xtrader16 wrote: ↑Fri Nov 13, 2020 1:18 pm
Well after 5 years trading horse racing markets it's time to admit defeat. For the first 3.5 years I was trading In running horses and was making £100 a day but with an unreasonalble risk attached. So after a while I switched to Pre Racing markets which I thought would be too difficult to figure out and I was right.
I must of tried every graph and data analysis going. Ive made progress and gone backwards so many times I cannot remember. I've heard all the advice going. I understand what the over round is and how it works. I've used MACD signals on multilple time frames and I've used excel files to record everything under the sun.
So now what Im going to do is record my markets and put them up on a new You Tube channel in the hope of showing people how not to trade. I've joined 2-3 trading groups but they seem very clicky and nobody provides you with anything you can positivly use.
This has been a complete and utter failure. I can make money on football markets quite well but it was the Horse Racing I was determind to master but I just dont understand how it can be monitored across the market.
Thanks & Goodbye & Good Luck.
I know that for the peole who have figured it out you might think its not that difficult to do but if you dont know you dont know.
I actually told myself I wasn't going to bother replying to these cry for help threads after the last one I replied to turned sour but helping people is part of my nature I suppose and my belief systems. It (as has been mentioned) is difficult to advise someone properly when there is so much information missing. However there are so many issues at work here that it is difficult to know where to begin.
When you come onto a forum like this then you must do so with the belief that no one is going to reveal their edge to you and the overwhelming majority of posts will be generic meaning, enough to help you but not enough to make you profitable. However that doesn't make them useless because to get value from a site like this requires a lot of cross referencing and reading between the lines.
Secondly, it comes across to me that your trading education lacks depth. Now before you come back at me on this point and accuse me of "knowing nothing about you" like the last poster I replied to did, you are going to have to take my word for it in many regards. When someone is further down the road than you with their education then a lack of it stands out like the proverbial sore thumb.
A deep trading knowledge isn't learning about indicators and studying charts. These are peripheral. Everybody studies these and everybody takes their own data from them. MACD, RSI, Stochastics and anything else you care to use will not make you a trader. Getting into the intricacies of MACD for example is like learning all the different ways you can use a hammer and chisel but without skill and knowledge, those tools cannot carve a beautiful statue. I said this before on a previous post but your experience has a lot more value than you think.
Learning all the ways not to do something IS PROGRESS. In fact many Investment Banks prefer traders with actual trading experience even if they haven't been successful over someone with a run of the mill Masters or 2:1. Now I am not trying to drag you back into something that you are looking to stop doing but for a deep trading education then you are looking at 3 years minimum and 5 for most people. Do you need 3-5 years to make money on a betting exchange....NO! But the point is that there is a great big trading world out there and with so much to learn, you are not going to crack the problem by fiddling about without serious research and study (if that is indeed what you have spent the most time doing).
Trading successfully is not about learning to trade...it is about evolving into being a trader. Only when you are far enough down the road (the right road) will you realise what that means. Learning indicators and studying charts is gimmicky and there is no correct path for anything gimmicky. There are other problems too, many people on this forum have a lot of experience and knowledge but struggle to pass it on because how do you pass on experience and insight??? You can't know what it is you don't know. I keep notes on everything and my learning advances more rapidly as a result of writing things down. My trading books cannot be resold because I have butchered them with notes, but guess what? When I look back at my past notes then I often cringe even after several years of studying....why....because you can't know what it is you don't know!!!
I came on this forum for reasons similar to you and I have found tremendous insight.....but....no help was given to me directly and I never expected it. I had to read in between the lines but the really good stuff was confirmation of what I already knew which was valuable to me. Just because you have been at this 5 years doesn't mean that you have spent 5 years doing it right and please don't get angry with me saying that because nobody wants to think that they have wasted time. I don't regret any time that I spent studying areas that on reflection will not help me in the final equation simply because I have deeper knowledge and I know that will strengthen my mind set.
5 years is a long time to be doing something so you have certainly built up a lot of knowledge. My guess is as has been mentioned, you are probably not far off and maybe it is something that needs tweaking but that could be with your understanding rather than your methods. If you struggle to make money doing a certain type of trading then that in itself is good because it is driving you to the right area. Without getting too technical, I spent a lot of time on market neutral strategies and other advanced strategies and never got beyond there being a piece of the puzzle missing. Only in the past two weeks have I answered that problem but knowledge like IQ builds on itself.
Without this post dragging on forever, volatile markets require specific trading knowledge and strategies to handle them. Whether the market pre-off is made deliberately volatile or is a sum total of all the traders actions mixed with a lack of liquidity is unknown to me, but the fact is it is volatile but remember.....a betting exchange is a financial market, the exchange was designed on such. I don't know how much studying of financial markets you have done and day trading theory but I would advise you to learn this stuff but my fear is that after 5 years you have lost the heart for it. If you make money on football then stick to that and scale up, build on your knowledge base and compound your knowledge. Remember that your TRUE EDGE comes from compounded knowledge and is an organic process.
. That was manual, trading steaming favourites. Great experience, lot of fun but I had to stop it because I wanted to stay alive for a bit longer. One day of in-play trading was so stressful, I seriously was thinking about my health.
