Where am I going wrong?? Newby

[waynejulian]

Ive been trading on and off now for about 3 months and im enjoying it loads, and im up on Betfair for the year to date but my deposits are slowly catching up now with my withdrawals.

At first I was trading football, generally late lay the draw and over 0.5 goals after about the 70 mins mark, and showed some massive profits with small stakes. Ive been using Soccerscanners and im very much hooked on stats, my general trading / betting has improved immensely when using these programmes.
I cashed roughly £500 out of my account over a two month period but my luck seemed to run out and I went on a downswing, so I thought i'd change my strategy.

Ive since started on In-play Racing small stakes, im laying horses high prices for little return.

I seem to win a lot of races but when I make a mistake its a big mistake, and it costs me generally most of my bankroll, Im trading most races inplay when im off work on my days off i win the majority of the time but there is always that race when I dont concentrate and lose most of my hard work that ive done for 2 days previous and its frustrating because it makes me tilt loads. Ive got a tendancy to go and chase my losses, which im trying to cut out, but im struggling.... Is there any hope for me????

I'm actually going through a bad patch with two losing weeks on the trot, but I'm confident it's just random variation coupled with the fact that there hasn't been much midweek football. You need to look at whether you've been doing anything differently. Complacency is a common problem when starting out trading; after a few months of success it's easy to get lax or increase stakes disproportionately.

As for laying horses in-play at high prices, the advice is simple: don't do it. It's futile, you make pennies and lose a fortune when it goes wrong. Same applies to chasing losses. It's easy to spend a day working hard and making money only to blow it on a lapse of concentration. It must be nipped in the bud early. Rock-solid discipline is something that really helps with trading and you should strive to achieve it before your stakes start to increase.

Thankyou, your correct... Top post.

[ShaunWhite]

Are you normally a disciplined, organised, highly focused, risk adverse person and just have trouble trading, or are you expecting to be someone like that when you're at your screen but otherwise aren't ?

The first is something people might be able to help with but if it's the second then nobody here is going to fix you a few comments.

[Kai]

Ive been trading on and off now for about 3 months and im enjoying it loads, and im up on Betfair for the year to date but my deposits are slowly catching up now with my withdrawals.

Honestly 3 months on and off is not much, can't just dabble your way to consistent profit. Need some perspective, like we all needed at the start. I needed 14 months of balls deep effort to get good consistency and eliminate losing days on the 3 major sports. And I consider myself a quick learner. If you do the math, maybe uncompressed those 14 months are probably several years of casual on and off approach.

But generally better to back at higher odds and lay at lower odds than other way around, for starters would stop laying high

[alexmr2]

As for laying horses in-play at high prices, the advice is simple: don't do it.

The Prince Andrew trading strategy never lays above 15s

[Derek27]

As for laying horses in-play at high prices, the advice is simple: don't do it.

The Prince Andrew trading strategy never lays above 15s

Good one Alex.