Rescuing a trade gone wrong.

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Realrocknrolla
Posts: 1903
Joined: Fri Jun 05, 2020 7:15 pm

Hi

I was wondering if there was any video footage from Peter on trades that are going wrong and the best way to rescue them. As in... not just greening for a loss.

Example being. £200 back bet on under 2.5 goals and there is a goal early and you wish to exit the trade for minimal loss. Plus others etc.

Apologies if I’m speaking gobblidigook!

Thanks in advance
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ShaunWhite
Posts: 9731
Joined: Sat Sep 03, 2016 3:42 am

Take the loss, reset, and look for another trade.

That original loss is history and has nothing to do with what you do next. It's only because you lost it 10s ago that it's even on your radar.

The idea isn't to make a profit on each market but to make a profit on each individual trade. So let's say you play 2 markets and in total have 5 winning trades and 5 losing ones. Does it matter if one was 5 winners and one was 5 losers or is it the bottom line that matters?
Nero Tulip
Posts: 686
Joined: Wed Apr 15, 2009 5:29 pm

I'm thinking this might be in the wrong section.. maybe an admin will move it.

Can't help on the videos front, but the idea of rescuing a trade is a flawed one. To attempt a rescue, be it minimising loss or turning it around somehow is to treat one trade as more important than the rest, it's basing your actions not on price and plan, but on your P/L...."manage your position or your position will manage you" someone once said. it's a bit of a mental dead end to think this way... if a trade didn't work, that is it, it's done, there definitely will be another one along shortly - being well prepared for that one, is where the turnaround in P/L might happen.

If you execute your opening and closing trades based on your plan/factors/price, then the 'rescuing' takes care of itself. Trades don't work A LOT, don't waste your time rescuing, just make the next one.

Also, just because a trade didn't work that doesn't make it bad, you can't measure success on the red numbers of a single trade. We're all in the expectancy/probability game, sh!t very frequently happens in my experience, rescue your future P/L by ignoring the noise.
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Kai
Posts: 6092
Joined: Tue Jan 20, 2015 12:21 pm

ShaunWhite wrote:
Fri Sep 11, 2020 6:59 pm
Take the loss, reset, and look for another trade.

That original loss is history and has nothing to do with what you do next. It's only because you lost it 10s ago that it's even on your radar.

The idea isn't to make a profit on each market but to make a profit on each individual trade. So let's say you play 2 markets and in total have 5 winning trades and 5 losing ones. Does it matter if one was 5 winners and one was 5 losers or is it the bottom line that matters?
I'm confused, are you suggesting that good traders have to accept losses just like everyone else?

Surely there is a secret workaround that top traders are keeping to themselves.
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Kai
Posts: 6092
Joined: Tue Jan 20, 2015 12:21 pm

Realrocknrolla wrote:
Fri Sep 11, 2020 6:30 pm
Hi

I was wondering if there was any video footage from Peter on trades that are going wrong and the best way to rescue them. As in... not just greening for a loss.

Example being. £200 back bet on under 2.5 goals and there is a goal early and you wish to exit the trade for minimal loss. Plus others etc.

Apologies if I’m speaking gobblidigook!
But didn't you say you came from trading Forex and oil for years, is there no concept of accepting losses over there? Everyone just too busy winning like Charlie Sheen? I don't get it if that's a genuine question, thought the post was a trolling attempt.
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Realrocknrolla
Posts: 1903
Joined: Fri Jun 05, 2020 7:15 pm

Yes I’ve traded with forex and still do.

Definitely not trolling. The question was are there any videos of things gone wrong? Rather than everything going correct in the videos. If not no worries.

I was just looking for examples and tips to be fair. Never can stop learning.
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Realrocknrolla
Posts: 1903
Joined: Fri Jun 05, 2020 7:15 pm

ShaunWhite wrote:
Fri Sep 11, 2020 6:59 pm
Take the loss, reset, and look for another trade.

That original loss is history and has nothing to do with what you do next. It's only because you lost it 10s ago that it's even on your radar.

The idea isn't to make a profit on each market but to make a profit on each individual trade. So let's say you play 2 markets and in total have 5 winning trades and 5 losing ones. Does it matter if one was 5 winners and one was 5 losers or is it the bottom line that matters?
Thanks Shaun
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Realrocknrolla
Posts: 1903
Joined: Fri Jun 05, 2020 7:15 pm

Nero Tulip wrote:
Fri Sep 11, 2020 7:01 pm
I'm thinking this might be in the wrong section.. maybe an admin will move it.

Can't help on the videos front, but the idea of rescuing a trade is a flawed one. To attempt a rescue, be it minimising loss or turning it around somehow is to treat one trade as more important than the rest, it's basing your actions not on price and plan, but on your P/L...."manage your position or your position will manage you" someone once said. it's a bit of a mental dead end to think this way... if a trade didn't work, that is it, it's done, there definitely will be another one along shortly - being well prepared for that one, is where the turnaround in P/L might happen.

If you execute your opening and closing trades based on your plan/factors/price, then the 'rescuing' takes care of itself. Trades don't work A LOT, don't waste your time rescuing, just make the next one.

Also, just because a trade didn't work that doesn't make it bad, you can't measure success on the red numbers of a single trade. We're all in the expectancy/probability game, sh!t very frequently happens in my experience, rescue your future P/L by ignoring the noise.
Thanks for the words.
Jukebox
Posts: 1576
Joined: Thu Sep 06, 2012 8:07 pm

Realrocknrolla wrote:
Fri Sep 11, 2020 6:30 pm
Hi

I was wondering if there was any video footage from Peter on trades that are going wrong and the best way to rescue them. As in... not just greening for a loss.

Example being. £200 back bet on under 2.5 goals and there is a goal early and you wish to exit the trade for minimal loss. Plus others etc.

Apologies if I’m speaking gobblidigook!

Thanks in advance
Here you'll see Peter get it wrong, taking the loss on the chin and looking for the next opportunity.

https://www.youtube.com/c/betangeltv/search?query=wrong
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Kai
Posts: 6092
Joined: Tue Jan 20, 2015 12:21 pm

Realrocknrolla wrote:
Fri Sep 11, 2020 7:20 pm
Definitely not trolling. The question was are there any videos of things gone wrong? Rather than everything going correct in the videos. If not no worries.

I was just looking for examples and tips to be fair. Never can stop learning.
Fair enough. Can find a few quick ones using search on the Bet Angel Youtube channel.

Dealing with losses : https://www.youtube.com/watch?v=Ly6uUc84YnA

Betting loss recovery systems & strategies : https://www.youtube.com/watch?v=nh0IngAgsoI

A losing trade : https://www.youtube.com/watch?v=faHJ7dZAylM

Getting it wrong : https://www.youtube.com/watch?v=ae5yE1HG7bo
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Dallas
Posts: 22671
Joined: Sun Aug 09, 2015 10:57 pm
Location: Working From Home

There's this one which ended in a loss (not rescuing just accepting it)
https://www.youtube.com/watch?v=faHJ7dZAylM
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Derek27
Posts: 23468
Joined: Wed Aug 30, 2017 11:44 am
Location: UK

Here's an example of an attempt to recover a trade that went badly wrong, which itself also went badly wrong. :D

https://metro.co.uk/2010/01/04/gambler- ... eet-11861/
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darchas
Posts: 301
Joined: Fri Sep 07, 2018 7:55 pm

Derek27 wrote:
Fri Sep 11, 2020 8:16 pm
Here's an example of an attempt to recover a trade that went badly wrong, which itself also went badly wrong. :D

https://metro.co.uk/2010/01/04/gambler- ... eet-11861/
Jinkies! I've had a few bad trades in my time but fortunately never to the point that I've threatended to kill a horse!
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Derek27
Posts: 23468
Joined: Wed Aug 30, 2017 11:44 am
Location: UK

darchas wrote:
Fri Sep 11, 2020 9:18 pm
Derek27 wrote:
Fri Sep 11, 2020 8:16 pm
Here's an example of an attempt to recover a trade that went badly wrong, which itself also went badly wrong. :D

https://metro.co.uk/2010/01/04/gambler- ... eet-11861/
Jinkies! I've had a few bad trades in my time but fortunately never to the point that I've threatended to kill a horse!
Let's face it, if you stand to lose £10K whichever horse wins as long as the event goes ahead and you ponder long enough about what you can do, the old bomb scare is all you're likely to think of. I'm surprised there hasn't been more of them. :)
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gazuty
Posts: 2547
Joined: Sun Jun 26, 2011 11:03 am
Location: Green land :)

Derek27 wrote:
Fri Sep 11, 2020 11:10 pm
Let's face it, if you stand to lose £10K whichever horse wins as long as the event goes ahead and you ponder long enough about what you can do ....
... you travel to China and hang out with bats while you eat delicacies at the local seafood market. You then return home feeling slightly unwell ..... and racing is shut down.
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