At last some freedom from this nightmare.
Another torturous day. I spent all day using minimum stakes losing over and over again and again. I got so fed up that at the end of the day, I laid my remaining £40 bank on the favourite, and guess what, the favourite won and I lost. Now I'm out the game and relieved to get back to my life. Trading is nightmarish way to try and make money. I've wasted most of this year learning how to trade and all I've got for my troubles is to make myself look like an idiot. All the sacrifices I've made and it seems like all along I've been chasing after fools gold. I also seem to have developed tourets syndrome. Trading has cost me a fortune in time and money, promising the earth and delivering little. Finally, I'm out the game. Will I be able to escape this tangled web of deceit or am I doomed to life of slavery, a victim of some kind of horrible gambling addiction, where I can't or won't rest, until I've recovered my losses?
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andyfuller
- Posts: 4619
- Joined: Wed Mar 25, 2009 12:23 pm
Sorry to see you end trading like this but maybe you should take your advice and leave it for good. Trading is not for everyone and it seems it is not for you given some of your posts. You will have learnt something from the experience even if that is to give something a go and if it doesn't work out be able to walk away saying at least I tried. Plenty of people dream of doing what they want but dare not try incase they fail. At least you can say you tried 
I used to chat with a trader who used to post on here and another forum and although they used to do well from trading for many years their edge went and they just couldn't get back to winning ways and they talked very much how you have in your opening post. After many months they realised it was no longer for them and moved on to pastures new with no regrets and became much happier.
Best of luck for the future.
I used to chat with a trader who used to post on here and another forum and although they used to do well from trading for many years their edge went and they just couldn't get back to winning ways and they talked very much how you have in your opening post. After many months they realised it was no longer for them and moved on to pastures new with no regrets and became much happier.
Best of luck for the future.
Losing at something that 90% of people lose at doesn't make you a loser!
OK, maybe you stuck with trading longer than you should have, but at least you can't be accused of quitting at the first hurdle! And people often stick at bad marriages and failing businesses longer than they should - sometimes hard to let go of a dream.
Many people will put a year of their life into a new business venture that fails. You can either learn from the experience and refocus on something you are good at (which doesn't necessarily mean a lifetime of wage slavery), or you can wallow in self pity. Your choice.
Jeff
OK, maybe you stuck with trading longer than you should have, but at least you can't be accused of quitting at the first hurdle! And people often stick at bad marriages and failing businesses longer than they should - sometimes hard to let go of a dream.
Many people will put a year of their life into a new business venture that fails. You can either learn from the experience and refocus on something you are good at (which doesn't necessarily mean a lifetime of wage slavery), or you can wallow in self pity. Your choice.
Jeff
I)@v1d wrote:Thanks for your comments consolers of the lonely. And now the end is near and so I face the final curtain. So long, farewell, advenerseine, goodbye. Yeah I'm a loser baby so why don't you kill me?
Hi L,
I read somewhere that (in the opinion of the author)becoming a proficient trader takes about 3 years. The article is interesting and puts winning and losing into perspective. Let me know if you'd like to read it (if you haven't already) and I'll PM it over to you,
cheers, P
I read somewhere that (in the opinion of the author)becoming a proficient trader takes about 3 years. The article is interesting and puts winning and losing into perspective. Let me know if you'd like to read it (if you haven't already) and I'll PM it over to you,
cheers, P
I;ve been trading for 3 months and I;m slowly getting there but I would imagine it is going to take another 3 or 4 months before I start winning consistently. At present I am more confident scratching and getting out with small loses but also making more winning trades (small) than before. Lessons learnt so far (all costly) dont let a liability go in running, dont presume a price will come back in or out and dont get greedy.
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dan_payne182
- Posts: 93
- Joined: Wed Oct 28, 2009 3:46 pm
Most the profitable traders i know started when betfair first started up. i assume (maybe wrongly) that the markets were easier to understand back then, mainly because i imagine there was a lot less traders and therefore a lot less manipulation of prices. For these people any changes to the market have been gradual and so they have had time to adjust, whereas newbies are effectively trying to understand a market that has been maturing and changing for over 10 years now. By no means am i saying it cannot be done, however. Just my take, feel free to dissagree 
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blackfriar
- Posts: 21
- Joined: Thu Aug 27, 2009 3:06 pm
I started betfair trading with pre-race horses. Bad idea for a beginner.
Scalping horses pre-race is, imo, equally as difficult as trying to scalp the Forex market. Perhaps more so, as the Forex market can't be 'manipulated' by someone with a couple of hundred k's.
My advice to you is take a break and enjoy the summer, then start a demo Forex account (no real money at risk) and spend a 6 months to a year learning how to enter and exit the market. It's a 24 hour market, so there's no need to feel hurried or tempted to gamble. Treat it as your classroom.
You could also trade the in-play football season, and cricket, which are both much much, much, much easier to trade than pre-race horses.
With respect, you seem to be self-pitying over these losses. What you need to understand is that 99.9% of successful traders in any market went through 3 progressions:
The initial losses, the break-even learning period and then the ability to make money from the activity.
It's a long road.
Scalping horses pre-race is, imo, equally as difficult as trying to scalp the Forex market. Perhaps more so, as the Forex market can't be 'manipulated' by someone with a couple of hundred k's.
My advice to you is take a break and enjoy the summer, then start a demo Forex account (no real money at risk) and spend a 6 months to a year learning how to enter and exit the market. It's a 24 hour market, so there's no need to feel hurried or tempted to gamble. Treat it as your classroom.
You could also trade the in-play football season, and cricket, which are both much much, much, much easier to trade than pre-race horses.
With respect, you seem to be self-pitying over these losses. What you need to understand is that 99.9% of successful traders in any market went through 3 progressions:
The initial losses, the break-even learning period and then the ability to make money from the activity.
It's a long road.
Forex has to be harder though? You are up against the best traders in the world who probably have a faster price and news feed for starters and then there is the transaction costs. Can't see that forex is a starting point, would have thought it was the other way around?
With Forex, you can trade with a demo account until you know what you're doing. Also, there are a wealth of indicators you can use that don't exist on Betfair, liquidity isn't a problem, and a variety of tried and tested methods are available. Plus, you generally know well in advance when a big piece of news is going to be announced that will send the market flying all over the place!
I've previously messaged David to let him know that I'm happy to send him one of these methods (FOC, with the author's permission).
Jeff
I've previously messaged David to let him know that I'm happy to send him one of these methods (FOC, with the author's permission).
Jeff
Mug wrote:Forex has to be harder though? You are up against the best traders in the world who probably have a faster price and news feed for starters and then there is the transaction costs. Can't see that forex is a starting point, would have thought it was the other way around?
Can't comment on the Forex thing but I think Blackfriar makes a good point.
I started full time trading last June and, like you, I started on the nags. Also like you, I lost a shit load of hard earned money trading nags, but was consistent on football. I quit full time in Feb this year to re-arrange my thinking and rebuild the bank.
I won't touch nags for numerous reasons but I'm gearing up to trade the new football season and the golf. It won't happen overnight but I know I can consistently make good money trading sport, and shall persevere until that happens.
In short - Keep on keeping on.
I started full time trading last June and, like you, I started on the nags. Also like you, I lost a shit load of hard earned money trading nags, but was consistent on football. I quit full time in Feb this year to re-arrange my thinking and rebuild the bank.
I won't touch nags for numerous reasons but I'm gearing up to trade the new football season and the golf. It won't happen overnight but I know I can consistently make good money trading sport, and shall persevere until that happens.
In short - Keep on keeping on.
I found forex a nightmare when I traded it. Prices flying all over the place and when news broke you seemed to be the last person to know as the price flew away from you. When I looked at my account I'd paid many times more fees and costs than I could reasonably make short term trading. When I started trading on Betfair it seems just so much easier than when I had a go at forex. That's my experience anyhow, obviously everybody is different for some reason.