Advise for newbies!

The sport of kings.
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rogerlisa
Posts: 195
Joined: Mon Apr 02, 2012 6:09 pm

Regardless of what anyone on here says, heed my words, I speak from starting from scratch a while back not even knowing what a lay bet was!
Listen to no one!
Find your own edge!
Only risk what you can afford to lose!
What may work for others might not work for you!
Whilst learning the size of your bank affects your thinking!
The size of your potential return affects your thinking!
Never chase a loss!
Luck plays a big part in trading!
No such thing as a sure thing!
There would be no point in having the race, event,contest match if all parties didnt have the same chance!
Never trade whilst tired, drunk, arguing with mrs or distracted!
Turn the sound off for horse racing!
Remember green is green, when you see it take it!

Yet another day of sitting here trading away making small profits only to have it wiped out by listening to other peoples advise! Yes I am pissed because if I stick to my own thing I seem to do ok :!:
Bank after bank has come and gone and still I find myself loving it, as deep down I know it works but why oh why cannot I not just do my own thing!
You experienced traders may not agree with some of what I have said but cast your minds back to the first couple of years you did this - I bet it werent plain sailing.
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to75ne
Posts: 2439
Joined: Wed Apr 22, 2009 5:37 pm

nothing worth doing is ever plain sailing.

take a few days off to let your emotions calm down - certainly dont trade monday and tuesday as they are generally not worth the effort (my opinion).

THEN FORGET ABOUT IT.

you know where you went wrong - dont do it again.
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gutuami
Posts: 1858
Joined: Wed Apr 15, 2009 4:06 pm

it is easy to come up with rules in trading, the hardest thing is to follow them strictly. From time to time you'll make a mistake here and there. We all do it. The point is to minimize their frequency and recognize them at earliest. The state of you mind and the ability to switch on and off concentration are important too.
The bad mood and bad markets are the worst combination.

I have found that the point of entering into "working mode" is after a few races. It's like sleeping. The specialists recommend that if you cannot fall asleep during the first 30min just get up and do something else but remember to wake up at the same time next morning. imho same applies to trading too. Different time frame though.
rogerlisa
Posts: 195
Joined: Mon Apr 02, 2012 6:09 pm

Good advise from both of you, thanks.
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