Hard struggling with myself

[Snopyman]

Hello everyone,

I have been trading horses for about a year, before the race. I work exclusively before the race with small stakes, mixing swing and scalp.
Also recording all the races and see where and what mistakes I make, I write everything down..

As you can imagine, one fatal error has been occurring for months, and that is let race inplay.
Even inplay is not so much a problem as that click in my head when I start gambling and just one big stake to cover red that i not want to accept and get up from the computer..

I tried various things, but from 7 days a week when I follow all the rules and it really goes okay (if that can be said for my trading at all ), there comes that one day, one moment, literally, when everything goes wrong and everything naturally leads to ruin, I lose my edge at the moment when deside go inplay and start gambling..

I read earlier posts on this topic, even for a bot that takes the initial price, but knowing myself, I would still be gambling live even when It collect SP , so it wouldn't help me much..

How do you get used to that red, how do you accept it simply and move on?

Now that I look at it because of a small minus that I didn't want to accept that has absolutely no effect on a weekly or monthly level, but it is late because i blow most of the bank every time....

Any advice, criticism or suggestion is welcome, I really took this seriously and made a huge effort to study price movements, but I still lack the two most important things: discipline and consistency...

I'm not ashamed to be honest and transparent and to share all this with you, I finally gathered the courage ) ( sry for English, it is not my native leanguage)

1211.jpg

[ShaunWhite]

How do you get used to that red, how do you accept it simply and move on?

It only gets easier when you know 100% for certain, with no doubt whatsoever, deep inside, that you'll get it back. The only reason you can't accept the red is that you don't believe that yet.

There's been a lot of tips and tricks suggested over the years though, one I particularly liked was that when you have a win, you keep half and mentally put the other half in a jar called 'losers'. When the reds are coming out of that jar instead of the money you thought you had in your pocket it's not so bad.

Looking at your PL I'd say you're winning too often, maybe grabbing at small wins and it's making the bigger losses more impactful?

[ShaunWhite]

...this won't necessarily help but when you don't hedge, all you've done is not have a bet which was almost certainly 0Ev anyway. They will even out.

But what people tend to do when it goes in-running, is that they try to grab a small profit but if it's bad it just gets worse and it's all lost. If you miss your hedge and it goes in-running, stand up walk away and accept the result, they'll win or lose according to their price.

[Hepburn]

Hello everyone,

I have been trading horses for about a year, before the race. I work exclusively before the race with small stakes, mixing swing and scalp.
Also recording all the races and see where and what mistakes I make, I write everything down..

As you can imagine, one fatal error has been occurring for months, and that is let race inplay.
Even inplay is not so much a problem as that click in my head when I start gambling and just one big stake to cover red that i not want to accept and get up from the computer..

I tried various things, but from 7 days a week when I follow all the rules and it really goes okay (if that can be said for my trading at all ), there comes that one day, one moment, literally, when everything goes wrong and everything naturally leads to ruin, I lose my edge at the moment when deside go inplay and start gambling..

I read earlier posts on this topic, even for a bot that takes the initial price, but knowing myself, I would still be gambling live even when It collect SP , so it wouldn't help me much..

How do you get used to that red, how do you accept it simply and move on?

Now that I look at it because of a small minus that I didn't want to accept that has absolutely no effect on a weekly or monthly level, but it is late because i blow most of the bank every time....

Any advice, criticism or suggestion is welcome, I really took this seriously and made a huge effort to study price movements, but I still lack the two most important things: discipline and consistency...

I'm not ashamed to be honest and transparent and to share all this with you, I finally gathered the courage ) ( sry for English, it is not my native leanguage)

1211.jpg

Looks like you should stay away from short races. Have a look at Inplay with Ivan on youtube.

[Derek27]

Have you thought about using a safety bot that greens up at the off, take the decision out of your hands?

As a former punter, I realised as soon as I started trading that letting trades go in play is just random gambling and guaranteed to lose long-term. I think I did it a few times in the early days, got stung and never did it again.

[Anbell]

Have you thought about using a safety bot that greens up at the off, take the decision out of your hands?

As a former punter, I realised as soon as I started trading that letting trades go in play is just random gambling and guaranteed to lose long-term. I think I did it a few times in the early days, got stung and never did it again.

+1

[ShaunWhite]

, I realised as soon as I started trading that letting trades go in play is just random gambling and guaranteed to lose long-term.

One for Rant Corner Derek.....
It's not guarenteed to lose, it makes no difference except to your varience. . People balls it up by managing the in-running position badly rather than letting it run to a result. If there's any downside it's because people are letting -EV bets (red at SP) run but not the +EV bets (green at SP).

There's a lot of reasons it's potentially bad but there's nothing intrinsically wrong with not having a 0Ev hedge bet. This *must* hedge thing and trading education in general stops people thinking about what they're actually doing and even you as a former punter, because you lost a few, stopped thinking about the hedge bet in terms of value.

I think this lack of understanding about how trading maths works, and that all "trades" are just bets, is why so many people fail. When I started I struggled because I disregarded everything I knew about value. Once someone lifted the fog and the penny dropped it became a lot easier. Trading isn't hard it's just that none of the YouTubers explain the fundamentals and they talk about price movement and hedging without saying why that produces value which in turn produces profit.

Rant over.

[Crazyskier]

I suffered the same problem many, many times over. The only 2 long-term options in my view, are:

1) Stop trading altogether. Find something else less costly to focus on. Learn another language perhaps?

2) Make EVERY trade a fill or kill with 'take SP' status. This way, win or lose, red or green you're taking the SP. Just make sure it's at least £10 liability for lays and £1 for backs to be sure the SP bet is matched.

Good luck.

CS

[ShaunWhite]

I suffered the same problem many, many times over. The only 2 long-term options in my view, are:

3. Understand what being red or green actually means when you do, or don't, have your sp bet. Bsp is widely known to be as close to 0ev as you'll get so how does betting (or not) at bsp affect your PL?

Just FYI skier, people making good money aren't always hedging.

[jamesedwards]

I suffered the same problem many, many times over. The only 2 long-term options in my view, are:

3. Understand what being red or green actually means when you do, or don't, have your sp bet. Bsp is widely known to be as close to 0ev as you'll get so how does betting (or not) at bsp affect your PL?

Just FYI skier, people making good money aren't always hedging.

I never hedge unless there is a +ev reason to do so. Better for long term profitability. Better for Premium Charge management too.

[napshnap]

Trade smthng without inplay, like greyhounds markets.

[Crazyskier]

I suffered the same problem many, many times over. The only 2 long-term options in my view, are:

3. Understand what being red or green actually means when you do, or don't, have your sp bet. Bsp is widely known to be as close to 0ev as you'll get so how does betting (or not) at bsp affect your PL?

Just FYI skier, people making good money aren't always hedging.

The OP is a pre-race trader who is trying to negate the massive highs / lows of letting losses go IP.

CS

[Snopyman]

How do you get used to that red, how do you accept it simply and move on?

It only gets easier when you know 100% for certain, with no doubt whatsoever, deep inside, that you'll get it back. The only reason you can't accept the red is that you don't believe that yet.

There's been a lot of tips and tricks suggested over the years though, one I particularly liked was that when you have a win, you keep half and mentally put the other half in a jar called 'losers'. When the reds are coming out of that jar instead of the money you thought you had in your pocket it's not so bad.

Looking at your PL I'd say you're winning too often, maybe grabbing at small wins and it's making the bigger losses more impactful?

This is something i really need to hear, when I think about it, there are a lot of holes in my trading. I check the p&l almost after every other race and I create pressure for myself, as far as cutting the profit quickly is not like that, I take solid swings with my steak (10e), the biggest problem I see in my head is when I go crazy and start gambling..

But i watched one of PW videos about , open-close hedge, before that video i always open-hedge several times.. now i get out of trade in smaller parts.. (scale out)

Specifically that day because of the minus of 7e which I didn't want to accept in my head I picked up -166e ... chaos..

This seems like a great idea to me, do you think that when I'm in the red before the start, I shouldn't hedge the position all the way?

[Snopyman]

Hello everyone,

I have been trading horses for about a year, before the race. I work exclusively before the race with small stakes, mixing swing and scalp.
Also recording all the races and see where and what mistakes I make, I write everything down..

As you can imagine, one fatal error has been occurring for months, and that is let race inplay.
Even inplay is not so much a problem as that click in my head when I start gambling and just one big stake to cover red that i not want to accept and get up from the computer..

I tried various things, but from 7 days a week when I follow all the rules and it really goes okay (if that can be said for my trading at all ), there comes that one day, one moment, literally, when everything goes wrong and everything naturally leads to ruin, I lose my edge at the moment when deside go inplay and start gambling..

I read earlier posts on this topic, even for a bot that takes the initial price, but knowing myself, I would still be gambling live even when It collect SP , so it wouldn't help me much..

How do you get used to that red, how do you accept it simply and move on?

Now that I look at it because of a small minus that I didn't want to accept that has absolutely no effect on a weekly or monthly level, but it is late because i blow most of the bank every time....

Any advice, criticism or suggestion is welcome, I really took this seriously and made a huge effort to study price movements, but I still lack the two most important things: discipline and consistency...

I'm not ashamed to be honest and transparent and to share all this with you, I finally gathered the courage ) ( sry for English, it is not my native leanguage)

1211.jpg

Looks like you should stay away from short races. Have a look at Inplay with Ivan on youtube.

Thanks for advice,I know that I mess up on even longer races..

thissmate.jpg

This is how a normal day look a like, without my mental error..

test.PNG

Probably I'm not used to red and that I don't firmly believe in my strategy... ( green too often )

[Snopyman]

Have you thought about using a safety bot that greens up at the off, take the decision out of your hands?

As a former punter, I realised as soon as I started trading that letting trades go in play is just random gambling and guaranteed to lose long-term. I think I did it a few times in the early days, got stung and never did it again.

Thanks for the advice Derek, I really appreciate it, I thought about it, but I think that the biggest battle should be fought in my head.

To cut something that doesn't work in time and to accept the red, whatever it may be, that's the only way I think I'll really gain consistency and discipline.