I add: -
Not putting enough orders through.
Stopping at a profit.
Stopping at a loss.
Please tell me there's a moment it just clicks into place!
Just to update I "may" have had the lightbulb moment, seems that I'm seeing the markets differently and I'm in profit over the last 50+ races I've traded. That may of course just be variance but I certainly don't feel as confused as I did a couple of weeks back.
I'll probably look to increase my stakes now and see how I get on. Obviously there's a ton of leaks that I need to sort out, in particular losing too many ticks when the market goes against me, reacting to volume spikes, and possibly my worst leak, getting sucked in by false trades. It seems my mouse finger reacts as soon as I see a large bulk of money enter the market. Definitely need to sort that out.
I'll probably look to increase my stakes now and see how I get on. Obviously there's a ton of leaks that I need to sort out, in particular losing too many ticks when the market goes against me, reacting to volume spikes, and possibly my worst leak, getting sucked in by false trades. It seems my mouse finger reacts as soon as I see a large bulk of money enter the market. Definitely need to sort that out.
Hi,
Ferru123 , could you clarify what you mean in POINT A please ?
My non expert thinking is that if i feel the price is about to go up i would take the price to try to encourage it on its way rather than placing my trade at the back of the queue at the lower tick price as history tells me the price moves before i get matched proving to myself i was right in the direction but not winning because i was too late getting matched !!!
To a new trader can you explain why this is the wrong thing to do ?
Thanks , J.
Ferru123 , could you clarify what you mean in POINT A please ?
My non expert thinking is that if i feel the price is about to go up i would take the price to try to encourage it on its way rather than placing my trade at the back of the queue at the lower tick price as history tells me the price moves before i get matched proving to myself i was right in the direction but not winning because i was too late getting matched !!!
To a new trader can you explain why this is the wrong thing to do ?
Thanks , J.
Joizzy - Unless you're trading large sums, you're realistically going to make very little difference to any market movement that might arise (and nor do you have to in order to profit).
If you take rather than offer a price, you're at a 1 tick disadvantage from the start. Why lay at 1.41 if you can get matched at 1.4 by making an offer at that price? You won't always get matched, but if you miss the boat, another one will be along soon.
And if you can lay at 1.4 then you can offer a back at 1.41, and make a quick 1 tick profit if it's accepted (assuming there are no better options).
Jeff
If you take rather than offer a price, you're at a 1 tick disadvantage from the start. Why lay at 1.41 if you can get matched at 1.4 by making an offer at that price? You won't always get matched, but if you miss the boat, another one will be along soon.
And if you can lay at 1.4 then you can offer a back at 1.41, and make a quick 1 tick profit if it's accepted (assuming there are no better options).
Jeff
I agree with asking for a price rather than taking one, especially on fast moving markets like Horses.
On sports trading, I'll ask for a price, or offer one 95% of the time, but sometimes I do take what's on offer. It depends on the book %. If I'm on a football match for example, and the book is 100.1%, then a price has to come in before one goes out. It's become particular relevant since cross matching has been introduced. If the selection I'm after has too much money waiting, I'll just charge straight through it, especially if I think the selection will move a few ticks. If I'm after a 1 tick scalp, I'll hold fire
I'm afraid to say you'll learn this through experience as much as advice on a forum
On sports trading, I'll ask for a price, or offer one 95% of the time, but sometimes I do take what's on offer. It depends on the book %. If I'm on a football match for example, and the book is 100.1%, then a price has to come in before one goes out. It's become particular relevant since cross matching has been introduced. If the selection I'm after has too much money waiting, I'll just charge straight through it, especially if I think the selection will move a few ticks. If I'm after a 1 tick scalp, I'll hold fire
I'm afraid to say you'll learn this through experience as much as advice on a forum
Ok scrap that, I clearly jinxed myself as every trade I've made today has gone horribly wrong. Obviously must have just ran good for the previous trades.
Can anyone explain why you can have a ladder full of money (like 80%) on one side only for six prices to just suddenly disappear and plummet? That must have happened four times already today. Seriously how can you predict that's going to happen, it feels like complete luck to me.
Really struggling to see how you can profit long term scalping if you get caught up in one of these price fluctuations.
What's really pissed me off is I've felt comfortable over the last 50+ races but every race today has done the exact opposite of what I thought. I again feel like a complete novice.
Can anyone explain why you can have a ladder full of money (like 80%) on one side only for six prices to just suddenly disappear and plummet? That must have happened four times already today. Seriously how can you predict that's going to happen, it feels like complete luck to me.
Really struggling to see how you can profit long term scalping if you get caught up in one of these price fluctuations.
What's really pissed me off is I've felt comfortable over the last 50+ races but every race today has done the exact opposite of what I thought. I again feel like a complete novice.
You can't predict when the spikes are going to come in and lose you a few ticks but fortunately they don't come in enough so that you can't make money in the long term, some days obviously its worse than others. Just try to be patient and calm when it happens
It could be due to manipulators.Consty1 wrote: Can anyone explain why you can have a ladder full of money (like 80%) on one side only for six prices to just suddenly disappear and plummet? That must have happened four times already today.
Much of what you see in the markets is a carefully crafted illusion IMHO...
Jeff
So does there become a point where you can actually distinguish these manipulators? I'm able to pick up on false trades easy enough but that's usually just one price being bombarded with money as opposed to a set of prices appearing to show strength.Ferru123 wrote: It could be due to manipulators.
Much of what you see in the markets is a carefully crafted illusion IMHO...
Jeff
When I was starting out, I kept a journal
I noted all my successes in detail, I noted all my failures in detail. There were days when I was totally frustrated, but after a while I noticed a picture developing. I realised what I was bad at, what I was good at, and what pitfalls to avoid.
I've now been full-time for over 3 years.
Don't panic, and don't let your frustrations stop you seeing the bigger long-term picture
I noted all my successes in detail, I noted all my failures in detail. There were days when I was totally frustrated, but after a while I noticed a picture developing. I realised what I was bad at, what I was good at, and what pitfalls to avoid.
I've now been full-time for over 3 years.
Don't panic, and don't let your frustrations stop you seeing the bigger long-term picture
Sometimes it's obvious, like the 11K in the screenshot below (the 11K soon disappeared, and the price dropped).
But there's a school of thought that says that you don't need to predict the markets, but just respond to them (ie get out ASAP when the market moves against you, and let your profits run).
Remember that the markets are ultimately unpredictable. No-one knows when a high roller is about to dump a 20K back bet into the market, for example, or if a horse is about to start playing up...
Jeff
But there's a school of thought that says that you don't need to predict the markets, but just respond to them (ie get out ASAP when the market moves against you, and let your profits run).
Remember that the markets are ultimately unpredictable. No-one knows when a high roller is about to dump a 20K back bet into the market, for example, or if a horse is about to start playing up...
Jeff
Consty1 wrote: So does there become a point where you can actually distinguish these manipulators?
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CaerMyrddin
- Posts: 1271
- Joined: Mon Sep 07, 2009 10:47 am
Start puting money into the markets Jeff. That's an order. 
Studying the markets is great, but you won't get a feeling of them if you don't start punting money around.
Studying the markets is great, but you won't get a feeling of them if you don't start punting money around.
It sounds a bit confrontational, but I tend to agreeCaerMyrddin wrote:Start puting money into the markets Jeff. That's an order.
Studying the markets is great, but you won't get a feeling of them if you don't start punting money around.
Nobody learned to ride a bike without taking the stabilizers off.
It's why I'm against the practice mode on BA. Messing around for fun doesn't replicate the mentality of playing with real money. You can take advice from 100 traders, but the only way to really learn is by doing it yourself. You will make mistakes, guaranteed, but the key is to learn from them