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[Korattt]

The problem I have found is even if you give somebody something that definitely works and can be replicated it doesn't mean they will do it. So I've learnt that psychology is such a huge player in anybody's success. I'd say being able to work that out will give you a massive leg up on others.

andt that is precisely I think my problem, going on holiday next month & will soak up on some of your suggestions on that very subject, thinking fast & slow etc, would be could if you're able to repost some other work on psychology that I'm able to catch up on?

[Nero Tulip]

Even simple strategies that do ok when you see it on youtube, executed by (sometimes) good traders, can involve underlying complexity in how they make decisions on a personal level.

"You can't teach experience" is especially relevant when it comes to manual / discretionary trading, which is what so many new users are drawn to as it's 'hands on', and the profit can be tantalisingly close to your finger tips.

What use is trying to do this however, when you aren't equipped / don't have the right feedback mechanisms in place to manage the psychological (not to mention the technical) warfare. People like Peter have many thousands of hours under their belt trading, not only will they be noticing stuff in the market that you have no idea about, but they also have a massive psychological well to draw upon.

I know Peter took flak for posting that last video where he missed his profit and had to scratch (people stick the knife in when people lose for some reason?), but that one video contained far more quality information than most. More videos like that, or others where mistakes were made, need posting.. and honest constructive chat about where the error arose, be it mental, technical..

I mentioned doing different stuff in previous post, that could involve trying to learn trading by reading different things to everyone else, borrowing ideas from other disciplines. You don't have watch what everyone else is.

[ruthlessimon]

Not many people will ever share their edge, if its half decent they will make enough money to never need to sell books or courses, these are the people you will never hear from or about.

I think that's the same for any industry not just trading (property, hairdressing, curry house). The quiet good ones are the people you need to find.

https://www.youtube.com/watch?v=CCL8F9VtSqk

[Bluesky]

I know Peter took flak for posting that last video where he missed his profit and had to scratch (people stick the knife in when people lose for some reason?), but that one video contained far more quality information than most. More videos like that, or others where mistakes were made, need posting.. and honest constructive chat about where the error arose, be it mental, technical..

I agree, the videos where everything works perfectly and the guru comes away with a big profit every time don't really have a great deal of educational content for most new traders. The thing is though, most new traders want to see winners they don't want to see people either losing or breaking even. When they see people losing or breaking even they will either say this is not for me, or look for another guru or some other software provider, because they are sure to win if educated by that person or if they use that software.

[LeTiss]

I know Peter took flak for posting that last video where he missed his profit and had to scratch (people stick the knife in when people lose for some reason?), but that one video contained far more quality information than most. More videos like that, or others where mistakes were made, need posting.. and honest constructive chat about where the error arose, be it mental, technical..

I like that though, because some people would allow the disappointment of seeing their fantastic green disappear to effect them mentally. They'd just sit there hoping it will come back to where they were. If it then turns red, then the red mist descends and they then let it go 'IP' as they couldn't bear to close out for a loss after being in profit. Within the blink of an eye, a £100 profit results in a £500 loss

[dragontrades]

In my opinion the only thing you can really be taught is the mentality side of trading.
Then your on your own.
The market offers lots of value because many people are not there to make an income they are there to bet.
Learn from Peter and Caan Berry but avoid the Badger or Tony Hargreaves like the plague. He has fake twitter profiles to promote his snake oil

[Euler]

I think it would be useful for Betfair to have some sort of proofing or accreditation process. This would mean that newbies would at least end up listening to people who had actually done it, rather than get confused by the mass of contradictory information out there from people who had never traded successfully. I've suggested it many times to them.

[LeTiss]

I'd just like to add additional views on Peter's last video.

In my experience, anybody reasonably intelligent can get to grips with the software, and the concept of books and price movements. You might need a bit more grey matter to understand excel, or formulating bots through automation.

However, no amount of intelligence and understanding the basics of trading, will firewall you from emotion and the psychological battle ahead. I'm absolutely convinced that graphs and ladders are a tiny percentage towards success. If somebody with an IQ of 160 went against somebody with an IQ of 80, the intelligent one is not guaranteed to come out on top in trading. The winner will be the one who has stake management under control, and who understands that disappointment and occasional losses are part of this game, and remains in control of their blood pressure

[Nero Tulip]

I know Peter took flak for posting that last video where he missed his profit and had to scratch (people stick the knife in when people lose for some reason?), but that one video contained far more quality information than most. More videos like that, or others where mistakes were made, need posting.. and honest constructive chat about where the error arose, be it mental, technical..

I like that though, because some people would allow the disappointment of seeing their fantastic green disappear to effect them mentally. They'd just sit there hoping it will come back to where they were. If it then turns red, then the red mist descends and they then let it go 'IP' as they couldn't bear to close out for a loss after being in profit. Within the blink of an eye, a £100 profit results in a £500 loss

Absolutely. It was a gem of a video. It shows how a good trader allows the market or some other new data to change his opinion, and is accepting of that change. He knows a new opportunity will along in the next race, he wasn't married to the position. Trading is a game of constantly moving goal posts, the skilled people are able to constantly reassess the risk/reward that's being offered and simply react to that. Maybe that isn't obvious to most people, but that is the beauty of the video. The other lesson is in how Peter tries to push for quite an extended amount of reward for his risk... he rode that winner a long way, and was still looking for more reward! That's how he skews his personal risk profile into a profitable area.. there's plenty to take away from that scratched trade.

[Nero Tulip]

I think it would be useful for Betfair to have some sort of proofing or accreditation process. This would mean that newbies would at least end up listening to people who had actually done it, rather than get confused by the mass of contradictory information out there from people who had never traded successfully. I've suggested it many times to them.

Yes, I've often thought a 'verified by Betfair' stamp would be good. I guess they don't want to be going through accounts everytime someone posts a screen shot, but some form of credit would be good.

[ruthlessimon]

In my opinion the only thing you can really be taught is the mentality side of trading.
Then your on your own.

Badger has missed a trick then, no need to make out he's a top trader, just sell a psychology ebook

[Euler]

The terrible thing about Centaur was that I and many others warned people not to invest but they still did. Then the directors lost millions of client money and ended up getting banned, but then they all just went back into business doing exactly the same thing. How does that happen?

[Naffman]

When Tony Hargraves went to Australia a couple of months ago for a few courses I'm pretty sure I saw Betfair Australia promoting it

[dragontrades]

When Tony Hargraves went to Australia a couple of months ago for a few courses I'm pretty sure I saw Betfair Australia promoting it

Yes I saw that too. If you are doing the teaching thing people should be able to view your PandL direct on BF

[Euler]

BF Australia offered me the chance to do some training and I said I could, but not in peak season or around key events like the Grand National, Royal Ascot or similar.