How Horse Racing kills my profit... 10k in 11 days.

[ajdal]

Are the trades in the screen shot from scalping?

95% of my trades are indeed scalping, however when a trade has been matched at a silly level I am quite happy to let it swing, but I'm certainly guilty of trading out far earlier from a good position than maybe I should, but that bothers me not one jot. I appreciate the supportive words, but I'll be honest it's far, far easier for anyone to make consistent profits using small stakes than for the opening poster who is more limited in both the opportunities and selections he can trade by his choice of stake and desire for greater returns. A small stake entry error is easily quickly corrected by market noise, which is obviously not the case for a large trade error, which is why the advice to reduce to small stakes when adrenaline is flowing from either a big win, big loss or a 'Jeez, I got away with that one' trade is very good advice indeed (unless you are the opposite to me and your clarity of thought improves on adrenaline).

I wish you all the very best of luck with both your trading and life.

[scottydog]

I agree with what your saying and thats is very good advice. Even though I am fairly new I welcome losing trades, I never see losing as a bad thing, I welcome losers because it teaches me alot. Ive noticed, If I have a good swing trade looking at my results, my strike rate goes down, When I hit a loss my strike rate goes up (short term)
My trading is starting to become completely emotionless. Whatever happens in a trade, I think my strength is to not let my next position be effect.

Something I am working on from today is; If I have a losing trade, I close my position, Now if i open a new position. That red already on the selection causes me to push further then possible. I just lost 8 ticks, I have found another opportunity, but really this opportunity is going to give me 4 or 5 ticks. Because of the red on the selection I am trying to make something happen that just isnt going too, It makes an excellent trade look like a loser when on that particular position and it was profitable. Then what happens you end up with another loser and a bigger red because of it. When you make a bad decision, Every decision afterwards becomes more likely to be another bad one.

On the reversal its the same, Made an excellent profit in a trade, Find another opportunity and you ended with a much smaller profit then the first trade. Overconfidence.

Every decision I make, Need to be the same and effortless and emotionless. This is my next mission after daily analysis, which I spend doing for hours every night.

[Groovyelms]

maybe your are aware of the concept of loss aversion
https://en.wikipedia.org/wiki/Loss_aversion

google for some more info. These are 2 good videos explaining it.
https://www.youtube.com/watch?v=nOX1Hn-bw1k
https://www.youtube.com/watch?v=YpiGVWO-C64

gutuami, Hey thanks really interesting stuff which I did not know, but Like others I fit the description perfectly..something to learn from...cheers Groovy

[fatsam]

im faily new and happy to admit the transfer of bookmaking and gambling to pure trading is an issue im having. If i traded the screen information i'd be happily in credit, however i let opinions get in the way and like others let a bad position turn in play.....Coz it hasnt't a hope in hell of winning only to see the thing scoot in my 40 lengths......

[ajdal]

...Even though I am fairly new I welcome losing trades, I never see losing as a bad thing, I welcome losers because it teaches me alot...

lol....I certainly see losing as a bad thing.. I'll accept it, but I'll never grow to welcome it

Anyway fear not, this will be my final post on this subject; just to show I wasn't picking and choosing screenshots I have also included todays trading... I do appreciate that there will be many seasoned traders on this forum thinking... "pfff I win that total profit on a single trade, I'm not interested in pennies" and I fully appreciate that, for some people this is their living not a pastime, but everyone has a comfort threshold and a different agenda and I'm quite happy just seeing how much my £20 can make today, knowing WHEN Betfair goes down and I can't trade out I wouldn't give a toss if the worst case scenario happened and I lost my bank (which has only ever happened once in 5 years and yep... that was when Betfair went down !!). Hopefully this post will demonstrate to anyone who may be reading this and curious about trading that you don't have to use a huge bank to get a decent return, many successful small trades can also add up... with the additional bonus of avoiding the squeaky bum sensation I suspect many of the bigger traders experience at least once a day

Best of luck

[marko236]

Great return for £20 bank adjal, have you ever tryed increasing that ten fold it looks like you could do it easy?

[Dallas]

TBH Ajdal you are a absolute credit to trading and I absolutly love your approach, I can not comend you high enough you are a true defination of what trading should be about and have my fullest respect.

I was going to post this the other day but got sidetracked, So many people come to trading after watching you tube vids of huge greens with dreams of it changing there lives and while that can happen if you put the time in dedicate yourself to it and want to go down that path most assume and expect it instantly and when they cant make triple figure profits the same week they open a BF account they get dis heartened and pack in.

Even if they could nt give up there full time job and make a living from it there is always money to be made trading on any level and it should be about finding the level that gives you the most enjoyment not the most cash.

Your approach/mindset is the best i have heard - you do it for enjoyment and pleasure and thats what it should be first and foremost with any profits a added bounes.
Clearly you could easily grow you bank and in turn increase your daily profits but why do that when you already get everything you need you clearly enjoy it the way your doing it, it relaxes you and as your bonus gives you an additional income so you can treat your grandkids which no doubt is where you get the most enjoyment of all from so it s a win, win, win for you and your grandkids.

I wonder how many people use banks of several hundred and still cant turn anywhere near those constant profits out and instead of enjoying there trading just go on a daily roller coaster of highs and lows and end the month no better than they started it.

Anyway keep it up your a true inspiration

[marko236]

Well said Dallas, money should come second, when i first started trading i took it too serious and had plans to make good money in less than 6 months, hence to say it didn't happen and i nearly stoped doing this twice through stupid mistakes.

After that i just treated trading as a game and reduced the amount of money i was trading and just planed to try and make any profit it didn't matter how much and then look at my wins and loses and try and slowly improve on them.

It's been an interesting journey to say the least!