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

The sport of kings.
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luckytrader
Posts: 12
Joined: Fri Mar 01, 2019 11:07 pm

Thu Mar 07, 2019 8:10 pm

I will never quit or go back to my day job when i started i put away 6 month of money to pay rent bills i am doing ok i know i can be good at this my problem is getting shot of the gambler in me . all week i have being in practice mode working with just a 200 bank and i can honestly say i am well in profit. just working with 10.00 quid stakes its hard to make a decent trade . but when i compare it to say peter webb useing 500 stakes i think i am on the right track . horses is not realy my passion but just over the last few month i have learned a lot . i dont look at form just pic a race i like look of and study the graph price over volume and i am starting to understand the markets and how they work . i have taken some big hits but starting out in any new venture you have to put money into it before you get your rewards . i feel more confident laying a horse first then backing it . odd as it seems am enjoying it can not wait to jump out of bed in morning and look at the markets.. :D ..thanks for all the advice but rest assured i am here to stay .

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mcgoo
Posts: 462
Joined: Thu Jul 18, 2013 12:30 pm

Fri Mar 08, 2019 6:37 am

Good luck mate.After years of trying everything..I have pretty much given up and trade what I see. I seem to break even a lot :) I automate for fun.This is a hugely difficult game but is great when you employ a light touch. You won't go in play this way ;)..failing that as people have suggested..use automation to force you out

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LeTiss
Posts: 4462
Joined: Fri May 08, 2009 6:04 pm

Fri Mar 08, 2019 7:55 am

'Redding Up' and moving onto the next market, is one of the hardest things for a trader to overcome, especially if you've been a punter previously, or still are a punter in addition to your trades.

You see, as a punter we are used to getting a run for our money. If you back a horse and he falls at the first, or gets beaten on the run-in, that's disappointing to have lost your bet, but at least you've had a run for your money. If you back Over 2.5 goals and it's still 0-0 at 60 mins, then admittedly it's not looking good, but you're not dead in the water yet - I've known many games go from 0-0 at 60mins to 3+ goals at 90mins

However, to lose money on a horse race, or a football match.......before the event has even started is alien to us punters, we expect a run for our money. Therefore, our gambling instincts take over and we let the trade run, until we've totally done our bollocks. We end up losing £300 because we couldn't accept a £5 loss!

It's pure psychology - you need to drum into yourself, that whilst trading and gambling have crossovers, THEY ARE NOT THE SAME!

When you are trading, you need to have a trading mindset. Just accept that you will lose on some markets, and that means taking the red and moving on, just in the same way that when taking a green, it means you don't care who wins or loses the match/race - the same applies to taking a red

It took an eye-watering loss for me to finally accept this

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luckytrader
Posts: 12
Joined: Fri Mar 01, 2019 11:07 pm

Fri Mar 08, 2019 8:22 pm

Being at it since 12 today must of done about 10 races but just working with 10.00 stakes i have managed a profit for the day of 118.00 and i have never once went in play. But lee tiss your have hit the nail on the head thats what i was doing just had a 5.00 0r 10.00 quid loss before off and thought i have 10 other horses running for me and 12 fences to jump . i thought the worst can not possible happen but it did and by not taking the 5.00 loss ended up with 150.00 loss as the horse i layed always won last week i had 3 in a row i layed and all them won . cost me all my bank . i used to do spreadbetting but lost more then i won on the you can not beat the spread traders imo. but i have got some confidence back today . was going to get involved with the football but best not get greedy . hope you stay up mate i have enjoyed many a weekend away with the toon few times at the dell and once at the new place . cheers mate that lee tiss always scored goal of the season agains us .

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RoystonVasey
Posts: 8
Joined: Tue Mar 13, 2018 8:33 pm

Sat Mar 09, 2019 12:19 am

Great post LeTiss, it really is a battle to get yourself away from the punter mindset but one you have to win.

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PDC
Posts: 1151
Joined: Sun Jul 24, 2016 5:52 pm

Sat Mar 09, 2019 2:21 am

luckytrader wrote:
Fri Mar 08, 2019 8:22 pm
Being at it since 12 today must of done about 10 races but just working with 10.00 stakes i have managed a profit for the day of 118.00
That is one hell of a result to have averaged £11.80 per race when using just £10.00 stakes. To me that would seem to higher result and would indicate you are taking a lot of risk but I hope I am wrong. The returns seem to me to be out of whack with the stakes used :?

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bennyboy351
Posts: 237
Joined: Sat Jun 07, 2014 6:01 pm
Location: West Midlands, England.

Sat Mar 09, 2019 12:48 pm

LeTiss wrote:
Fri Mar 08, 2019 7:55 am

It's pure psychology - you need to drum into yourself, that whilst trading and gambling have crossovers, THEY ARE NOT THE SAME!

One of the crossovers is losing loads of dosh! ;)

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bennyboy351
Posts: 237
Joined: Sat Jun 07, 2014 6:01 pm
Location: West Midlands, England.

Sat Mar 09, 2019 12:51 pm

luckytrader wrote:
Thu Mar 07, 2019 8:10 pm
I will never quit or go back to my day job when i started i put away 6 month of money to pay rent bills i am doing ok i know i can be good at this my problem is getting shot of the gambler in me . all week i have being in practice mode working with just a 200 bank and i can honestly say i am well in profit. just working with 10.00 quid stakes its hard to make a decent trade . but when i compare it to say peter webb useing 500 stakes i think i am on the right track . horses is not realy my passion but just over the last few month i have learned a lot . i dont look at form just pic a race i like look of and study the graph price over volume and i am starting to understand the markets and how they work . i have taken some big hits but starting out in any new venture you have to put money into it before you get your rewards . i feel more confident laying a horse first then backing it . odd as it seems am enjoying it can not wait to jump out of bed in morning and look at the markets.. :D ..thanks for all the advice but rest assured i am here to stay .
Beware! Practice Mode is VERY different to trading in a 'live' market!

stueytrader
Posts: 425
Joined: Tue Dec 15, 2015 6:47 pm

Sat Mar 09, 2019 1:47 pm

trader44 wrote:
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:
I'd say months.

Top post indeed, the issue with discipline is a great one. A person can be disciplined for a whole year, and then ruin it across a couple of days. That is what makes it a difficult area to address. You can feel you are fine until that moment when you are suddenly not. The answer to that? Recognise that potential, and deal with it directly and explicitly every day.

stueytrader
Posts: 425
Joined: Tue Dec 15, 2015 6:47 pm

Sat Mar 09, 2019 1:49 pm

bennyboy351 wrote:
Sat Mar 09, 2019 12:48 pm
LeTiss wrote:
Fri Mar 08, 2019 7:55 am

It's pure psychology - you need to drum into yourself, that whilst trading and gambling have crossovers, THEY ARE NOT THE SAME!

One of the crossovers is losing loads of dosh! ;)
:lol:

Very good point - there are differences, but some challenge are mentally exactly the same between both gambling and trading.

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