Is that really the end??

[vandaltheripper]

So back in Feb I attended Peter's seminar! What an awesome gentleman.. so eager to help you..

I asked him if it was a good idea to quit my job and he wisely said to me.. to hold on in order not to put so much pressure!

Well I didn't heard him.. I quitted( had to anyway, as the majority of companies gone bankrupt here in Greece)

The pressure was on.. I had to perform cause I had to make a living from it! So, I caught myself chasing loses in play.. and that steadily but surely lead to blow up my bank.. near 4k!

So here I am! 26 years old, undergraduate Electrical and Computer Engineer close to totally broke! Can I really turn this around through trading the horses pre-off ( adding the extra delay of 500ms that Greeks have to face because of the Malta regulation thing)with, maybe, my last 200-500e I can find or should I focus exclusively on finishing my degree and leave Greece as soon as possible?

Thank you for your time anyway

[PeterLe]

Hi sorry to hear that..but yes you could turn it around slowly (one step at a time),..
Looking at recent comments on the forum- Think you should concentrate more on maybe bookmaking and long term swings perhaps?
Good luck
Regards
Peter

[convoysur-2]

Hi Man
sorry to hear u have lost all your money ,
there are more ways than trading the horses pre market ,there are other ways.to build your bank again,its only a suggestion but look at the on line bookmakers that offer free bets for new accounts like paddy power and bet 365 ,bet on the book makers and lay on betfair, remember your looking for horses,football teams to loose ,
you will get there, just relax ,think ,dont jump in.it will come.
Marc

[LeTiss]

Being self-employed requires a different mentality, no question about that. When I used to do this as a sideline, I wasn't so bothered about losing £20 on a trade, as I knew I was getting paid on the 28th. This enabled me to relax and learn what I was doing & not be so concerned about £ signs. Also, I was happy to see my Betfair bank gradually climbing. It didn't matter if I only added £200 this month, as my salary paid for my life, this trading lark was a bonus.

When it became my job though, I felt the need to be more bold, and I became far more concerned by levels of green amounts, as I was no longer being paid on the 28th. My BF bank wasn't rising with ease anymore, as I had to withdraw amounts for expenses etc

I've become convinced that pyschology is huge in trading. Being intelligent and understanding markets is obviously key, but if mental clarity is distorted then everything can go tits up

[vandaltheripper]

Hi Man
sorry to hear u have lost all your money ,
there are more ways than trading the horses pre market ,there are other ways.to build your bank again,its only a suggestion but look at the on line bookmakers that offer free bets for new accounts like paddy power and bet 365 ,bet on the book makers and lay on betfair, remember your looking for horses,football teams to loose ,
you will get there, just relax ,think ,dont jump in.it will come.
Marc

Thanks Marc! I've already took advantage of the offers.. In fact that's the way I've learned about betfair, betangel etc

[vandaltheripper]

Being self-employed requires a different mentality, no question about that. When I used to do this as a sideline, I wasn't so bothered about losing £20 on a trade, as I knew I was getting paid on the 28th. This enabled me to relax and learn what I was doing & not be so concerned about £ signs. Also, I was happy to see my Betfair bank gradually climbing. It didn't matter if I only added £200 this month, as my salary paid for my life, this trading lark was a bonus.

When it became my job though, I felt the need to be more bold, and I became far more concerned by levels of green amounts, as I was no longer being paid on the 28th. My BF bank wasn't rising with ease anymore, as I had to withdraw amounts for expenses etc

I've become convinced that pyschology is huge in trading. Being intelligent and understanding markets is obviously key, but if mental clarity is distorted then everything can go tits up

Psychology is everything and Peter was well aware of it.. when he advised me to progress slowly but steadily!

In fact I think he must devote the first half an hour of any feature workshop quoting me (and everyone who had a similar urgency).. so future traders are well aware of it.. cause the "don't gamble money you can't afford" isn't that convincing anyway.. it's like the subconscious "I don't want to hit that pole" when the car is out of your control

[Photon]

I would concentrate in finishing your degree and getting job rather than doing this full time if you're not making consistent enough profit. Trade part time, try to find a way that will give you consistent return. I do it part time even though I could go full time but I don't as the future is too uncertain to be relying on this rest of your life as the main source of your income.

And I agree with Letiss about doing it part time allows to put less pressure on yourself about making high return and very quickly. The quicker and the more you expect to be earning makes that much harder.

[Akindwurd]

500ms delay? When I left Greece just under 2 years ago I was getting around 100ms. Is this a new thing? If you're getting that kind of lag then trying to trade in the 5 minutes pre-off isn't advisable.

Whatever you do, you can't let the panic and the desperate economic and political situation in Greece affect your trading psychology. I realise that will be hard, ala kaln tuxn!

[henryluca]

Hi mate

Think we have all lost before things "click". Being only 26 years too young to rely on self discipline.

Maybe throw money into a hat and if it jumps back out....you win.

Good luck !

[superfrank]

@vandaltheripper

sorry to read your story (i suspect there are many hundreds who have trodden the same path).

you are obviously bright so i'd go pursue a proper career - there's no way i would have wanted to do this for a living in my twenties... too solitary and a waste of good youth!

[Zenyatta]

Trying to trade for a living when close to being 'totally broke' is a terrible idea. Don't do it, you will only dig a deeper hole for yourself.

[vandaltheripper]

500ms delay? When I left Greece just under 2 years ago I was getting around 100ms. Is this a new thing? If you're getting that kind of lag then trying to trade in the 5 minutes pre-off isn't advisable.

Whatever you do, you can't let the panic and the desperate economic and political situation in Greece affect your trading psychology. I realise that will be hard, ala kaln tuxn!

Yeap, at least that is what I've read.. because when I submit a bet in the market it is re-directed from Malta to England! But correct me if I'm wrong

Thanks for the good luck (aka καλή τύχη)

[vandaltheripper]

@vandaltheripper

sorry to read your story (i suspect there are many hundreds who have trodden the same path).

you are obviously bright so i'd go pursue a proper career - there's no way i would have wanted to do this for a living in my twenties... too solitary and a waste of good youth!

That's a point mate.. but I didn't find it that amusing working 10-12 hours a day(plus some weekends) for 700e as a programmer either.. the hole day was gone for close to nothing

You can make that money in one day and maybe for far less hours on betfair.. with the right mindset that I was missing I suppose.. plus a 10 fold of enjoyment, mobility and so much more

[Zenyatta]

That's a point mate.. but I didn't find it that amusing working 10-12 hours a day(plus some weekends) for 700e as a programmer either.. the hole day was gone for close to nothing

You'll find it even less amusing putting in thousands of euro and hours for absolutely no return at all on Betfair.

You can make that money in one day and maybe for far less hours on betfair.. with the right mindset that I was missing I suppose.. plus a 10 fold of enjoyment, mobility and so much more

You can lose that money in one day as well. I've been trying my guts out for 2 years on and off and never made a penny trading.

[hgodden]

I don't think anyone should go full time unless they know and have proven to themselves they can already trade successfully over a long period.

Trading isn't a 'profession' than anyone can learn. It's a skill that people can develop to make money instead of having a 'real' job, a skill that most people don't posess. It's not just about mindset. Footballers can earn enourmous amounts too but that doesn't mean anyone can just quit their job and do it. How many of the thousands of people that try actually make it? Not many. Don't get me wrong, it can be great if you make it work, as I know from my own experience, but nobody should put all their eggs in the same basket.

If I were you my friend I would honestly just write off what you've lost and do your best with the skills you have, which sound like pretty marketable skills abroad anyway