How do forum members determine when to exit a trade? Is it based on a feel for the market, or are there criteria you use?
Thanks
Jeff
Exiting trades
Thanks Peter
I have read the sections on entering and exiting trades. Whilst they are interesting introductions to the indicators Adam uses, they don't give his entry and exit criteria. That said, I appreciate that it might be unwise for Adam to publish that information!
One thing Adam wrote that intrigued me was 'I think it's important to get to grips with using graphs religiously, as what has already happened is, in my opinion, a massive indicator of what is likely to happen.' In what way does what has already happened influence what will probably happen?
Adam also writes 'if the book over-round is close to 100%, you know that something has got to give way in the prices of the horses. A tip: most likely the one that has already been either drifting or steaming.' Is a book over-round of about 100% is a sign that drifters may drift further and the opposite with steamers, or does it instead suggest a possible turning point?
BTW, these are the relevant links:
http://adamheathcote.blogspot.com/2009/ ... oints.html
http://adamheathcote.blogspot.com/2009/ ... oints.html
Cheers
Jeff
I have read the sections on entering and exiting trades. Whilst they are interesting introductions to the indicators Adam uses, they don't give his entry and exit criteria. That said, I appreciate that it might be unwise for Adam to publish that information!
One thing Adam wrote that intrigued me was 'I think it's important to get to grips with using graphs religiously, as what has already happened is, in my opinion, a massive indicator of what is likely to happen.' In what way does what has already happened influence what will probably happen?
Adam also writes 'if the book over-round is close to 100%, you know that something has got to give way in the prices of the horses. A tip: most likely the one that has already been either drifting or steaming.' Is a book over-round of about 100% is a sign that drifters may drift further and the opposite with steamers, or does it instead suggest a possible turning point?
BTW, these are the relevant links:
http://adamheathcote.blogspot.com/2009/ ... oints.html
http://adamheathcote.blogspot.com/2009/ ... oints.html
Cheers
Jeff
PeterLe wrote:Jeff
Do a google search on Adam Heathcote; ready his blog, there are two entries on entry and exit...
Worth printing out for reference..
Regards
Peter
When i enter a trade i know were my exit is (not that i always stick to it) say the odds have been hitting 2.8 then they break i would say 2.82 is a exit point.if i'm scalp at the top its hitting 4.5 i would say 4.5 or 4.6 is a good place to get out theses are all if it goes wrong. scalping is quite simple. swing trading is a pain if you dont get your exit right. if you got a good entry point and the wom is lets say 15% going down when that starts to go back to 50/50 that would be my exit.thats just me i aint no expert but thats my feeling to exit.i dont get the overround as well i have tried to understand but i cant tell whats what to swings
Thanks Luke
Re: scalping - Are those figures for trades where you back first? How far would you let the price go against you before you close the trade for a loss?
Jeff
Re: scalping - Are those figures for trades where you back first? How far would you let the price go against you before you close the trade for a loss?
Jeff
luke726 wrote:When i enter a trade i know were my exit is (not that i always stick to it) say the odds have been hitting 2.8 then they break i would say 2.82 is a exit point.if i'm scalp at the top its hitting 4.5 i would say 4.5 or 4.6 is a good place to get out theses are all if it goes wrong. scalping is quite simple. swing trading is a pain if you dont get your exit right. if you got a good entry point and the wom is lets say 15% going down when that starts to go back to 50/50 that would be my exit.thats just me i aint no expert but thats my feeling to exit.i dont get the overround as well i have tried to understand but i cant tell whats what to swings
i would get out straight away if it turns or scratch it.thing with scalping is people know when to exit but they just dont do it.they hold out that is wasting a lot of good trades doing that. lets say it keeps swinging from 4-4.5 its at 4.4 i see a good chance to back at 4.4 and lay at 4.3 now the back is matched loads of money comes in to lay at 4.3 i cant get that no more.but 4.5 looks well suuported so i will hold on for 4.3 but if for 1 second it looks like its going to break 4.5 i will get out as quick as i can because once that 4.5 goes it will go and if i'm waiting to long for it to go down i will scratch it.same with the bottom end 4 or 3.95 would be my exit if i laid.but if swing trading its different. you would have to get confirmation of what am saying from other guys as i dont know how true this is its just how i feel when trading i have only started to read and watch other people trade. but i'm happy with it so far
There are no big secrets in this business mate. Every info you need is available for free over the internet. All you need is practice.
Imagine a football player teaching you how to score a free kick. He can give you a theorical approach (use the body of your foot, your arms open, etc.) as a guide, but you still need to practice to be able to score a free kick.
As for trading is the same. I never went to a Betangel course, but I can imagine that you receive good theorical basis, but you still need to practice a lot.
Imagine a football player teaching you how to score a free kick. He can give you a theorical approach (use the body of your foot, your arms open, etc.) as a guide, but you still need to practice to be able to score a free kick.
As for trading is the same. I never went to a Betangel course, but I can imagine that you receive good theorical basis, but you still need to practice a lot.
I think that's fair comment.
Sometimes though exit point success can hinge a lot on the entry. Also the more effective you are at short term trading the less you need to worry about the exact exit point. A lot of it boils down to your individual trading style. There are many trading styles but some suit certain types of people and some don't.
Sometimes though exit point success can hinge a lot on the entry. Also the more effective you are at short term trading the less you need to worry about the exact exit point. A lot of it boils down to your individual trading style. There are many trading styles but some suit certain types of people and some don't.
I agree that practice is important, but it's also important to know about the patterns that repeatedly appear in the market, and how to exploit them.
I know a successful and experienced trader who earns about a tenth of what Adam Heathcote earns. From what this guy has told me, he takes good care of the psychological side of his trading (for example, by meditating every day). Therefore, I would say that what separates him from the likes of Mr Heathcote is knowledge, not practice or attitude.
Jeff
I know a successful and experienced trader who earns about a tenth of what Adam Heathcote earns. From what this guy has told me, he takes good care of the psychological side of his trading (for example, by meditating every day). Therefore, I would say that what separates him from the likes of Mr Heathcote is knowledge, not practice or attitude.
Jeff
Joao wrote:There are no big secrets in this business mate. Every info you need is available for free over the internet. All you need is practice.
Ferru, this is just my opinion, people might agree or not.
Don't take me wrong, discipline is highly important for trading, but seems like people think that all you need to be a sucessful trader is discipline.
Discipline might be the just the first skill you need to accumplish for trading.
Now that you mentioned Heathcote, I remember a poll that he made about the most important skill in trading, and against all people's opinion he mentioned intuition. I can see for his posts that Heathcote has is intuition highly developed, and that can only be assured by watching hours and hours of the odds movements. He says that sometimes he knows the price will drift or steam without any explanation: that's intuition. Can't be taught or put in a paper by words. For me that's the beauty of horse trading: for other "systems", you need to keep everything secret, for horse trading, all the info is available for free, and still some can do it, and some can't.
That might be just one of other skills that separates heathcote from a 200€/day trader
Don't take me wrong, discipline is highly important for trading, but seems like people think that all you need to be a sucessful trader is discipline.
Discipline might be the just the first skill you need to accumplish for trading.
Now that you mentioned Heathcote, I remember a poll that he made about the most important skill in trading, and against all people's opinion he mentioned intuition. I can see for his posts that Heathcote has is intuition highly developed, and that can only be assured by watching hours and hours of the odds movements. He says that sometimes he knows the price will drift or steam without any explanation: that's intuition. Can't be taught or put in a paper by words. For me that's the beauty of horse trading: for other "systems", you need to keep everything secret, for horse trading, all the info is available for free, and still some can do it, and some can't.
That might be just one of other skills that separates heathcote from a 200€/day trader
I usually say this:Bet Angel wrote:I think that's fair comment.
Sometimes though exit point success can hinge a lot on the entry. Also the more effective you are at short term trading the less you need to worry about the exact exit point. A lot of it boils down to your individual trading style. There are many trading styles but some suit certain types of people and some don't.
Choose your exit points well and you're a reasonable trader.
Choose your entry points well and you're a good trader.
Choose your entry and exit points well and you're an excelent trader.
Don't you agree?-
joaoribeiro1
- Posts: 1
- Joined: Mon Feb 01, 2010 6:48 pm
the thing about the patterns that you're asking about is... Sometimes you see a circle on the graph when the price goes up and then down over a period of time.
The odd tends to go higher in the long term, but we can see it repeat those circles 2 or 3 times until another pattern close to the 3 mins mark begins. The tricky thing is to know if that pattern is going to be repeated or cease.
4 days ago I started reading about trading.
I started trading today and I noticed that there are
some repeating patterns similar to the one I described.
Using stakes of 2€ I managed to get an average of about 9 cents per race.
Is that good for a starter?
The odd tends to go higher in the long term, but we can see it repeat those circles 2 or 3 times until another pattern close to the 3 mins mark begins. The tricky thing is to know if that pattern is going to be repeated or cease.
4 days ago I started reading about trading.
I started trading today and I noticed that there are
some repeating patterns similar to the one I described.
Using stakes of 2€ I managed to get an average of about 9 cents per race.
Is that good for a starter?
