Switching trading mindsets - any tips?

[indigokid]

Hi,

I'm trying to progress from amateur to semi-pro with this trading lark.
I have three trading protocols that I apply to three different markets - Football, Tennis and Racing.

However I keep making a loss on horse racing in the first couple of races. And then have to trade back for the rest of the day. I think the reason is simple - I'm essentially switching from one trading style for tennis - which requires me to be hands-off on my exit-points (it's more successful) - to horse-racing using a combination of back-to-lay and order-flow which requires hands-on exit management (eg exit for 20% of stake).

Have any of you had this problem? If so, did you find any way to quickly switch mindset?

I'm thinking I might see if just trading the first 1-3 races for a really conservative target loss might "Reset" my head. Say 2%.

Thanks in advance.

[Dallas]

The first few races each day do exhibit slightly different chartaristics due to a longer lead up time for the money to arrive, once it gets into a flow and there is a regular 5min - 10min gap things settle into a rhythm.

Maybe try skipping or giving these races a light touch

[CallumPerry]

If you're speaking purely from a psychological point of view - your skill level on each sport aside - starting small and building up stakes as you get confident the 'switch' has happened wouldn't hurt. Depends what sort of learner you are too.

If you're quite a visual person, give yourself a visual switch. Stupid example but if you have LED lights around your screen, go from green for tennis to red for horses. Or give yourself a habit you do between switching to psychologically prep yourself. We're psychological creatures, find something that works for you.

[ShaunWhite]

It's just experience. A new driver will have to think when they switch between an automatic and a manual car but when you're experienced you don't give it a 2nd thought. Until you've got that experience, when you switch, just take it easy for a lap or two before you try and go flat out. In that regard trading isn't any different to any other thing you might do, just use the common sense you apply to life in general rather than seeing trading as different or special in some way. If you're doing something unfamiliar, take it easy at first.

[jamesg46]

So if you lose your first few trades you're trading back for the day? If you lost a few trades in the middle of the session would you be breaking even for the day, or even, if you lost a few trades at the end of the day, would you be losing for the day?

While it's nice to get off to a good start, don't let the past define the present or the future. If you have a method it will play out over a longer time. Set out a clear distinction of method for each sport & trade the opportunity for that or those methods, maybe build your method into a Servant so you can concentrate on watching for the opportunity.

I found just that just watching a few markets to settle myself in helps... otherwise I would be turning up and instantly I would become reactionary, not just to the markets but to my mistakes.

[Kai]

Why not fully master one market that shows most promise before moving on to the next one?

[indigokid]

The first few races each day do exhibit slightly different chartaristics due to a longer lead up time for the money to arrive, once it gets into a flow and there is a regular 5min - 10min gap things settle into a rhythm.

Maybe try skipping or giving these races a light touch

Thanks Dallas. I'd noticed this but couldn't tell whether it was me or the markets. I will apply this tomorrow.

[indigokid]

If you're speaking purely from a psychological point of view - your skill level on each sport aside - starting small and building up stakes as you get confident the 'switch' has happened wouldn't hurt. Depends what sort of learner you are too.

If you're quite a visual person, give yourself a visual switch. Stupid example but if you have LED lights around your screen, go from green for tennis to red for horses. Or give yourself a habit you do between switching to psychologically prep yourself. We're psychological creatures, find something that works for you.

Thanks Callum. Not stupid at all. I've actually set up different colour settings for the different event types in bet angel. Good to know I'm on the right track!

[indigokid]

So if you lose your first few trades you're trading back for the day? If you lost a few trades in the middle of the session would you be breaking even for the day, or even, if you lost a few trades at the end of the day, would you be losing for the day?

While it's nice to get off to a good start, don't let the past define the present or the future. If you have a method it will play out over a longer time. Set out a clear distinction of method for each sport & trade the opportunity for that or those methods, maybe build your method into a Servant so you can concentrate on watching for the opportunity.

I found just that just watching a few markets to settle myself in helps... otherwise I would be turning up and instantly I would become reactionary, not just to the markets but to my mistakes.

Looking at my p&l if I just avoided losing in the first two races I would being in the green all-day. I like the idea of watching the early markets - it's resisting the urge to trade that's always the hard part. Will try it!

[sniffer66]

Practice laps

I did this the other day. Had 47 winning trades on the horses on the trot, 4 day break and the only losing trade was my first, straight after the break. I now either run in practice mode or £2 stakes until I get in the groove or find the racing line, whatever you want to call it

[jamesg46]

Just let the markets that fit your method come to you, my first trade today was 15:15 - partly because I woke up late and secondly becuase the first few markets had nothing for me & my method. Only with experience will you have the ability to flip and flop through the markets, I tried for a long time to scalp this & catch that trend and then get on that swing.. I was left in a world of frustration very early on most days. All the best

[footysystems]

Know one sport say football is better than trying to juggle three sports AT once.

[MickeyJ]

Here is another reason to consider. Take for example todays racing 31st Jan 20, The first six races today were all maiden or novice races. They can be very difficult to predict so I tend to keep away from them.

[indigokid]

Thanks for all the feedback guys. After trying out a few suggestions I did something very simple that seems to work.

A manual right-click stop loss for 1-3 ticks.

Now I know it's unfashionable and unmanly (must lose me about 20 ticks in the 'my trading tonker is mahoosive' stakes) but it definitely allowed me to switch mindsets within two races at nearly zero cost. Which then has me warmed up for the real targets.

In terms of improving my discipline with the gee gees it's been great. Don't know why I didn't think of it before!

Obviously this is all subject to the Gods of Betfair and may change the next time a butterfly flaps its wings in Brazil.

[indigokid]

Know one sport say football is better than trying to juggle three sports AT once.

I totally agree. However my familial responsibilities and a divorce mean I have to work with the time I have - which lends itself better to a multi-sport approach at the minute.

One week I have the sprogs full-time and am only available to trade the nags for a couple of hours in the afternoon, then the following week I can basically throw myself at anything. Longer term I aim to have one semi-automated tennis strategy and then alternate nags one week and football the next.

I'm trying to use this as a systematic learning phase and I may end up dropping a sport. Depends on what sticks I guess.