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Hideous trading day last week!

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  • Hideous trading day last week!

    Decided to finally have a go at this trading lark for real money last week and got my butt well and truly kicked. Only by sheer luck did I avoid a massive loss and all my trading shortcomings were laid bare before the market.

    I was doing pre race horses and I loaded up my account with a fair whack of cash (big mistake). It started quite well and I did make some early gains, it felt good at the time but I am now certain they were not infact good trades though. But what did for me was not the p&l but the movments on the ladder. Despite using training mode a few times I was totally unprepared for the buzz it gives you when you are waiting to get filled up. Because I was using stakes bigger than I should have been I quickly found myself on an adrenaline rush and what with race after race going on I allowed it to totally run away with me.

    I'd been doing this for about 90 minutes non stop and I was still a little up at this point. Then I backed this horse for a fair amount and got caught by the bell, I didn't have pictures and it was less than a minute in the red when the race started. As the horses broke out I tried to red up only my horse had not broken quickly and the price was out a long way already. It was at this moment I looked up to check what race it was and saw it was a 5f sprint and it was 7,6,8,12,8,16 etc etc with the inevitible 1000 conclusion. Ouch.

    Well I'm ashamed to say I did something I have never ever done before. I totally red misted and did something ludicrous, a massive blind lay on a horse in the next race just to try and get the money back. I should have lost that too, it would have been a four figrue sum but luckily I got away with it so I really dodged a bullet here. But having come through this do or die situation I was so pumped up I became a total action junkie for the next couple of hours. Even the very basic strategy I strated with got chucked out and I ended up in a succession of terrible trades and racked up some big losses. By the end I was almost blindly trading just to get some action.

    About the only positive thing I can say about the session is that I did take all my reds and didn't let any go in play purposely. I did learn one important lesson though, I know I am not doing it right in terms of strategy. I do at least know what doesn't work which is a step forward of sorts. Although my session was one of madness and near disaster I have got it out of my system and there won't be a repeat. From now on I will be using small stakes until I can establish I have some sort of edge, just as the books and all the traders tell you to. But sometimes you just need to get stuck in and take some pain in order to learn something. It was really stupid but it has taught me a lot.

  • #2
    here we see one more example, that you need to EARN right to trade with bigger money, not just load your acc with shitloads of $$$ and start trading. start with 2-3 eur first weeks [months?], and up your stakes only if you honestly multiply your bank by 2x or more, and are confident to keep your emotions under the hood, then you earn right to up your stake to 3-4 eur. whats da point to trade with biger stakes if you cant make money with small? with big stakes you just loose more, simples. i like those simple rules, sounds damn banaly, but as we seen here hundreds of times already, its iron rules. and life will punish you again and again untill you learn something. or run out of money
    справка по The Geeks Toy на русском »» здеся ««

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    • #3
      Well I did what all the idiots do, loaded up my account with $$$ to hide the fact I didn't have an edge.

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      • #4
        what happened to you reminds me what happened to me on march.
        having a big bank gives the illusion of having a bigger edge, but it's not true: you just temporarily "rent" probability in your favour paying it with your capital.

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        • #5
          Thing is, no matter how big you are, there's always someone out there who is watching the ladder and is even bigger.

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          • #6
            Originally posted by flok View Post
            what happened to you reminds me what happened to me on march.
            having a big bank gives the illusion of having a bigger edge, but it's not true: you just temporarily "rent" probability in your favour paying it with your capital.
            How true. Also it makes you want to 'fire another bullet' when the market moves a few ticks against you, making a bad situation much worse.

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            • #7
              whyalwaysme - I personally could not work with 2 quid stakes etc but that's just me (don't recommend my ways to newbies) but sometimes a painful loss can be used to your advantage if you go about it in a positive way. For me everything has to have a 'real world' outcome one way or another. Continue to absorb the advice you feel is best suited to yourself and paddle your own canoe because only then are you in control of your trading/gambling bank destiny.

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              • #8
                Thanks - I'm not about to give up yet!

                Getting your ass kicked can be pretty motivational so long as you learn your lesson. I'm sure I've given some folk round here a laugh too.

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                • #9
                  Only lesson I see you learnt was that chasing sometimes pays off . Unfortunately that's a hard one to forget once you've learnt it, it usually stays in the back of your mind as a get out of jail free card

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                  • #10
                    Originally posted by WhyAlwaysMe View Post
                    Thanks - I'm not about to give up yet!

                    Getting your ass kicked can be pretty motivational so long as you learn your lesson. I'm sure I've given some folk round here a laugh too.
                    Hi W,

                    if it's any consolation, I've just lost 84% of my bank going in play, this afternoon. I've had loads of fun making it though, so it's not the end of the world,

                    cheers, MC

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                    • #11
                      Originally posted by Morgans Choice View Post
                      Hi W,

                      if it's any consolation, I've just lost 84% of my bank going in play, this afternoon. I've had loads of fun making it though, so it's not the end of the world,

                      cheers, MC

                      I did that last week -£540 one gee gee.. pi££ed off as i was up £18 pre race
                      And was up £950 o n two weeks footy (all for nothing)

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                      • #12
                        Last edited by bluecrush; 1 November 2013, 08:14 PM.

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                        • #13
                          Originally posted by bluecrush View Post
                          It's good to know I'm not the only one that's happened to.
                          My biggest red, -£660, nearly made me quit for good. I'm glad to say I learnt my lesson and I won it all back in 3-4 weeks.
                          That loss should have been cut pre-race for -£7 ... shit happens.

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                          • #14
                            Originally posted by lcredd View Post
                            It's good to know I'm not the only one that's happened to.
                            My biggest red, -£660, nearly made me quit for good. I'm glad to say I learnt my lesson and I won it all back in 3-4 weeks.
                            That loss should have been cut pre-race for -£7 ... shit happens.

                            thanks for your reply, just wondered what advice would you give to move on and improve and get a big improvement on?

                            As you can see from the screen shot im trying to come out with £1-2 a trade and i cant trade daytime either and if you noticed i did some really good trades which 3 of them where my highest ever previous i did a couple of £5's a £9 and quite a few £1-2' so doing £11 and a £14 i was on an all time high but them two losses back to back was a big kick in the bollock$


                            appreciate any tips advice to get back up

                            thanks

                            Craig

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                            • #15
                              I was £60 up on the day (it was early March,) my bank had rose from £1400 to £3100 in 4 months. I was trading a horse around 7.0, £110 stake, and had lost a couple ticks, hence -£7. I didn't intend to let it run but they jumped just as my back bet was about to be matched. 6f race at kempton... i just stared at the LTP on the ladder drop... and drop... I had false hope when it went from around 1.3 to over 2.0 ... but then ... 1.01 ... -£660

                              It felt like I'd fallen from a plane and refused to open my parachute.

                              After that, my trading suffered. The next few days were something like -£5, -£10 etc... I reduced my stakes and was seriously doubting carrying on. I can't afford to risk £660 on a 1 minute race!

                              But somehow, I found my confidence again and made steady profits. I don't know why what i do makes money (most of the time) but it does. My bank now is around £3700 - after buying The Toy

                              If what you do regularly makes money, then stick with it and believe in it. Variance will shake you, but stupid mistakes can be corrected. I think I've lost at least £1000 purely by letting big pre-race bets go in play.

                              Hope that helps

                              (I thought about writing on the forum after my -£660 nightmare but couldn't as it was such a monumental loss, I didn't want to tell anyone.)

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