Following another enforced 'holiday' between IT contracts I thought I would have yet another attempt at trading horse prices. Over the last 2 years I've been on the PW course, read the manual, read other trading books, recorded numerous markets/ladders/charts etc. I've analysed many trading screens, how and when money arrives into the market, when to scalp, when to swing, time to put trades in 'out of the money', when to cut losses etc. etc., yet again it still seems like I can't get this right.....
The other day I thought I'd had my 'matrix' moment where suddenly everything became clear, I was able to trade two horses at once, saw all market moves and generally everything really became very clear, I couldn't believe it, and could hardly sleep thinking about what would be the next day's trading. Yet putting this into practice the following day didn't quite work out as well. So then I thought the markets may just be different for that particular day, so back to the drawing board I went, profiling more races, price movements etc.
Its getting to the point that it feels like I done this to death now, and where I'm gonna have to move on, I feel I now know so much about this, I could probably teach it, but I still dont think I can make the bloody thing work, yet every now and then I still believe I am so close to getting this right. If it wasn't for all the blogs and posts on people being successful long term at this, then I wouldn't think it was possible.
One consolation is it seems I'm not the only one here.....just wanted to vent my pain.
I thought I had it, then I lost it !
Im same as u, went on the course 2 years ago, been totally baffled most of the time as to what I am doing wrong. The blogs showing how much money ppl are making just depress me. I have managed to turn it round a bit in the last few months tho, so keep working at it, it is possible
The last scene in coronation street where Tyrone belts Dev exemplifies our need as traders to understand the whole picture before wading in. ‘Situation Awareness’ as it is known by naval pilots.
Most of us are not born natural traders. We gotta learn the ropes.
If you get frustrated - then that is an area you have to conquer. If you don’t get frustrated, then you can skip that homework.
If you are anxious to get in to profit, you’re homework is about finding out how to deal with performance anxiety.
Knowing you have a weakness is good. But… that is not enough to resolve the problem. It is like saying SORRY after an argument. That does not solve the underlining issue.
Hands up if you are a lazy trader.
Do you think Peter webb put his hand up?
See?
You have to work hard, very hard. No matter if you are natural or not.
Don’t want to overcome these obstacles because you think you have already tried hard enough? Fine! I’ll see you in my P&L figures.
Being fed up, frustrated and feeling beaten was never a reason for giving up to those people who finally made it to the winning line.
Most of us are not born natural traders. We gotta learn the ropes.
If you get frustrated - then that is an area you have to conquer. If you don’t get frustrated, then you can skip that homework.
If you are anxious to get in to profit, you’re homework is about finding out how to deal with performance anxiety.
Knowing you have a weakness is good. But… that is not enough to resolve the problem. It is like saying SORRY after an argument. That does not solve the underlining issue.
Hands up if you are a lazy trader.
Do you think Peter webb put his hand up?
See?
You have to work hard, very hard. No matter if you are natural or not.
Don’t want to overcome these obstacles because you think you have already tried hard enough? Fine! I’ll see you in my P&L figures.
Being fed up, frustrated and feeling beaten was never a reason for giving up to those people who finally made it to the winning line.
Hi Kev,
I had a bit of spare time the other day whilst traveling and read some of the old Betangel blogs..
Regarding the the situation you have described; Peter uses the analogy of playing a round of golf using only one club (for example you may only scalp)..whereas there are many clubs in your bags.
Sometimes you might only feel comfortable using a 7 iron, but to move forward you need to sometimes use your driver of the tee...
hope that makes sense to the non golfers too!
Regards
Peter
I had a bit of spare time the other day whilst traveling and read some of the old Betangel blogs..
Regarding the the situation you have described; Peter uses the analogy of playing a round of golf using only one club (for example you may only scalp)..whereas there are many clubs in your bags.
Sometimes you might only feel comfortable using a 7 iron, but to move forward you need to sometimes use your driver of the tee...
hope that makes sense to the non golfers too!
Regards
Peter
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andyfuller
- Posts: 4619
- Joined: Wed Mar 25, 2009 12:23 pm
Fully agree - the markets at the moment are pretty damn dire, the odd highlight but mainly they are not great and it is a matter of grinding out your results at the moment.Bet Angel wrote:We shouldn't forget just how tough mid-winter can be also. Some days are just plain awful at the moment.
Not an ideal time for someone new to be learning the markets - bring on March/April!
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CaerMyrddin
- Posts: 1271
- Joined: Mon Sep 07, 2009 10:47 am
Hi, do you consider the markets easier? If so, why?Not an ideal time for someone new to be learning the markets - bring on March/April!
I had my best day to date yesterday, the big drift on Keenes Royale on one of the Wolverhampton races was really a big money maker.
I was already having a very positive day, but this trade really made it great.
I hope not to squander the momentum today, I'll do my best to control overconfidence and overtrading
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andyfuller
- Posts: 4619
- Joined: Wed Mar 25, 2009 12:23 pm
Cheltenham and Aintree for the jumps, then the start of the flat season so the races don't over run each other and also the start of the evening racing which means many more opportunities.CaerMyrddin wrote:Hi, do you consider the markets easier? If so, why?)Not an ideal time for someone new to be learning the markets - bring on March/April!
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CaerMyrddin
- Posts: 1271
- Joined: Mon Sep 07, 2009 10:47 am
Thank you for your prompt reply.
Do you think the markets behave differently?
I'm really a newby, isn't Wolverhampton an evening event? Is it just a late afternoon event?
Do you think the markets behave differently?
I'm really a newby, isn't Wolverhampton an evening event? Is it just a late afternoon event?
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andyfuller
- Posts: 4619
- Joined: Wed Mar 25, 2009 12:23 pm
Yes the markets do behave differently imo for several reasons, one simple example is that the summer evening racing will attract more people than the Wolvs/Kemp current twilight meetings attract.
I forgot to mention that the Dubai Carnival is just around the corner - think it starts next week.
The current evening racing is just put on for the betting shops the proper evening racing starts in April and will go through until August, it takes a while to get going but eventually there are 2 or 3 meetings each evening bar Sundays and they are proper turf racing not AW rubbish. Have a look through the racing calendar:
http://www.britishhorseracing.com/gorac ... xtures.asp
I forgot to mention that the Dubai Carnival is just around the corner - think it starts next week.
The current evening racing is just put on for the betting shops the proper evening racing starts in April and will go through until August, it takes a while to get going but eventually there are 2 or 3 meetings each evening bar Sundays and they are proper turf racing not AW rubbish. Have a look through the racing calendar:
http://www.britishhorseracing.com/gorac ... xtures.asp
The last few days have been particuarly poor - low quality races in poor conditions with no real money in the market. Things should start to improve tomorrow with good cards at Ascot and Haydock...and then it is the build-up to Cheltenham and the start of the flat season.