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RobinHood
7th December 2009, 09:08 AM
Hi,
I'm trading since mid summer but i'm still sometimes making these stupid newbie mistakes - letting trade go in-play.
So what did you guys do at the beginning so that your trades wouldn't go in-play?

BruceLee1973
7th December 2009, 09:21 AM
I would love to know how to cut a trade out and not let the bugger go in play,so many banks that i have built up have been blown away in a second,its devastating but i hate to see a red screen and always think it will turn and go green but it never happens:o,sometimes even when i have had a green i have gone in play to finish with yet again a nice shade of red,happens a lot less now i think.

RobinHood
7th December 2009, 09:37 AM
I would love to know how to cut a trade out and not let the bugger go in play,so many banks that i have built up have been blown away in a second,its devastating but i hate to see a red screen and always think it will turn and go green but it never happens:o,sometimes even when i have had a green i have gone in play to finish with yet again a nice shade of red,happens a lot less now i think.
The same has happened to me, except the green going in-play part.
By burning down so many banks i have realized how hard it is to gain money, but it still doesn't hold me back letting a trade go in-play.

New Year is coming and maybe at that time i will realize that i can't let trades go in-play.

ron
7th December 2009, 09:42 AM
when you place your trades at the start be they lays or backs, and 1 remains unmatched make sure you have ticked take sp, that way you will be instantly matched at the current sp odds, your losses will be a lot less than having a full blown lay or indeed a back bet in, and of course you can red up at any time to make it even less.

Cran
7th December 2009, 09:56 AM
Trading greyhounds is a good way of learning not to try and trade out in play because you can't...

it's also a good way of learning how fast prices can turn against you!!! :eek:

RobinHood
7th December 2009, 10:03 AM
Trading greyhounds is a good way of learning not to try and trade out in play because you can't...

it's also a good way of learning how fast prices can turn against you!!! :eek:
I recently realized that when i was trading in US horse racing - i had made a lay bet and was ready to trade that off when suddenly market was suspended 2minutes before the off and of course that horse won so i lost a big pile of money.

Looks like i'm gonna need to start using Stop Loss or Start Price function.

taxbreaks
7th December 2009, 12:14 PM
No what you mean - blown a couple of banks recently by chasing green rather than excepting red. Had I taken red bank would have been still there! We need to get into a frame of mind that we are not perfect traders - not even particularly good - but we can still make money provided we don't act like prats and let a trade go in running! I have a habit of letting lays go in running - mad completely mad! Vow I will never do it again and do!

I have decided the best way is to keep a record of all trades and monitor and analyse - since I have made that decision not one trade has gone in play :D - but then again haven't made any trades yet not starting till next week!

Perhaps we should have a hall of shame about any trades we let go in play so we can reminding each other how futile and expensive it is!!

Temujin
7th December 2009, 02:56 PM
when you place your trades at the start be they lays or backs, and 1 remains unmatched make sure you have ticked take sp, that way you will be instantly matched at the current sp odds, your losses will be a lot less than having a full blown lay or indeed a back bet in, and of course you can red up at any time to make it even less.



Not so sure. Depends really how big your stake is and how much money is in the SP market. You may find that you are simply ruining the price to guarantee a 25% bank loss, where your original bet was much closer to truer odds. Much higher liability, but a much better long term gamble.

I recently had a trade where I couldn't get off, market moving too quick, and dumped my trade out on the tote. Thing got up, but was backed in from 3.5 to 2.2. About 80k in the pool, and think my tradeout was 7.5k or so.
Doesn't really help my argument, because in this case I didn't lose my full bank, by doing it. But the point being, my bad trade was exaggerated by trading out on a platform that simply couldn't handle it.

Steve
7th December 2009, 04:14 PM
Hey guys - I feel your pain!

I think the common denominator here is we're all relatively new to trading horses pre-off (I am) and although I've done some small conkers in, I am getting better at taking the losses. It's definitely a mindset thing.

Amazing how happy I am to take 3 or 4 ticks profit - but just couldn't find the right moment to take the same loss - always hoping for a turn around. On the plus side. Going in play has won for me a couple of times. I usually back first and on the favourite. That way if it does go in play - I have only lost small stakes.

I think with time and experience, taking a small hit will happen instinctively. I definitely feel less hate towards a red position than when I started (a couple of months).

Persevere guys - little and often.

Having Bart Simpson scream sucker still frightens the shit outa me tho!

Anonymous
7th December 2009, 04:34 PM
I would say until you learn to accept losing as part of trading you will struggle to improve and move your trading on.

Everyone from time to time goes inplay, I for one do but it is not done intentionally. For example I will be concentrating so much on the ladders I miss the fact they are loading the last runner or you are relying on the presenter as you are concentrating on the ladder as you have an open position, often on ATR the presenter talks over the start so you end up inplay. It happens to us all at one stage or another.

However, not taking a loss and going inplay is not like the above, it is because you have not yet learnt to accept losing is part of trading. Learn to accept it and you will see a huge leap forward in your trading and profits.

If you are trading with such large amounts that you are impacting the SP I would suggest you wind back your stakes as you are over staking compared to your ability imo.

On thing to bear in mind when setting your orders to take sp is that unmatched orders you have in the market with no open position will be taken at SP and as such you could end up having to close these out inplay. So you now have to make sure you don't have any such orders on the market.

But to sum up you need to take a long hard look at yourself and implement some discipline to stop going inplay if you are doing this then chances are you are lacking discipline in a lot of other areas of your trading so you need to work very hard at sorting out these issues.

Best of luck with it!

jimrobo
7th December 2009, 04:44 PM
I still go inplay! Regularly!

You just have to get in the habit of getting out at 0 on the clock for a while if you have a serious problem with it then you will get used to getting out. Then you can start trading closer to the off and monitoring the pictures

pedro
7th December 2009, 05:04 PM
I can't remember where I saw this or who said it so I apologise for stealing their statement, but this is a basic principle of NLP.

If you reframe your intention to a positive statement, it is much easier to do. So rather than say 'Don't go inplay'. Change it to 'Exit all trades at zero seconds', or 'Hit the hedge button when Bart shouts at me'.

nigelbleddfa
7th December 2009, 06:12 PM
I learned not to go in play when a horse I had placed a back bet of 200refused to leave the starting stalls.:o

RobinHood
7th December 2009, 08:44 PM
Thanks for sharing guys. :)

rockaren
7th December 2009, 11:04 PM
I am almost sure its very common problem for all new traders. I was there and it sill happens sometimes but when it goes wrong i trade out at SP.

I lost some money on US markets when market was closed 3-4 mins before scheduled start so i was mad but now i know it could happened. I am not sure which US tracks it was but maybe its same for any of US tracks ?

neeeel
7th December 2009, 11:14 PM
record a stern message from yourself telling yourself to get the **** out of the market, then have the toy play that at the official off time

rockaren
7th December 2009, 11:21 PM
record a stern message from yourself telling yourself to get the **** out of the market, then have the toy play that at the official off time

LOL

tbh, i was thinking about doing exactly what you suggested :)

The Geek
8th December 2009, 12:07 AM
I reckon the next massive improvement to TT, is instead of having the "Sucker" message play when the market goes in play, there will be 3 Homer ones instead....


"Wohooo" when the market goes in play & you are green.

"Doh" when the market goes in play & you are red.

"Arrrrrrrrrraaaaaaaghhhhhhhhhh" when you haven't closed your position.

Either that or some bright spark will ask for a default option that places counter trades as "Take SP bets." :D

rockaren
8th December 2009, 03:07 AM
Toddler screaming "BASTARDS" should work also...

anyway lets hope such option will be in sometime between now & forever :)

nigelbleddfa
8th December 2009, 09:18 AM
I reckon the next massive improvement to TT, is instead of having the "Sucker" message play when the market goes in play, there will be 3 Homer ones instead....


"Wohooo" when the market oes in play & you are green.

"Doh" when the market oes in play & you are red.

"Arrrrrrrrrraaaaaaaghhhhhhhhhh" when you haven't closed your position.

Either that or some bright spark will ask for a default option that places counter trades as "Take SP bets." :D

I have changed the sounds on mine. I have Hayley Osment, the kid in the film " The Sixth Sense", saying , " I see dead people", Macauley Caulkin saying "Hello" and Tom Hanks' " Houston we have a problem".
When the market is suspended I have the sound of a fire siren which is really loud and can be heard from my toilet seat at the other end of the house.

rockaren
8th December 2009, 12:26 PM
I have changed the sounds on mine. I have Hayley Osment, the kid in the film " The Sixth Sense", saying , " I see dead people", Macauley Caulkin saying "Hello" and Tom Hanks' " Houston we have a problem".
When the market is suspended I have the sound of a fire siren which is really loud and can be heard from my toilet seat at the other end of the house.

I hope you have a laptop installed and ready to trade out directly from your toilet seat :D

lol