loss taking
A big thank you to all of you that have taken the time to reply to my questions and add to this thread. I was begining to think that i was the only one on here that used to be a gambler (well a very bad one)as you don`t really see that word used on here much. I guess that i quite lucky really as i`ve been able to finally realize that taking a loss however small has been my biggest downfall when it comes to trading,gambling or even life when i think about it!!!To use a term that i read on a poker blog once "going on tilt" where all the best will in the world just goes out the window in a flash and i`m back to being 5 again and i`m going to be right what ever!!!! Once again a great big thank you to all of you for your advice and tips.I hope to be able to NO I WILL!!!! be able to follow this post up with the good news that I`ve learnt from you and on the right path now.Thanks greg
Just remember that big wins can make you go 'on tilt' just as surely as bad beats can. When I won 35K on the lottery last year, I was feverish to get even more, and started gambling wildly. I've also noticed in Poker, if you get big wins you tend to start playing with a lot less discipline. Big wins can throw you off and ruin you just as surely as bad beats can.greg wrote:To use a term that i read on a poker blog once "going on tilt" where all the best will in the world just goes out the window in a flash and i`m back to being 5 again and i`m going to be right what ever!!!!
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richfletch
- Posts: 1
- Joined: Thu Jun 27, 2013 12:41 pm
I find that having a higher goal helps.
Instead of simply trading race to race, I'm aiming to average a win on 9 out of every 10 races. If I manage this I'm happy.
If you can't do this, then I suggest you use bet angel in practice mode and keep on practicing until you have it down.
Most success in this area is simply from pattern recognition. You've sat in front of 1000s of races before and your brain automatically thinks 'I've seen this before' and you act accordingly.
You really need to invest a couple of months, 5-6 days a week, minimum 20 races a day to build up the database of experience to be able to do this consistently. Just in my opinion anyway.
Once you get to this point of having experienced over 1000 races, you'll be a lot more battled hardened and you know what to expect.
Instead of simply trading race to race, I'm aiming to average a win on 9 out of every 10 races. If I manage this I'm happy.
If you can't do this, then I suggest you use bet angel in practice mode and keep on practicing until you have it down.
Most success in this area is simply from pattern recognition. You've sat in front of 1000s of races before and your brain automatically thinks 'I've seen this before' and you act accordingly.
You really need to invest a couple of months, 5-6 days a week, minimum 20 races a day to build up the database of experience to be able to do this consistently. Just in my opinion anyway.
Once you get to this point of having experienced over 1000 races, you'll be a lot more battled hardened and you know what to expect.
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Groovyelms
- Posts: 277
- Joined: Fri May 20, 2011 7:42 am
"The bette noir" of trading... controll the loss or the loss controlls you.. whatever works for each person is something we all have to work amazing hard at. For me its picking races that are less likely to produce problems, ie I now don't try and trade every race..
Yesterday quite good during the afternoon but horrid markets later.. I traded three evening races on the trot I lost on all of them and thought I'll watch the tennis now with a glass of wine, trading now over..
I appreciate that this is a bit woolly and is'nt a specific stratergy.. But I do know that I only lose badly if my mind is wrong and the frustration starts to take over. so I try and avoid dodgy races Like the plague...
and when it goes against me "Accept and Prosper" is a simple phrase that helps accept that I simply got it wrong, this time round.
luck to all groovy
Yesterday quite good during the afternoon but horrid markets later.. I traded three evening races on the trot I lost on all of them and thought I'll watch the tennis now with a glass of wine, trading now over..
I appreciate that this is a bit woolly and is'nt a specific stratergy.. But I do know that I only lose badly if my mind is wrong and the frustration starts to take over. so I try and avoid dodgy races Like the plague...
and when it goes against me "Accept and Prosper" is a simple phrase that helps accept that I simply got it wrong, this time round.
luck to all groovy