The perfect feedback: concise, spot on, and helps with the train of thought. Just what I was after.
Thank you kindly Peter!
Discuss Trading Mistakes & receive Feedback
I was trying to swing it. I rarely scalp the low grade courses during active trading period.LinusP wrote:Thanks for going through the videos like that Peter, its really helpful.
Switesh where you swing trading or scalping the ling race, as it seems like you wanted some big moves but your stop loss was about 2 ticks.
I've collected a lot of BF charts with big moves and after sorting them I recognized Lingfield (among other courses) that produces the big swings and reversals. So yes, you're right I wanted a big move here. In most swing trades I maintain tighter stop-loses to try and keep loses small.
But I think I'm going to change that slightly from now on and loosen up a bit. I'll try and have a fixed price point (or small range) in mind for exits rather than tight 2-3 tick exits. But having said that, picking the right Entry points will be very crucial for the trade setup to work successfully. Otherwise loosing the exits will be disastrous.
Peter was on the money when he said it drives you mad to second guess every move.
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tweebie1999
- Posts: 89
- Joined: Tue Dec 21, 2010 9:23 am
What works for me is to sit back and watch the market. I try not to over complicate things. Let other people guess which way a price will go. Once I see a significant move I am ready to pounce once the momentum runs out and it looks like it will reverse. On the reverse I hit it hard and hope to take a few ticks in the opposite direction. Of course the momentum can pick up again and it can start to go against you again. Here just get out asap. There will be another race.
Who said ' If you can't explain your trading strategy in a few words then it is probably won't work?
So I tell myself at each race - be contrary
Who said ' If you can't explain your trading strategy in a few words then it is probably won't work?
So I tell myself at each race - be contrary
You often hear of traders freezing when it comes to taking a loss and letting it run. But, ever hear of anyone freezing to take a profit or being slow on the draw. No?
Watch this trade of mine.
http://youtu.be/2EaQilj00r0
Great Entry, but slow as hell in taking profit, and almost refusing to accept below a minimum of set profit.
Might want to change the video settings to 1080p HD (no audio narration).
This video's just for fun. Classic Sthl on a Tue evening.
Watch this trade of mine.
http://youtu.be/2EaQilj00r0
Great Entry, but slow as hell in taking profit, and almost refusing to accept below a minimum of set profit.
Might want to change the video settings to 1080p HD (no audio narration).
This video's just for fun. Classic Sthl on a Tue evening.
I've been spending the entire week looking back at my old videos with bad trades.
Here's a golden one that I recorded in June and forgot to post it the very next day. This is a MUST watch video, and I say this for 2 reasons:
Experienced traders can fast-forward to the last 2 minutes of the video. Other traders please kindly forgive my rambling on for 10 minutes, but it's worth it.
PS: Please keep an eye on the Book % in the last 2 minutes of the video. Especially try and observe the 142% in book when my lay bets get matched.
Here's a golden one that I recorded in June and forgot to post it the very next day. This is a MUST watch video, and I say this for 2 reasons:
- - First, I wanted to illustrate a counter-trend
- Second, notice the wild & dramatic fluctuation in the Book% in the last 2 minutes of the video despite there not being a non-runner
Experienced traders can fast-forward to the last 2 minutes of the video. Other traders please kindly forgive my rambling on for 10 minutes, but it's worth it.
PS: Please keep an eye on the Book % in the last 2 minutes of the video. Especially try and observe the 142% in book when my lay bets get matched.
Video (no commentary): 27Nov2013_Ling - 2 Failed Swing Attempts
Both my Entry decision to lay the fav at 2 were based on seeing the money backing the 2nd fav. My decision to cut out for red was also based on the fact that the fav was showing signs of breaking below its trading range.
Experienced & Active Traders please enlighten me on where I missed the obvious.
Both my Entry decision to lay the fav at 2 were based on seeing the money backing the 2nd fav. My decision to cut out for red was also based on the fact that the fav was showing signs of breaking below its trading range.
Experienced & Active Traders please enlighten me on where I missed the obvious.
Sorry Switesh, but this irritates me.
Everyone is welcome to join in the discussion - even if you think the views of non-experienced and non-active traders are not worth listening to - not just people you nominate.
Jeff
Everyone is welcome to join in the discussion - even if you think the views of non-experienced and non-active traders are not worth listening to - not just people you nominate.
Jeff
switesh wrote: Experienced & Active Traders please enlighten me on where I missed the obvious.
You're being harsh, Jeff
Switesh puts an incredible amount of effort into making himself a profitable trader, and is keen to analyse where some trades go wrong and why
All he wants is for successful horse racing traders to give him some insight as to why that trade went horribly wrong, especially as he had read it perfectly to begin with.
Switesh puts an incredible amount of effort into making himself a profitable trader, and is keen to analyse where some trades go wrong and why
All he wants is for successful horse racing traders to give him some insight as to why that trade went horribly wrong, especially as he had read it perfectly to begin with.
I feel that views from people of all experience levels and abilities should be welcomed in the forum. Non-experts have a valid contribution to make, and they should not be excluded from any discussions.
It doesn't really matter IMHO who makes a particular statement about the market. If the argument is good, it will stand up to scrutiny, and if it isn't, then hopefully people will learn from the discussion.
Argument by authority, i.e. 'x says this is the case, so it is the case', is one of the weakest forms of arguments, yet my 'nice trading quote' from the other day sums up what I think a lot of Betfair traders do:
"The average trader simply apes some leader, repeats what he heard some great man say, believes it and applies it to his own case to increase his hopes or assuage his fears."
One of the characters in Life of Brian puts it well: http://www.youtube.com/watch?v=LQqq3e03EBQ
Jeff
It doesn't really matter IMHO who makes a particular statement about the market. If the argument is good, it will stand up to scrutiny, and if it isn't, then hopefully people will learn from the discussion.
Argument by authority, i.e. 'x says this is the case, so it is the case', is one of the weakest forms of arguments, yet my 'nice trading quote' from the other day sums up what I think a lot of Betfair traders do:
"The average trader simply apes some leader, repeats what he heard some great man say, believes it and applies it to his own case to increase his hopes or assuage his fears."
One of the characters in Life of Brian puts it well: http://www.youtube.com/watch?v=LQqq3e03EBQ
Jeff
LeTiss 4pm wrote:You're being harsh, Jeff
Switesh puts an incredible amount of effort into making himself a profitable trader, and is keen to analyse where some trades go wrong and why
All he wants is for successful horse racing traders to give him some insight as to why that trade went horribly wrong, especially as he had read it perfectly to begin with.
If you are planning a round the world trip on a Motorcycle would you ask a bloke you met in the pub or Ewan & Charlie for advice?Ferru123 wrote:I feel that views from people of all experience levels and abilities should be welcomed in the forum. Non-experts have a valid contribution to make, and they should not be excluded from any discussions.
It doesn't really matter IMHO who makes a particular statement about the market. If the argument is good, it will stand up to scrutiny, and if it isn't, then hopefully people will learn from the discussion.
Argument by authority, i.e. 'x says this is the case, so it is the case', is one of the weakest forms of arguments, yet my 'nice trading quote' from the other day sums up what I think a lot of Betfair traders do:
"The average trader simply apes some leader, repeats what he heard some great man say, believes it and applies it to his own case to increase his hopes or assuage his fears."
One of the characters in Life of Brian puts it well: http://www.youtube.com/watch?v=LQqq3e03EBQ
Jeff
LeTiss 4pm wrote:You're being harsh, Jeff
Switesh puts an incredible amount of effort into making himself a profitable trader, and is keen to analyse where some trades go wrong and why
All he wants is for successful horse racing traders to give him some insight as to why that trade went horribly wrong, especially as he had read it perfectly to begin with.
Not sure the bloke in the pub would know the best way to get to Magadan.
The latter, purely as the guy in the pub probably knows about as much as I do about motorbikes!
However, that's not to say that the bloke in the pub won't be able to offer me an idea that I could use, possibly even one that Ewan & Charlie might disagree with.
Also, I wouldn't automatically assume that everything Ewan & Charlie said applied to my journey - I would ask probing questions, and possibly do my own research.
As a rule of thumb, I take the view that, for every expert that says one thing, there's generally another expert that takes the opposite view. That's the case with Betfair trading, if this forum is anything to go by.
Jeff
However, that's not to say that the bloke in the pub won't be able to offer me an idea that I could use, possibly even one that Ewan & Charlie might disagree with.
Also, I wouldn't automatically assume that everything Ewan & Charlie said applied to my journey - I would ask probing questions, and possibly do my own research.
As a rule of thumb, I take the view that, for every expert that says one thing, there's generally another expert that takes the opposite view. That's the case with Betfair trading, if this forum is anything to go by.
Jeff
mugsgame wrote: If you are planning a round the world trip on a Motorcycle would you ask a bloke you met in the pub or Ewan & Charlie for advice?
Not sure the bloke in the pub would know the best way to get to Magadan.
LeTiss 4pm & Mugs understands me correctly. I'm eager to progress and hence want to learn & listen from the experienced (or atleast those trading actively). I really don't care for anything less.
There's a sound reason why wannabe investors flock to Warren Buffet, and mock Eugene Fama. Kindly pardon me if I keep my arms length from non-practitioners.
There's a sound reason why wannabe investors flock to Warren Buffet, and mock Eugene Fama. Kindly pardon me if I keep my arms length from non-practitioners.
Did you truly believe the 2nd favourite was being "properly" backed. Sure the graph moved in, but if you look at the money its all over the place. In one minute, out the next. You often see long odds backed in and then back out very quickly at this time before the off.Both my Entry decision to lay the fav at 2 were based on seeing the money backing the 2nd fav.
The activity on the favourite at 2mins is interesting as there is a little battle going on at 1.93. There is 2k at 1.94 & 1.94 on the back side, but I wouldn't take it too seriously as I suspect its traders who believe the current trend.
What I quite like about this market is that once the price has moved from 1.92 and stops at 2.1, I would once had exited and put in a back bet based on my thinking that "the price can't possibly move any further". I am always amazed how much prices will travel with minutes to go.
I actually think you did the right thing. You made a hypothesis and then cut your trade. But I think you should have re-entered when the price stopped at 1.93.
With greatest respect, that's a closed minded attitude. The quality of the idea is independent of whom it comes from.switesh wrote:LeTiss 4pm & Mugs understands me correctly. I'm eager to progress and hence want to learn & listen from the experienced (or at least those trading actively). I really don't care for anything less.
Jeff