Bet Angel for newbies / Getting started : Daily profit

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to75ne
Posts: 1861
Joined: Wed Apr 22, 2009 5:37 pm

Sun Jul 22, 2018 5:53 pm

markybhoy wrote:
Sun Jul 22, 2018 5:41 pm
Derek i do understand what your trying to say but if my target for the day is reached should i not then stop trading?
If i was at home without the bot thats exaclty what i would do. Imo the bot should work as close to trading as i do so stopping at profit each day is the aim for me.
most people who trade (with any degree of success) dont really see an end of day, just racing stops for x amount of hours (or dogs, tennis etc), its just continues again sometime later a sort of continuum, temporary halts along the way.

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Kafkaesque
Posts: 402
Joined: Fri Oct 06, 2017 10:20 am

Sun Jul 22, 2018 6:03 pm

markybhoy wrote:
Sun Jul 22, 2018 5:41 pm
Derek i do understand what your trying to say but if my target for the day is reached should i not then stop trading?
If i was at home without the bot thats exaclty what i would do. Imo the bot should work as close to trading as i do so stopping at profit each day is the aim for me.
As to75se has already touched upon, you're asking the wrong question imho. The question should be: Should I have a daily target? To which it's my clear impression that most seasoned traders would give a clear and resounding no.

Here's a thread on it that sprung to mind:
viewtopic.php?f=2&t=16374&hilit=target

Derek27
Posts: 3220
Joined: Wed Aug 30, 2017 11:44 am
Location: UK

Sun Jul 22, 2018 6:17 pm

markybhoy wrote:
Sun Jul 22, 2018 5:41 pm
Derek i do understand what your trying to say but if my target for the day is reached should i not then stop trading?
If i was at home without the bot thats exaclty what i would do. Imo the bot should work as close to trading as i do so stopping at profit each day is the aim for me.
I'm pleased you haven't taken any offence from this thread. :)

There's been a lot of discussion about targets on this forum. I'm not suggesting that there's any standard of trading that you should conform to, but many traders feel they're pointless and it's even worse to allow them to interfere with your trading.

It's a bit like England having a target to get to the semi-final, they achieved their target - it's not the time to go home. ;)

I realise you may be trading as a hobby and not taking it too seriously, which is where the confusion could lie?

If you take trading seriously and have, or develop an edge, the next step in my opinion is to develop confidence in your edge, which conflicts with the' quit while your ahead' approach. It would ultimately result in reduced profits.

Even for a newbie, making mistakes the next day instead of later that day would only delay his progress.
Last edited by Derek27 on Sun Jul 22, 2018 6:43 pm, edited 1 time in total.

Derek27
Posts: 3220
Joined: Wed Aug 30, 2017 11:44 am
Location: UK

Sun Jul 22, 2018 6:21 pm

to75ne wrote:
Sun Jul 22, 2018 5:53 pm
...just racing stops for x amount of hours (or dogs, tennis etc), its just continues again sometime later a sort of continuum, temporary halts along the way.
For me it doesn't stop at all, it's just a question of when I've had enough or have other things to do. :)

Jukebox
Posts: 466
Joined: Thu Sep 06, 2012 8:07 pm

Sun Jul 22, 2018 6:28 pm

Wouldn't you at least a agree that a trading day in the major given sports does at least have an ebb and flow to it? There are successful racing traders who don't trade the evening races for instance - because they're different and that makes them even more different because those traders aren't trading them, others that only trade the premium races - and they tend to be focused in the centremost part of the racing day.
I've seen on here respected traders state that they won't seriously trade the first race as it trades so unpredictably.
We've all seen those days when a jockey/trainer combo is on fire and trading on their next race goes off the charts - by its very nature that can't happen at the beginning of a day. And will the favourite be allowed to drift as easily in the next race at Cheptown Park when the last three have all romped home?
It certainly feels like a tide to me.

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Kafkaesque
Posts: 402
Joined: Fri Oct 06, 2017 10:20 am

Sun Jul 22, 2018 6:35 pm

Jukebox wrote:
Sun Jul 22, 2018 6:28 pm
Wouldn't you at least a agree that a trading day in the major given sports does at least have an ebb and flow to it? There are successful racing traders who don't trade the evening races for instance - because they're different and that makes them even more different because those traders aren't trading them, others that only trade the premium races - and they tend to be focused in the centremost part of the racing day.
I've seen on here respected traders state that they won't seriously trade the first race as it trades so unpredictably.
We've all seen those days when a jockey/trainer combo is on fire and trading on their next race goes off the charts - by its very nature that can't happen at the beginning of a day. And will the favourite be allowed to drift as easily in the next race at Cheptown Park when the last three have all romped home?
It certainly feels like a tide to me.
Perhaps. Even so, if that is the case, then the OP should surely look to find out the ideal time "clock wise" to stop, or some other parametre that changes as the day wears on, instead of when profit hits a set percentage?

Jukebox
Posts: 466
Joined: Thu Sep 06, 2012 8:07 pm

Sun Jul 22, 2018 7:32 pm

I don't necessarily disagree with you but I am open to the idea that a day can have hidden or difficult to pin down swells in it that in someway are reactions to things that have gone on earlier in that same day - and perhaps a bot ticking and tocking its way through the day, nibbling little bits of profit and losing little bits here and there and generally running close to break even might be a way that those swells show themselves. I think the BF greyhound market in particular might have some unique properties because it appears to me to be mostly bots and it wouldn't surprise me if one or two of the better ones take advantage of this - learning from race to race how all the bots attached that day react and changing things up as it gets a handle on things.

markybhoy
Posts: 11
Joined: Sat Jul 21, 2018 12:56 pm

Sun Jul 22, 2018 7:36 pm

My way of trading may be different form others but to me if you look at a days trading and see a peak profit most days then thats what to aim for. If i was doing stocks i would follow the same graphs looking to buy low sell high. I wouldnt let my trades run the course of the day for the sake of it.

The aim at the end of the day is to make profit not to make a bot work perfectly.

I will look in to timings tho as day racing and evening racing are different in that more vloume and better dogs tend to be in the evening

spreadbetting
Posts: 1739
Joined: Sun Jan 31, 2010 8:06 pm

Sun Jul 22, 2018 8:12 pm

The aim should be to make your bot as profitable as possible , the fact you're up 30% or not will have no impact on future races. By all means look at where you can avoid losses and avoid those races but stopping a winning strategy early isn't the way to do that. The beauty of bots, and Derek, is that they can run 24/7 without a break, if it's profitable just run it as often as possible.

markybhoy
Posts: 11
Joined: Sat Jul 21, 2018 12:56 pm

Sun Jul 22, 2018 8:33 pm

I want the bot to bet for me when i cant be there . I dont have a bot that can run 24/7 and be profitable but i do hve a system that is profitable but probably needs me there for it to work.
I wish i had a bot that i could switch on and make money 24/7 but dont we all?

Anyway i think we have figured out there is no off switch on guardian lol

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