So much to learn but getting there
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frustrated
- Posts: 44
- Joined: Thu Aug 30, 2012 11:10 am
I still am not at stage were i'm making profit everytime, so i cant give advice on what to do, but i can say what not to do, i have become an expert at cocking up, over the next few days i will post what does not work, and the real reason other traders pretend they are helping but infact they are helping themselves, i am now learning how hard it is with all these spoof traders controlling the market, and the advice these people may give you to get money to there side of the market. It's taken me a long time to start understaning the psycology and dynamics but i'm certainly getting there and understanding not to get sucked into bad prices. Over the next week i'll say how i'm getting on and what i have learnt as i keep on trying to crack it.
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frustrated
- Posts: 44
- Joined: Thu Aug 30, 2012 11:10 am
Staying away from the fat cats is important, i'm studying it and i will explain very soon.
Hi , first of all i`d like to say you`re new measured approach to the forum is a lot nicer than the first lot ! ( i don`t mean to sound patronising by the way ).
I am in a similar position to you , however i`ve been trying this trading lark for about 2 years with limited success so not really in a position to give advice as such . I have a thread started just yesterday on the apparent paradox of advice given to the new generation of traders and appreciate it`s all given in good faith , however a lot of it does not seem to stack up . Many , many times i can predict the market flow but have got into the habit of joining the queue - 2 seconds later the price move 5 ticks in the direction i predicted but no cigar - all because of advice !
I don`t try to have set rules as such but have learned the following is good practice.
One thing i would NOT do is look at sites like Oddschecker , Sporting life live prices etc. They are too far behind the action and worthless.
The other thing i would do is trade at ` proper ` prices eg 3.25 4.00 8.00 - not in between - the logic being if a price is 4.70 - will it go up or down ?
All the real money is at the head of the market so i only put up the first 4 in the betting.
Although there appears to be at least one trader who operates around the 15 min mark with big money ( worth trying to exploit ?) , i focus on the last 7 mins to coincide with the course bookies.
The last 30 seconds can be manic so i cancel all bets then.
Keep your stop loss a fair way from the money if swing trading as you get the feeling the big traders ` know ` where the little people are trying to hide!
Like you and many others i can`t give definitive advice only reasoned points which have sound logic.
Good luck.
I am in a similar position to you , however i`ve been trying this trading lark for about 2 years with limited success so not really in a position to give advice as such . I have a thread started just yesterday on the apparent paradox of advice given to the new generation of traders and appreciate it`s all given in good faith , however a lot of it does not seem to stack up . Many , many times i can predict the market flow but have got into the habit of joining the queue - 2 seconds later the price move 5 ticks in the direction i predicted but no cigar - all because of advice !
I don`t try to have set rules as such but have learned the following is good practice.
One thing i would NOT do is look at sites like Oddschecker , Sporting life live prices etc. They are too far behind the action and worthless.
The other thing i would do is trade at ` proper ` prices eg 3.25 4.00 8.00 - not in between - the logic being if a price is 4.70 - will it go up or down ?
All the real money is at the head of the market so i only put up the first 4 in the betting.
Although there appears to be at least one trader who operates around the 15 min mark with big money ( worth trying to exploit ?) , i focus on the last 7 mins to coincide with the course bookies.
The last 30 seconds can be manic so i cancel all bets then.
Keep your stop loss a fair way from the money if swing trading as you get the feeling the big traders ` know ` where the little people are trying to hide!
Like you and many others i can`t give definitive advice only reasoned points which have sound logic.
Good luck.
Before you start thinking the market is against your every move and you have no control over it, watch this video: -
http://www.youtube.com/watch?v=uOJvsl2gbGQ
http://www.youtube.com/watch?v=uOJvsl2gbGQ
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frustrated
- Posts: 44
- Joined: Thu Aug 30, 2012 11:10 am
I totally agree betting in play is stupid, i did it for so long because i was having like 15 wins then a hugh loss, but your brain tell's you that you are close lol, laying 100's backing 100's they all bite back sooner or later. I feel i'm closing in now i'm up £120 this week i know it's not a lot but i'm starting to understand where and why people put money in. I'm trading races with 1 2 or 3 strong favorates, and only trading the last 3 mins to the off usually 2, small swings of ten quid a time, but hay ten races, yeah its tough but i'm sure you have to work it out yourself this is a game of chess and eveyone wants there side of the board full.
Perhaps you might want to outline those approaches in this thread: viewtopic.php?f=2&t=5322frustrated wrote:I still am not at stage were i'm making profit everytime, so i cant give advice on what to do, but i can say what not to do
IMHO, the 'best' ways to lose money long term are to open your trades by taking money from the queue (rather than offering), and by cutting your profits and letting your profits run...
Jeff