Is This Bank Idea Completely Wrong?

[JustLukeYou]

I am trying to develop a plan for a bank but this all new to me. My plan is to have £100 and divide it by 10. I am double each £10 unit into £20. 7 of them double and 3 of I trade in for loss at £10. So I turn £100 into £150. If I can make 50% each month that would be fantastic but the concept of running a bank is completely new to me. What are peoples thoughts please?

[jimibt]

I am trying to develop a plan for a bank but this all new to me. My plan is to have £100 and divide it by 10. I am double each £10 unit into £20. 7 of them double and 3 of I trade in for loss at £10. So I turn £100 into £150. If I can make 50% each month that would be fantastic but the concept of running a bank is completely new to me. What are peoples thoughts please?

no clue tbh, but you are irrepresible and very likeable -i wish you lots of luck

[CallumPerry]

The way I do it which may be a bit advanced is to simulate a good many trades. Look at what my max drawdown would be over a large sample and then make my balance i.e. double this amount; just to be safe. This is for each strategy independently. Easier if you are an automated trader, have the spreadsheets do all the hard work for you.

Same applies to manually trading though in my opinion. Work out how often you'd feel comfortable losing for (which will happen) and make sure your balance is larger than your max 'I feel comfortable losing this much before I've learned my lesson' line. Perhaps paper trade 100 markets with a simple idea first to get an idea of your strike rate; 10,000+ is when you know you're on to something but 100 should give you an idea of how fast something could drop in the short term. Make sure it doesn't blow more than a small % of your total bank. You're just investing this money in a lesson - that's how you should think about it.

[spreadbetting]

Think I'd spend more time on the winning strategies before worrying about plans for your bank. Your current plan of adding 50% to your bank after 10 trades seems a little optimistic to me.

[jimibt]

Work out how often you'd feel comfortable losing for (which will happen) and make sure your balance is larger than your max 'I feel comfortable losing this much before I've learned my lesson' line.

therein lies the entire psychology of trading (and outright betting). to ARRIVE there, you honestly need a well (back) tested strategy. Altho i laud folk for throwing £2 minimum stakes at a new idea to *see if it works*, there's no substitute for a backtested (but not backfitted) approach to ideas testing.

I've probably only ever had 2 decent ideas and 101 bad ideas. Those 2 were tested with the same rigour as the 101 bad ideas (which tbh MAY have just been bad in their test period due to wrong time, wrong plan). however the 2 good ideas passed a number of statistical and practical tests, both in REAL terms and in fwd and regression testing.

[JustLukeYou]

Work out how often you'd feel comfortable losing for (which will happen) and make sure your balance is larger than your max 'I feel comfortable losing this much before I've learned my lesson' line.

therein lies the entire psychology of trading (and outright betting). to ARRIVE there, you honestly need a well (back) tested strategy. Altho i laud folk for throwing £2 minimum stakes at a new idea to *see if it works*, there's no substitute for a backtested (but not backfitted) approach to ideas testing.

I've probably only ever had 2 decent ideas and 101 bad ideas. Those 2 were tested with the same rigour as the 101 bad ideas (which tbh MAY have just been bad in their test period due to wrong time, wrong plan). however the 2 good ideas passed a number of statistical and practical tests, both in REAL terms and in fwd and regression testing.

This gets quite technical at times lol Do you watch the matches or look for certain trends.

I watched a video tonight from a guy who looks matches at 0-0 at half time then backs 1 goal to be scored and claims to do very well from it.

[Emmson]

Your're too impatient, you will have to suffer when you learn like most of us did unless you're exceptionally gifted. High levels of dedication are required. Good luck anyway your enthusiasm is an asset unless its a 7 day wonder.

[JustLukeYou]

Your're too impatient, you will have to suffer when you learn like most of us did unless you're exceptionally gifted. High levels of dedication are required. Good luck anyway your enthusiasm is an asset unless its a 7 day wonder.

How did you make it work. Do you watch the matches?

[Emmson]

Your're too impatient, you will have to suffer when you learn like most of us did unless you're exceptionally gifted. High levels of dedication are required. Good luck anyway your enthusiasm is an asset unless its a 7 day wonder.

How did you make it work. Do you watch the matches?

Yes thousands... of cricket & basketball games but not football, I don't trade football.

[ruthlessimon]

to ARRIVE there, you honestly need a well (back) tested strategy. Altho i laud folk for throwing £2 minimum stakes at a new idea to *see if it works*, there's no substitute for a backtested (but not backfitted) approach to ideas testing.

I've probably only ever had 2 decent ideas and 101 bad ideas. Those 2 were tested with the same rigour as the 101 bad ideas (which tbh MAY have just been bad in their test period due to wrong time, wrong plan). however the 2 good ideas passed a number of statistical and practical tests, both in REAL terms and in fwd and regression testing.

Utter blaspheme, luv it

But you're gonna have to have words with Atho I hope it still works, but it does make me itch a bit

viewtopic.php?p=200131#p200131

[JustLukeYou]

Hi,

What is the thread based on?

[ruthlessimon]

Hi,

What is the thread based on?

The latter bits on the dangers of data misuse.

But if you;re trying to build a bank, the easiest £50 a day system, bookie welcome offers. £1k shouldn't be much trouble. Then work on the strategy stuff

[JustLukeYou]

Data is just a guide surely. It's the Black Swan effect. You see 100 white swans and then a black swan floats by.

[Kai]

Data is just a guide surely.

Data is no laughing matter, as I'm sure Simon would agree.



Regarding the bank you of course need basic money/risk management skills to start with. Bank size doesn't really matter, bottom line is that if you trade well then profit should come and your bank can be built up from virtually nothing. Best to play it safe at the start and not risk too much until you know exactly what you're doing.

[ShaunWhite]

I watched a video tonight from a guy who looks matches at 0-0 at half time then backs 1 goal to be scored and claims to do very well from it.

And you know and trust this guy enough to open your wallet and put money on the table?