I am new to all of this having only been using Betangel for a couple of months. I have a question that has been on my mind for some time and I'm hoping you guys can shed some light on it for me.
My aim is to get to the point where my trading income is substantial enough that I could give up my day job if I wanted. I am under no illusions as to how long this will take. I am hoping to to spend the next few years becoming disciplined and learning to hopefully get to the point where I have my own "edge".
My questions is to the people who already do this for a living. How do you approach a "normal" day. Do you have 1 or 2 big trades or many many smaller trades?
A typical day?
For a good insight why not look at Mugs blog and watch his videos,http://www.quiteamug.co.uk/
Very good question, i like your approach as you realize it takes time to succeed in most things in life. I have been using BA for four years now, dont mean to worry you or put you off but it is only now i am starting to become consistently successfull with some good monthly R.O.I. I used practice mode for quite sometime reading markets and understanding them especially horse racing (Pre off). I never trade in play except football but obviously one has a paticular strategy. I trade semi profesionaly (i have my day Job which pays quite well) so trading is a enhancement to it.mitch wrote:I am new to all of this having only been using Betangel for a couple of months. I have a question that has been on my mind for some time and I'm hoping you guys can shed some light on it for me.
My aim is to get to the point where my trading income is substantial enough that I could give up my day job if I wanted. I am under no illusions as to how long this will take. I am hoping to to spend the next few years becoming disciplined and learning to hopefully get to the point where I have my own "edge".
My questions is to the people who already do this for a living. How do you approach a "normal" day. Do you have 1 or 2 big trades or many many smaller trades?
Dicipline is a mind thing, the profits i take can be big and some small, but they are all irelevent regarding size, they all add up and make a big pot at the end of the month. One of the worst things you can do IMHO is to set targets overall, yes i have positions where i know where to get out, but if i cant get to that point i take whats available. So just sit back and trade the markets, but your edge and plan into play all the time and dont think of the money to make, think more how much i need to protect my bank (the losses). Some traders do many hours of trading, i do 10 races a day, i can get 5 wrong and 5 right and still have a nice profit as i trade a 1-2 ratio all the time and one maybe football match if it suits my plan criteria, thats another thing, dont enter a market if it doesnt suit your plan or strategy.
So really the answer to your question is it varys for different traders as everyones edge and plan is different. Keep at it thou it will get better. If you have good money management plan in place your Bank will not dissapear it will only go up and down
Good luck
A couple of things on this one. Firstly, definitely visit mugs blog and watch 2/3 videos a day until you've seen them all. For me his help was a game changer.
My trading day is waking at 9am, go for a 5k to wake up and clear my mind. Then I do an assessment of the days races and what I think may be likely to happen, and I also pick out movers for during the day and get involved in those markets from 10am; loading them into Guardian.
From then really it's just checking back on Guardian ever so often until the races start, so I devote the time before 2ish to things like reading good books on psychology, and general self improvement. For me in trading my emotions have been a problem so it's important to dedicate the time to tackle that.
I spend a bit of time researching and brainstorming ideas for the markets: there's always some new edge to try to find, so record your trading on screen and watch it back later to see if you can find anything new or errors you've made. I find plenty!
Then I trade the markets as they come to me. For me I get involved in almost all the horse racing markets where I can see opportunities. Meanwhile I'm closing trades I had open since 10am as I come to the markets. Some may have hit a stop loss position already. The racing now goes on right up until 9pm on most days so I trade until I've run out of steam, then smash any arbs that happen to be showing themselves.
After that socialise! It's too easy to sit in front of a screen addicted to trading if you love it.
And that is my day
My trading day is waking at 9am, go for a 5k to wake up and clear my mind. Then I do an assessment of the days races and what I think may be likely to happen, and I also pick out movers for during the day and get involved in those markets from 10am; loading them into Guardian.
From then really it's just checking back on Guardian ever so often until the races start, so I devote the time before 2ish to things like reading good books on psychology, and general self improvement. For me in trading my emotions have been a problem so it's important to dedicate the time to tackle that.
I spend a bit of time researching and brainstorming ideas for the markets: there's always some new edge to try to find, so record your trading on screen and watch it back later to see if you can find anything new or errors you've made. I find plenty!
Then I trade the markets as they come to me. For me I get involved in almost all the horse racing markets where I can see opportunities. Meanwhile I'm closing trades I had open since 10am as I come to the markets. Some may have hit a stop loss position already. The racing now goes on right up until 9pm on most days so I trade until I've run out of steam, then smash any arbs that happen to be showing themselves.
After that socialise! It's too easy to sit in front of a screen addicted to trading if you love it.
And that is my day
If that kind of thing interests you, fair play. But IMHO - speaking as someone who has bought many, many such books in the past - there comes a point when it's best to stop reading and start applying.L.o.S wrote:I devote the time before 2ish to things like reading good books on psychology, and general self improvement.
There's a reason why there are so many different self-help books out there, and why they continue to do so well. People read a book, find their lives haven't moved on, and then try another book. It might be better for them to ask themselves 'Have I properly applied what I learned in this book, or is it the case that this stuff doesn't work? And if it's a case of the latter, what is likely to work?'.
An analogy. It's the same with dieting. Losing weight is real simple. You just eat less. And yet despite this, books on dieting continue to sell by the million.
I wouldn't try to reinvent the wheel (again, I speak as someone who's been there!). My advice is this. Find a technique that you're comfortable with and that works long-term, and apply it. Only when you're making regular profits does it make sense to branch out. And even then, how can you be sure that these new approaches will actually work long-term?L.o.S wrote:I spend a bit of time researching and brainstorming ideas for the markets: there's always some new edge to try to find.
Let's say that you discover Method X works well. Once the cat's out of the bag and other people use that method, it will cease to work. Surely it's better to simply trade according to what the market's doing at any given time (or as a famous trader put it 'Want what the market wants').
Jeff
Thanks for replies. This is one thing I like about this Forum, people are always there with good positive advice (well for the most part).
Who knows, in a few years all being well I might be one of the ones dishing out words of wisdom rather than digesting them.
Who knows, in a few years all being well I might be one of the ones dishing out words of wisdom rather than digesting them.
Have you read this one? http://www.amazon.co.uk/The-Antidote-Ha ... 1847678661L.o.S wrote:I devote the time before 2ish to things like reading good books on psychology, and general self improvement.
If not, I'd recommend it.
Jeff
I've bought it just now, the tagline doesn't suit me at all but then I like something that challenges my way of thinking so should make a good read.Ferru123 wrote:Have you read this one? http://www.amazon.co.uk/The-Antidote-Ha ... 1847678661L.o.S wrote:I devote the time before 2ish to things like reading good books on psychology, and general self improvement.
If not, I'd recommend it.
Jeff
About your earlier post on self improvement books and how far they go, I think I'm the rare person that takes the time and patience to incorporate the best aspects into my life, so I think I will continue to explore these areas until I stop gleaning useful information. I have a huge interest in psychology so that helps!
I understand your point on diet books though they do frustrate me. I battled weight issues, won and never went back so when I read the figures for diet book fad sales I find it incredible. Everybody wants a quick fix, but there never is.
On my market research what I mean is looking over recorded videos of markets playing themselves out, my notes on them and looking for patterns that repeat over and over. I have a number of scenarios that play out on repeat day in day out so I'm always looking for more. I completely agree with you on doing what the market is doing, if it's trending or on the edge of there's no point in sitting just watching, I just like to have some bread and butter trades that work out the majority of the time and I always want to add to them.
Would you ever consider giving this up, Alpha?Alpha322 wrote:I trade semi profesionaly (i have my day Job which pays quite well) so trading is a enhancement to it.mitch wrote:.
My aim is to get to the point where my trading income is substantial enough that I could give up my day job if I wanted. I am under no illusions as to how long this will take.