Well it's been about 19 months since I wiped my bank out last time so not doing too bad
Guess I'm in for a bad month
Oops just lost £2300
Had a bad loss of £145 then the next race I go in too big and get a bad position, go in play can't get matched and see ya later hard earned bank!
Well it's been about 19 months since I wiped my bank out last time so not doing too bad
Guess I'm in for a bad month
Well it's been about 19 months since I wiped my bank out last time so not doing too bad
Guess I'm in for a bad month
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andyfuller
- Posts: 4619
- Joined: Wed Mar 25, 2009 12:23 pm
Sorry to see that mate. Take some time off and let yourself get it out of your system before coming back.
You must be using big stakes to have a loss of that size. Perhaps when you come back concentrate on reducing those losses and getting more consistent as you PnL looks a bit of a roller-coaster.
And I know you won't want t hear it but never go inplay unless it is part of your plan
Chin up - it isn't the end of the world and you will get it back in time - just don't go doing anything daft by going on Tilt/Chase
Sorry to see that..it made my stomach turn over...so god knows how you felt.
Similar thoughts to the two previous post..set the dials back to zero (in your mind ) and chip away over the next couple of weeks. You will soon make that back.
Good Luck
regards
Peter
Similar thoughts to the two previous post..set the dials back to zero (in your mind ) and chip away over the next couple of weeks. You will soon make that back.
Good Luck
regards
Peter
Yeah cheers guys, I can't believe I did it, I should no better since I've been a full time trader for years.
I average £1200 a week so should get it back fairly quick but it's still a hell of a loss, I guess we all have moments of insanity.
Such bad timing as well, Just about to get a house.
I average £1200 a week so should get it back fairly quick but it's still a hell of a loss, I guess we all have moments of insanity.
Such bad timing as well, Just about to get a house.
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aligammack
- Posts: 104
- Joined: Wed Apr 15, 2009 2:49 pm
Yikes, that is a nasty one especially on the one race.
Thanks for posting the loss...it is a little reminder to even those who have been trading for a long time to keep the focus, not go chasing and to control those thoughts of madness.
It's interesting to hear the advice of taking some time away. I'm sure that advice comes with much experience of disasters that happen when chasing.
I know i've had a few so couldn't agree more!
A good lesson for all and look forward to the post when you have made it back.
Thanks for posting the loss...it is a little reminder to even those who have been trading for a long time to keep the focus, not go chasing and to control those thoughts of madness.
It's interesting to hear the advice of taking some time away. I'm sure that advice comes with much experience of disasters that happen when chasing.
I know i've had a few so couldn't agree more!
A good lesson for all and look forward to the post when you have made it back.
Good Attitude.
I bet there's not one single person on here who hasnt' made a mistake at some time..
Last week, i was trading the 0 - 0 in the world cup. (I had two BA instances open and was hedging between the two)..
I was just about to place a £500 lay bet into the market...when guardian switched ( I had previously loaded up the horses for the day and it automatically switched to Guardian 1 sec before the off...) and I placed a £500 lay bet on the 3pm race (in play on the fav too!). I quickly 'redded' up and absolutely fuming with myself for being so stupid. I lost £91
I set the counter back to zero on my excel sheet and wrote it off in my mind (on the basis that it was Betfair's money anyway, ie previous profits).
I manually traded that afternoon as normal and finished the day on a three figure positive.
So we ALL make mistakes; try and get it out of your mind and it might mean you work for nothing for a couple of weeks, but you wont lose long term.
Good luck and thanks for being so honest, I'm not sure everyone would post such a large loss like that
I bet there's not one single person on here who hasnt' made a mistake at some time..
Last week, i was trading the 0 - 0 in the world cup. (I had two BA instances open and was hedging between the two)..
I was just about to place a £500 lay bet into the market...when guardian switched ( I had previously loaded up the horses for the day and it automatically switched to Guardian 1 sec before the off...) and I placed a £500 lay bet on the 3pm race (in play on the fav too!). I quickly 'redded' up and absolutely fuming with myself for being so stupid. I lost £91
I set the counter back to zero on my excel sheet and wrote it off in my mind (on the basis that it was Betfair's money anyway, ie previous profits).
I manually traded that afternoon as normal and finished the day on a three figure positive.
So we ALL make mistakes; try and get it out of your mind and it might mean you work for nothing for a couple of weeks, but you wont lose long term.
Good luck and thanks for being so honest, I'm not sure everyone would post such a large loss like that
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JollyGreen
- Posts: 2047
- Joined: Sat Mar 21, 2009 10:06 am
Sorry to hear about that loss....it reminded me of some losses I have suffered and I genuinely felt nauseous! My losses like that have come when it was a Betfair crash but the feeling is exactly the same.
I hope it gets back to normal for you and that the house hunting goes well.
All the best
JG
I hope it gets back to normal for you and that the house hunting goes well.
All the best
JG
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Irish Rover
- Posts: 15
- Joined: Fri Oct 02, 2009 1:33 am
Hi guys
My first post even though i've been around for a while.
Rhysmr2, sorry to see that whopper. I got an all too familiar pain in my gut when I saw your p/l.
I've being trading full time for 9 months and up until a month ago I was 8k down with at least 7k of that due to going in play.
Thankfully the last month I've started to turn a profit but still unintentionally go inplay at times as I like to trade right up to the off.
Has anyone any tips to stop oneself going inplay apart from not trading after the clock reaches zero?
My first post even though i've been around for a while.
Rhysmr2, sorry to see that whopper. I got an all too familiar pain in my gut when I saw your p/l.
I've being trading full time for 9 months and up until a month ago I was 8k down with at least 7k of that due to going in play.
Thankfully the last month I've started to turn a profit but still unintentionally go inplay at times as I like to trade right up to the off.
Has anyone any tips to stop oneself going inplay apart from not trading after the clock reaches zero?
HiIrish Rover wrote:Hi guys
My first post even though i've been around for a while.
Rhysmr2, sorry to see that whopper. I got an all too familiar pain in my gut when I saw your p/l.
I've being trading full time for 9 months and up until a month ago I was 8k down with at least 7k of that due to going in play.
Thankfully the last month I've started to turn a profit but still unintentionally go inplay at times as I like to trade right up to the off.
Has anyone any tips to stop oneself going inplay apart from not trading after the clock reaches zero?
there is a posting on the forum detailing a spreadsheet that auto closes your position...do a search on the postings..
regards
Peter
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CaerMyrddin
- Posts: 1271
- Joined: Mon Sep 07, 2009 10:47 am
I'm sorry for you, rhysmr2, that must have felt like a punch in the stomach. I must confess I almost cried when I took a €700 loss last year and it was very devastating. When I look at it now I smile, I think one is always changing slightly in the way emotions are dealt with.
But I have to congratulate you for your courage. Many traders state that they always win, which is statistically impossible and I think it's important to talk about massive losses, it unloads some weight.
I don't know how's wheater up there, I'm facing 32ºC outside and just think that if I was you, I'd take some time to go to the beach
But, hey, it's all in your head, I'm sure you'll know the best way to deal with it.
But I have to congratulate you for your courage. Many traders state that they always win, which is statistically impossible and I think it's important to talk about massive losses, it unloads some weight.
I don't know how's wheater up there, I'm facing 32ºC outside and just think that if I was you, I'd take some time to go to the beach
But, hey, it's all in your head, I'm sure you'll know the best way to deal with it. Hey thanks for all the encouraging words and advice, It's much appreciated.
A couple of things I've immediately learned from wiping most my bank out is:
You should always have a back up account or savings that you can immediately replenish your account with so you can go about your business as normal!
And even though I know a big disaster loss is pretty rare, it really effects your confidence. I know I do ok from trading and I'm pretty consistent but I just don't feel confident at the moment.
I'm sure I'll sort myself out and get back on track but just thought I'd mention it.
Cheers again.
A couple of things I've immediately learned from wiping most my bank out is:
You should always have a back up account or savings that you can immediately replenish your account with so you can go about your business as normal!
And even though I know a big disaster loss is pretty rare, it really effects your confidence. I know I do ok from trading and I'm pretty consistent but I just don't feel confident at the moment.
I'm sure I'll sort myself out and get back on track but just thought I'd mention it.
Cheers again.