Inplay trading .... Quitting tips please

[WallaseyWayne]

Hi Guys
I've been trading for a couple of years now full time and I just can’t seem to stop dipping in the market inplay especially when I’ve made a loss during pre-race trading, It ALWAYS opens a can of worms and often messes up my days trading, I thought I was past it but now that the jump racing has come back and I'm sat twiddling my thumbs for 4 mins during the race I've found myself back in play trading, I have Awful results from it almost every time. Ive tried walking off, making a cup of tea (there’s only so much tea you can drink) listening to a song, kicking the dog and cleaning the office but short of chopping my hands off nothing works.
If anyone has a method that they have found works please let me know, Cheers Wayne

[to75ne]

you could try letting excel red/green you out at the offical off, or a pre-determined time before the off or after. but you will still have to stop yourself from trading/open trades inplay once excel as closed you out.

if you can stop trading once you have been automatically closed out (red or green) and switch to the next race, it might do the trick.

[CaerMyrddin]

You can also understand you can't beat the SIS 's guys.

Trading inplay is like dipping a toe into a pool full of sharks. Please be happy with the fact you aren't giving money to others

[hgodden]

I know there is a lot of wisdom in not thinking about money and not checking your account until the end of the day but after a nasty loss I find it helps to check my p+l to remind me that one loss isn't a problem and that over time I make money. It seems ridiculous but in many ways you feel like you're only as good as your last trade and immediately want to get back anything you've lost. If that doesn't help at least turn the market straight onto the next one every time after you've greened / redded up and turn the TV over to something else for a couple of minutes. You could probably get through a short film during the time waiting around in an afternoons racing, it certainly takes the pressure of a bit if you just think to yourself 'I'll just watch a film this afternoon and trade in between.'

[mister man]

im a paid up member of the same club, although i try not to attend as frequently as i once did.

move to the next market straight away, and immerse yourself in it.

or

go out to the shops, remove yourself from the p.c for at least 15mins.

or

if you really cant stand the red, and must go in play, back the two favs and look to lay in play to get slight green. But beware this is......chasing....

[gutuami]

you should remember one thing: every loss (or string of small losses) and every big win or string of wins tends to get you out of your emotional equilibrium. Find in yourself the 'button' that resets you back to normal every time that happens.
As for inplay trading simply have a set of rules of what types of markets to trade and follow them.

[LeTiss]

We often end up discussing psychology on this forum, and it's an area of trading I find fascinating.

You need discipline to succeed, especially when avoiding potential pitfalls

At least you've recognised your weakness and are prepared to discuss it. As with everything in life, the major problems arise when people are in denial

[WallaseyWayne]

cheers guys, got through yesterday by just switching STRAIGHT away to next market' fairly simple but it got me through yesterday, i'll keep bashing away but I think It does help just to chat about it

[grigsy]

cheers guys, got through yesterday by just switching STRAIGHT away to next market' fairly simple but it got me through yesterday, i'll keep bashing away but I think It does help just to chat about it

That was going to be the only advice I have. I only go in-play by accident but I have been working on this as one of my key weaknesses and I am getting better at avoiding it.

However, once I have successfully closed before the off and the event then goes in-play, I immediately switch markets and I rarely, if ever, end up paying any attention to what is happening on screen. Today, for instance, I was looking forward to the Cranbourne Cup in Oz, and traded it at a profit, but I realised a few minutes afterwards that I had absolutely no idea who won. I was busy trading the next race while the cup was on. Did exactly the same with the Caulfield Guineas yesterday.

Switch markets - yes. But stop watching them on the telly. You only need the pictures to guide you in your last gasp trades before the off.

[danum]

Certain personality types will be more susceptible to this than others. It comes down to how you reset your emotional clock, that could be making a cup of tea, going for a walk, switching to the next market etc. I found the best way for me to handle a painfuil loss is to switch sports (football vs. horses) as this requires a completely different strategy and a need to re-focus. It is also very important to control your stakes as it's pretty obvious that the greater the % of your bank you have just lost the larger the need to recoup that loss is.

[hopeful]

I have the same problem. If I'm in the middle of a trade and a few ticks down I think it will move my way after the off. Sometimes it does but when it doesn't I get into all sorts of trouble. Sometimes I endup in play trading when I am trying to recoup a loss when there is little time left before the off -cutting it too fine. I never used to trade in running at all. Its a combination of poor discipline and my attitude to losing.

[herbie]

I have a book beside me which I write down the outcome of each trade, so when I'm red I look at my greens which reminds me that my world hasnt collapsed... helping me move on.
If I have a run of reds and it gets tough I walk away for a bit and do some gardening... except when it's raining, I go to the cafe... I'm getting fat.....
regards
herbie

[npatel999]

How about having every single trade you make have an offset (which can either be manual or automatic, though ideal automatic using global setting) and have an excel running in the background that changes the bet status to take SP, say, 30 seconds before off, so if a particular trade feel like being on a Titanic, at least the Excel will force you to take SP which may not neutralise your position but may stop you from slashing your writs.

[Iron]

Hi Wayne

Why not dummy trade it?

You could create a spreadsheet to calculate the profit or loss that would have resulted from backing or laying at the prices you would have taken.

Alternatively, I read a technique in an NLP book for getting rid of unhelpful desires. Imagine in black and white yourself getting some small pleasure from going in play. Picture it as if you were stood outside yourself. Now picture in bright colours from a first person perspective the site of a screen full of red negative figures, and hear and feel the self-loathing thoughts that come with it.

Also, why not think about what excuses you make when deciding to go in-play, and come up with ready-made counter arguments to kill them dead?

I can't guarantee the above techniques will work, but they've possibly helped me lose just under 5 stone in the last 6.5 months, so they have to be worth a go!

Jeff

Hi Guys
I've been trading for a couple of years now full time and I just can’t seem to stop dipping in the market inplay especially when I’ve made a loss during pre-race trading, It ALWAYS opens a can of worms and often messes up my days trading, I thought I was past it but now that the jump racing has come back and I'm sat twiddling my thumbs for 4 mins during the race I've found myself back in play trading, I have Awful results from it almost every time. Ive tried walking off, making a cup of tea (there’s only so much tea you can drink) listening to a song, kicking the dog and cleaning the office but short of chopping my hands off nothing works.
If anyone has a method that they have found works please let me know, Cheers Wayne

[WallaseyWayne]

You could create a spreadsheet to calculate the profit or loss that would have resulted from backing or laying at the prices you would have taken.

Alternatively, I read a technique in an NLP book for getting rid of unhelpful desires. Imagine in black and white yourself getting some small pleasure from going in play. Picture it as if you were stood outside yourself. Now picture in bright colours from a first person perspective the site of a screen full of red negative figures, and hear and feel the self-loathing thoughts that come with it.

This sounds good advice, I have a daily spread sheet already but I will now be keeping a monthly one so a bad trade loss looks less significant in the scheme of things, I have had one lapse this week (yesterday) due to sheer boredom and yep ended up £100 red which effectively ruined my day as I then chased for the next hour but had some good results from the rest of the week so not so bad overall.

I will give the tip from the NLP book a go also sounds interesting
Cheers