Appears simple but is devilishly difficult.

[to75ne]

to turn off your balance. settings tab then untick show balance.

i hope that not seeing your current balance helps with your discipline, but in my opinion i think you should write some simple automation rules to reduce the impact of your emotions in various situations for instance, closing out before the offical off time red or green, not allowing a loss to get too big, and so on.

at least use automation(guardian or excel)until some time in the future when hopefully you have some command over your emotions, and not your emotions commanding you.

also you really need to close out any open position red or green as soon as you start selling/dealing with a customer.

[Lammtarra]

Thanks to75ne, I have over the last week been trading out regardless when a customer walks in. Sometimes I look back when they've gone and kick myself because I was right but that's not the point, it stops me getting in a mess. Prevention is better than cure.

I'm really chuffed with this, just done my first trade today with a plan and executed it almost bang on. I had a stop loss position with my finger on the button in case it turned quickly against me but carried on in the green. I added slightly to it then split my stake to start taking money out, lowing the break even point.

This has got my full concentration now.

[to75ne]

good to hear
but try not to get too happy/over confident.

try to keep level/flat even, not too happy or too down, just nice and level blah blah blah.... anyway best of british and all that.

[Black Ice]

'If you can make one heap of all your winnings- And risk it on one turn of pitch and toss. If you can meet with Triumph and Disaster and treat those two imposters just the same: You'll be a man my Son!'

With apologies to Rudyard Kipling. (Sorry- but I couldn't resist it!! )

[Dallas]

From the updates and comments you have posted today it seems as though you have been using advice from my post back on page 9 and and also from another user a few pages back about not trading with distractions so you are taking somethings onboard, its surprising how just doing a few little things can alter your whole outlook and you should then build the rest from there, when you get chance you should read through your whole thread again there is bound to be more advice posted that you have missed or still not yet doing that you can apply that will help you yet further now your facing in the right direction.

[Lammtarra]

Hi gents, thanks for your comments.

I'd like to think I'm going the right way although as you'd all know, one false move or one drop of concentration and it can bite you in the ass.

My bank is now £176.95 but today I'm going to turn off the balance tab so I can try and detach myself from the money part of it.

I do think though that I'm facing the right way, we'll see what this week brings.....

[Lammtarra]

Nothing to report really other than I lost a bit so bank is now £161.80 long long story but it's gone so I stopped before any real damage was done.

In addition to this I've had and am having windows fitted at home at the moment so I'm backwards and forwards from work every 5 mins, I don't know how much trading I'll be able to do this week.

[Grinderman]

Lost 10% of my bank with the Betfair crash on Saturday. I had a £20k liability spread out over 10 races at 13:15 when it went. Spent the next 2 hours trying to reduce losses using my emergency £6k on Betdaq. P&L shows Betfair loss of £6k and Betdaq profit of £4k. At least I won't pay any PC for a month or two.

[bennyboy351]

Lost 10% of my bank with the Betfair crash on Saturday. I had a £20k liability spread out over 10 races at 13:15 when it went. Spent the next 2 hours trying to reduce losses using my emergency £6k on Betdaq. P&L shows Betfair loss of £6k and Betdaq profit of £4k. At least I won't pay any PC for a month or two.

Any percentage lost through no fault of one's own hurts (its happened to me a few times!) but what really annoys me, is the way Betfair wriggles - and we accept it! Roll on more and better exchange options.........

[Kai]

Yep that sucks, I was pretty lucky to come out completely unscathed on saturday. But we may yet get the last laugh, we have a man on a mission somewhere in the Silicon Valley.

[Grinderman]

You have to be philosophical with this game. Ups and downs and all that. I remember another bad Saturday Betfair crash a few years ago - Imperial Cup day. Was stuck with £2k on Pricewise's Alarazi at 10.5 trying to lay at 10.0. I only had enough emergency money to recover a few hundred on Betdaq. Luckily it won and I cleared £15k.

[bennyboy351]

Yep that sucks, I was pretty lucky to come out completely unscathed on saturday. But we may yet get the last laugh, we have a man on a mission somewhere in the Silicon Valley.

Hopefully, but sadly, we're still 'up against it' with horse racing, because of the fiddles and corruption that are endemic in the 'sport!'

I mean, how many times have you seen the sure-fire favourite backed in to ridiculously short odds, only to perform like an overweight cart-horse and finish mid-field (or worse!)? Or the rank outsider come from nowhere to finish first (no doubt making the 'connections' a nice fat wedge?)

I think I'm going to switch to football - surely its harder to 'fix' 22 players? LOL

[LeTiss]

I'm a full-time trader and hardly ever dabble on horses. I like to sniff around the major races, but only during early morning activity.

I never trade horses with less than 1 hour to go, unless I'm dabbling with an idea of a strategy, or automation

For some reason, I've never been able to lick manual trading on horses. As a result my confidence is low, and a lack of confidence for a trader very rarely results in success.

My advice to newbies has always been to try & crack markets where you are confident. Perhaps do your favourite sport, as you'll find the decision making will have more conviction

[Lammtarra]

Nothing to report really other than I've not been trading much and even today I can't do much because of physio on my foot I have to do.

What I have done though earlier in the week was really make an effort to sit out trades that don't meet my selection criteria for trading. Rightly or wrongly I have come up with a little set of parameters for whether I should trade a race based on how the book is made up by the runners. Pretty basic stuff for you lot I know but I thought I'd try it and see if I noticed any difference.

My results seem to have instantly improved and while I only traded 4 or 5 races on Monday, I won more than double what I'd have been pleased with on a normal day. I was really chuffed with that and yesterday when I would have normally crammed a few trades in because I want to trade, I missed out because I was busy for most of the day and remembering what happened Monday, I kept thinking that not enetring a trade is taking a position so I let it go.

[Dallas]

Nothing to report really other than I've not been trading much and even today I can't do much because of physio on my foot I have to do.

What I have done though earlier in the week was really make an effort to sit out trades that don't meet my selection criteria for trading. Rightly or wrongly I have come up with a little set of parameters for whether I should trade a race based on how the book is made up by the runners. Pretty basic stuff for you lot I know but I thought I'd try it and see if I noticed any difference.

My results seem to have instantly improved and while I only traded 4 or 5 races on Monday, I won more than double what I'd have been pleased with on a normal day. I was really chuffed with that and yesterday when I would have normally crammed a few trades in because I want to trade, I missed out because I was busy for most of the day and remembering what happened Monday, I kept thinking that not enetring a trade is taking a position so I let it go.

That is exactly what i posted to you back on the 6th Oct on page 9.

"some races you will just not see anything concrete happening in which case DON'T do anything just wait for the next - better to trade just 2-3 races a day and be profitable in each than trying to do something every race just for the sake of it, if nothing else its a mental confidence boost"

If you have only now started doing what i suggested a month ago and only because of a recent foot injury then how much other advice on this thread have you skipped over that if used could make a difference to your trading?

While you have some down time as i posted last time i would recommend re reading this whole thread and try implementing some of the advice given by others - the smallest things can make the biggest difference.

I don't doubt your determination but you have 12 pages of good advice from many sources on here but unless you start using some of it its going to continue to be a very long and hard road for you.

That saying "You can lead a horse to water" springs to mind.