I once read that trading is like sex - if it's a pain in the arse, you're doing it wrong!
Joking aside, have you tried techniques like meditation to address your stress?
If yoga can keep Ryan Giggs playing top flight football at the age of 37, it can't do your trading any harm!
Jeff
rhysmr2 wrote:I wouldn't advise anyone to go into trading, I sometimes wish I was never introduced to it. I don't make as much as I would like (although lots more then I used to working) and it's a very stressful and antisocial job.
Sometimes I feel like it's mental torture
I'm going to try and get into something else and wean myself off the trading.
No, I wouldn't teach trading to any friends or family.
It's a very unsociable job and that's not for everyone. I often have days where my posts on here, are the only interaction I have with anybody all day.
It wreaks havoc with your love life & it's quite difficult switching off. However, I wouldn't change my life at all, but clearly it would utterly depress some people
Thanks for taking the time to reply all..interesting comments and observations.
Dobbin - I would help him to pay for his Ski qualification (Circa £10K), but I was brought up on the basis that if you want something, you have to go out and put the work in yourself (always stood me in good stead, and I'm still doing it now at my age!)
I dont just want to give him the cash.
Hgodden - Completely agree; To me, the relationship is THE number one consideration, I would never compromise it and I've told my son that if ever it looks like a problem then we should stop right there and then.
I also agree that it isnt a career as such (also echoed by Lewismbet), and maybe use it as a spring board to other things (ie to fund his SKi Course?).
In fact this afternoon we started the trial and we did some basic ground rules, and set some goals (smallish stakes).
First thing that struck me, was I automatically assumed he knew certain things...(such as Odds, What over round is and how bookmakers profit from it), but he didnt. I thought that I was talking about the real basic things, but had to drop down even further.
I traded the first race (lost 60p !, Odds trader _ I understand what you mean! Its harder to do something when you are being watched!) and explained things (We had spent the first few hours going over things beforehand). We set the stakes down lowish and he traded for most of the days races.
He placed 151 bets and turned over £1970 pounds : P&L -£1.40, which is a excellent result in my opinion. (He was only concentrating on the fav, whereas I now try and trade the first three)
It's strange because his attitude to risk is completely different to what mine was when I started. He was reluctant to trade out for a loss (without any influence from me).
(You may recall a posting I did on here about mean reversion, well I never trade out for a loss unless it is just about to go in play). My emphasis is now on entering the trade initially correctly (incidentally that is what has enable me to move my own trading on massively this last six months or so)..(Entry is so important - If anyone needs refreshing in this area - then check out Adam's blog. I printed these out and laminated them them and had them on my desk all the time). That would be my biggest tip if I was asked how to succeed
I also think Jeff and Gutuami have valid points in that it is better to try and fail than not try at all? I wouldnt like to have that conversation in 20 years time (if I'm still here!) and him say to me "Why didn't you try"..
Freddy I'm not sure I agree completely with what you say about it being 95% down to a persons mentality, Yes a lot does have to do with it but I think it can be taught.
I gave him very specific rules today about when he should enter the trade which he followed to the tee. If you can enter a trade knowing that on "average" you will come out of it in a positive manner, then that alone will alone will create a positive mental attitude.
Andy - Some good points in your post. We did actually review some trades I had done on Youtube (which is great because you can stop/pause and explain things as it unfolds). Very useful. We dint have enough time to look at Betangel TV, but we will do.
I'm away on business tomorrow, but tonight he has taken home my course notes from Peter's course for homework!
Other comments : It was knackering!! So much more harder to teach someone than I thought. There was a number of times when we reviewed when he said why did you do that...and a lot of it is gut feeling? SO hard to explain? (Ie how would you explain to some one from Mars how to catch a Cricket Ball??), do you think about it, or is it intuitive??
Any he seemed to enjoy it all in all, and so did I..so time will tell..
Thanks for your comments folks..
regards
Peter
PeterLe wrote:
In fact this afternoon we started the trial and we did some basic ground rules, and set some goals (smallish stakes).
What are your initial impressions of how your son will do? Do you think in a few months' time he'll be giving his old man a run for his money?
PeterLe wrote:
He placed 151 bets and turned over £1970 pounds : P&L -£1.40, which is a excellent result in my opinion. (He was only concentrating on the fav, whereas I now try and trade the first three)
Definitely!
PeterLe wrote:I never trade out for a loss unless it is just about to go in play.
That surprises me.
To clarify, if you've backed a horse, and the price suddenly turns around 180 degrees and drifts and drifts, with the wom indicating it will continue doing so, would you not consider cutting your losses?
Hi Jeff,
Initial Impressions? Well too early to be honest...but if anything I thought he a bit a cavalier approach? Which surprised me? But who's to say I'm right and he's wrong?? (Maybe I'll learn something!).
OK. I do cut my losses sometimes (never say never), but rarely now. I try to trade near the resistance lines and pick excellent entry points. You do need to hold your nerves. It is surprising how often the market reverts back...
PeterLe wrote:Thanks for taking the time to reply all..interesting comments and observations.
Dobbin - I would help him to pay for his Ski qualification (Circa £10K), but I was brought up on the basis that if you want something, you have to go out and put the work in yourself (always stood me in good stead, and I'm still doing it now at my age!)
I dont just want to give him the cash.
Hgodden - Completely agree; To me, the relationship is THE number one consideration, I would never compromise it and I've told my son that if ever it looks like a problem then we should stop right there and then.
I also agree that it isnt a career as such (also echoed by Lewismbet), and maybe use it as a spring board to other things (ie to fund his SKi Course?).
In fact this afternoon we started the trial and we did some basic ground rules, and set some goals (smallish stakes).
First thing that struck me, was I automatically assumed he knew certain things...(such as Odds, What over round is and how bookmakers profit from it), but he didnt. I thought that I was talking about the real basic things, but had to drop down even further.
I traded the first race (lost 60p !, Odds trader _ I understand what you mean! Its harder to do something when you are being watched!) and explained things (We had spent the first few hours going over things beforehand). We set the stakes down lowish and he traded for most of the days races.
He placed 151 bets and turned over £1970 pounds : P&L -£1.40, which is a excellent result in my opinion. (He was only concentrating on the fav, whereas I now try and trade the first three)
It's strange because his attitude to risk is completely different to what mine was when I started. He was reluctant to trade out for a loss (without any influence from me).
(You may recall a posting I did on here about mean reversion, well I never trade out for a loss unless it is just about to go in play). My emphasis is now on entering the trade initially correctly (incidentally that is what has enable me to move my own trading on massively this last six months or so)..(Entry is so important - If anyone needs refreshing in this area - then check out Adam's blog. I printed these out and laminated them them and had them on my desk all the time). That would be my biggest tip if I was asked how to succeed
I also think Jeff and Gutuami have valid points in that it is better to try and fail than not try at all? I wouldnt like to have that conversation in 20 years time (if I'm still here!) and him say to me "Why didn't you try"..
Freddy I'm not sure I agree completely with what you say about it being 95% down to a persons mentality, Yes a lot does have to do with it but I think it can be taught.
I gave him very specific rules today about when he should enter the trade which he followed to the tee. If you can enter a trade knowing that on "average" you will come out of it in a positive manner, then that alone will alone will create a positive mental attitude.
Andy - Some good points in your post. We did actually review some trades I had done on Youtube (which is great because you can stop/pause and explain things as it unfolds). Very useful. We dint have enough time to look at Betangel TV, but we will do.
I'm away on business tomorrow, but tonight he has taken home my course notes from Peter's course for homework!
Other comments : It was knackering!! So much more harder to teach someone than I thought. There was a number of times when we reviewed when he said why did you do that...and a lot of it is gut feeling? SO hard to explain? (Ie how would you explain to some one from Mars how to catch a Cricket Ball??), do you think about it, or is it intuitive??
Any he seemed to enjoy it all in all, and so did I..so time will tell..
Thanks for your comments folks..
regards
Peter
very interesting post .... what should i must make to consider me your son ? i'm not to young but if is necesary i will shave my beard
PeterLe wrote:
Dobbin - I would help him to pay for his Ski qualification (Circa £10K), but I was brought up on the basis that if you want something, you have to go out and put the work in yourself (always stood me in good stead, and I'm still doing it now at my age!)
I dont just want to give him the cash.
Peter
Cheers Peter,
I agree with your Ethos
I have been self employed, and ran my own companies for 40 of the last 43 years.
In that time I have also given employment to My Father-in Law (Sacked Him) My eldest Daughter
( Sacked Her) 2 of my sisters-in law (Sacked them both) my 2nd eldest Daughter still with me after 20 years. So I was talking with some experience LOL
Good luck in your decision and may it all work out for you both
Were you and the mrs on speaking terms after you sacked half of her family?
Jeff
Dobbin wrote:
I have been self employed, and ran my own companies for 40 of the last 43 years.
In that time I have also given employment to My Father-in Law (Sacked Him) My eldest Daughter
( Sacked Her) 2 of my sisters-in law (Sacked them both) my 2nd eldest Daughter still with me after 20 years.
I gave them all jobs to help them out but as I my Dad used to say " You can run faster without lead in your pockets"
ha ha! I just love quotes like that!..I was in a meeting a few weeks ago with a senior American customer...he thumped the table and said "I feel like i'm in 6ft of F*!@ing water with a 5ft Snokel!'...;I had to bit my lip not to laugh!!
Although I don't trade for a living (although hopefully that will change soon), I can relate to what you're saying.
I don't have much contact other people either, although fortunately I'm happy in my own company, and I rarely feel lonely. And given a choice between being on my own and working in an office full of backstabbers, I know which I'd go for!
Jeff
LeTiss 4pm wrote:No, I wouldn't teach trading to any friends or family.
It's a very unsociable job and that's not for everyone. I often have days where my posts on here, are the only interaction I have with anybody all day.
It wreaks havoc with your love life & it's quite difficult switching off. However, I wouldn't change my life at all, but clearly it would utterly depress some people
