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Thread: Some Lessons Learned

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    Default Some Lessons Learned

    I've now had 54 days trading horses with The Toy and thought I'd share some of the lessons I learned along the way.

    I started with a bankroll of £100 and stakes of £5 and enjoyed 5 straight days in profit after trading. This led to an air of (over)confidence. It's absolutely right what people have said on this forum that your mental state affects how well you trade. My new-found confidence caused me to trade 2 races at the same time. Big mistake! The market for the race I wasn't watching at the time went into freefall against my trade. I didn't notice until I had a red figure of over £7!!! Got out quickly and made a little back on the later races, but that was scary.

    Lesson no. 1 learned: only trade 1 race at a time. Maybe more experienced traders can do more.

    I began by taking what I thought was every opportunity to trade as soon as the ladders opened. If there was a one tick gap in the market, I'd take it. A larger gap and I'd place trades at the top and bottom of the gap. No, no, no. Too often the market moved against my trade and I lost money because I didn't take the time to watch where trading was taking place, which prices people were willing to back and lay. This can give you an idea of the top and bottom of a possible swing in the market. Now I watch the market moves for a while before committing any bets. I'd now rather take my time and miss a few trades than jump in with both feet trying to second guess the market.

    I have to say that this mindset was instilled in me after watching a certain "training" video for another bot, where the guy said something like "The most important thing is to have confidence and get your trades in." That's fine if you're a seasoned trader and can quickly read a market. If you're new to the game you need to watch and learn first. Much better results followed.

    With small stakes and being a newbie, I've also found that trading the middle horses in a race suits my style better than trading the Favourite, 2nd. Favourite etc. There's enough money in the market to get my bets matched and it doesn't get quite as hectic towards the off, allowing me to trade for longer at a slower pace.

    First off I would trade several horses at the same time, but, like betting on multiple races at the same time, it isn't always possible to watch for adverse market moves and react quickly enough in several ladders. Now, I try to find a single horse which looks tradeable and stick with it as long as my trades on it succeed. That way it's a lot easier to keep an eye on the market trends and also to learn to read the markets. Someone on here said that the aim when you first start out isn't to make a profit, it's to learn the game and try not to lose too much. Dead right!

    I made the usual newbie mistake of leaving a trade on while the market moved away from it, hoping and waiting that the trend would reverse and my bets get matched. The losses from doing this were always greater than the gains, as the market reversed fewer times than not. If the market goes against your trade, get out as soon as you can. I have identified a few trends where I can be reasonably sure that the market will reverse, but mainly I take a small loss which can easily be made up within a couple of trades. Otherwise I have found myself with losses that take days to recoup, which is totally demoralising.

    Finally I've learned you don't have to trade on every race. Some are just impossible to find a trading position. Don't guess. Close the race and move on.

    I also diligently keep records of every day's trading. My stats after 54 days are:

    Current Profit/Loss: -£9.14
    Most lost in a day: £10.18
    Highest profit in a day: £5.14
    Longest winning run: 5 days (on 2 occasions).
    Longest losing run: 5 days (single occasion)
    Lowest bank balance: £81.78
    Highest bank balance: £112.19
    Lessons learned: priceless.

    Pretty basic lessons for some on here, I know, but hopefully someone will avoid the same traps when they're starting out. I hope it helps somebody

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    excellent. analysing your mistakes, finding your style of trading, just brilliant. youre on the right patch man
    справка по The Geeks Toy на русском »» здеся ««

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    good post, lots for newbies to learn

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    Quote Originally Posted by neeeel View Post
    good post, lots for newbies to learn
    Agree and far better than paying hundreds of pounds for a course
    When I die and they lay me to rest,
    I'm gonna get pissed with Georgie Best

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    Cheers, guys. Just completed a run of 5 winning days, so going for my personal best tomorrow of 6 days of profit on the trot.

    Another thing I've changed is setting targets for each day. Originally I aimed at £5 per day profit with £5 stakes. That put pressure to perform on me and soon went out the window! Lol.

    Now I'm happy with whatever I make. The thing is that profit depends on what trading opportunities present themselves through the day. I have no control over that so it's silly to set a target. If you sell ice cream there are going to be wet, cold, miserable days when you aren't going to sell any. Mild days you might sell some. Just enjoy the rewards when the hot weather arrives!

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    Quote Originally Posted by The Squirrel View Post
    Cheers, guys. Just completed a run of 5 winning days, so going for my personal best tomorrow of 6 days of profit on the trot.

    Another thing I've changed is setting targets for each day. Originally I aimed at £5 per day profit with £5 stakes. That put pressure to perform on me and soon went out the window! Lol.

    Now I'm happy with whatever I make. The thing is that profit depends on what trading opportunities present themselves through the day. I have no control over that so it's silly to set a target. If you sell ice cream there are going to be wet, cold, miserable days when you aren't going to sell any. Mild days you might sell some. Just enjoy the rewards when the hot weather arrives!

    Thre only target i have set is a loss target, hit that and i stop for the day.

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    Mr Poolside Caan Berry's Avatar
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    a very wise statement there ron!... I was the same squirel setting targets originally... try and get away from that sort of thinking, over time profits naturally increase if you have a target then just make it that every trade you make you are confident and happy with a reason as to why. Occasionally everyone enters a trade and gets away with it although the judgement was not 'good' myself if i do that im not happy with myself and am contious of it... looking at it like that seems to work for me also with larger stakes ya dont need to enter the market as much.... but leave that till your comfortable.

    Good luck Chuck

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    Just to say that after a slightly disastrous £1.74 loss on one race today, I ended up 22p. in profit and so broke my record! Lol.

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    Quote Originally Posted by The Squirrel View Post
    Just to say that after a slightly disastrous £1.74 loss on one race today, I ended up 22p. in profit and so broke my record! Lol.
    nice to see its not only me that made the same mistakes.and i am not setting targets anymore to.i was trying to only get 10% on a football game the more money you put on the harder it is to get the profit i find.

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    Don't take this personal, but I am now awaiting the day when The Squirrel makes a thread called "How I Lost My Nuts".....

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    Quote Originally Posted by Temujin View Post
    Don't take this personal, but I am now awaiting the day when The Squirrel makes a thread called "How I Lost My Nuts".....
    LMAO!!! Thanks for that Temujin. With the cold spells we've been getting it could be sooner than later!

    I just wanted to share tonight's action as it was another lesson learned. Having made a modest couple of quid on the horses today I got the idea that an absolute fortune was to be made from trading the 1st. evictee from Big Brother market.

    The market went in play when the programme started tonight and there were enormous gaps in the market. So I picked what I thought were middle points in the gap on Rachael's ladder. Lay bet gets matched and the price runs out away from my back bet. Hit green quick and got out for nearly a £3 loss.

    OK - re-assessed the situation, noted which prices were being matched and banged in a back and lay bet a couple of ticks apart. Lay bet gets matched and the price comes in!! Stick a couple more bets in and the back bet gets matched, the price runs out again and matches my stranded back bet from before.

    Then the market's suspended! I'm left with an unmatched lay bet for the outsider, Rachael!! I'm looking at a £6 loss and vowing never to trade this kind of market again. Then Rachael gets evicted and I end up winning £41!!!! Lol.

    Never go in play, never go in play, never go in play!

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    The Squirrel And how your successes?

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    Hi Paolo. Well.....it's been a story of ups and downs with an emphasis on the downs just lately. Don't really know why.

    Still clinging on in there and trying to figure out where I'm going wrong. I can't seem to reproduce my early winning streaks at the moment.

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    Hi just reading the thread and I very well done, I had a mishap and lost most of my bank playing on the ladders!!, so now I play normal screen and top 3 in betting , horses only, and aim for 10% a day, easy so far, never a scary moment, just never go in play and take a loss on a race if need be, my bank was down to 6 quid , now its 63, only in 10 days so aint as good as some but the curve is UP and thats good enough for me, still would love to see a video of how the real good guys do it tho

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    Hi tallbrian. Thanks for that. I think one danger that I've met is that, when you've experienced a losing run, the temptation is to take risks to make the losses up again. Not a good idea. Patience is the watchword.

    Yes, it would be nice to see videos of some really good trading practices, but you can understand the more successful traders wanting to keep their strategies to themselves.

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