Hello all
I'm new to the forum. I've been trying to learn the ropes of trading for the past year. That has been a real roller coaster and I have made every rookie mistake in the book, I can tell you.
Slowly and painfully I feel I have found a system that is working well for me which includes:
1. Careful bank management with a cautious staking plan
2. A system in which a formula helps me overcome 'greed' and fear and hesitation (you know - the 'just one more tick or three more seconds before trading out', oops I've gone in play' disaster zone). My system follows a formula every time and offers almost boring perameters to my trade now.
3. A measured loss recovery plan if a trade does go against me (and a maximum that I can lose any time- see point 1).
So I am cautiously optimistic that my long apprenticeship is bearing modest fruit now. I've been testing it in training mode and am doing well and think I should be ready to go live now. But curiously I'm a bit nervous to do so. As if going live will jinx it or something! I intend to start with a small bank and watch it develop so there shouldn't be too much of an issue.
So my question is: what's a realistic test period? Two weeks? A month? Three months?
Any experiences to share? I'd be grateful.
Thanks to all for this community
Llosgi
How long before going 'live'?
I'm certainly no expert so take my ramblings with a pinch of salt.
But I believe you should start trading now.
You've figured out how to work the software and have a basic plan in place, but there's no amount of practice mode that can prepare you for the horror of staring a 10p loss in the face. And yes, I'm serious!
My approach was to pick an amount that I was comfortable losing - £100, in effect using it as a training course. I dropped my bank to £100 and started trading using £5 stakes. I had some early successes, but also a few "rabbit in the headlights" moments due to the fact I was using REAL money. This puts a whole different perspective on things.
When my bank eventually doubled to £200 I took out my original £100 and trade with my winnings. In effect if I blow the entire bank now, I can only get back to zero.
Some of the more experienced traders may think I'm being over-cautious, but it works for me.
Whatever you decide to do, good luck and welcome to the club!
Mark H.
But I believe you should start trading now.
You've figured out how to work the software and have a basic plan in place, but there's no amount of practice mode that can prepare you for the horror of staring a 10p loss in the face. And yes, I'm serious!
My approach was to pick an amount that I was comfortable losing - £100, in effect using it as a training course. I dropped my bank to £100 and started trading using £5 stakes. I had some early successes, but also a few "rabbit in the headlights" moments due to the fact I was using REAL money. This puts a whole different perspective on things.
When my bank eventually doubled to £200 I took out my original £100 and trade with my winnings. In effect if I blow the entire bank now, I can only get back to zero.
Some of the more experienced traders may think I'm being over-cautious, but it works for me.
Whatever you decide to do, good luck and welcome to the club!
Mark H.
Well...
First race of the day was a loss. But the system and method carried me calmly through that psychological hiccup and the return on the day was 22% net profit.
I'm pleased about this as that is roughly what I have been getting in practice mode. It included two losing races and the end result is net of that so I'm satisfied.
It has taken a long time to get to a place where I can just see some consistency on the horizon so I'm cautiously happy about this.
Cheers
Ll
First race of the day was a loss. But the system and method carried me calmly through that psychological hiccup and the return on the day was 22% net profit.
I'm pleased about this as that is roughly what I have been getting in practice mode. It included two losing races and the end result is net of that so I'm satisfied.
It has taken a long time to get to a place where I can just see some consistency on the horizon so I'm cautiously happy about this.
Cheers
Ll
Hi Llosgi (burned in Welsh),
I fully understand why you should feel some reluctance to going live after having spent a great deal of time and effort developing your system. I think many traders feel this type of apprehension when going live, after eventually developing something that has worked well in practise mode over a period of time.
I think starting off with something like £100 bank and not worrying about this money too much is the way forward, unfortunately many systems can be profitable in practise mode but lose money when they have gone live. This is why its a good idea to start off with a small bank, and not be in a hurry to hand in your notice at work lol.
Have you ever done any matched betting, I'm sort of surprised people who are smart enough to develop successful horse trading systems don't do any matched betting. Its extremely easy to make several thousand pounds profit in 12 months or less if you put the effort in. This money can then be used as starting bank money for current or future trading systems, or as money to pay for further trading education such as the courses BA and others offer.
If the money you use for starting trading banks, or trading education has come from bookies through matched betting, then I think you can be more relaxed about it than if it has come from your salary.
I fully understand why you should feel some reluctance to going live after having spent a great deal of time and effort developing your system. I think many traders feel this type of apprehension when going live, after eventually developing something that has worked well in practise mode over a period of time.
I think starting off with something like £100 bank and not worrying about this money too much is the way forward, unfortunately many systems can be profitable in practise mode but lose money when they have gone live. This is why its a good idea to start off with a small bank, and not be in a hurry to hand in your notice at work lol.
Have you ever done any matched betting, I'm sort of surprised people who are smart enough to develop successful horse trading systems don't do any matched betting. Its extremely easy to make several thousand pounds profit in 12 months or less if you put the effort in. This money can then be used as starting bank money for current or future trading systems, or as money to pay for further trading education such as the courses BA and others offer.
If the money you use for starting trading banks, or trading education has come from bookies through matched betting, then I think you can be more relaxed about it than if it has come from your salary.