Trading Horse racing : New Trader trying to Stop Going In-Play

The sport of kings.
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bennyboy351
Posts: 234
Joined: Sat Jun 07, 2014 6:01 pm
Location: West Midlands, England.

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:

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eightbo
Posts: 609
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Location: Bristol, England, UK
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Wed Mar 06, 2019 8:45 pm

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.

firlandsfarm
Posts: 187
Joined: Sat May 03, 2014 8:20 am

Thu Mar 07, 2019 7:38 am

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:

firlandsfarm
Posts: 187
Joined: Sat May 03, 2014 8:20 am

Thu Mar 07, 2019 8:14 am

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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Thu Mar 07, 2019 8:38 am

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

firlandsfarm
Posts: 187
Joined: Sat May 03, 2014 8:20 am

Thu Mar 07, 2019 8:49 am

LossRecoveryChart.jpg
Yep I know the maths eightbo, I can remember investment funds that fell by 25% one year and rebounded back to the starting value the next which allowed them to advertise a 33% return following a 25% loss so it seemed to make them 8% in profit! But we wouldn't be talking of just one trade so let's look at 10 trades. Let's assume we lose 10% on each of those 10 trades then to recover our fund over the next 10 trades would require a profit of 11.11% on each trade which doesn't look as bad as a 25%/33% comparison. Ahhh, the deceptions of mathematics :)

Actually we wouldn't be looking at 2 trades the same let alone 10 so the future will be unique to everyone. When I started trading it was using the Internet to access Wall Street and in my pre-trading research I was told to expect my trading fund to fall by US$20,000 but not to look upon that as losing money … that was the investment required to learn to trade in the real world. No matter how many books read and courses attended you cannot simulate the real world, you have to get your hands dirty, find out what works for you and do it. The only thing I can 99.99% guarantee is that you will lose money while you do that.

All I was saying is that is how someone started and learned about money management. It may work for one but not another, only the individual can decide. And it doesn't have to be £100, I'm expecting people to realise that they could use £10 but to force the discipline into them it should be of a level that makes them think "I must not lose all this". And no form of trading is without risk you just have to learn how to manage it and how to deal with it. No different to spending on books, courses, 1:1 mentoring etc.
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stueytrader
Posts: 423
Joined: Tue Dec 15, 2015 6:47 pm

Thu Mar 07, 2019 9:52 am

firlandsfarm wrote:
Thu Mar 07, 2019 7:38 am
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:
Interesting question is what it does to more 'cognitive' skills such as trading. And, of course, there's also the emotions aspect to consider. Guessing reducing inhibition is a risky area in relation to trading though as a general rule...?

firlandsfarm
Posts: 187
Joined: Sat May 03, 2014 8:20 am

Thu Mar 07, 2019 12:15 pm

LeTiss wrote:
Thu Mar 07, 2019 8:38 am
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
Agreed LeTiss, sorry if I implied otherwise but I get the feel there is a general shying away from IP trading in the forums. It is a very dangerous area and because of the volatility I suspect the book often goes under-round and then you are competing with the professional BOTs.

trader44
Posts: 166
Joined: Wed Oct 29, 2014 1:28 pm

Thu Mar 07, 2019 7:39 pm

hi lucky trader ..if you keep going in play with no strategy of in play trading or knowledge of the horse you will get eaten alive believe me.i am talking from lots of experience of in play trading ..you have to learn to put the mouse down whether you are green or red as it goes in play but that depends on how strong your habits are and as you have shared already they seem to be quite strong..its incredible the destructive irrational behaviour we can engage in when trading it can undo weeks of steady trading in one go i really think people underestimate how disciplined you have to be to be able to trade and make a consistent long term income you can rely on .. :oops:

trader44
Posts: 166
Joined: Wed Oct 29, 2014 1:28 pm

Thu Mar 07, 2019 7:41 pm

also your username " luckytrader " amused me :lol:

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