Betfair trading made simple - Part 3 - What type of person are you?

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Joined: Sat Sep 26, 2015 9:35 pm

I have a final bank of £200 and will trade it like an investment and not a wage earner. I will be away for 2 weeks and will only trade as and when i feel the markets are tradeable. I can learn more from sitting watching and recording than i can hitting orders for boredom sake and getting involved with no real indicators.

when i was a punter i had a different mind set, but the basics do apply. Quality and value, and there's absolutely sod all point getting steamrolled into bad events and low liquidity markets purely bescause i've dropped a howler in a previous market. If i do ten a week and know exactly how, why and what i got involved for then this has more long term educational value than jumping about like a box of frogs chasing fly's.

And in the above i'm sure is a lesson for anyone else suffering a similar nut cracker .


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Joined: Mon Sep 19, 2016 9:26 pm

All the best fatsam seems like a very sensible plan to me I hope it goes well for you.
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fatsam wrote:I never expected as many responses to my mumblings. A heartfelt thanks to the contributors.

I will not deposit again into betfair. That is a decision i am very sure on. I may well trade again. My issues have not been making profits on trades, its been looking for bigger trades than markets allow.

I am very aware of my shortcomings here and wil try address these over the next few weeks.

To all of you who trade successfully I wish you all the best . I may well have spoilt myself by making large sums of money initially trading, but in truth it was probably hyrdbrid gambling/trading. I dislike gambling without knowledge of an event and yet perversely by trading poor positions I by default gamble.

Theres no luck , its a skill set and mindset which clearly some of you have accquired over time. I may have the patience and time to do so.

For now though Best wishes, keep fit and healthy and enjoy your trades.

If it's any commiseration Sam, I, like you have lost high five figures, possibly even into 6 figures with the bookies over the last 3 decades. A typical mug punter. The only reason I'm still here (trying) is due to automation and by making the amounts meaningless until a consistently winning system is found. Now I make £5-£30 daily with 98% success rate - all to £4 and lower stakes.

I'm still very much in debit at BF, but I can't tell you the satisfaction it gives me to see my balance grow each day, almost without exception. The amounts are less important than the principle for me, at least at this early stage. I have no advice other than to say finding a consistent edge and value has to be the only way to win long term, because as we all know, luck always changes :roll:

I wish you all the very best in whatever you decide to do.

Posts: 27
Joined: Sat Sep 26, 2015 9:35 pm

Hey im a big lad but the responses i got from my initial ramble brought lump to my throat and a brave tear ventured down my mask.

I thankyou all for the replies and will endeavour to make small gains.

A rest from it all over the coming 2 weeks will maybe enlighten me. I dont need to sprint 24 miles and burn up at the 2 mile marker........none of us do. and clearly the succesful traders know how to keep the momentum up over the long term.

Cheers Bluesky and Crazy. I'll maybe post back with better figures in the not too distant future.

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Joined: Sun Jan 31, 2010 8:06 pm

Successful traders also have an edge in the market. Stop looking to make profits for now, start looking for those 'edges' and why markets move the way they do. Sticking any money into the market will just cloud your judgement as you'll be watching your bets and not the market for now. Successful punters know they dont have to bet on every market and the same applies when learning to trade.
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Joined: Sat Sep 26, 2015 9:35 pm

excellent point.
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LeTiss wrote:
Thu Nov 03, 2016 7:28 pm
Hey fatsam,

Sometimes, admitting to yourself that you have made major errors is tough, but admitting it to others can be therapeutic, as it lifts a weight of your chest

Write down every bet and trade you do - EVERYTHING!

When you are losing money, and especially chasing, it's easy to forget many of the poor decisions along the way.

Many years back, I kept a journal when things weren't going well. It was my bedtime reading - analysing all the things I did well, and all the mistakes I made. It became clear that my mistakes had a general theme, I was making the same mistakes over and again. I then embarked on a mission to retrain my brain, and stop myself from making those identified errors.

Not making mistakes is the first step to success. I was breaking even, and then making small profits. It then just all grew from there, and I have now been full-time for 8-9 years

Don't despair
Great post Le Tiss, I have noticed that all my mistakes have a similar pattern of behaviour and whilst in the moment you dont realise that your making the same mistakes over and over...

i think maybe you can be over confident as a newbie, i know i am

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Thank you for this post... I don't know who I am, but learning not to be a victim!
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nathanrost wrote:
Mon Feb 26, 2018 6:34 am
Thank you for this post... I don't know who I am, but learning not to be a victim!
I find that giving myself a swift uppercut in the morning helps :D
There is a lot in common, I think, with trading and endurance activities, martial arts, hard military training or anything that pushes one to be self analytical in the midst of pain while striving to achieve.
It occurs to me that perhaps our true nature is revealed.If this is the case, that can be a good thing but it is definitely not an easy thing..good luck.
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