Trading What I see !?

[smallplayer]

Please tell me if I'm wrong but I would say the markets the last few months are behaving very different to the markets you see in Peters and everyone else's videos from the last year or two...? They seem far more volatile now?

Very volatile today

[Trader Pat]

I do like the way most of the trading guides say never give up.... I guess that may work to a point, that being when you run out of money!!

Forget what the guides say, and even what others on the forum have said about hanging in there and not giving up, if you aren't feeling it and not making any progress then quit. Only you know how you're feeling and what's going on in your head and if you feel this isn't for you then I'd pack it in before losing more money.

What people don't tell you about this game is how frustrating it can be and you need to be able to take setback after setback and stay positive, frustration is a real enemy and staying positive can be a real struggle when starting out.

Remember any advice people give you is based on their own experience, so when people say hang in there and don't give up they are probably coming from the background of being where you are now, coming through the other side and are now profitable traders. But there is a reason most people can't make this work, it is of course possible for you to turn it around but only you know if you have the tools to do it.

[smallplayer]

A good way to take a step forward I found was to trade less. Try to find a way to only take the trades in which you are happy to get on. To do this you must have patience though. So you want to be queuing for better entries, etc, which will mean many untraded races. Plus, its not as stressful since you're not jumping in and out of markets all the time.

[Tetras]

Correct me if I'm wrong, but it seems like you're trying to beat the market through skill? As if only you were a 'better' scalper or swing trader, you'd make money. I'm a terrible scalper and I'm poor at swing trading and yet I'm profitable, which is only because I pick my moments, I repeat the same successful trades over and over again. Since I'm so familiar with what I do, I'm usually aware when I'll make money, or I'll lose money, when I open a market. In Peter's videos, it seems he learned how to trade in a very structured way, most of what he does has been previously observed, planned for, etc.

Every successful trade has multiple parts:
0. your emotional state
1. market selection (including type of race, the meeting, the time of day and year)
2. the set-up (the prices, the field, the money)
3. timing the money
4. the entry (and profit vs loss potential)
5. monitoring the market, to assess if the reasons for trade are still there
6. responding to other signals, like a series of huge bets on the 2nd fav when you're trading the 1st
7. the exit

If you're great at 0 - 3, you can still make money if you're bad at the rest (I should know, haha), but not so much the other way around. When I do a great trade, it is a blueprint for more good trades, when I do bad trades, it goes in my rule book of what to avoid.

Peter also has a great video on "are you being fooled?", which is super important, because some trades will work, even though in the long-term they are not profitable. The common issue of win, win, win, huge loss, it is rarely because there's a lack of skill involved, it is because an issue with 1. or 2. makes it not profitable long-term.

[goat68]

Thanks for the great ideas guys.
I think one limiting aspect I suffer is not having clearly defined 'setups', as I find every market is subtly different, and hardly ever fits a standard setup, so I have to interpret it a bit to make something fit.
Also the markets at the moment seem to be impossible to run winners due to the volatility, so I typically aim for 1:1 risk: reward.
So I'll try and improve these

[smallplayer]

Thanks for the great ideas guys.
I think one limiting aspect I suffer is not having clearly defined 'setups', as I find every market is subtly different, and hardly ever fits a standard setup, so I have to interpret it a bit to make something fit.
Also the markets at the moment seem to be impossible to run winners due to the volatility, so I typically aim for 1:1 risk: reward.
So I'll try and improve these

Just wait for a set up you know you are good at to come along.

[auto-matt]

I've been watching some of Tomas's videos, and he is slick! A real trading shark! It does make me think with the likes of him, Peter and all the other top few %, it is no wonder I haven't got a chance, which is basically what Tomas states in his Psychology chapter, the top few percent spoon of all the money from the others to make themselves a living!

Where are these videos may I ask? Wouldn’t mind taking a look

[goat68]

I've been watching some of Tomas's videos, and he is slick! A real trading shark! It does make me think with the likes of him, Peter and all the other top few %, it is no wonder I haven't got a chance, which is basically what Tomas states in his Psychology chapter, the top few percent spoon of all the money from the others to make themselves a living!

Where are these videos may I ask? Wouldn’t mind taking a look

Sportstradingexposed.com

[Kai]

Thanks for the great ideas guys.
I think one limiting aspect I suffer is not having clearly defined 'setups', as I find every market is subtly different, and hardly ever fits a standard setup, so I have to interpret it a bit to make something fit.
Also the markets at the moment seem to be impossible to run winners due to the volatility, so I typically aim for 1:1 risk: reward.
So I'll try and improve these

Just wait for a set up you know you are good at to come along.

That would certainly be the ultimate advice, unless the only setup you're actually good at is a Windows 10 installation

[auto-matt]

I've been watching some of Tomas's videos, and he is slick! A real trading shark! It does make me think with the likes of him, Peter and all the other top few %, it is no wonder I haven't got a chance, which is basically what Tomas states in his Psychology chapter, the top few percent spoon of all the money from the others to make themselves a living!

Where are these videos may I ask?

[auto-matt]

Sorry I wasn’t familiar with the name, just be careful who you follow because not everyone is legit, lot of people profit from trading by selling stuff because they are no longer profitable themselves

[goat68]

My main setups are based on Betfair chart analysis, as I can't really see what else you can use as the ladder is just a point in time view...?

[smallplayer]

If you had traded nothing today but the last, you could have made a days wages. Mostallim came in from 11's to 3.5 where a blind man could have seen it would retract. just an example that you don't have to trade many, just the obvious ones.

[Trader Pat]

My main setups are based on Betfair chart analysis, as I can't really see what else you can use as the ladder is just a point in time view...?

What's happening on the ladder is where your eyes need to be, the more you watch the activity on the ladder the better you'll get at interpreting what you see. Charts are what you look at first to see what has already happened, the ladder is what is happening right now. When you have money in the market would you rather be looking at old information or be looking at up to the second information?

Think of it like crossing the road. Do you cross the road based on what cars were on that particular part of the road 5 minutes ago or what cars are on it right this second?

[Trader Pat]

If you had traded nothing today but the last, you could have made a days wages. Mostallim came in from 11's to 3.5 where a blind man could have seen it would retract. just an example that you don't have to trade many, just the obvious ones.

For anyone who missed out on that one I wouldn't beat myself up about it.

Yes a blind man could see it would retract but you had to be able to read the market to see where it would retract. Some might have been sure it had to retract at 6, then again at 4. I didn't get on that move until it broke 6 and I greened up at 4 thinking the move was over, but then it broke 4, got a nice bounce at the bottom though.

Moves like that are tough to pull the trigger on sometimes, a weak market and a runner further down the field. When starting out you would have done very very well to be able to read that and react to it.