Thread: lucky trading
22nd August 2009 #1
I have had a small go at trading recently on Betfair the market i tried was horseracing.At first i was only betting minimum stakes to see how i got on,after a couple of days i thought i had cracked it as i was able to green up every market i entered.
Well of course i soon increased my stakes and was doing fine until today when i put a bet on to win and waited for the price to ease slightly in order to lay the horse and take my small profit.
The market then moved against me and i was now faced with taking a small loss for me before the off,i let the bet run and decided i would try and close out the bet in running.
What a nightmare that turned out to be as my horse was over double the odds in running when i tried to bet it and take a massive loss now,fortunately for me the horse came from nowhere to win his race and my blood pressure has now returned to normal lol.
I think i will now leave trading to the pros and just enjoy my racing again.
23rd August 2009 #2
If you search for trading on here you'll see the same rules repeated:
- Never let a trade go in-running
- If a trade starts to do what you don't expect, get out of it.
One cock-up is a lesson, not a disaster.
23rd August 2009 #3
Thanks for that Keith,my mate had a look at how i got on with my trades and he reckons i have actually done very well.I had a look at various videos on trading and now realise i should have taken a loss before the off and moved on to the next race.
I am going to take a break from trading with cash and just paper trade for a short time to see if my confidence will come back.
23rd August 2009 #4
Paper trading is pointless , low liquidity markets like betfair revolve in part around getting good position and a "fill" at the prices you request.
Trade with the £2 min and have a stop loss at say 10 ticks so you know that even if you get it badly wrong you will only lose 10 ticks and you should start to cut em off very quickly when they do go against you
‘All that is necessary for the triumph of evil is that good men do nothing’
24th August 2009 #5
Paper-trading is great for testing a betting system but not for testing a trading system. Get in and have a go and the best confidence/experience gained is from the first trades you do. If you start with just £100 bank and use SCs suggestion of £2 trades you'll get at least 100 trades (provided you trade out no matter what). You'll probably watch the £100 drop as you start but keep going and you'll start learning more and slowly turn the trend around until its growing.
Then you've got all the confidence you need and it only cost a few quid
24th August 2009 #6
I'd actually use a S/L at 3 for training, and get out with 1 minute to go. Never and sit and hope, you should only be in for a few seconds.
24th August 2009 #7
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