First Trade For A Newbie

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Spoilsport
Posts: 4
Joined: Sun Jul 30, 2017 8:25 pm

Hi All,
I am a newbie to Bet Angel having only just downloaded the software and am a newbie to trading too.

I have watched quite a lot of Peter's videos and the one in which he recommends your first trade should be one where you back and lay a horse and take the profit from the difference between the prices and then green up to spread the profit so that you profit regardless of the result of the race.

I have tried this in practice mode and although I didn't lose any "money" the profits were extremely small. Obviously every race will be different but in the video Peter just seemed to choose a random selection and bet on it.

I should be really grateful if somebody could explain if there is a method behind this trade ie a reason why a certain horse is selected, is there a more favourable odds range and the amount of stakes used or any other factors to be considered?

At this stage I would be happy to profit to the tune of £1 - £2 per race if this is viable.
Thanks in anticipation of any advice given
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ShaunWhite
Posts: 9731
Joined: Sat Sep 03, 2016 3:42 am

Spoilsport wrote:
Sun Jul 30, 2017 9:10 pm
At this stage I would be happy to profit to the tune of £1 - £2 per race if this is viable.
How much liability are you going to use?

As a total beginner you hope for £1 to £2 a race ? Good luck with that. A good target for a beginner would be £0 or more likely a small loss.

As for horse selection, keep it simple and stick to the favourite.

If you think Peter just traded at random then you need to watch ALL of PW's vids on pre-off horses (not just quite a lot), make copious notes, then watch them all again and make more notes. You'll see things the second time around that you missed or disregarded one the 1st viewing. If you're good then after several hundered hours of trading you might start to consistantly break even.
seanmac
Posts: 21
Joined: Wed Aug 17, 2011 6:48 am

At this stage I would be happy to profit to the tune of £1 - £2 per race if this is viable.

I am bit puzzled by your prefix in the above sentence .... at this stage.

It's good to have a goal ..... having a plan to get there, is mission critical.

Shaun's post has plenty of meat in it and is well intentioned.

To reduce those several hundred hours I would perhaps look at Peter's video's and categorise them.

Following on from Shaun's advice .... take a look at a Laying the 1st fav Strategy.

I am sure there a few videos on that.

Most importantly, blindly following any strategy into any market is fraught with danger.

Having a reason for entry is important, exiting in my view, is more important.

Getting in the market for action is not a good enough reason.

The Steamer BOT video is relevant, so get on top of the terminology.

Understand the financial impact of favs at different prices ... explore generally cross over points?

Search the forum and read as much info as you can.

Search the internet .... there will be other youtube videos to watch.

Guys like Caan Berry , It's A Mugs Game will share some extra insights.

I wrote in another post about the concept of Victory Loves Preparation.

Shaun posts implys this, even quantifies it.

Time is your enemy. There are no short cuts.

Self awareness is also paramount in my view. Review of performance in a continuous cycle
should be a part of your decision support system, only accurate up to date record keeping will deliver this to you.

Do bits moving forward .... rather than chewing off the whole.

The latter will give you financial indigestion.

Adequate preparation will ensure preservation of your bank and you stay in the game much longer.
iambic_pentameter
Posts: 443
Joined: Wed May 18, 2016 1:24 pm

Welcome to the forum, OP.

Some good advice above and I can tell you from personal experience, there are not short-cuts in this game nor is it a get rich quick scheme.

Some good advice that was given to me was that successful trading is down to:

Discipline
Screentime

In the case of discipline, this is a tough nut to crack and until you trade with real money, you wont understand the importance of it. Read as much as you can about this topic and I would suggest you read "Trading In The Zone"

I think using practice mode when you are completely new is hugely beneficial - you can learn about the software and how markets move. That being said, it's important you start using real money as soon as possible - you don't need to risk much; a £20 bank and £2 stakes will suffice to start with.

At this stage of your career, you main objective is to protect your bank - by which, I mean being ruthless with exiting losing positions.

Screentime is really important as well, because you need to go through a huge number of market cycles to get a grasp of what is happening - it's taken me 12 months to get to a point where I can look at the markets and know whether or not there is an opportunity there or not. And I plan to do this for another 3 years before I consider myself an expert!

As has been said in this thread previously, immerse yourself in the forum, watch as many videos as possible and trade as many markets as possible.

Best of luck

Iambic
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Spoilsport
Posts: 4
Joined: Sun Jul 30, 2017 8:25 pm

Thanks to all for the excellent advice given, I realise I have so much to learn. One thing that seanmac mentioned was keeping records and I would be obliged if anyone could please give me an idea about what and how to record my trades. Thank you all once again and I will continue my trading education.
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MemphisFlash
Posts: 2126
Joined: Fri May 16, 2014 10:12 pm
Location: Leicester

if you want to record the greyhound and trades, i'll send you a link to my excel sheet..
if you want horses, then switesh's sheet is pretty good.
there is also a good football one on the forum.
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Spoilsport
Posts: 4
Joined: Sun Jul 30, 2017 8:25 pm

Thanks very much for that. I have not looked at trading greyhounds as yet. I have concentrated on football and horse racing so I'll check those spreadsheets out and get back to you when I get a bit more adventurous! Thanks again for your help and advice.
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Dallas
Posts: 22674
Joined: Sun Aug 09, 2015 10:57 pm
Location: Working From Home

Spoilsport wrote:
Mon Jul 31, 2017 9:44 pm
Thanks to all for the excellent advice given, I realise I have so much to learn. One thing that seanmac mentioned was keeping records and I would be obliged if anyone could please give me an idea about what and how to record my trades. Thank you all once again and I will continue my trading education.
The more detailed the records you keep the more it will help in the future when refining strategies etc, this is a simple P/L spreadsheet for horse racing to give you an idea what to record setup etc
http://www.betangel.com/forum/viewtopic ... 54&t=12327
Bluesky
Posts: 420
Joined: Mon Sep 19, 2016 9:26 pm

I think there is a balance to be struck when it comes to record keeping, and a lot depends upon your personality. For most people the more information you record the less likely you are to keep recording that information.

You need to use something that can help you over the long term to improve your trading, but not something that becomes so onerous you stop using it because it is such a chore to complete.

A few people have the self discipline to keep meticulous records, I wish I was one of them but such is life.
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Spoilsport
Posts: 4
Joined: Sun Jul 30, 2017 8:25 pm

Thanks guys for your help, especially Dallas for the great profit and loss spreadsheet which should prove really useful for me, Cheers for that.
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