Huge over-staking foolishness

[brimson25]

Morning

I really, really need the Huddersfield Giants to trade lower than their current price, as I somehow managed to stake roughly 10 times what I intended by clicking the wrong button... Unwilling right now to trade out for a loss, particularly as the market is gappy.

Anyone got any stories about staking mistakes and how it all ended up ok when they did similar things? (I'm less keen on the ones which end "and then I lost a bunch of money")

[iambic_pentameter]

Hi Brimson

As everyone who has being doing this for any length of time will know, if you are 'needing' the price to go in a certain direction, it's a sign to get out.

That's not meant to sound clever or superior but take the loss now and move on - if you leave it, you could lose a lot more.

Iambic

[Dallas]

Your asking about stories have a search for
'New years day' by Letiss

It echoes what Iambic has just said above and what can/will happen if you don't

[Ginger8585]

Completly agree with the above... take he loss on the chin.

make a plan and stick to it...

My over-staking usually comes from a winning streaks and complancency...I used to hit a run of say 5 Profitable trades, feel like im unstoppable and start increasing the stakes. then of course 1 loser would wipe out the whole days work.
I had a big problem with over staking when I first started trading... my strike rate was impressive but id always somehow end up losing money because id lose my head and start overstaking.

Now I have a daily stake limit and adjust it per day based on my bank size and my sentiment... if im feeling 'off' id reduce my trade size, trade a few races and re-asses my mood/trade size.

Good luck

[brimson25]

Yep, you're all probably right. I've taken the loss.

I stake in a very disciplined way these days, so it's annoying that I just mis-used the software by accident.

Oh well. Live and learn!

[iambic_pentameter]

Good work.

Make a note of that in your trading journal - you've turned a negative into a positive.

Iambic

[Jukebox]

I had my default stake size set to £64 on the ladder one busy saturday and flicking through the markets on a lap-top that was a bit slow heard a 'pop' only to discover that I'd acciddently placed a back bet on 0-0 in a correct score market when the score was already 2-1. I didn't even get it all matched at 1000 as there was only about £40 there so everyone who'd left a lay bet in at lower prices got a piece of my action too.

[brimson25]

That's harsh!

[ShaunWhite]

Anyone got any stories about staking mistakes and how it all ended up ok when they did similar things?

I've tried to blot this out from my consciousness but never will, I had a fairly brief spell of trading BF back in 2005/6.

Flakey software (STW), incredible stupidity and a terrible broadband left me with a lay liability of 7 grand on a 10/1 shot and no internet connection.

Queue that feeling of utter panic, internet came back 2 mins later, predictably the horse won. All gone, I could only just about pay the rent that month. Telling my wife was the worst bit, but she had nothing but sympathy, a b*llocking wasn't going to rewind tha clock afterall, and for that I'll be eternaly grateful. I already felt bad enough.

So, I ended up on the phone to agents to find some work, I got a job at JPM and I didn't even look at BF for the next 10yrs, but I probably thought about it everyday on the commute. That's not a happy ending, the job was ok but I hated it.

[brimson25]

Bloody hell, Shaun. I almost feel guilty about asking the question. Sorry.

You're a strong man. I don't think I'd have had the balls to come back from that.

[LeTiss]

Your asking about stories have a search for
'New years day' by Letiss

It echoes what Iambic has just said above and what can/will happen if you don't

You never fail to impress me, Dallas........you are a human sponge, you absorb everything on this forum

But, yes you're right

2008 Arsenal v West Ham New years Day - I've posted it more than once here

[Rstrach]

Anyone got any stories about staking mistakes and how it all ended up ok when they did similar things? (I'm less keen on the ones which end "and then I lost a bunch of money")

Unfortunately mine isn't able to be blamed on anyone but myself, i found myself in a similar position needing a trade to go one way (it never). It escalated to me blowing over a years work building a trading bank in a mere 3 hours

It can be a cruel game if you are mentally unable to accept a 'loss' it's taken me all this time to go back to normal work build a bank and start to dabble again. I have resigned myself to doing this for enjoyment and taking it easy rather than a sole income, which works great

look up my post from that day for more detail should you care! "my darkest and final day" - dramatic

Well done on closing the trade mate

[Kafkaesque]

I had my default stake size set to £64 on the ladder one busy saturday and flicking through the markets on a lap-top that was a bit slow heard a 'pop' only to discover that I'd acciddently placed a back bet on 0-0 in a correct score market when the score was already 2-1. I didn't even get it all matched at 1000 as there was only about £40 there so everyone who'd left a lay bet in at lower prices got a piece of my action too.

Brutal! A misclick where you have to take a loss is one thing, but with no way out, yikes

Sorry about the derail, but I've always wondered about those lays of 1000 at non-relevant spots. It's a sure thing, when it does happen for whoever does it, obviously. Still, you'd have to think, someone only makes that misclick once in a blue moon, and even then it's even a very small roi. Who has 40k to toss around in many spots on the off chance of a tiny roi payoff? What is you guys' take: Betfair filling those spots, someone with a deal with Betfair, or is it actually traders with funds not currently in use and then placing it there?

[Kafkaesque]

Bloody hell, Shaun. I almost feel guilty about asking the question. Sorry.

You're a strong man. I don't think I'd have had the balls to come back from that.

Pretty much every single, successful, sportsbetter and poker player I've come across in my life has been dead broke more than once. It's not even something that's taboo or a cause for shame. Just par for the course and part of the road to where you got. Okay, most of those were borderline degenerate gamblers in their own right At least compared to what I'm seeing on here from the regs.

Don't sell yourself short, mate. I'm sure you could come back from that. In fact, most could imo. The breaking point is whether you come back from it stronger and smarter. I'd venture a guess, and like to think from what I've seen on here, that's the case for Shaun.

[Derek27]

Morning

I really, really need the Huddersfield Giants to trade lower than their current price, as I somehow managed to stake roughly 10 times what I intended by clicking the wrong button... Unwilling right now to trade out for a loss, particularly as the market is gappy.

Anyone got any stories about staking mistakes and how it all ended up ok when they did similar things? (I'm less keen on the ones which end "and then I lost a bunch of money")

Here's an old thread full of confessions.

viewtopic.php?p=133247#p133247