in front of a large screen of the road where 'something' happened and the trialists had to react in the 'car'. So the experiment started with everyone doing the tests and their reaction times recorded. Then everyone had a drink and they did the tests again and then another drink and repeated the tests (I think 2 drinks was as far as they got but it may have been 3). Anyway the reaction times were faster the more the trialists had to drink! :lol: This gave them a bit of a problem for a live TV experiment so they put it down to familiarity as the tests were retaken. Someone from the audience did ask how you can become more familiar with a light flashing on but they didn't really get an answer to that! :lol:
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firlandsfarm
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LeTiss wrote:
Mon Mar 04, 2019 4:21 pm
I've been there with going IP, many have, as it's been discussed here endlessly. Some have overcome the urge, others haven't. You simply need to find a way QUICKLY, or you'll have no money left to play with
I've done it … and lost it! :oops: But … for every loser there is a winner so … there has to be a way to win in-play or you would have nobody to lose to! :shock: The problem is finding that pot of gold without chasing a rainbow. I trader makes money in 2 types of markets … a trending market and a volatile market and one that can make money in one of those markets may not be able to make money in the other. I think to be successful in the IP markets you need to be very very fast … BOT fast. So you need an algorithm, the problem is discovering that algorithm, I haven't.
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LeTiss
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I didn't say that it wasn't possible to make money IP - I trade IP a lot, but NOT with the level of stakes I use pre-event. The opening post here was about letting a bad trade go IP, because you cannot bring yourself to 'Red Up'. That is something many of us wrestle with, especially those who have gravitated to trading from punting
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