Appears simple but is devilishly difficult.
It's happening at last.................
It wouldn't matter if I'd been doing this for 6 weeks or 6 years if I've not tried hard enough always playing at it looking for shortcuts.
I'm now seeing it differently and whilst I've still got a mountain to climb, I am seeing improvements.
I take losses now and don't resist them. If I'm wrong, I get out.
I don't use a stop loss, my exit point is determined by the price. I am conscious of the stop loss being triggered if it's to tight so I don't use one. I do though have a point maybe 4 - 6 ticks away that I'll get out if it hits.
I am more selective in my races, I traded 6 races on Saturday and won on every one. I don't go from race to race trading like I used to.
I hide my balance now so I'm not profit watching or trying to recover my bank. I just trade on what I feel are suitable races and control the losses that do occur.
Easy to say when you're winning I know, but it was just to say that I am getting there. I know I've not tried hard enough over the last 2 years and that I have a lot of good advice at my disposal on here. I want you all to know that it won't be wasted on me.
It is like trying to turn around an oil tanker. I am a very emotional person and F****** HATE LOSING MONEY but I understand (as my previous 100 attempts prove) that I can't and won't win if I don't change my attitude.
Now I relax a little, accept the loss, stay calm and things instantly start improving so I will try and keep this momentum up this week.
I feel really good because when I take a loss and another and another and resist chasing it, at the end of days trading, I'm in profit
even though I might have took numerous losses throughout the day.
Still got to improve massively to be a decent trader but the basic concept of bank management, I am starting to get right at last.
It wouldn't matter if I'd been doing this for 6 weeks or 6 years if I've not tried hard enough always playing at it looking for shortcuts.
I'm now seeing it differently and whilst I've still got a mountain to climb, I am seeing improvements.
I take losses now and don't resist them. If I'm wrong, I get out.
I don't use a stop loss, my exit point is determined by the price. I am conscious of the stop loss being triggered if it's to tight so I don't use one. I do though have a point maybe 4 - 6 ticks away that I'll get out if it hits.
I am more selective in my races, I traded 6 races on Saturday and won on every one. I don't go from race to race trading like I used to.
I hide my balance now so I'm not profit watching or trying to recover my bank. I just trade on what I feel are suitable races and control the losses that do occur.
Easy to say when you're winning I know, but it was just to say that I am getting there. I know I've not tried hard enough over the last 2 years and that I have a lot of good advice at my disposal on here. I want you all to know that it won't be wasted on me.
It is like trying to turn around an oil tanker. I am a very emotional person and F****** HATE LOSING MONEY but I understand (as my previous 100 attempts prove) that I can't and won't win if I don't change my attitude.
Now I relax a little, accept the loss, stay calm and things instantly start improving so I will try and keep this momentum up this week.
I feel really good because when I take a loss and another and another and resist chasing it, at the end of days trading, I'm in profit
even though I might have took numerous losses throughout the day.Still got to improve massively to be a decent trader but the basic concept of bank management, I am starting to get right at last.
Well done so glad to hear that - just make sure you keep it up!!
Your thread and journey is arguebley the most popular of all newbies (though cant really say your new anymore) on this forum and am sure not just people who have posted here but the thousands that have read it are hoping that you will eventyually suceed so its good to see such a positive post from you and that your trading mindset has now changed hopefully for good and if so from this point things should and will continue to improve for you.
Your thread and journey is arguebley the most popular of all newbies (though cant really say your new anymore) on this forum and am sure not just people who have posted here but the thousands that have read it are hoping that you will eventyually suceed so its good to see such a positive post from you and that your trading mindset has now changed hopefully for good and if so from this point things should and will continue to improve for you.
Thanks for your support gents.
It's a lonely world this trading, I don't know anyone who does it, has done it or remotley understands it so it's nice to come on here and speak to you and more importantly, can relate to what I'm talking about.
I do have to work on staying level headed though because I feel on top of the world when I think I'm doing well and this is a flaw in my mentality I know.
I've only just got round to getting on the computer today and normally I'd be chomping at the bit to trade regardless of my mental state (load of hassle at work) but today I either might go light with my trading a bit later or miss it all together.
Trading while agitated is a sure fire way lose money, even I know that so instead of thinking "I'll be alright" or "I know what I'm doing" now I think "don't be a twat, theres plenty more opportunities"
Speak to you next week.
It's a lonely world this trading, I don't know anyone who does it, has done it or remotley understands it so it's nice to come on here and speak to you and more importantly, can relate to what I'm talking about.
I do have to work on staying level headed though because I feel on top of the world when I think I'm doing well and this is a flaw in my mentality I know.
I've only just got round to getting on the computer today and normally I'd be chomping at the bit to trade regardless of my mental state (load of hassle at work) but today I either might go light with my trading a bit later or miss it all together.
Trading while agitated is a sure fire way lose money, even I know that so instead of thinking "I'll be alright" or "I know what I'm doing" now I think "don't be a twat, theres plenty more opportunities"
Speak to you next week.
Yes, trading is a lonely world, and that's something that some people find tough to deal with
You're also correct about remaining emotionally in control. This is why avoiding alcohol is so important when trading. Anything that makes you think or behave differently or irrationally, must be avoided at all costs
You're also correct about remaining emotionally in control. This is why avoiding alcohol is so important when trading. Anything that makes you think or behave differently or irrationally, must be avoided at all costs
After my post reporting improvement in my trading results and mentality and the several different things I'm now doing better, guess what?................
Yep you guessed it, I f***** up but there is some good to come from this (sort of)
The mistake was made today at work, it wasn't a "genuine" mistake or something I could put down to experience, it was down to lazyness and greed.
I can't even remember the horses name but I do remember there being an odds on shot that was weak at about 1.45. It ended up drifting like mad out to about 2s I think. I traded the 2nd or 3rd favorite and layed it because I thought there would be a reversal on the favorite. I don't know what come over me but when it was clear I was wrong, I refused to accept it and got in a right mess. I initially did trade out but went back in again and again but it kept on coming in and in and in.....
I started off expecting which turned into hoping which turned into f****** praying, it would reverse but it never did so my loss - £10 I had £218 now got £208. I think it went on to win as well.
The reason for my post other than to admit what a tool I've been was to say that I spent the rest of the afternoon plotting how I'm going to win that back and when I walked to the doctors at 4.20, I was still scheming thinking about football or laying a horse or something and then I said to myself "do you know what? just let it go, I've still got £208, this line of thought is why you WILL ALWAYS LOSE. You've done well recently, keep up the good work even in defeat and let it go"................so I did.
It felt like a huge weight just lifted off my shoulders and felt quite calm again once I had accepted it was what it was. I don't think I've ever done that before, even if it took me a week or more, I'd keep on until I won it back (or lost more)
The mistake shouldn't have been made in the first place especially when I had warning signs that I ignored but the £10 has gone now so move on.
Sorry for waffling but I thought after your words of encouragement the other day, you'd be pleased to know that I didn't risk it all and done the right thing. Even if I had won it back, I'd only have lost it next time it's just a shame it's took me 2 years to realise that.
That was the other thing as well which p***** me off, my first trade of the day, I done a similar thing and layed the 2nd favorite and went in again doubling my stake. I had my finger on the button ready because I wasn't sure so I waited, held my position and with about 5 mins to go, a customer walked in
So what happens? rather than trade with a customer stood in front of me which I've done loads of times, I play it straight now and trade out, which I did so I scratched only to look back at the off and it had gone from 6s to about 9s, another
Maybe I was a bit annoyed later in the afternoon and this affected my judgement.
Yep you guessed it, I f***** up but there is some good to come from this (sort of)
The mistake was made today at work, it wasn't a "genuine" mistake or something I could put down to experience, it was down to lazyness and greed.
I can't even remember the horses name but I do remember there being an odds on shot that was weak at about 1.45. It ended up drifting like mad out to about 2s I think. I traded the 2nd or 3rd favorite and layed it because I thought there would be a reversal on the favorite. I don't know what come over me but when it was clear I was wrong, I refused to accept it and got in a right mess. I initially did trade out but went back in again and again but it kept on coming in and in and in.....
I started off expecting which turned into hoping which turned into f****** praying, it would reverse but it never did so my loss - £10 I had £218 now got £208. I think it went on to win as well.
The reason for my post other than to admit what a tool I've been was to say that I spent the rest of the afternoon plotting how I'm going to win that back and when I walked to the doctors at 4.20, I was still scheming thinking about football or laying a horse or something and then I said to myself "do you know what? just let it go, I've still got £208, this line of thought is why you WILL ALWAYS LOSE. You've done well recently, keep up the good work even in defeat and let it go"................so I did.
It felt like a huge weight just lifted off my shoulders and felt quite calm again once I had accepted it was what it was. I don't think I've ever done that before, even if it took me a week or more, I'd keep on until I won it back (or lost more)
The mistake shouldn't have been made in the first place especially when I had warning signs that I ignored but the £10 has gone now so move on.
Sorry for waffling but I thought after your words of encouragement the other day, you'd be pleased to know that I didn't risk it all and done the right thing. Even if I had won it back, I'd only have lost it next time it's just a shame it's took me 2 years to realise that.
That was the other thing as well which p***** me off, my first trade of the day, I done a similar thing and layed the 2nd favorite and went in again doubling my stake. I had my finger on the button ready because I wasn't sure so I waited, held my position and with about 5 mins to go, a customer walked in
So what happens? rather than trade with a customer stood in front of me which I've done loads of times, I play it straight now and trade out, which I did so I scratched only to look back at the off and it had gone from 6s to about 9s, another
Maybe I was a bit annoyed later in the afternoon and this affected my judgement.
You obvioustly are still improving you resited the temptation to chase and as you know first hand thats what causes the real damage!
Forget about the actual monetry loss you took we all still have them from time to time i certainly do - not closing out when we should, greed, taking our eyes of the screen, being distrated etc.
The only thing that should stick in your mind is the reasons why it happened and only so that you can minimize the chances of it happening again in the future.
You having to stop and deal with your customers is just a occupational hazard for you for the time being at least, if your going to dwell on the what if's in these situations once you close a trade to deal with a customer dont return back to your computer untill you know the race will have gone in-play and then just move straight onto the next one without even looking at what happened after you left - its irrelevent!
Forget about the actual monetry loss you took we all still have them from time to time i certainly do - not closing out when we should, greed, taking our eyes of the screen, being distrated etc.
The only thing that should stick in your mind is the reasons why it happened and only so that you can minimize the chances of it happening again in the future.
You having to stop and deal with your customers is just a occupational hazard for you for the time being at least, if your going to dwell on the what if's in these situations once you close a trade to deal with a customer dont return back to your computer untill you know the race will have gone in-play and then just move straight onto the next one without even looking at what happened after you left - its irrelevent!
Lammtarra, what you're experiencing is the difficulties of developing a trading mindset
You make profits on many markets, so you know how to get a green. Unfortunately, the psychological hurdle of accepting a red screen is difficult
Do you keep detailed ongoing accounts?
Have you noticed a rise in your %Strike Rate?
Have you noticed if there are particular markets, or market conditions that seem to trip you up regularly?
You make profits on many markets, so you know how to get a green. Unfortunately, the psychological hurdle of accepting a red screen is difficult
Do you keep detailed ongoing accounts?
Have you noticed a rise in your %Strike Rate?
Have you noticed if there are particular markets, or market conditions that seem to trip you up regularly?
Dallas, your right about the shop thing. Funny how I never remember the times recently when I have traded out and saved money. I have a selective memory of things that annoy or irritate which in itself, is annoying 
But yes thank you, I am gradually improving.
Letiss, I've got to sort that part out because I do keep accounts, daily so I can see where I'm at at any point but I don't do the logical thing and take note of what race types, traded volume, how is the book split? 80% across 2 horses, 60% across 4 horses?
I leave alone races where the book is split to much because it makes it harder to identify moves (for me anyway) but you get the idea.
Things like that would qualify as "putting in the hardwork" because I should be recording and monitoring my performance when it's easier to just do some trading and not scrutinize the results.
As of Monday, I'll draw up a spreadsheet and keep tabs on this because that should help me further.
But yes thank you, I am gradually improving. Letiss, I've got to sort that part out because I do keep accounts, daily so I can see where I'm at at any point but I don't do the logical thing and take note of what race types, traded volume, how is the book split? 80% across 2 horses, 60% across 4 horses?
I leave alone races where the book is split to much because it makes it harder to identify moves (for me anyway) but you get the idea.
Things like that would qualify as "putting in the hardwork" because I should be recording and monitoring my performance when it's easier to just do some trading and not scrutinize the results.
As of Monday, I'll draw up a spreadsheet and keep tabs on this because that should help me further.
Not sure if it's been mentioned before but a lot of people like to use http://mybetlog.com/ for that purpose.Lammtarra wrote:Things like that would qualify as "putting in the hardwork" because I should be recording and monitoring my performance when it's easier to just do some trading and not scrutinize the results.
As of Monday, I'll draw up a spreadsheet and keep tabs on this because that should help me further.
If your only looking to make 1 percent per day, why are you trading?
Wouldn't you be better off choosing the worst horse of the day and laying it at sp and compounding it per day? a horse around 100-1
100 - 99 = 1 percent
If you have the patience for 1 percent a day maybe laying 1 horse at 100 to 1 would be a better option.
hope that helps
Wouldn't you be better off choosing the worst horse of the day and laying it at sp and compounding it per day? a horse around 100-1
100 - 99 = 1 percent
If you have the patience for 1 percent a day maybe laying 1 horse at 100 to 1 would be a better option.
hope that helps
Kai - Thanks for that, very helpful.
Horseplay - That sounds like a silly idea to me.....
I'm in no way qualified to give advice but I have an opinion never the less and I think that sounds daft.
I would always be at a disadvantage because I couldn't lay a 100/1 at 101.00 so straight away I'm destined to lose, incidentally what happens when, however unlikely, one goes in?
Maybe your right but I'll leave that thanks.
Horseplay - That sounds like a silly idea to me.....
I'm in no way qualified to give advice but I have an opinion never the less and I think that sounds daft.
I would always be at a disadvantage because I couldn't lay a 100/1 at 101.00 so straight away I'm destined to lose, incidentally what happens when, however unlikely, one goes in?
Maybe your right but I'll leave that thanks.