Hi All,
I could really do with a bit of firm guidance as i'm not making any money on Bet Angel and have lost quite a bit.
I really don't mind what it is but could just somebody tell me a system or technique where I could just make a small profit day-to-day to help supplement my War Pension.
I'm not greedy but in danger of loosing all my betting bank (mediocre compensation for my injuries). I was discharged from the forces with PTSD following a Operation Tour of and unable to work (even though I would love to be able to) I see BA as they only way I can make an income from home.
If you could give me a system or steer I would be indebted. If you want to send me a private message instead that would be fine.
Many thanks, your help is very much appreciated.
Nick
Big losses and diminishing betting bank from new BA user
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JollyGreen
- Posts: 2047
- Joined: Sat Mar 21, 2009 10:06 am
Hi Nick
Welcome to the BA forum, sorry to hear about your problems let's hope we can help improve your trading.
I posted on a thread about scalping for beginners as others were also struggling. This is probably a good starting point for you. Scalping for beginners
Try not to get hung up on the "one size fits all" strategy; there is only one.....a 9-5 job and you've already covered that ground. The most important thing is to understand the markets a bit better as this will help you to get in and out at more appropriate times.
Read the thread and and see if it helps you to make more informed trading decisions.
Good luck
JG
Welcome to the BA forum, sorry to hear about your problems let's hope we can help improve your trading.
I posted on a thread about scalping for beginners as others were also struggling. This is probably a good starting point for you. Scalping for beginners
Try not to get hung up on the "one size fits all" strategy; there is only one.....a 9-5 job and you've already covered that ground. The most important thing is to understand the markets a bit better as this will help you to get in and out at more appropriate times.
Read the thread and and see if it helps you to make more informed trading decisions.
Good luck
JG
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No Sea to Rough
- Posts: 27
- Joined: Sat Sep 10, 2011 6:11 pm
Many thanks Jolly Green, not much success again today. lots of red !
i'm going to have a good read of your thread tomorrow.
Many thanks
Nick
i'm going to have a good read of your thread tomorrow.
Many thanks
Nick
Whatever you're doing, use minimum £2 stakes while getting to grips with things, or even practice mode.
There really is no need to lose money while you're learning. Risking hard earned money if you aren't pretty sure of a positive outcome is crazy, so just wait until you really are ready before committing any. Right now your objective shouldnt be to make money, it should be to learn enough in order to be able to make money in the future.
And try to forget how much you've lost already. It would be easy to have it in your mind that you have to get it back asap, but that is gambling, not trading.
Good luck
There really is no need to lose money while you're learning. Risking hard earned money if you aren't pretty sure of a positive outcome is crazy, so just wait until you really are ready before committing any. Right now your objective shouldnt be to make money, it should be to learn enough in order to be able to make money in the future.
And try to forget how much you've lost already. It would be easy to have it in your mind that you have to get it back asap, but that is gambling, not trading.
Good luck
One thing people do is they see Peters videos and think BA will make them money. Its human nature i suppose,i did, but i thought it cannot be that easyNo Sea to Rough wrote:Hi All,
I could really do with a bit of firm guidance as i'm not making any money on Bet Angel and have lost quite a bit.
I really don't mind what it is but could just somebody tell me a system or technique where I could just make a small profit day-to-day to help supplement my War Pension.
I'm not greedy but in danger of loosing all my betting bank (mediocre compensation for my injuries). I was discharged from the forces with PTSD following a Operation Tour of and unable to work (even though I would love to be able to) I see BA as they only way I can make an income from home.
If you could give me a system or steer I would be indebted. If you want to send me a private message instead that would be fine.
Many thanks, your help is very much appreciated.
Nick
It is a rough road to make it pay but a road worth following
You will experience the following through a tough journey
1) You will lose money (alot at that best to use small amounts)
2) Betting Bank will disappear time after time
3) Bad habits of not getting out of bad trades (this will improve as you set your mind to concentrating on not making money but not losing it)
4) There is no system as such you have to read the markets, keep looking at how they react
5) Scalping one tick is the best strategy for a beginner (1 tick) at a time
6) Patience is key once you get that you will succeed
It sounds to me like your going in play as a newbie i wouldn’t advise this, i lost a bit doing this in my early days, i never go in play anymore not even for a tick or two
One thing not to do is part with any money for a system, they dont exist.
I wish you all the luck read the thread JG directed you too also have a read of James the 1st thread.
I assume the reason you're hoping BA will make you money, is because you want to be a trader?
Therefore, stop calling it a betting bank, it's a trading bank. That might seem picky, but being in the right frame of mind is a critical part of trading. A betting bank probably means you are gambling when things go wrong.
Are you recording your trades, or making notes at all?
If not, do so. I struggled big time early doors, but then started making a journal. I wrote down every single trade I done, what the conditions were on entry, and why I made that decision. I then noted the successes and failures. Within a period of time, trends started to emerge. I realised what mistakes I was making, what my strengths were, and what weaknesses needed attention.
I would recommend this, or something you can be bothered with!
** If you are a gambler at heart Nick, just remember one very important thing - Letting bad trades go 'in play' is the quickest route to the poor house
Therefore, stop calling it a betting bank, it's a trading bank. That might seem picky, but being in the right frame of mind is a critical part of trading. A betting bank probably means you are gambling when things go wrong.
Are you recording your trades, or making notes at all?
If not, do so. I struggled big time early doors, but then started making a journal. I wrote down every single trade I done, what the conditions were on entry, and why I made that decision. I then noted the successes and failures. Within a period of time, trends started to emerge. I realised what mistakes I was making, what my strengths were, and what weaknesses needed attention.
I would recommend this, or something you can be bothered with!
** If you are a gambler at heart Nick, just remember one very important thing - Letting bad trades go 'in play' is the quickest route to the poor house
Hi All
all good advice above .i think we were all guilty jumping allover the place in the beginning ,willing the market to come and be good to us,
i think from my experience the following is good advice,
a--pick a sport ,eg football -racing -tennis -or whatever,
b -pick a section of that ,inplay--preplay,whatever,
and concentrate on one aspect of it.master that part you have chosen and move on.
my preference was horses ,and some football but when i studied my p+L over the months the same pattern showed up ,i had prfit on football even though i only spent 20% of my time on it,
now i have narrowed it down to pre-off trading football.and dont even look at the horses any more ,
its the safest route to pofit for me.
Marc
all good advice above .i think we were all guilty jumping allover the place in the beginning ,willing the market to come and be good to us,
i think from my experience the following is good advice,
a--pick a sport ,eg football -racing -tennis -or whatever,
b -pick a section of that ,inplay--preplay,whatever,
and concentrate on one aspect of it.master that part you have chosen and move on.
my preference was horses ,and some football but when i studied my p+L over the months the same pattern showed up ,i had prfit on football even though i only spent 20% of my time on it,
now i have narrowed it down to pre-off trading football.and dont even look at the horses any more ,
its the safest route to pofit for me.
Marc
Hi Nick
Sorry to hear about the problems you've been having.
Here are a couple of things you might want to consider:
A. It's important to analyse what is likely to work and why. With trading, you are trying to exploit the irrational behaviour of the market. For example, in markets of all types, people often see a trend and jump on it. Humans are herding animals, and we instictively feel safe by copying what others do.
When you see a technique in a video, think about it critically. Why might the technique give you an edge, and in what circumstances?
B. Try to find a method which is more or less mechanical - ie little or no judgement involved. That way, you can properly test your method, and you can be confident that you're using techniques that you've established work.
C. Try relaxation techniques like meditation. They will help to bring about a clear, relaxed and focused state of mind, where you're less likely to be a victim of emotions like fear and greed, which can cloud your judgement. And as meditation induces what's called the relaxation response, I'd have thought it could also help with your PTSD. If you're interested in meditation, I'd recommend this book: http://www.amazon.co.uk/gp/product/0918 ... 1EVZA0B7ZF
D. Have a read of this thread, which contains some great advice - viewtopic.php?f=17&t=2021
Good luck and please let us know how you get on.
Jeff
Sorry to hear about the problems you've been having.
Here are a couple of things you might want to consider:
A. It's important to analyse what is likely to work and why. With trading, you are trying to exploit the irrational behaviour of the market. For example, in markets of all types, people often see a trend and jump on it. Humans are herding animals, and we instictively feel safe by copying what others do.
When you see a technique in a video, think about it critically. Why might the technique give you an edge, and in what circumstances?
B. Try to find a method which is more or less mechanical - ie little or no judgement involved. That way, you can properly test your method, and you can be confident that you're using techniques that you've established work.
C. Try relaxation techniques like meditation. They will help to bring about a clear, relaxed and focused state of mind, where you're less likely to be a victim of emotions like fear and greed, which can cloud your judgement. And as meditation induces what's called the relaxation response, I'd have thought it could also help with your PTSD. If you're interested in meditation, I'd recommend this book: http://www.amazon.co.uk/gp/product/0918 ... 1EVZA0B7ZF
D. Have a read of this thread, which contains some great advice - viewtopic.php?f=17&t=2021
Good luck and please let us know how you get on.
Jeff
PS Listen to any technical advice you receive very critically.
- You need to ask yourself questions like:
- Why does the technique that's being recommended work?
- Is it possible that this guy is successful despite what he's telling me, not because of it?
- Does the technique work in all circumstances, or just some?
- How specifically can you apply the knowledge? Or is the advice too vague for me to be confident that I'm applying it correctly?
It's possible to overanalyse things, and fall into the trap of paralysis by analysis. But unless you have a logical, rigorous, systematic, evidence-based approach, you're gambling.
Jeff
- You need to ask yourself questions like:
- Why does the technique that's being recommended work?
- Is it possible that this guy is successful despite what he's telling me, not because of it?
- Does the technique work in all circumstances, or just some?
- How specifically can you apply the knowledge? Or is the advice too vague for me to be confident that I'm applying it correctly?
It's possible to overanalyse things, and fall into the trap of paralysis by analysis. But unless you have a logical, rigorous, systematic, evidence-based approach, you're gambling.
Jeff