Hi,
I'm trying to get hang of racing since the November and last week I felt like I have an edge although tiny,tiny,tiny one. I ended up couple of euros every day after hard fought battles. But yesterday was disaster. I went in play with one race and ended up -45 then I had another bad one and I ended up -76 for the day. Today is same I couldn't green up almost nothing and I'm down another 70 so far. I don't know should I hang on and be patient or should I call it a day?
Should I call it quits?
-
superfrank
- Posts: 2762
- Joined: Fri Aug 14, 2009 8:28 pm
imho it takes many hundreds of screen hours before you can expect to be any good at pre-race trading (if you are trading the price action).
you're up against people who have many thousands of screen hours and have worked out how to make consistent returns.
you have to reach a certain standard before you can expect to break even, and if you're not there yet then you should expect to lose money until you are.
you're up against people who have many thousands of screen hours and have worked out how to make consistent returns.
you have to reach a certain standard before you can expect to break even, and if you're not there yet then you should expect to lose money until you are.
-
CaerMyrddin
- Posts: 1271
- Joined: Mon Sep 07, 2009 10:47 am
I would call it a day, you might be in tilt mode.
Chill out and don't chase. You might want to have a look at your discipline before getting involved again.
Chill out and don't chase. You might want to have a look at your discipline before getting involved again.
One or two months in to it is probably too early to tell whether you want to continue with this. Also don't forget that November to February horse racing can be a bit volatile and prone to huge swings so important bearing that in mind. Wording of your comments suggests you went in play voluntarily in which case you may have done out of frustration then count yourself lucky for loosing 76 & 70 as you did because if you had won them you may be thinking that you're found a holy grail and lead you to loose even more in future. Taking in-play is acceptable only if its forms part of your overall strategy but not if you do that randomly.
Another point to consider is the size of the bank. Most people underestimate the size of the bank required to sustain losses early in the process as part of learning.
Another point to consider is the size of the bank. Most people underestimate the size of the bank required to sustain losses early in the process as part of learning.
-
psycho040253
- Posts: 109
- Joined: Thu Mar 10, 2011 9:29 pm
Hi EquityEquity wrote:Hi,
I'm trying to get hang of racing since the November and last week I felt like I have an edge although tiny,tiny,tiny one. I ended up couple of euros every day after hard fought battles. But yesterday was disaster. I went in play with one race and ended up -45 then I had another bad one and I ended up -76 for the day. Today is same I couldn't green up almost nothing and I'm down another 70 so far. I don't know should I hang on and be patient or should I call it a day?
My feeling is that if you were really gonna give up, you would have just done it and not bothered to post.
Expecting to come up with a winning strategy within the space of one month is, IMHO, a pretty tall order.
I suggest that you stick at it using minimum stakes until such time as you can make a consistent profit, however small. When you can do this, I then suggest that you increase the stakes slowly.
Psycho
And unless it's a pre-planned strategy then never ever ever let your trades go in play, its a total false economy. You might well get away with it one, two, three etc times but you are just kiding yourself if you get away with it and then include that 'winning' trade in your total profit/loss at the end of your trading session.
As others have said, start with small stakes and even if you are losing a little each day then at least congratulate yourself each time a trading session finishes and you didnt let any trades go in play.
I'm still learning and trying different strategies and I'm just about at the break even/tiny profit stage and thats after many years of trying off and on.
As others have said, start with small stakes and even if you are losing a little each day then at least congratulate yourself each time a trading session finishes and you didnt let any trades go in play.
I'm still learning and trying different strategies and I'm just about at the break even/tiny profit stage and thats after many years of trying off and on.
Well, I've been trying for a year and a half, and still not clearly in the green. Reading various forums, 1-2 years seems to be the time required for the average joe to turn a profit.
Found a big edge, but don't have a big enough bank yet and so I keep over-extending and 'falling off the edge' right down the cliff
Still plenty of time for me to rake in big profits next year though 
Found a big edge, but don't have a big enough bank yet and so I keep over-extending and 'falling off the edge' right down the cliff
Still plenty of time for me to rake in big profits next year though -
steven1976
- Posts: 1744
- Joined: Tue Jan 19, 2010 6:28 am
Why are you going from a couple of euros a day winnings to losing 45 in a race? Did you cut your loss in the race at 45 euros red or did it lose completely? I presume usually if your only winning a couple of euros a day you are using small amounts? If you lost 45 by going in play did you suddenly put a larger amount (larger amount than 45) into the market being greedy and then the odds seemed to go against you?
In my opinion there are plenty of sharks swimming in these murky waters and quite often they are just waiting for someone to put a decent bait into the water so that it makes their while going through the money and pushing the odds quite quickly. At this time of year most of the money is not real punters money and therefore on the whole it would be expected that a trader would eventually accept the loss.
Ive touched on the subject previously and would go as far as to say that a lot of the market at this time of year is quite fake and controlled and therefore even when you feel you are putting your feet into safe water away from the money they can swim fast for a feed.
In my opinion there are plenty of sharks swimming in these murky waters and quite often they are just waiting for someone to put a decent bait into the water so that it makes their while going through the money and pushing the odds quite quickly. At this time of year most of the money is not real punters money and therefore on the whole it would be expected that a trader would eventually accept the loss.
Ive touched on the subject previously and would go as far as to say that a lot of the market at this time of year is quite fake and controlled and therefore even when you feel you are putting your feet into safe water away from the money they can swim fast for a feed.
Hi guys,
thanks for your comments, these are altogether positive.
Now I know I was burned out yesterday and should not trade at all. I felt numb and couldn't feel the flow of the market. Also I traded every race which means I was bypassing my rule which was try to find best possible opportunities.
Today I feel better but I'm not gonna trade till I don't feel 100% again.
In the meantime I would like to ask you one thing: is there really so much more to learn? I bet most of successful traders base their decisions on few basic indicators they read from chart and ladder. Am I wrong?
thanks for your comments, these are altogether positive.
Now I know I was burned out yesterday and should not trade at all. I felt numb and couldn't feel the flow of the market. Also I traded every race which means I was bypassing my rule which was try to find best possible opportunities.
Today I feel better but I'm not gonna trade till I don't feel 100% again.
In the meantime I would like to ask you one thing: is there really so much more to learn? I bet most of successful traders base their decisions on few basic indicators they read from chart and ladder. Am I wrong?
It's difficulty with the mental side of trading that is often underestimated.
You could tell someone exactly what you do and what indicators you use to profit and they will still make a loss.
If it was that easy everyone would be doing it as they saying goes .
You could tell someone exactly what you do and what indicators you use to profit and they will still make a loss.
If it was that easy everyone would be doing it as they saying goes
.