90 Days Trading Challenge

[Derek27]

If you blow your bank is that the challenge over? (or just reload)...

At anytime if you blow-up your bank, you can start your challenge again. You can keep doing this till you manage to reach Day 90.

There is really no excuse for blowing your bank, barring a fat-finger. If you're aiming for a percentage a day you should be using appropriate stakes, such that a reduction in bank results in reduced stakes. Nothing multiplied by a percentage equals nothing.

[smarttraderr]

This is not Get Rich quick challenge.

Ha ha Great Meme

I can explain that. There was clear message in the first post that focus on immediate goal and not the end goal. End Goals can be intimidating. If you are focusing on 100K, Million or Billion then obviously its stupidity. I am focusing on improving my consistency and that's the only goal of the challenge. we set target so that we have something to aim for.. improve for

If you are preparing for Marathon then you don't get disappointed after 10 days that you couldn't run entire marathon even after practicing for 10 days. You celebrate what you manage to achieved in 10 days and see how you can push that limit next time.

I tell you little story of this summer. I took part in walking challenge. it was first time experience taking part in such challenge. part of the challenge was to walk minimum 8K steps per day. I hardly walk 1K-2K steps per day in general. When I told my wife that I am committing to walk 8K per day, she laughed and its obvious because I hardly walk.

First few days were very hard. even doing 8K was hard but I was committed knowing failure is going to come and if I focus on failure then I can't do anything. I wanted to achieve something.. and that was bare minimum 8K per day not winning the tournament for sure.

You won't believe but I came First in the tournament. I walked more than 1.5m+ steps in 60 days. On the day 1 do you think I was thinking about winning the tournament? NO. Was I thinking about doing 30K steps a day.. NO. Was I thinking about walking 1.5m steps.. HELL NO .. Was I thinking about making it to #1.. .NO WAY not for a second. All I was thinking is to survive in the tournament with bare minimum 8K steps per day so that I can tell myself that I took part and something to celebrate

Do you think I am aiming to make 10K from my £50 ( NO) do you think I can reach 100K (fcuk NO ). Do you think I can achieve 10% for few days.. Yes I think I can do that and that's all I am thinking

So ..don't set too high goals.. don't set too low goals. Just just little more than what u can do and let compounding do the work. I did not learn to walk 30K per day overnight for sure.

Sorry for the long post

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[sionascaig]

If you blow your bank is that the challenge over? (or just reload)...

At anytime if you blow-up your bank, you can start your challenge again. You can keep doing this till you manage to reach Day 90.

There is really no excuse for blowing your bank, barring a fat-finger. If you're aiming for a percentage a day you should be using appropriate stakes, such that a reduction in bank results in reduced stakes. Nothing multiplied by a percentage equals nothing.

Agree... A 30% return against bank in a day implies a very good chance bank will be blown.

[smarttraderr]

If you blow your bank is that the challenge over? (or just reload)...

Its your own little challenge so you can come up with your own flexible plan. Ideally if you blow up your bank then challenge is over. But you can take couple of days time off and start with fresh mind.

ideally you shouldnt that much risk that u blow up your bank but thats just too theoretical. We all have done that in past and its likely it will happen again. So part of the challenge is to survive as long as possible even with little profit per day. Your aim is not to make million. Your aim should be save your hard earn money, improve your consistency and improve your day rate and that is only possible with right bank management strategy.

[smarttraderr]

Brand shiny newbie here...
Got the trial for tennis trading and spend the Battle of the Brits before Christmas just getting a feel for how odds move in a match, before (VERY belatedly) going through the basic Bet Angel tutorials to understand what the tool was even doing!

So I think I am too late to join this but will spend a couple of hours today installing it on another PC in my bedroom (as well as my laptop in my office) and have the footy on so that I can try and follow along.

Think I have established already a couple of dozy things I was doing in Praccy mode, and probably will upgrade after the first week of the tennis season.

But I think the setting of even soft targets with the basic £2 stake and the attitude of not chasing a day's potential losses is sound.

Plan was to start tennis trading but in doing the scalping tutorials and having made a little on the gee-gees in my matched betting days I might also spend a bit of today in practice mode on those too.

Maybe I might come in on a 30 day or 60 day challenge soon!

Everyone can start their own challenge with own rules at own time so you are not late. 1st Jan is coming so you can start 1 Week Challenge from then and see how far u can go. then try 2 weeks... and so on

[Kai]

Brand shiny newbie here...

So I think I am too late to join this but will spend a couple of hours today installing it on another PC in my bedroom (as well as my laptop in my office) and have the footy on so that I can try and follow along.

Welcome! It's never too late

[Derek27]

If you blow your bank is that the challenge over? (or just reload)...

At anytime if you blow-up your bank, you can start your challenge again. You can keep doing this till you manage to reach Day 90.

There is really no excuse for blowing your bank, barring a fat-finger. If you're aiming for a percentage a day you should be using appropriate stakes, such that a reduction in bank results in reduced stakes. Nothing multiplied by a percentage equals nothing.

Agree... A 30% return against bank implies a very good chance bank will be blown.

In second thoughts, I might just contradict myself.

About 8 years ago I started the year with a £50 bank but I treated what I had as a bigger bank. The reason being that with £50, sub-minimum bets become a nuisance and there's a feeling that you're wasting your time.

Before that, I started with a £2 (I had to deposit £10 and withdraw £8 ) , I blew a few banks before getting it up to £30-£40 and then got bored of it or needed to start making some money.

[sionascaig]

Biggest issue, for me anyway, with targets is that you end up aiming for the target. So can end up trading markets you otherwise wouldn't touch or trade when tired and make poor decisions. Could be a good learning exercise for those participating though..

I did enjoy the betfair cheltenham (or was it aintree) challenge of a few yrs ago when you had to attempt to trade every race and make a profit - lesson learned was it not a good way to make a profit (unless of course you were one of the winners)... ==> points to some other forum members )

[The Silk Run]

GOOD LUCK with todays endeavours Smart Trader, and followers. That's hope the step balance translates to P&L. May I ask, are you Trading, or Gambling.
Have a nice day
Minnie LAI

[smarttraderr]

Biggest issue, for me anyway, with targets is that you end up aiming for the target. So can end up trading markets you otherwise wouldn't touch or trade when tired and make poor decisions. Could be a good learning exercise though for those participating though..

I did enjoy the betfair cheltenham (or was it aintree) challenge of a few yrs ago when you had to attempt to trade every race and make a profit - lesson learned was it not a good way to make a profit (unless of course you were one of the winners)... ==> points to some other forum members )

Yes I agree with what you are saying but that is because may be setting yourself to too big targets or you are thinking about target only.

Take target to your advantage instead of just as a number. Once you reach target call a day. Enjoy rest of the day.

Also aim for something small achievable and then work yourself up to more achievable targets. There will be day when everything goes wrong. So set Cutoff target and call it a day. if you reached cut off target and stopped that also is an achievement

Use target to improve yourself not burden on yourself and then you will see target as something which helps you rather than distract you.

The way I work is I just go with the flow. see what opportunity is available. Does it fit in my strategy, if yes then go for it. I don't go in market with specific target, I take what I get. Then I record that in my journal, if I have reached by day target then stop.

[smarttraderr]

GOOD LUCK with todays endeavours Smart Trader, and followers. That's hope the step balance translates to P&L. May I ask, are you Trading, or Gambling.
Have a nice day
Minnie LAI

I am trading mostly but 10% of times I might end of with Bet then Trade because if horse has no chance then I don't green up.

[Derek27]

GOOD LUCK with todays endeavours Smart Trader, and followers. That's hope the step balance translates to P&L. May I ask, are you Trading, or Gambling.
Have a nice day
Minnie LAI

I am trading mostly but 10% of times I might end of with Bet then Trade because if horse has no chance then I don't green up.

Might be a silly question, but how do you know when a horse has no chance?

And you you leave a liability on the 'horse with no chance'?

[The Silk Run]

GOOD LUCK with todays endeavours Smart Trader, and followers. That's hope the step balance translates to P&L. May I ask, are you Trading, or Gambling.
Have a nice day
Minnie LAI

I am trading mostly but 10% of times I might end of with Bet then Trade because if horse has no chance then I don't green up.

Kool. Personally, it's either one, or the other with my system to reach the daily target. And I am gambling to achieve this using software to submit orders in full-automation ...

[Kai]

I tell you little story of this summer.

Cool story bro but if you feel the need to set these % based targets just to stay disciplined and consistent, then those same targets will probably influence your decision-making and thus leave a negative impact on your overall results.

If you think they won't, then surely there is no need to set seemingly easy targets and just trade to the best of your ability to see what you end up with?

Calling it a day soon as you reach your target goes against the very concept of chasing targets and improvement, it makes little sense to me.

Sorry for the long post

No worries, but try not to let it happen again

[Trader Pat]

I tell you little story of this summer.

Cool story bro but if you feel the need to set these % based targets just to stay disciplined and consistent, then those same targets will probably influence your decision-making and thus leave a negative impact on your overall results.

If you think they won't, then surely there is no need to set seemingly easy targets and just trade to the best of your ability to see what you end up with?

Calling it a day soon as you reach your target goes against the very concept of chasing targets and improvement, it makes little sense to me.

Sorry for the long post

No worries, but try not to let it happen again

Welcome back Kai, I thought you did a runner