Hi I thought some people might appreciate my thoughts on my first few weeks trading as a complete newcomer.
My background is 11 years as an arbitrage trader so I am well familiar with betting and am very good with numbers,however markets have tightened noticeably these last few months so I decided to enrol on Peters' Masterclass.Without trying to be too sycophantic I thought it was excellent,it might cost £400 but I'm sure it's saved me that many times over based on my initial efforts.
I basically got straight into trading horses (a sport I knew zero about)as advised,armed with a bucketful of enthusiasm I stared at my screens for a couple of days wondering how on earth does anyone make any money it looked completely random.My initial enthusiasm turned to despondency so I reread my course notes several times and started trading with low stakes.
This resulted mostly in placing trades that almost without fail went the wrong way it was almost uncanny,so back to the notes again.Slowly after a couple of weeks of trading every race I could it started to come together and over the next 4 weeks my profits have been pretty healthy.How they relate to an experienced trader I have no idea .
I think for those that struggle initially you have to stick at it and learn to understand the markets from my viewpoint most of the time they follow some logic,it's pointless stabbing in the dark you need a plan.
I've also traded soccer matches which compared to the horses I have found very easy,I don't like soccer but have obviously got a good feel for value having placed so many bets over the years.I am trading pre off and in play based on formula I have written,this has nicely coincided with the end of most leagues.
Next I'll try to add tennis a sport which at least I do like but initially this looks like the horses did when I started,I'm sure there is a method to follow I just don't know what it is yet.
I appreciate this is a small snapshot but I 'm sure it's fairly representative based on the amount of trading I've done I've not read the forum too much but there seems to be a number of naysayers regarding trading,I say stick at it but you must have a grasp of what is happening or you are heading for the poorhouse.
Cheers Tim
My first six weeks trading summary.
Thanks I'm sure it will ,I keep forgetting points I should have raised.
From my perspective as someone not used to losing money on bets this has been very hard to take but I think I've done a decent job in cutting my losses and moving on I don't dwell on them.I expect my discipline has meant I can do this perhaps people from a gambling background would be more cavalier which I'm sure would be costly.
Also you really do need to concentrate on the job and I find trading a full days race card quite tiring mentally,I've taken to missing out the odd lower trading race and coming back for the next one.
Sure I'll think of some other salient points I've learned.
From my perspective as someone not used to losing money on bets this has been very hard to take but I think I've done a decent job in cutting my losses and moving on I don't dwell on them.I expect my discipline has meant I can do this perhaps people from a gambling background would be more cavalier which I'm sure would be costly.
Also you really do need to concentrate on the job and I find trading a full days race card quite tiring mentally,I've taken to missing out the odd lower trading race and coming back for the next one.
Sure I'll think of some other salient points I've learned.