When to call it quits?

[Jono Niblock]

Hi all,

I was wondering if you help me with my dilemma.

I started trading in August after a successful period of match betting. (Accounts now restricted)

I started of with Horse Racing but I found that any race or time I entered the market, it did the complete opposite of what I was expecting. This was the first bank which I destroyed. (£100)

My 2nd and 3rd banks have been in the 2.5 goal markets which has seen some success where I can make £10 in a game trading. However, every time I try and push on and use larger stakes, goals happen and thus my 2nd and 3rd banks have been destroyed. Again £100 each back.

Should I stick trading or call it a day?

[hecojef928]

Hi all,

I was wondering if you help me with my dilemma.

I started trading in August after a successful period of match betting. (Accounts now restricted)

I started of with Horse Racing but I found that any race or time I entered the market, it did the complete opposite of what I was expecting. This was the first bank which I destroyed. (£100)

My 2nd and 3rd banks have been in the 2.5 goal markets which has seen some success where I can make £10 in a game trading. However, every time I try and push on and use larger stakes, goals happen and thus my 2nd and 3rd banks have been destroyed. Again £100 each back.

Should I stick trading or call it a day?

You’re reacting to short-term noise and your position sizing is too large for your bankroll. That’s why you’re struggling.

[ShaunWhite]

If it was August this year then you've only just started. It's not uncommon to take a year to get to the stage where you're making something on a regular basis. Some sooner, some never, but most jobs with the same earnings potential take years to get into so it's expected. Buying a pencil doesn't make you an architect and buying BA doesn't make you a trader, it's practice practice practice. Or if you automate, it's the same 'journey' time but doing study, coding and analysis instead of watching sport on the TV.

[Jono Niblock]

If it was August this year then you've only just started. It's not uncommon to take a year to get to the stage where you're making something on a regular basis. Some sooner, some never, but most jobs with the same earnings potential take years to get into so it's expected. Buying a pencil doesn't make you an architect and buying BA doesn't make you a trader, it's practice practice practice. Or if you automate, it's the same 'journey' time but doing study, coding and analysis instead of watching sport on the TV.

Thanks Shaun. Point noted

.

You’re reacting to short-term noise and your position sizing is too large for your bankroll. That’s why you’re struggling.

Thanks for the reply. Point noted.

[ShaunWhite]

Thanks Shaun. Point noted

Don't get too hung up on your 'bank'. Just give yourself £x amount a month spending money and make it last. 'Banks' assume that's all you've got and that you'll never top up. At this stage you're not looking to earn (much) money and the objective is to gradually lose less. When you tip over into a profit you can scale up but do it too soon and one mistake will cost you in confidence.

[Crazyskier]

Some great advice on here, not only in this thread but many others. It took me years to become profitable long term, and bankroll management and removing emotion / going on tilt is essential.

Personally I like to raise stakes only when the increase is already earned from profits. And always have a stop loss to protect your bank. Think of it as fun for now, and do not yield to pressure to be profitable.

Record your results.

CS