Good points James i understand where you are comming from, you have posted some good points for newbies, but in my experience some of it may be to deep for the newbie to take on. We all have to learn to lose money (that is money we can afford too) before we can gain, any business is like that, i look at trading as a business venture (without Tax hedache etc). I use to loose hand over fist in play till i worked out the point where you have to say bye with a little loss. If you know your game /sport then in play is not a gamble, it is just like pre trading. It is a gamble when you dont know what your doing. We all Gamble on pre race market trading, but the skill is to have a edge, your edge like alot of others on here is reading the markets. I have just now managed to read the markets as prices move, knowing when to click that mouse, i lay so i look for the dancers(drifter dancing away from price.) I have had some great success over the pass weeks which indicates to me my skill is improving. It will take a newbie to read read and read, even invest in a course like Peter,s. There was alot of bad web press about them on other sites, but i actually employed some information from the course that has brought me to this stage.James1st wrote:A Pre-race trader executes his business, scalping or swing trading, before the start of a race, according to his own plan. His expertise is very specific to gaining more ticks than he loses, hence it is unwise to allow incomplete trades to go in running where the outcome is unpredictable. That is not to say that punters who specifically play the in-running markets should not do so, if that is their chosen playing field. Even this form of gambling requires discipline and anyone who flys by the seat of their pants in any market will soon find themselves crashing to the ground.
In play trading can build your bank quite rapid if you have dicipline and can trash it if you dont, the edge with inplay is not about fast pictures its about knowing what you can have out the trade and where you must leave the trade. As in Forex they call this a limit order. Limit Order + sceonds = your profit. I do this mostly on Favourites, BA greens up my Liability and then in go,s the favourite to win, not dangerous at all and very profitable
Keep the posts going as i said newbie traders must not expect the golden goose over night, i havnt even got it yet but in time i know it will be inbeded in my laptop with more studying and paitence.