Exiting a trade help

Learn sports betting strategies and discuss key factors to consider when placing a bet.
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sclarence
Posts: 64
Joined: Sat Jan 04, 2014 12:37 pm

Hi Chaps,

In many trading videos Peter (and other pros) talk about the importance of not being bullied by the market, panicking and waiting for the trade to move in your favour and hopefully assuming your trade is complete, exit the trade! Simples.... However to contradict this the same pro’s tell you to protect your bank (cutting losses)..

In reality I’m struggling with the balance of waiting for the market to turn and cutting my losses too late!! Sometimes as the price 4 or 5 ticks against me I’ll hold off cutting my losses because that’s what the pros would do and now and then it work, however when it doesn’t work it usually results in a massive loss which easily is 2 days profit gone.

Any help or advice on what else I should look for would be great! I’ve been recording and playing videos back trying to look for clues but nothing obvious..

Thanks!
smallplayer
Posts: 120
Joined: Wed Aug 17, 2016 8:30 am

bf 9th.png
i don't post much as i'm still pretty much a noob and have just entered consistent profitability stage for last few months (before covid), so i don't think i'm best to give advice, but i noticed not much help to your question, so i'll give it a go.
what worked for me when i hit the stage you are describing was to do my utmost to not let any horses get into red territory. if it looked like it was gonna go red or if it looked like it was gonna go nowhere, i'd cut or scale out immediately. instantly this approach made me profitable. it is tough, i know, and requires constant mental will to keep doing the right thing (and boring as hell), but its the horses that take off in your favour that you wanna keep. cut the others asap. then you just gotta learn to let the good ones run as long as possible (that's another challenge).
if you watch any good trader online, you will see they never let any horses get too far into the red. then once you have traded many tens of thousands of races, you may be able to maybe take bigger reds knowing they are most likely to return in your favour. however i'm pretty sure many of the best traders don't do this as its still risky.
hope this helps, though it sure ain't easy to do all the time.
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Kai
Posts: 6092
Joined: Tue Jan 20, 2015 12:21 pm

Well done, looks neat and tidy.

Especially if you got there in a few months, I think people on average get that consistency somewhere in between 3 years and never, so not a small feat.
Diacritical Quark
Posts: 175
Joined: Tue Jan 28, 2020 10:55 pm

smallplayer wrote:
Wed Jun 10, 2020 10:08 am
bf 9th.pngi don't post much as i'm still pretty much a noob and have just entered consistent profitability stage for last few months (before covid), so i don't think i'm best to give advice, but i noticed not much help to your question, so i'll give it a go.
what worked for me when i hit the stage you are describing was to do my utmost to not let any horses get into red territory. if it looked like it was gonna go red or if it looked like it was gonna go nowhere, i'd cut or scale out immediately. instantly this approach made me profitable. it is tough, i know, and requires constant mental will to keep doing the right thing (and boring as hell), but its the horses that take off in your favour that you wanna keep. cut the others asap. then you just gotta learn to let the good ones run as long as possible (that's another challenge).
if you watch any good trader online, you will see they never let any horses get too far into the red. then once you have traded many tens of thousands of races, you may be able to maybe take bigger reds knowing they are most likely to return in your favour. however i'm pretty sure many of the best traders don't do this as its still risky.
hope this helps, though it sure ain't easy to do all the time.
As Kai said well done, it really is hard work and looks so easy on the Youtube videos, stick a few orders in here, take your profit here and bamn you can give up your job. That age old adage, cut your losses short and let your winners run is very hard to do when it's human instinct to want to be right the whole time.
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