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

[Alpha322]

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?

Since Trading from year 2009 it still baffles me why some folk still choose to Gamble and not look at the videos in the academy or watch Peters very informative videos about the software and how to Trade. You open a price within the range you close out the position and hedge, yes it may be 0.50p it may be £12.50 etc but it really adds up by the end of the month. I remember when i was a bookies friend blowing my hard earned at times in the dens i call them now.

Mind you back then it wasn't bad with the likes of Martin Pipe Barney Curley, Henry Cecil, Michael Stoute it was relatively easy money, a friend showed me the exchanges. I thought wow you can predict a loser and get paid. I took up my Betfair account in 2009, started laying, it worked for a while, but smashed your bank and profits in after a while. I was about to quit and i did. i had more money in the bank but i use to say if only there was a way to get rid of that liability and have the field green. Then i saw this video https://www.youtube.com/watch?v=-K9oyHSFkME,

i thought Holy Melonie is this real or another betting gimmick I downloaded the software Trail messed about with it and found it worked. I upgraded to the paid version and it had a bit more fly to it. I pushed a wrong button and blew a £500 bank ouch, i remember plucking up the courage telling the other half, but she was cool about it, her words is there anywhere you can go to learn it. I did i invested in the live course Peter held with snacks to eat in Hockley. A great course. I knew i wouldn't be pro over night after the 2 day stint but the travel was worth it over time I've become a moderate trader adding more to the markets gaining bigger profits and confidence reading the market, i swing Trade and believe you me after the hard work i can spot a Steamer pretty easy when the opportunity presents itself.

Unlike Peter i kept my Daytime because it pays very well and the shifts give me a lot of time to Trade, i even Trade there on sight using a big 50 inch TV when nobody in rest room, and i truly enjoy the Job for the last decade. So i would say to you Jono don't quit but learn to Trade and not have the mindset to quick riches, because it doesn't work like that. Everything in this life is progression, that's how trading works, lose a bit gain a bit more times and consistently. Forget about the bank, see it as paying Betfair a Fee to use the exchange and focus on your strategy and finding your edge in the market in other words that much quicker to get matched than anyone else. That's all the advice i can give you but Bet Angel is a fantastic bit of software, I've seen it develop like most of us on here into something incredible. I wish you the best of luck in learning the craft if you continue with Trading. You will get there.