That's me finished

[Jonathan474]

I give up.

Tonight's football has just finished me off. Both in terms of what I am prepared to lose and in terms of the sheer impossibility to me of trading successfully on these markets.

The own goal at Arsenal in the 90th minute.
Leicester's 93 minute equaliser.
Two goals at Watford v Blackburn in the 88th and 93 minutes.
Charlton's 85th minute goal.

I am done with this.

Good luck to those of you who can do it. I can't.

Thanks for the help to this point.

Kind regards
Jon

[LeTiss]

Late goals always happen in football

It sounds like you are gambling on the result staying the same to the final score?

[spreadbetting]

Late goals always happen in football

It sounds like you are gambling on the result staying the same to the final score?

Yep like LeTiss says you always need to factor in late goals they happen more often than you imagine. It sounds like you're scalping high odds late on just cos it looks easy and the trend appears very obvious to follow. Can't imagine there are many successful tick traders playing late on in footbal

[Online Trader]

In play goal trading is fraught with danger and is more akin to gambling (IMHO) than any other form of trading, if you are going to do it you really need to take some cover to minimize losses if it all goes Pete Tong.

I do trade correct scores in play soemtimes but always have some cover so that any goals that go against me will be offset (to a point) elsewhere. By doing this returns are of course reduced but so are losses.

If you are gambling on correct scores in the final minutes of games by scalping them then you need a good supply of underpants

[Jonathan474]

I place five trades in the correct score markets to hedge five small loss-making positions in the 1x2 markets. I waited until 2 minutes before the 90 to place the trades, and after watching each of those five matches for 20 minutes to look for dangers.

Every single one of those five matches saw at least one goal between minute 88 and the final whistle.

Disillusioned.

Jon

[Online Trader]

So you backed the current scores I assume in each of those matches, did you plan to let them run or did you have an exit in mind?

You will never be able to see all of the dangers as things happen that you just cannot foresee, Own Goals and Goal Keepers coming up and scoring are just a couple of them...

[stevequal]

If your saying you take positions because a game looks flat with an unlikely chance of a another goal in the final stages then even if you've got an edge (which you probably don't because last minute goals happen in even the most uneventful games) your long term profit will be very small.

[Jonathan474]

Feeling very naive now!

I had intended to let them run to the end of the match. These trades were my cover for other trades. I had not planned to need a strategy for these trades by themselves.

I could have coped with one, perhaps two, going bad...but all five!

Jon

[Online Trader]

Well to be honest letting them run is just a gamble,not a trade.

Were the other trades just back bets in the 1x2 market?

Did you have a planed exit in these?, if not then you were just gambling, an exit should include an acceptable red as well as an acceptable green, very hard to take reds I know but it has to be done.

Take the red and move on to the next one, don't chase the loss.

[LeTiss]

NEVER chase losses Jonathan1974!
It's the same as letting a bad trade go 'in play'

Personally, one of the biggest obstacles I had to overcome before I returned regular profits, was to embrace a red screen. It goes against our gambling nature to just accept a loss, as you haven't had a run for your money, but it's one of the biggest reasons for failure in this game

You had accrued 5 losing trades, but then gambled to reduce the loss - that's a disaster waiting to happen, if it didn't happen last night it would have in the future

[mugsgame]

This game is a long and sometimes treacherous journey. We have all done stupid and reckless things. Getting "your head right" is THE KEY SKILL.

You can be a genius trader, have great knowledge and instinct. But in truth all that counts for nothing unless you can be calculating and cool in tough situations.

When I started I kicked 4 dogs to death, microwaved the cat and had my wife run off to live in a shelter for battered Women. My young Daughter thought that "You C***" was the a name of a Jockey.

Things are calmer now - Only kidding about all that stuff btw. I was just trying to make a point about emotions. Learn from your mistake and move on Jon. My old gaffer had a great line about repeating mistakes.
"The first mistake is a mistake. The 2nd is careless and the 3rd is sabotage". I always smile when i remember that.
Chin up Son
MG

[Jonathan474]

Understood. Yes, I now understand that I was chasing losses. I had closed the previous trades for my pre-determined red figure. I had followed my pre-determined exit strategy for those trades. So the next series of trades were an attempt to cover those losses. I see that this is not the same as hedging a position.

Another series of lessons learned.

Thanks for all of the comments.

Kind regards
Jon

[CaerMyrddin]

Maybe you can turn this experience into something lucrative now. Have you considered closing your position at low odds, leaving some extra money laying the current score?