Bet Nightmare

[I)@v1d]

To whom it may concern.

A cautionary tale.

Another losing day.

The story so far.

I discovered Bet Angel in January 2010 and I've been suckered into a trading hell. I decided to give the the free trial a go, and lost money. So like an idiot I went ahead and invested in a years licence. I'm unemployed at the moment and thought with time and practice, I could sign off, work from home, fill up the australian wallet and visit australia, get a camper van and do all the festivals, pay off the morgage, attract a woman, not have to depend on an employer, live the dream, achieve a few goals, financial freedom. I thought that after years of trial and error, that I had finally found a way to make money.

All trading has done for me is take, take, take.

It's taken my time, the best part of six months, chained to my laptap most days hoping that this is the day that I've turned the corner and all that investment in time and money is finally about to pay off.

Instead, I keep making a fool out of myself, I losing every day which stirs up painful negative emotions like anger, hatred, envy, jealousy. I seem to be destroying any positive self image that I have of myself as I am constantly reminded everyday that I'm a loser.

I've seen the the videos(looks easy doesn't it?). Read the blogs. I've read, Betfair for Dummies, Mastering Betfair, Trading in the Zone, The Disciplined Trader, Guide to Betting Exchanges.

Believe it or not, I've also invested in the Masterclass. A lot of good that has done me.

I must have spent the best part of £2K so far on this so called opportunity. Can anyone relate to what I'm going through? Am I just throwing away good money after bad? Do I cut my losses and run? If I can just persevere a while longer, riches may be just around the corner.

I don't want to be bloke who gave up digging for gold just as he about to strike a rich vein of gold. I also don't want to be the bloke who is digging a hole for myself. If you get my drift.

How can I turn this around? Anybody got any ideas or advice?

[Iron]

Hi I)@v1d

My advice would be for you to consider spread betting.

Find a system that works (PM me if you want recommendations), test it out using paper money or small stakes, and then apply it with complete discipline.

The challenge with Betfair trading is that, whilst there are plenty of people making good money at it, it is much less straightforward to trade than the financial markets (and there is much less information out there on how to do so).

I hope this helps.

Jeff

To whom it may concern.

A cautionary tale.

Another losing day.

The story so far.

I discovered Bet Angel in January 2010 and I've been suckered into a trading hell. I decided to give the the free trial a go, and lost money. So like an idiot I went ahead and invested in a years licence. I'm unemployed at the moment and thought with time and practice, I could sign off, work from home, fill up the australian wallet and visit australia, get a camper van and do all the festivals, pay off the morgage, attract a woman, not have to depend on an employer, live the dream, achieve a few goals, financial freedom. I thought that after years of trial and error, that I had finally found a way to make money.

All trading has done for me is take, take, take.

It's taken my time, the best part of six months, chained to my laptap most days hoping that this is the day that I've turned the corner and all that investment in time and money is finally about to pay off.

Instead, I keep making a fool out of myself, I losing every day which stirs up painful negative emotions like anger, hatred, envy, jealousy. I seem to be destroying any positive self image that I have of myself as I am constantly reminded everyday that I'm a loser.

I've seen the the videos(looks easy doesn't it?). Read the blogs. I've read, Betfair for Dummies, Mastering Betfair, Trading in the Zone, The Disciplined Trader, Guide to Betting Exchanges.

Believe it or not, I've also invested in the Masterclass. A lot of good that has done me.

I must have spent the best part of £2K so far on this so called opportunity. Can anyone relate to what I'm going through? Am I just throwing away good money after bad? Do I cut my losses and run? If I can just persevere a while longer, riches may be just around the corner.

I don't want to be bloke who gave up digging for gold just as he about to strike a rich vein of gold. I also don't want to be the bloke who is digging a hole for myself. If you get my drift.

How can I turn this around? Anybody got any ideas or advice?

[calypsonest]

hi,if only it was that simple.we are all looking for the holy grail.your story sounds very familiar, i lost over £8g,the word that springs to mind was GREED, need ££££ now and lots of it.
i do very little trading, maybe 2or 3 races a day. and make 1to 3% a day on my bank,if i make 2% on the first race thats it for the day!! on a bad month i make 20%.this is all you need.three years on make more money then i could ever imagen.

dont give up!

[Iron]

Hi Calypsonest

That's very interesting.

One of the challenges I face with Betfair is that I want to trade every market. My thinking is that 'I bet someone out there is making good money from this market, so there must be a way!'. But if I just focused on markets where I was pretty sure I knew what I was doing, I'd probably do a lot better.

How do you select which races to trade, and what's your strategy (eg scalping, swing trading, etc)?

Jeff

hi,if only it was that simple.we are all looking for the holy grail.your story sounds very familiar, i lost over £8g,the word that springs to mind was GREED, need ££££ now and lots of it.
i do very little trading, maybe 2or 3 races a day. and make 1to 3% a day on my bank,if i make 2% on the first race thats it for the day!! on a bad month i make 20%.this is all you need.three years on make more money then i could ever imagen.

dont give up!

[calypsonest]

hi jeff
the sport you enjoy,horse racing is ideal trading for me. read the racing post looking for smale races with 5-8 runners.and follow quality jockeys, example today hayley turner,ascot 220 barshiba,backing her in the morning.and trading inplay this was my first and last trading today,made 3%.

trade the sport you love,make some profit,call it a day.

need some sleep,

martin

[to75ne]

I)@v1d

stop right now. no shame in not cracking trading. most dont.
you are not in the right frame of mind judging by the sentiment of your post, so dont do what ferru suggests and start spread betting for christs sake you really will end up bad.

i suggest you contact gamecare to get a different perspective on things. do yourself a favour and stop now.

[to75ne]

Hi I)@v1d

My advice would be for you to consider spread betting.

what an idiotic, stupid and irresponsable suggestion, to someone who would seem to be having a real bad time. great help spread betting my arse.

[Iron]

Charming!

The impression I get is that David struggles with the technical side of Betfair trading, rather than the psychological side.

So if he can find a spread betting system that works long-term, that would be a great solution IMHO.

And note that I did advise him to bet with small
stakes or paper trade the system first. It's not like I advised him to remortgage the house and put it all on a single trade!

Jeff

Hi I)@v1d

My advice would be for you to consider spread betting.

what an idiotic, stupid and irresponsable suggestion, to someone who would seem to be having a real bad time. great help spread betting my arse.

[Iron]

I)@v1d

Just had a further thought.

Why not record yourself trading using Camtasia (it's free), post the video online somewhere, and ask the members of the forum if they can spot where you appear to be going wrong?

Jeff

To whom it may concern.

A cautionary tale.

Another losing day.

The story so far.

I discovered Bet Angel in January 2010 and I've been suckered into a trading hell. I decided to give the the free trial a go, and lost money. So like an idiot I went ahead and invested in a years licence. I'm unemployed at the moment and thought with time and practice, I could sign off, work from home, fill up the australian wallet and visit australia, get a camper van and do all the festivals, pay off the morgage, attract a woman, not have to depend on an employer, live the dream, achieve a few goals, financial freedom. I thought that after years of trial and error, that I had finally found a way to make money.

All trading has done for me is take, take, take.

It's taken my time, the best part of six months, chained to my laptap most days hoping that this is the day that I've turned the corner and all that investment in time and money is finally about to pay off.

Instead, I keep making a fool out of myself, I losing every day which stirs up painful negative emotions like anger, hatred, envy, jealousy. I seem to be destroying any positive self image that I have of myself as I am constantly reminded everyday that I'm a loser.

I've seen the the videos(looks easy doesn't it?). Read the blogs. I've read, Betfair for Dummies, Mastering Betfair, Trading in the Zone, The Disciplined Trader, Guide to Betting Exchanges.

Believe it or not, I've also invested in the Masterclass. A lot of good that has done me.

I must have spent the best part of £2K so far on this so called opportunity. Can anyone relate to what I'm going through? Am I just throwing away good money after bad? Do I cut my losses and run? If I can just persevere a while longer, riches may be just around the corner.

I don't want to be bloke who gave up digging for gold just as he about to strike a rich vein of gold. I also don't want to be the bloke who is digging a hole for myself. If you get my drift.

How can I turn this around? Anybody got any ideas or advice?

[Finoh]

"How to fail at Trading" Course 101
Rule 1. Focus completely on the money. Nothing else matters.
Rule 2. Develop a bad attitude to anyone who is successful.
Rule 3. Learn how to develop intense anger and self loathing.
If you have trouble with rule 3 picture your best mate shagging your girlfriend and her paying for dinner with your credit card.
Rule 4. Engage in trades that will put all your capital at risk so that you can generate plenty of negative emotions.
Rule 5. Make sure you have inadequate and unreliable hardware and a cheap internet connection.
Rule 6. Develop a large list of of completely unrealistic expectations. Remember trading is a "business". Like any business you should be able to make $5000 a week with an investment of $2000 and a few months experience.
Rule 7. On no account should you ever ask yourself questions that might indicate weaknesses you have that are preventing you from succeeding. Self analysis and insight is dangerous.

Every time you look at the market it is talking to you and telling you things, maybe you should learn to listen.

With every trade you do you could ask the following questions. What did I learn from that? What was the market trying to tell me? Where did I go wrong? What did I do right? Why did I enter/exit at those points? Was I being impatient? ( The market loves to punish you for being impatient.) What small improvement could I have made on that trade? Was I focused on being a good trader or just overtaken with a feeling I had to make money?

Finally how you show up as a trader is how you show up in life.

Any way good luck on your journey.

Cheers Finoh

[to75ne]

jeff,

Instead, I keep making a fool out of myself, I losing every day which stirs up painful negative emotions like anger, hatred, envy, jealousy. I seem to be destroying any positive self image that I have of myself as I am constantly reminded everyday that I'm a loser.

sounds like someone who is suffering from the psychological bad side effects of trading bad, not struggling with technical understanding to me.

the geezer is slowly spiralling out of control,

must have spent the best part of £2K so far on this so called opportunity. Can anyone relate to what I'm going through? Am I just throwing away good money after bad? Do I cut my losses and run? If I can just persevere a while longer, riches may be just around the corner.

he needs to stop.

advising him to spread bet is just plain irresponsable.

i realise this forum is about helping/aiding/advising/encouring each other, nothing wrong with that, but if you offer advice think about what your saying and who you are offering it to. understand the context of what the fella is saying.

regards tony.

[Online Trader]

calypsonest offers some good advice, be selective and do not be greedy

Hats off to the traders out there that trade evey race each day, a lot of hard work and I am sure that most of them try and fail in the pursuit of the Golden Egg, what suits one trader may not suit another one

Remember that trading does not have to be just pre the off horse racing you can trade on most sports either pre the start or in play, best to find a sport that you like but then again people will argue that you do not need to know anything about the sport to trade it, I just think it helps if you do

As for spread betting my advice would be to be very, very cautious and to win at that game you do need to know what you are doing in terms of the market (Sport) you are betting on as the spread betting firms traders do tend to know their stuff very well (I am talking sports Spread Betting here)

[LeTiss]

You need to take a step back & try to understand the markets

For inexperienced traders, or traders lacking confidence, pre-race Horse Racing markets are frightening place

Why not try sport markets, or early price horse markets. These markets are not so volatile and will get more success

[Zenyatta]

Hi,

I discovered Betfair a couple of years back and started doing only punting, which I admit I was terrible at, ending up chalking up losses of over $6K at the beginning.

I'm now lookig at trading, and hopefully started getting somewhere. The first thing I think, as mentioned is to be realistic, shooting for smaller returns and not wagering with money you can't afford to lose. A good staking plan is essential.

You need to find something that works for you and the only way to do that is keep trying to learn new things , researching, coming up with new ideas all the time and trying new things, and changing your approach through constant trial and error. Sounds like you're not looking and learning enough, or doing any research.

Lets also remember that the people making money out of Betfair trading are geniuses. Remember, only 1 in 200 acounts at Betfair make a long-term profit. Again, I think we need to be realistic here.

[Iron]

Hi Zenyatta

I would say the most important thing is to find a simple technique that gives modest yet consistent profits. That's your bread and butter. If you want to then tweak your approach and experiment using very small stakes initially, then that can only help your trading. But, as I know to my cost, experimentation generally leads to losses.

As for traders being geniuses, I'm not sure many people here would recognise that description of themselves. Ironically, intelligence can work against you in trading, as it can cause you to over-complicate something that's very simple. I've read that traders are in the top 10% of the population intelligence-wise, yet something like 90% of them lose money!

Jeff

Hi,

You need to find something that works for you and the only way to do that is keep trying to learn new things , researching, coming up with new ideas all the time and trying new things, and changing your approach through constant trial and error. Sounds like you're not looking and learning enough, or doing any research.

Lets also remember that the people making money out of Betfair trading are geniuses.