Such a BAD day
Have you learnt anything from your mistakes so far? Like anything trading requires initial investment in order to gain experience. Have a look at this thread for potential reading material viewtopic.php?f=2&t=1063 and try to see things from a different perspective. If you are finding your journey painful, you should probably look at reducing your bank/stakes...
One of the problems with trying to learn via a forum is that the advice is not tailored specifically to you, whoever you may be. This usually means that unless the advice (luckily) hits the nail on the head we don’t apply it, often because we don’t know how to properly integrate it into our overall learning strategy
This doesn’t make the advice any less appropriate, so it is really beneficial to reflect and take time to study how/if the points made by all these posters can help your progress.
I have mentioned previously that I taught (ongoing) my girlfriend to trade. I have a career background which includes both psychotherapy and teaching which helps me tailor her training precisely to her style and needs. One day I announced that she was now ready to learn “How To Recognize Losing Trades And Avoid Making Them In The First Place.” By this time she had traded hundreds of races and was in profit on about 5/10 but still had some losing days. Her improvement was/is now progressive.
She looked at me bewildered and asked why I didn’t do this in the beginning. Her first session? I said, “Wait until after I explain how I am going to teach you this and you will understand more but actually it is because this is more advanced than an absolute beginner will normally appreciate. ”
The psychology behind the task belies its simplicity.
You see, initially I inoculated her against being willing to let losing trades run, (hoping the price would come back) I did this by funding her trading account with my money and using £50 - £100 stakes within two days of her starting. I know her and I knew she would be very protective of the (my) bank. Her number one priority became not letting losing trades run.
The crucial point here is that I never told her that this should be her priority. I had to be sure that she would adopt this belief as her own rather than it being one of my beliefs which had simply been imposed upon her.
Anyone involved in one to one training will have more success if they do this. Group training is wholly different. I digress.
Anyway, the point of this post…
Part of the technique I used to help her “How To Recognize Losing Trades And Avoid Making Them In The First Place.” can be used on its own by anyone who really and truly wants to develop their all round knowledge.
Its not a cure all panacea, but is a contrarian, out of the box thinking stepping stone to recognizing what are likely to become a losing trades.
However, and this is an important point...
You will have to bother yourself with a bit of effort to benefit from the task.
If enough people are interested I will post up the basic steps that can be used by all new traders.
This doesn’t make the advice any less appropriate, so it is really beneficial to reflect and take time to study how/if the points made by all these posters can help your progress.
I have mentioned previously that I taught (ongoing) my girlfriend to trade. I have a career background which includes both psychotherapy and teaching which helps me tailor her training precisely to her style and needs. One day I announced that she was now ready to learn “How To Recognize Losing Trades And Avoid Making Them In The First Place.” By this time she had traded hundreds of races and was in profit on about 5/10 but still had some losing days. Her improvement was/is now progressive.
She looked at me bewildered and asked why I didn’t do this in the beginning. Her first session? I said, “Wait until after I explain how I am going to teach you this and you will understand more but actually it is because this is more advanced than an absolute beginner will normally appreciate. ”
The psychology behind the task belies its simplicity.
You see, initially I inoculated her against being willing to let losing trades run, (hoping the price would come back) I did this by funding her trading account with my money and using £50 - £100 stakes within two days of her starting. I know her and I knew she would be very protective of the (my) bank. Her number one priority became not letting losing trades run.
The crucial point here is that I never told her that this should be her priority. I had to be sure that she would adopt this belief as her own rather than it being one of my beliefs which had simply been imposed upon her.
Anyone involved in one to one training will have more success if they do this. Group training is wholly different. I digress.
Anyway, the point of this post…
Part of the technique I used to help her “How To Recognize Losing Trades And Avoid Making Them In The First Place.” can be used on its own by anyone who really and truly wants to develop their all round knowledge.
Its not a cure all panacea, but is a contrarian, out of the box thinking stepping stone to recognizing what are likely to become a losing trades.
However, and this is an important point...
You will have to bother yourself with a bit of effort to benefit from the task.
If enough people are interested I will post up the basic steps that can be used by all new traders.
I am sure if you get in touch with Peter he can offer some followup advice, though it's worth sending a video and other stuff so he can see where you are going wrong. From what I remember he didn't offer any specific football information at that course so I'm confused by those comments? That said, I wasn't at the course all day, I just nipped down from upstairs, so I could be wrong? As others have also said, it will always take some practice to get it right, whatever you do.
Neil, I've searched my archives and can see one email from you on the 26.6.08 which was quite complimentary and asked for some clarification, which I replied to. Other than that, nothing. I'm aware now that you have struggled since then and are no longer a customer of ours but as you haven't engaged in constructive dialogue I don't now how I could have helped you?
Obviously I can't be on tap for everybody all the time, as I just don't have enough hours in the day. But I am quite happy to try and help where I can. We have some new ideas on how to help people post course which we hope to implement soon.
The course has changed a lot over the years and as we are now in new offices it's going to change again. We now have more facilities and staff so we are going to expand the range and scope of what we do in 2010. We were recently joined by one of the Betfair education team. So exciting times!
We look forward to working with attendees throughout 2010 and beyond.
Obviously I can't be on tap for everybody all the time, as I just don't have enough hours in the day. But I am quite happy to try and help where I can. We have some new ideas on how to help people post course which we hope to implement soon.
The course has changed a lot over the years and as we are now in new offices it's going to change again. We now have more facilities and staff so we are going to expand the range and scope of what we do in 2010. We were recently joined by one of the Betfair education team. So exciting times!
We look forward to working with attendees throughout 2010 and beyond.
To be fair, you have helped me since then. Your posts on random trading about a year ago set me on the road( along with other help) to actually being able to make a little money. I am still finding it difficult but at least I am not losing, I realise that it is down to me to find the best way for me to trade, and even if I watched u trade for a day, it wouldnt necessarily be helpful because I wouldnt know what information you were seeing, why u chose certain entry and exit points etc, and you may not even be able to explain it yourself.
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lilgreenback
- Posts: 211
- Joined: Thu Apr 16, 2009 11:28 am
Hi BA,
I don't thinkk you can say fairer than that in many ways, I think that the last few posts here have really said a lot for the quality of the support that is offered to those who have taken out a sub (or in Neel's case been on the course as well)
I realise that it is quite an outlay all in all but there are many other Companies out there who would take the money and not give a monkey's for their customers (we see it all the time)
That support or assistance is not only from the developers/sellers of the program but also from the numerous members who take time to explain, help or share their expertiese with others. Which is very refreshing.
Neel I know of the situ you have been in; as I am and have been in probably the same position myself not seeming to make any headway. One step forward and two back but all of sudden a bit of progress.
One thing you probably do not realise is how positive your posts have been at times. Even when it's been hard for you ("On the verge of giving up") how many others have been in exactly that same position and not had the guts to say so.....Loads probably. After reading your post and the many follow up threads it struck a chord as to where I and probably quite a few others are going wrong.
See it out you have probably invested too much financially and emotionally to chuck it in now. Keep at it the light may be at the end of the tunnel.
Cheers an best wishes.
LilGB
I don't thinkk you can say fairer than that in many ways, I think that the last few posts here have really said a lot for the quality of the support that is offered to those who have taken out a sub (or in Neel's case been on the course as well)
I realise that it is quite an outlay all in all but there are many other Companies out there who would take the money and not give a monkey's for their customers (we see it all the time)
That support or assistance is not only from the developers/sellers of the program but also from the numerous members who take time to explain, help or share their expertiese with others. Which is very refreshing.
Neel I know of the situ you have been in; as I am and have been in probably the same position myself not seeming to make any headway. One step forward and two back but all of sudden a bit of progress.
One thing you probably do not realise is how positive your posts have been at times. Even when it's been hard for you ("On the verge of giving up") how many others have been in exactly that same position and not had the guts to say so.....Loads probably. After reading your post and the many follow up threads it struck a chord as to where I and probably quite a few others are going wrong.
See it out you have probably invested too much financially and emotionally to chuck it in now. Keep at it the light may be at the end of the tunnel.
Cheers an best wishes.
LilGB