After enjoying some good success over the last 6 months my profits seem to have dried up recently.
I trade oz markets and yesterday recorded a success rate of around 70% for a small profit. Unfortuneately my 4 biggest results for the day were losses. This seems to be the trend of late.
I know its a familiar story but theres nothing more deflating than working hard over a number of races to gain a profit only to see it wiped away by one loss. Its not like I hold on to my losses either
I'm going to try dropping my stakes back a little and see if it affects my profit/loss.
Cheers,
Simon
Hit The Wall
I don't want to sound negative, but I wouldn't be so sure... 
I think the poster needs to question why things aren't going well. Otherwise, it will probably be a case of 'if you always do what you've always done, you'll always get what you've always got'...
Jeff
I think the poster needs to question why things aren't going well. Otherwise, it will probably be a case of 'if you always do what you've always done, you'll always get what you've always got'...
Jeff
hgodden wrote:Chin up mate, happens to everyone. If you hang in there things will be bound to turn around
I think that the chances are that if he used his previously successful strategies again in the future they will work again. There is always a certain amount of variability in the way that markets trade, and unless something fundamental has changed in the markets then IMO the most important thing at this point would be not to lose too much confidence.
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enzabella2009
- Posts: 747
- Joined: Tue Nov 03, 2009 3:58 pm
I would advise you to stop trading horses for a bit. Try to trade football matches. If you discipline and use a good strategy you will never lose your overoll profits. With horses you need only one race, one bad trade or something you will try to explain how it happened for days to lose all day or all week profits.
I think my discipline overall is good although i admit to making some irrational decisions on occasions.
I have set my self a profit goal of 10k and for whatever reason every time i feel like that goal is in sight I seem falter (mainly through dumb errors). It’s not like I’m a long way off either, on a few occasions i have entered the 9k zone only to slide back down the ladder. Maybe it’s psychological but I feel if I can bust through that 10k barrier then my profits will start to flow again.
Just as an example of some of the errors i have made. I had laid an arb off in a race and then continued to trade on other runners until the jump. Stupidly i greened up on all runners just before the off forgetting i had the lay bet running to cover my arb. In a mad panic i tried to throw in another lay and somehow laid the horse 3 times!!! It duly won and i had lost about $900 on the race. Don’t ask how i did this, I am still in a state of disbelief. I wish there was a way i could lay a runner and then remove it from the market as i have made this mistake before when arbing.
All of this happened on Friday night and needless to say i had a poor nights sleep and seriously doubted my ability to do this.
I managed to recover most but not all of that loss on Saturday.
As of now my bank is just nudging in to the 9k zone again. I can’t help but think if i had not have made that mistake on Friday I would be nearly at 10k now.
I would like to trade other sports but until the in play legislation is changed over here it isn’t really viable at the moment.
Thanks for your comments.
Cheers,
Simon
I have set my self a profit goal of 10k and for whatever reason every time i feel like that goal is in sight I seem falter (mainly through dumb errors). It’s not like I’m a long way off either, on a few occasions i have entered the 9k zone only to slide back down the ladder. Maybe it’s psychological but I feel if I can bust through that 10k barrier then my profits will start to flow again.
Just as an example of some of the errors i have made. I had laid an arb off in a race and then continued to trade on other runners until the jump. Stupidly i greened up on all runners just before the off forgetting i had the lay bet running to cover my arb. In a mad panic i tried to throw in another lay and somehow laid the horse 3 times!!! It duly won and i had lost about $900 on the race. Don’t ask how i did this, I am still in a state of disbelief. I wish there was a way i could lay a runner and then remove it from the market as i have made this mistake before when arbing.
All of this happened on Friday night and needless to say i had a poor nights sleep and seriously doubted my ability to do this.
I managed to recover most but not all of that loss on Saturday.
As of now my bank is just nudging in to the 9k zone again. I can’t help but think if i had not have made that mistake on Friday I would be nearly at 10k now.
I would like to trade other sports but until the in play legislation is changed over here it isn’t really viable at the moment.
Thanks for your comments.
Cheers,
Simon
Hi Simon
Why not keep upping the goal every time you get near it, to avoid this anxiety?
Jeff
Why not keep upping the goal every time you get near it, to avoid this anxiety?
Jeff
blueport wrote:
I have set my self a profit goal of 10k and for whatever reason every time i feel like that goal is in sight I seem falter (mainly through dumb errors).
Simon,
When I first started off...any loss (irrespective how small) made me feel bad and downhearted.
Once I had made a good profit, I withdrew my initial bank, I had the mindset thereafter that I was "Using Betfairs Money" and I was fully committed to losing it all if need be, in return for practice and experience. When I look back through my records, thats where I started to make real progress, I made more money in the first month than I had in the previous two years.
I still have losing days, yesterday I tried a new strategy and lost about £120 in the last two races (finished on -£18 for the day). The thing is; that £18 was good value, because I recorded the screen and learned lots. (NB I chose my day carefully as Uttox, Haydock and Ascot are very favourable for me)
I dont know about how others feel, but at some point along the way I stopped thinking about the P&L as real money?? Its just a number on the screen now, that on average is only moving in one direction. Does anyone feel that way?? Last year I monitored the monthly P&L, now I'm more focussed on the calendar year.
If you have £9K in profit, then you are doing something right, say focussed and keep doing what you are doing...it will return
Good luck
regards
Peter
When I first started off...any loss (irrespective how small) made me feel bad and downhearted.
Once I had made a good profit, I withdrew my initial bank, I had the mindset thereafter that I was "Using Betfairs Money" and I was fully committed to losing it all if need be, in return for practice and experience. When I look back through my records, thats where I started to make real progress, I made more money in the first month than I had in the previous two years.
I still have losing days, yesterday I tried a new strategy and lost about £120 in the last two races (finished on -£18 for the day). The thing is; that £18 was good value, because I recorded the screen and learned lots. (NB I chose my day carefully as Uttox, Haydock and Ascot are very favourable for me)
I dont know about how others feel, but at some point along the way I stopped thinking about the P&L as real money?? Its just a number on the screen now, that on average is only moving in one direction. Does anyone feel that way?? Last year I monitored the monthly P&L, now I'm more focussed on the calendar year.
If you have £9K in profit, then you are doing something right, say focussed and keep doing what you are doing...it will return
Good luck
regards
Peter
I know this term seems to happen after a good run. I now think your profits are better in the bank. What i tend to do is do a target weekly, Monday being my restday. I go to profit £500 by the end of the week once i hit that target i withdraw it to the bank, as peter says after that you feel less anxiety because you are playing with betfairs money. My mistake use to be keeping it all on betfair but now i see the profits on my bank account growing towards my target of 15k, if you accidently wipe out a portion of your bank reload it with the profit but once you get the initail profit back move it back to your bank account dont damage whats been created good luck and stay focussed
Thanks for all your replies.
Most of my money is tied up in bookmaking accounts and betfair at the moment. I like to have them funded in case I spot an opportunity for arb. I've never really had any substantial amount in my bank account at any one time.
I think I'm going to forget my target and just let my profit and loss take care of its self. I'm also going to try hiding my betfair balance during the course of a days trading.
Has anyone read the book 'Trading in the Zone'?
Cheers,
Simon
Most of my money is tied up in bookmaking accounts and betfair at the moment. I like to have them funded in case I spot an opportunity for arb. I've never really had any substantial amount in my bank account at any one time.
I think I'm going to forget my target and just let my profit and loss take care of its self. I'm also going to try hiding my betfair balance during the course of a days trading.
Has anyone read the book 'Trading in the Zone'?
Cheers,
Simon
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lilgreenback
- Posts: 211
- Joined: Thu Apr 16, 2009 11:28 am
Hi,
Following recommendations from others on the forum I got the Mark Douglas book T in the Z. Now although I have been using BA for nearly a Year I still class myself as a newb, as this takes time to learn.
The book is an excellent buy well worth it. I started reading through it and you can equate to different areas of it so readily. Buy it you won’t regret it.
LilGB
Following recommendations from others on the forum I got the Mark Douglas book T in the Z. Now although I have been using BA for nearly a Year I still class myself as a newb, as this takes time to learn.
The book is an excellent buy well worth it. I started reading through it and you can equate to different areas of it so readily. Buy it you won’t regret it.
LilGB
Well I am happy to report that I have eclipsed my 10k goal.
I have been a bit more cautious with my staking which has resulted in smaller returns but more importantly much smaller losses. I have also taken extra precautions to avoid any more embarrassing mistakes.
Thanks again all for your words of advice.
lilgreenback, I have found that book online as a free download so I look forward to reading it.
Cheers,
Simon
I have been a bit more cautious with my staking which has resulted in smaller returns but more importantly much smaller losses. I have also taken extra precautions to avoid any more embarrassing mistakes.
Thanks again all for your words of advice.
lilgreenback, I have found that book online as a free download so I look forward to reading it.
Cheers,
Simon