Be Honnest whats the most you have lost

[Euler]

I've tended to keep trading profits and losses in a well proportioned range. So my biggest loss comes down to Betfair going tit's up.

My worst scenario is when there is a big race and I am fully committed to the market. So my worst loss game on a big race at Newmarket when the Betfair crashed just at the off, as I was exiting my position. I ended up with a big liability going in running on a short race and sods law, the worst position won. I lost £7.5k. But, overtime, these things have evened out and I have also won unexpected amounts to more or less break even over the long term on these exceptional events.

In absolute trading terms my big wins have always dwarfed the losses. I tend to be very disciplined and also look for outlying upside events which every now and again produce outsized wins. So it's not fair to count these wins as, by their nature, they are exceptional when compared to the losses.

[Alpha322]

Well, I can assure u that it does hurt like hell to me whenever such losses occurred. I did not say it doesn't. The point I was trying to make was, I was using those gained money to venture on new strategies. Like most would agreed, there must be thousands of ways to skin a cat, so I'm always on the lookout to trying out new angles in trading the market (I wouldn't discount anything if I have not really tried it to see if it might work.) Unfortunately, I was taking my stride a step too far this time. If one could learn something from such ventures, cutting out the rough edges every now and then, (ditching bad ideas never seems to be a problem to me) it might help in achieving steadier progress in future. Moreover, big losses is also part of the learning curve of any traders, I believe. Just some food for thoughts.

Good points

[Alpha322]

Horse Racing / Belle 22nd Aug : 1m6f Hcap
-£2,430.29

let it go in-play with a lay position on a relative outsider which led from start to finish, iirc.

in-play liquidity was poor (Irish race) but still should have got out and accepted the loss.

Scarry i wouldnt do inplay at all so i know am safe from this epedemic happening

[Alpha322]

The result was a £5,850 loss and that's my biggest ever. I've had a few more in the £2,500 range and five loses of this ilk in total!!

I think its all relative thou. I bet you 1.01 Jolly you are a PC prisoner of BF. It all depends on the sizes of our banks i suppose, so your loss of £5000 could be the same percentage as what my £1000 was or any of the other losses stated on here, but if we as traders are aware of the risk, the full risk within our down to earth diciplined wriiten down plans then we shouldnt be shocked by our losses really. But to a relativley new trader it explains why they trade with nerves and do the reckless things they will incur along the way because of no plan, no money management and most of all no strategy, it takes months maybe years (like i spent) to bring all these things to the table and execute them day in day out.
Sorry to hear about the £5000

[Boxy123]

Having started "trying" to grasp trading earlier this year - i had several losses trying different many different sports and different strategies....the largest loss was probably about £400.

Since that loss and really looking back at my P&L - i now just trade football (a game i understand and love)...and have semi-mastered it and am making constant profit....don't get me wrong, there are trades that go wrong...but each day/week/month i am in profit.....i guess it is like taking 10 steps forward, and accepting that occasionally you will have to take 2 or 3 steps back now and again.....

[malcolmk33]

Just done my day. Like I said, I would revert back to simple trading today, and, not bad a result for the effort. 16.2% return from a $500 starting bank. Not trying to get into the habit of posting my p&l here everyday. Just want to prove the point that why sometimes one might be tempted with trying what I did for the past few days (i.e laying high odds outsiders). The ROI was way larger than what could be achieved with the same starting bank (so does the risk of course). To be honest, I did still let a few trades go in-running before greening up, and letting one run all the way to finishing line. From what I learned is not to panic when sometimes a trade goes in-running, you might still get a chance to green up if you make your selection shrewdly. (*Not that I'm suggesting anyone should attempt such tactics when seeing a red book. ) The best way to get rid of a bad habit is not to pick up one in the first place. I'm still trying to wean off mine. Taking losses is a true virtue.
Now let's see if I could compound the figure over the next week or two to recoup my yesterday's losses.

[freddy]

Malcolm
The question is, If you had taken losses instead of going in-play today what would you have won / lost ?.

if you would still have come out on top with 5% or 10% profit then then your a good trader. so no need to go inplay. This will only take away your edge long term .

If you would have lost then you are just doing what alot of people do and kidding yourself that you have cracked pre race trading when in fact you are just relying on in play to make profits.

you can get away with this for a long long time but eventually if you have no edge you will lose.

be honest with yourself and discipline will sort it self out .

[malcolmk33]

hi freddy,

I would agree with what you've just said. I would say I could still comfortably achieve the 5-10% brackets by taking my losses. But after a while of laying the odds in-play, guess the itch is still in my hand.