Page 2 of 2 FirstFirst 1 2
Results 21 to 32 of 32

Thread: Am I Actually Profitable? 4 week challenge...

  1. #21
    Novice
    Join Date
    Sep 2016
    Posts
    23
    Thanks: 1
    Thanked 0 Times in 0 Posts

    Default

    Hi All

    Been a bit busy, but have settled back into trading with much smaller stakes. I have really been enjoying trading this way and it has made me think more clearly. I have been building the bank up in a much safer way and by using smaller stakes, I have actually been learning a lot more and working on improving execution.

    I am not going to deposit anymore, rather build my bank this way and very gradually increase my stakes - I think my main issue was I had the skills to trade profitably, however I could not handle the emotions that larger stakes brought as a part of it. By increasing stakes gradually and successfully, I will have time to get used to the gradually increasing stakes.

    The last post I made, I was feeling quite downbeat about things, however following this approach (which I should have done in the first place) has left me feeling more confident (which is key), optimistic about my progression and I have generally enjoyed trading more - seeing each race as an exciting new opportunity.

    Please see the below link for P&L. I hope to report to you more good results over the coming days and good luck to all :-).

    https://i.imgsafe.org/f99d7f29bf.png

  2. #22
    Veteran
    Join Date
    Mar 2015
    Posts
    126
    Thanks: 7
    Thanked 18 Times in 16 Posts

    Default

    Increasing stakes gradually is definetly the way to go! The main thing is to stay in the game, i trully believe that if you do something long enough you will become good at it, there is no way around it. For some it comes faster, for some it comes slower. People who use large stakes too fast are the ones that in the and can't take it anymore and give up. that's my opinion.

  3. #23
    Novice
    Join Date
    Sep 2016
    Posts
    23
    Thanks: 1
    Thanked 0 Times in 0 Posts

    Default

    Hey Ironmexx - 100% agree with you there mate!

    I have been doing this for over a year now, and many times before this I have traded well for a day or and think that I have cracked it - I would proceed to use much higher stakes and it would usually end up with me going in-play, due to not being used to the stakes sizes and inability to be able to take a £5-£10 loss (due to inexperience at these staking levels). I have made this mistake over and over and this has massively slowed down my progress. Of course, most of the advice out there points to learning to profit consistently from smaller stakes and then to increase the stakes in a more controlled way, but I guess I had to make my own mistakes. For any newbies reading this, please use a small bank with small stakes until you have proved to yourself that you can consistently profit over a defined period of time before increasing your stakes!

  4. #24
    Member
    Join Date
    Jan 2016
    Posts
    78
    Thanks: 6
    Thanked 14 Times in 12 Posts

    Default

    ha ha.. i can vouch for that!

    been doing this for just under a year just on min stakes on the dogs. was getting some consistency so upped the stakes a bit to £5...all went a bit wrong. as you say because the losses were a bit bigger instead of cutting them quick i was thinking i could recover but ended up with bigger losses instead.

    now ive gone back to £2 stakes, concentrating on cutting losses quickly as possible, and trying to let profits run a bit. only taking 5p, 10p, 15p a race and not pushing for too much but seeing more consistency again. once ive hit a good several weeks of consistent profit shall up the stakes again.

    I can see why people talk about execution and state of mind being a major part of trading more so than actually being able to read a market.

  5. #25
    Novice
    Join Date
    Sep 2016
    Posts
    23
    Thanks: 1
    Thanked 0 Times in 0 Posts

    Default

    Hey Cragie_boy - haha yeh, we'll get there!

    Fairly good day today, ending in £9.87 profit (link to screenshot below):

    https://i.imgsafe.org/0f86654bb6.png

    Hope to report more profit tomorrow - I am currently increase some stakes very slightly, but the max I am do is hitting the £20 button twice if I am very confident on a trade at around 2.20 - 2.60 level.

  6. #26
    Novice
    Join Date
    Sep 2016
    Posts
    23
    Thanks: 1
    Thanked 0 Times in 0 Posts

    Default

    WHY DID I DO THAT??!!!

    OK so here's the P&L from yesterday - -£48.33:

    https://i.imgsafe.org/2f43571c2f.png

    I was doing fine and then I was around £1.00 down on a maiden on an odds on favorite (price around 1.25) and decided to watch the race unfold (I hadn't gone in-play). Now I knew while I was watching it that I shouldn't be, as I might get the urge to place a bet, but I placed £50 on the odds on favorite when it was looking like it was going to win and of course it lost! Why did I do that? This was a pure gamble and I am not really a gambler.

    Going through my recent results, it appears that at these lower stakes I can be profitable. Therefore, going in-play or placing a bet in-play makes no sense - as logically think I know that whatever loss I have made pre-race, I should be able to recuperate it over the next race or two. I think my previous issue going in-play lay with my not having the confidence that i would make up a pre-race loss over the next couple of races - I think once you no longer have the fear/lack of confidence in being able to recuperate a small pre-race loss, you should be able to cut out the in-play shenanigans!

    I am pretty annoyed at myself as there was no need for this, but I am going to see this as a blip and will start again today. My aim for the next 7 days is to not go in-play at all, to profit and to recuperate the £50 loss in a controlled way - this is my short-term, but important challenge! I am also now recording my results on a spreadsheet to help with my confidence in my ability.

    Good luck today all!

  7. #27
    Forum Addict bmj1491's Avatar
    Join Date
    Feb 2015
    Posts
    319
    Thanks: 41
    Thanked 63 Times in 59 Posts

    Default

    ^ youre not alone mate we all did this kind of dumb mistakes once in awhile i remember letting a lay go as gamble on dog last october at 8-1 and that outsider came from last to first on 620m race which is like 3m2f for dogs and i lost well over 45 quids that time i was hardly making 10-12 quids per day so that was big blow then ive never gambled even though i got caught in play by mistake and lost some money.

  8. #28
    Novice
    Join Date
    Sep 2016
    Posts
    23
    Thanks: 1
    Thanked 0 Times in 0 Posts

    Default

    Cheers bmj - I have read through your diary and it seems you have been very disciplined since the start, more than most which has meant that you have progressed quickly, so well done for that. I have just been reading through the first few month's of Caan's trading journey blog again, as this is the sort of problem that was setting him back and stopping him from really progressing - frustrating knowing that after all the effort I can trade...just need to stop going in-play and things will progress well i believe. Well, horse racing for the day starts in 15 mins, here's to a profitable and disciplined day :-)

  9. #29
    Novice
    Join Date
    Sep 2016
    Posts
    23
    Thanks: 1
    Thanked 0 Times in 0 Posts

    Default

    I have just come back from drinking a couple of beers and while I was out I decided that in the morning I would record warnings telling me "do not go in-play - time to close out and move on!" and use these as the audio in GT when there is 30 secs, 15 secs and 5 secs to go :-). There is money to be made of course right up until the off, but I find I generally do best 2 mins 30 secs - 30 secs to the off and staying in the market any later is just dangerous and tempts me to be silly. Will crack on and post in a couple of weeks time to show how I have got on!

  10. #30
    Member eightbo's Avatar
    Join Date
    Jul 2014
    Posts
    53
    Thanks: 6
    Thanked 13 Times in 10 Posts

    Default

    Not saying this won't work for you but when I've had issues in the past I had the same idea and record audio cues for 15 seconds out to post etc. telling myself to close however the problem for myself was much deeper psychologically and if i ended up in a situation where i had a chance of taking a large loss for whatever reason, i essentially just ignored the audio anyway.
    Just a heads up be careful :~)

    GL gta2003

  11. #31
    Novice
    Join Date
    Sep 2016
    Posts
    23
    Thanks: 1
    Thanked 0 Times in 0 Posts

    Default

    Hey Eightbo, thanks for the comment. Yes definitely get where you're coming from and I agree mate!

    It seems to be working ok for me so far, but I attribute that mainly to the fact that I have dropped my stakes right down. I have realised that I should not be in a hurry to make a specific amount of money - I am on leave until I start a new job 21st November, so until then I have decided to use small stakes and record every session. I am watching each race's trading back the next morning and am writing down my observations, making use of the spare time while I have it. It already seems to be working nicely and am picking up consistent errors I make and working on correct them while using small stakes. Will do this for a couple of weeks and if my trading/P&L improve to that stage I have proved I can profit consistently with no in-play, I will up the stakes a little and work on growing my bank again. I think once I truly know that I am consistently profitable, going in-play won't even cross my mind really, but need to get to that stage first.

  12. #32
    Veteran Leeroy's Avatar
    Join Date
    Jun 2016
    Posts
    111
    Thanks: 8
    Thanked 35 Times in 28 Posts

    Default

    Quote Originally Posted by eightbo View Post
    Not saying this won't work for you but when I've had issues in the past I had the same idea and record audio cues for 15 seconds out to post etc. telling myself to close however the problem for myself was much deeper psychologically and if i ended up in a situation where i had a chance of taking a large loss for whatever reason, i essentially just ignored the audio anyway.
    Just a heads up be careful :~)

    GL gta2003
    That's a great idea for people finding themselves in the same situation over and over.

Tags for this Thread

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  

Talented Mavericks Limited
26 Buttercup Close
Corby
Northants
England
NN18 8LB

UK Company # 04872848
UK VAT # 887366268

Facebook TwitterYouTube



Betfair    Betdaq    VISA  Mastercard  American Express  Dinners Club  Discover  PayPal  Skrill