Please tell me there's a moment it just clicks into place!

[Zenyatta]

But that's not an argument against the use of stop losses - it's an argument against trading totally randomly...

Jeff

I'm convinced someone's looking over my shoulder with those damn stops. I guess one way, suddenly the market rockets off in the other direction. I stop out... only to have the market rocket all the way back down again. I swear someone is looking over my shoulder

[Consty1]

I should add that my discipline to exit a market manually at 1 or 2 ticks is ok and it doesn't frustrate me doing so. My issue is those moments when the market get's bombed and I'm scrambling to get myself out when a stop loss could have just helped me out. These are the fairly infrequent moments which wipe out my profits.

Essentially when I put a stop loss in it's basically there as a safety blanket and I will always try to exit the market for 1 or 2 ticks manually if possible.

[Iron]

I know the feeling!

You need to either:

A. Find situations in which you have a higher than 50% strike rate

B. Throw your hands up in the air and say 'I don't know what this market is going to do next, so I'll just offer money to the market, and get out ASAP if it goes against me, and hang in there if it starts trending in my favour!'

Jeff

PS Option B isn't as crazy as it sounds, but you need to have the stomach for lots of small losses, and stake conservatively relative to your bank, as there will probably be big drawdowns!

I'm convinced someone's looking over my shoulder with those damn stops. I guess one way, suddenly the market rockets off in the other direction. I stop out... only to have the market rocket all the way back down again. I swear someone is looking over my shoulder

[NR169]

Been trading on sports mostly racing for 6 weeks now. Are you trying to trade every race? Thats very very difficult. In my humble and newbie opinion you need to review the cards each morning or previous evening and select potential trading opportunities. In my case I like races where two horses will dominate the market. Use the ladder and the candlestick graphs to look for price support or resistance and enter trades in those areas. Keep the stakes small and try not to panic and trade out too soon. There is a great saying in financial trading (which is my background). "I seem to eat like a sparrow and crap like an elephant"
Also if you are not trading then try to watch markets develop and trade. It took me many months to become comfortable with financials and am expecting the same here. Good luck

[Will Sharpe]

Consty, at what price do you enter your trade in this example? If this happens to you frequently, you have a pretty good trade setup that you currently are not taking advantage of. If you focus on that opportunity you may find yourself in a nice spot.

[keeponrunning]

Hi Consty,

Just been reading your thread and have found it interesting.

How are you finding trading now?

I would also advise taking the master class with Peter.

Costs a fair wack but its worth every penny, and opens your eyes. Its very logical, you go away kicking yourself for not connecting the dots sooner

All the best pal!!

Dean

[mister man]

fine if you are in southern england, otherwise its a lot of cost to get their on top of the high cost to take the training.

i think peter should be a touch more inclusive and go out to the barbarian provinses...

technology these days means you dont need to be in your own office,other than for your own convenience

[keeponrunning]

i live in Hull mister and still went on the course.

I understand your point, it does take time effort and money but it is really worth every penny. Recommend it to everyone.

Hope this means consty hasnt hung up his trading boots

Deano

[mister man]

if a couse comes within 50miles of hull ill go on it.

[CaerMyrddin]

I had to take a plain to attend the course, so maybe it's just a matter of how much you want something?

[mister man]

or maybe its just a matter of how much money youve actually got.

bank account = 50,000k cost of attendance =500 = 1%

bank account = 2,500 cost of attendance =500 = 20%

or twenty times greater for example...maybe some people dont want it 20 times as much...

do you think mr 50k would pay 10k to attend which would be the equivalent cost to mr 2.5k (I doubt it)

id be very careful before you go telling people they dont want it enough...

[Consty1]

No I've not quit although I've not really done any horse trading for a few weeks as I've been playing a lot of poker. Still very much driven to succeed but felt I needed to step back a bit before going forward, I have however been sporadically looking over a few videos I recorded of the markets last year.

I've been thinking about Peters course for a couple of months now myself so may take the plunge at some point.

[CaerMyrddin]

Hey misterman, I think you're looking it from the wrong angle. By being put in the right direction straight away, I don't have the minimum doubt that not only the course paid itself quickly, but also it saved me a lot of 'market tuition fees'. Also, maybe things would have gone so bad if I didn't attend the course that I would have never been able to pursue this endeavour?

I underline my point. You could have a £0 bank account. You could still get a part time to pay the course. Imho it's just a matter of how much you want something. We aren't talking about going to the moon!

[enzabella2009]

But that's not an argument against the use of stop losses - it's an argument against trading totally randomly...

Jeff

I'm convinced someone's looking over my shoulder with those damn stops. I guess one way, suddenly the market rockets off in the other direction. I stop out... only to have the market rocket all the way back down again. I swear someone is looking over my shoulder

This is very funny ZANA, I do not know how many times I found myself in the same situation in the past . I was 100% sure that someone could see what I did. (Sometimes I still do ). I place a back bet and almost instantly the software triggered the stop-loss 2-3-4 ticks. I Place a lay bet and the same happened. I tried everything without success. I knew I could do it, I just had to find the right method and discipline. At the same time I noticed that in football I did not have the same problem, I was actually quite bright. I did abandon the idea of ​​ TRADING horses sometimes, like you I could do better if I only gamble on horses. After all I was too stubborn to give it up completely. The answer was in front of my eyes. Trading on horses has extremely higher speed than football. Obvious isn`t? That was my problem. I asked myself how can I fix this? I stopped using the software as regards horses and with small bank that I had already accepted to loss I began to trade horses only on Betfair main page without clicking refresh and without the option of stop-loss. Whatever happens I must stick with the plan. I did all manually and kept it as simple I could. I was trading in slow motion, I have eccepted even big losses because I was unaware the market went so far against me but also I made big wins for the same reason and slowly I was able to solve my own weakness. In any case I always gambled, I just need something which had to Improve my overall edge. That's not to say that now I'm a genius, but at least the bloody stop-and-loss and the speed does not harm my tradings anymore. I am using softwares again but my style have changed a lot and for the Stop and loss it has been long time last time I have used it.

[mister man]

might as well be the moon, but if the roadshows get going...im in.