Trading

[prestburydreams]

Had a go a trading today started off superb after the first hour started to struggle to read direction on the horses I traded very small wins loss and scratches 3.30 onwards could never get green but was really starting to struggle to see the bigger picture of the moves on the moves

In reflection I was definitely chasing the market around I would of been correct enough times to sit on losing positions for a little longer instead of changing sides of the market as that's how I lost

The big positive from today is I would be lying if I thought I had not started to understand one side of trading artillery which can give you the bigger net gains but gave to learn to sit on.my hands when I don't see anything

I would also like to throw this in the arena alot of the trading content I have purchased and studied keep banging on about 5 to 3 mins from the off I'm just starting to wonder how dates and relevant it is for trading the here and now

If this is still the case I think I'm missing the big picture In the handicaps especially and most likely looking for swings rather then ticks at the wrong time having said that if I would taken the fear of losing a few ticks out the equation today I would of made some 5-6 tick trades so I probably are missing the big picture

Advice welcomed

[Tuco]

...keep at it!

[prestburydreams]

I will be

[Anbell]

In reflection I was definitely chasing the market around I would of been correct enough times to sit on losing positions for a little longer instead of changing sides of the market as that's how I lost

It can be useful running a few instances of Practice Mode simultaneous with your actual trading. Each instance might use the same model, but with a different time frame (e.g. kill/fill after 10secs/30secs/60 secs, or 10 mins/30 mins/60 mins) depending on your market.

You have to be prepared to do hours and hours or work poring through each of those practice logs though.

(apparently you can run multiple instances on one computer without over-lapping logs but I haven't been able to do that. You can run multiple instances on different computers to silo the logs)

[Kai]

In reflection I was definitely chasing the market around I would of been correct enough times to sit on losing positions for a little longer instead of changing sides of the market as that's how I lost

If you're not interested in trading the noise and only want to trade the bigger picture you can perhaps filter some of the noise out by increasing the refresh rate a bit, this can make the market seem less jittery and maybe you'll be less jumpy or nervous as well. Slower markets in general can make you feel more in control (although that's arguably mostly illusion) which can help give you a bit more confidence to execute your trades the way you want to.

alot of the trading content I have purchased and studied keep banging on about 5 to 3 mins from the off I'm just starting to wonder how dates and relevant it is for trading the here and now

Imho purchased content in general shouldn't be viewed as a finished product ready to use, more of a rough guideline on where to start working, but definitely not a real shortcut that people want. A lot of people on here have been saying recently that they'll like to purchase Peter's edge but if his real edge is the sum of his experiences then how can you purchase that? Maybe in the near future you'll be able to purchase experience through memory implants or something like you see in sci-fi films, but until that time comes there is no real substitute for experience.

That's why for me the only real shortcut is through networking, things that people share with one another in private is usually very different than in public, even the system sellers don't want to sell the best bits. Problem is nobody wants to network with newbies since they don't really have anything to offer, in my case I only have 6 years of trading experience which I practically consider to be newbie amount of experience levels, but through the compounding effect of networking when I add up all of the experience of others that I've thankfully managed to absorb I genuinely feel like I have 50 years of experience.

So in a nutshell even if you knew what Peter's edge actually is, or anyone else's for that matter, knowing it is just the first step and the real work only starts there, you would still need time to put it to practice because you would have to develop all of the necessary skills (including mental ones) to execute on it. And even then, it wouldn't be a guarantee that you could do it, I'd even go as far as to say that most people couldn't do it, even if you gave them absolutely everything (have plenty of local examples to support that fact). That's why I think purchasing content just doesn't work, because people who usually purchase it the most are people with the least amount of experience and they can't make any real use of it. Not talking specifically about you here, just generalizing of course, like I usually do

[Archery1969]

Keep at it.

Pick markets which have stable selections with fairly tight ranges....

From 10 mins out

- Market matched volume >= xyz
- Price < abc
- Price is the same now as it was 10, 20 and 30 seconds ago.
- Lowest price >= (Highest price - 12 ticks)

Good luck,

[prestburydreams]

thanks I will be keeping at it this month is more about trying to get used to staring at a screen for long periods next month I plan to trade more when I can get back and the night turf racing has started thanks for the advice

[prestburydreams]

had another early finish today had a go at trading in practice mode today started off very well 80 green after the first hour 100 stakes so backs and lays around the front of the market but never used more then 100 in one go so lays to 100 stake and backs to 100 stake

then I changed my theme and traded all 3 ladders I have on display kept one for a real time trade used the other 2 ladders just as a longer term trade from how I had seen the market at the time it was very interesting as the positions ebbed and flowed to profit and loss over the remaining time a number of times I would of made over 300 pound today not counting the mess about hour and saw races with over 200k and 300k for the first time from trading prospective and found the races much kinder to trade then the sub 120k races I have been trying to trade

biggest lesson I have learned so far is the further I stay away from chasing the available money the smoother my trading is going the only time I took the available today was when I was sure as somebody with as little knowledge and trading hours as I have can be that a breakout was in the process

for some reason I also discovered I must be the worst trader in the world for trying to scalp one tick from the available money always end up 3-4 or ticks out of position within seconds and in reality it should be easier to nick a tick then get on a swing and surely it is the polar opposite circumstances I should be looking for lots more practice required

[rik]

practise mode not realistic as your stake always top of queue, full amount matched instanstly and no influence on market
minimal stake better for practise

[prestburydreams]

I was starting to wonder about that as I'm a pro trader in practice mode had a go for real money and got carved up when looking to scalp especially

Could anybody enlighten me on the trade meter in the over view as in what conditions make up a green zone on the meter is this to do with tight ranges money matched type of race and so on

[prestburydreams]

had a go a trading gold cup day real money got took to the cleaners went in far to aggressive the second race of the day the Anthony honeyball horse I laid it really big around even money it went through me in the blink of an eye lost around 50 quid 3rd trade of the day I was 100 percent sure in my own mind only that the horse was going to come in only for it to break out this gave me a real newbie headache when I went to get out the market as it was eating all my money away I had to change the maximum stake from a 1000 by the time I hade done that I was 70 red by this point I had done 3 trades won 9 quid first trade and lost 120 in the other 2 combined lost my money random punting for the rest of the afternoon

Saturday I was at work had few bets none of them won

today traded from the 3.10 to the last race made 97 quid withdrew it as well just incase I run into gold cup day all over again

the biggest difference today and Friday was firstly I was more patient in my approach and did not use all my bank on the horses I thought may come down in price and my bank has been reduced to 200 quid so it felt like less pressure when I entered the market it just felt like less pressure

the only time today I went aggressive was 6 trades in where I went most my bank thinking a horse was about to turn and go back to the lower part of the range it did briefly and shot out and I gave 22 quid back on that trade then I scrambled for a bit some winning trades under tenner some under a pound lost another 15 and finished the day off ok

I think when your in my position the markets seem to contradict themselves and then all of a sudden you end up trying to predict exactly whats going to happen and take the available money all the time rather then trading what you are seeing if that makes sense

[ShaunWhite]

I was 100 percent sure in my own mind only that the horse was going to come in only for it to break out

you end up trying to predict exactly whats going to happen and take the available money all the time rather then trading what you are seeing if that makes sense

It makes sense, you need to get it out of your head that you or anyone else knows what the market will do. It does what you see it doing. You're not supposed to be predicting what will happen, you're responding to what is happening.

I'm slightly confused by all these people who say they got stuffed at Cheltenham. The markets move at about half the speed of 'normal' races so there's more than enough time to exit positions before they become a problem. All I can think of as a reason, is they've been suckered into the idea that a big meeting means big stakes and they go in far too strong.

and did not use all my bank on the horses I thought may come down in price

6 trades in where I went most my bank

If you're using all of your bank at anytime then one day you're going to lose it. What's going to happen when BF or the API goes down before you can close your trade?

[ShaunWhite]

I'm a pro trader in practice mode

?

[rik]

maybe he meant to say "in practise mode"

[Derek27]

maybe he meant to say "in practise mode"

That's what he did say?

I think he means he would be a pro trader if practice mode paid out.