I'd also just like to add, that trading whilst not being in control of your mind or emotions is disastrous
Therefore, never trade when alcohol is in the blood stream, never trade when you have an erection, and never trade when you are angry, stressed, sad, or tired
I have my own little motto "Trading with negative emotions, will produce negative results"
Well that's me done on Betfair and Bet Angel.
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CaerMyrddin
- Posts: 1271
- Joined: Mon Sep 07, 2009 10:47 am
Now this raises (pun intended) a question, do you mean don't start trading when having an erection, or stop trading if you get one?never trade when you have an erection
What about female traders?
that's a really good point Le Tiss4pm. My poor day this week was when i had eye strain...should have had a day off but eager to carry on. Still a lesson learned and a reason to treat it as a business...i did read that somewhere and now i know why.
Am sorry but the way you came out with the thread is sounded to me and am sure many more you was in it for the five minute wonder,people dont usually come on here saying right thats it for meAVFC28 wrote:I have no doubt you could earn 10% most days Le Tiss and probably a bit more. The fact though that you've insinuated that Im one of those people that wanted to earn £200 a day is slightly comical. .
they usually would talk of their progress or a bad experiance which some members would assist with or if they do want to give up they usally leave it quietly.The minute they express oh thats it i have been going in play etc etc layed this backed that it gives people the impresion that 1) the person has no dicipline strategy or rules in place
2) the person wants to make a large amount than their skill level permits them to
3) Peter Webbs software is to blame.
Now am not saying you wanted to make £200 a week, that took me nearly 4 years to achive without going in play except for football, but you did express your thread like that to be fair.
Personally i think you will take it up again in a couple of months but with a different approach It really is about cutting your losses quickly and kicking the greed monkey to the kerb
Good luck when you return
I'm sorry to anyone who thought I was being crudeCaerMyrddin wrote:Now this raises (pun intended) a question, do you mean don't start trading when having an erection, or stop trading if you get one?never trade when you have an erection
What about female traders?
The point I was making is that our minds often wonder, and men are easily distracted or aroused by the obvious. In my experience, it's not easy concentrating on a trade when I have that on my mind
I took a day off last week, the day after Lee Rigby's Woolwich murder. I was upset and angry by what I been watching on Sky News and it had a profound effect on my emotionally. I could not stop thinking about it and knew I was in the wrong frame of mind for trading.redtra wrote:that's a really good point Le Tiss4pm. My poor day this week was when i had eye strain...should have had a day off but eager to carry on. Still a lesson learned and a reason to treat it as a business...i did read that somewhere and now i know why.
Despite what some might say. State of mind and confidence are key in trading. There is no coincidence that most of the pro traders on here will agree on that. I don't mean that if I condition myself to "think positive" I cannot lose. But my confidence level and metal attitude heavily impacts in my Profit/Loss column.
Some trading is mechanical and "black and white". i.e if X happens then do Y. Or any automation. If you trade markets like pre race where you make many sometimes complex quick decisions involving large sums of money, with potentially dire consequences you need to be at the top of you game mentally. How many times have you heard about top footballers being dropped because they were not in the correct state of mind?
I came to the conclusion some time ago that I do not have the temperament to be a successful trader - I'm always susceptible to the adrenalin rush and hasty decision. Was it Alan Potts who said that he was always mindful of the mug punter that if you scratched the surface lurked just beneath? So I'm working on automated approach using the Excel spreadsheet, which takes human frailties out of the equation. I've spent many (happy) hours on this project, which is much more suited to my strengths of problem solving and manipulating figures. Yet is this another tantalising holy grail, forever just out of reach? I've come with many approaches that seemed promising and "should" have worked, but fail once hard cash is risked. So my question is, are there people out there with automated systems that turn in a regular profit? I'm not asking for the method - just to know that it is possible!
I think that's a sensible way to view things, Wyndon.
If after an honest assessment, somebody thinks that they are too susceptible to making rash decisions when under pressure, then automation is something to seriously investigate.
Of course, it's critical you undertake vast amounts of work on the bot, so there are no drastic holes in it's decision making, but once your happy with it, it will place bets for you without any emotion.
There are some traders who will find this the best way to win. The only problem with excel is that it cannot think on it's feet, or consider exceptional circumstances, so it will from time to time make decisions that in hindsight weren't the right ones
If after an honest assessment, somebody thinks that they are too susceptible to making rash decisions when under pressure, then automation is something to seriously investigate.
Of course, it's critical you undertake vast amounts of work on the bot, so there are no drastic holes in it's decision making, but once your happy with it, it will place bets for you without any emotion.
There are some traders who will find this the best way to win. The only problem with excel is that it cannot think on it's feet, or consider exceptional circumstances, so it will from time to time make decisions that in hindsight weren't the right ones
Yes it is still possible to trade on auto in play. Years ago, i had a much higher strike rate that these days, so depending upon your parameters you may go longer in between big wins. the markets are constantly changing and you have to adapt with them. This last week I had my biggest losing day this year (and I mean over five times my normal losing day) and my biggest winning day too ( by a factor of 8 or 9).Wyndon wrote:I came to the conclusion some time ago that I do not have the temperament to be a successful trader - I'm always susceptible to the adrenalin rush and hasty decision. Was it Alan Potts who said that he was always mindful of the mug punter that if you scratched the surface lurked just beneath? So I'm working on automated approach using the Excel spreadsheet, which takes human frailties out of the equation. I've spent many (happy) hours on this project, which is much more suited to my strengths of problem solving and manipulating figures. Yet is this another tantalising holy grail, forever just out of reach? I've come with many approaches that seemed promising and "should" have worked, but fail once hard cash is risked. So my question is, are there people out there with automated systems that turn in a regular profit? I'm not asking for the method - just to know that it is possible!
if I was new to automation and I experienced that losing day, I would have put that excel strategy in the bin but I know that the criteria I'm using is value driven and will return a profit each month (other than the first year or so I've never had a losing month)
automation pre play is extremely hard, but good fun looking.
There is a third option too - semi automation. This is a very good alternative.
regards
Peter
Thanks Peter, that's very helpful/encouraging. I too have gravitated towards value driven in-play - and perhaps I've dismissed certain strategies too soon. By their very nature in-play strategies are extremely difficult to test. I've run live and practise modes side by side with very different results. I suppose as you imply, if the value approach is sound, both would eventually show a profit.
Just to clear this point up mugs my 'Calm down' was refering to my previous sentence in the same paragraph, asking for AV's secret if he finds one. I know that you and Letiss just love it when people ask for others secrets. It was a joke that obviously went tits up. Werent having a go at you or Letiss just a bit of banter.mugsgame wrote:Roger I don't need to calm down mate, my post was supportive to one of my blog readers. I didn't say anything nasty or controversial. Honestly