what is your biggest drawdown you ever had?

[250k]

Hi I'm new here. I recently had some biggest losses within my very short period of trading experience so far. Let's say these losses wiped out half of my 3month's P&L. As all these losses are due to my mistakes rather than my plan, I found it even harder to deal with and I started to lose confidence on my strategy.

A question to all you successful sports traders: what are the biggest losses you ever had and how did you handle such losses? Any tips will be appreciated...

[250k]

Okay, perhaps I should say I much I've lost as I'm asking the same to you...
I've built from 300 to 21k since worldcup'14, but I blew half of that 21k away in a matter of two days. silly, isn't it. I felt like the end of world and not sure I should continue trading any more.

[lcredd]

...my very short period of trading experience so far...

I've built from 300 to 21k since worldcup'14, but I blew half of that 21k away in a matter of two days.

So you haven't got much trading experience AND you've made £20,700 in a few months? Wow! Good work!

If you haven't got much experience then you should be using small stakes, unless you're rich as f*** in which case there is no point in trading. Winning early can be a curse because it makes it seem easy. It is not easy! If you're new to trading you will lose; you might have winning days/weeks/months, but at some point the market will take it back. Learning to lose is a key concept which many of us struggle with. I would win £3, £2, £4 then lose £7 get angry and lose £20 on a gamble. You've won £20k and lost £10k which is very impressive, but I imagine you see it as you've lost £10k in a couple days, which feels awful.

You need to use stakes you're comfortable with. Can you afford to lose £10k in 2 days? Because it could happen again tomorrow. It could even be worse. Use small stakes until you have faith in (a) your strategy, and (b) your trading skill and discipline to stick to your strategy.

I aim to make £1000 a month. I succeeded in Feb, Mar, Apr, May, July - I had August off. On June 2nd I lost £700 in one race which was harsh; I just kept laying a horse I was sure would lose, oops . It felt awful, I had a week off. I knew that June would be a bad month for P/L. I just about broke even which I'm happy with. I could see clearly the mistakes I'd made and, while it did shake my confidence, I could look back at the successes of the previous months and stick to my strategy.

Having confidence in your strategy comes over time. I've been doing it for 4 or 5 years now - longer than any 'real' job I've had.

GL

[dvwooly]

£4500 loss on a tennis match in 2008

[Caan Berry]

My BIGGEST draw down? others telling me it wasnt possible in the early days..... TIP: ignore them

[Octavian]

My BIGGEST draw down? others telling me it wasnt possible in the early days..... TIP: ignore them

What Chuck said and kidney stones...

[Morgans Choice]

Hi,

£540 from a £630 bank, in the early days, after going in-running.

Tempting though it was to "re-load", I ground it out from a £90 bank instead. handling it by, dropping stakes and cursing myself every day until it was recovered,

cheers, MC

[Temujin]

Think my biggest loss was about 15k. Had 3 years on the trot losing 40-42k over around 2 weeks on the cricket.
Not sure you ever get over it. But it is what we do.

[luckynumberslevin]

My biggest drawdown was before betfair's existence in the year 1989 I believe. Mind you, I half expected it at the time with her being a size 16.

[shabazz]

2150 eu nightmare

[nin33ch]

Okay, perhaps I should say I much I've lost as I'm asking the same to you...
I've built from 300 to 21k since worldcup'14, but I blew half of that 21k away in a matter of two days. silly, isn't it. I felt like the end of world and not sure I should continue trading any more.

I somehow manage not to loose >1000 at single trade, but these downswings occur from time to time (-380,-700,-550 last ones).
I couldn't say that my trading style lacks of discipline or good bank management because i manage to make profit in long run.

While your case shows that your stakes is much higher than you can afford. First year of trading at Betfair i read a LOT. Almost every forum about trading. And first year didn't bring me profit. I believe you won in a hurry but you need to slow down, use stakes that you are comfortable with, read about discipline and bank management anything you can find. Start slow and increase your speed when you will be confident about what you are doing.
Good Luck

[tomas.tomass]

When Betfair was down

I lost about 2600

[trader441]

. I could see clearly the mistakes I'd made and, while it did shake my confidence, I could look back at the successes of the previous months and stick to my strategy.

great advice this sentence alone , look back at your successes to get confidence back, its not easy but confidence is just a mental habit.

[louboutin1]

World Cup 2014. Never betting on WC again.