recovery after a loss

Don't chase your losses, it doesn't work. You will eventually bust your bank.
Post Reply
User avatar
murdok
Posts: 151
Joined: Sun Apr 02, 2017 7:10 pm

i wanted to automate a rule that in the event of a loss in the next race, do a recovery method , will it be possible to create such a rule ?
User avatar
to75ne
Posts: 2413
Joined: Wed Apr 22, 2009 5:37 pm

dont do it. your just regret doing it sooner or later.
User avatar
Dallas
Posts: 22674
Joined: Sun Aug 09, 2015 10:57 pm
Location: Working From Home

Its the very worst thing you can attempt to do
User avatar
LeTiss
Posts: 5386
Joined: Fri May 08, 2009 6:04 pm

It's staggering isn't it. I honestly couldn't even hazard a guess how many posters I have encountered over the past 7-8 years, asking that question or something similar.

It just shows that one of the biggest reasons for failure in trading is human emotion, and our ability to not accept a loss. Chasing losers have ruined many gamblers, and they have also ruined traders - Nick Leeson being the best example.

Do yourself a favour murdok, and find a bot that wins more times than it loses - that's the secret to success. I once remember seeing 12 reds on the spin in Grosvenor Casino in Southampton - what were the odds of that? Anybody following Martingale on the basis that a black will win soon, would have been bankrupt and out of the game
User avatar
MemphisFlash
Posts: 2126
Joined: Fri May 16, 2014 10:12 pm
Location: Leicester

dont get emotionally tied to the losses. forget it and if you have a sound strategy that you believe in keep going. if the losses affect you that much then maybe this is not for you.
Abraquay
Posts: 163
Joined: Thu Jan 28, 2016 9:46 am

When i first started it was difficult to accept a loss. Now it is part and parcel of the game. I would start with automation and develop your own bot.PLenty of Bet Angel videos on automation and help on this forum. I wouldn't start trying to trade pre-race with hundreds of pounds on the ladder.
Like Peter said in his greyhound blog little and often soon adds up. You need to put the hours in and the screen time. A few pounds traded on the greyhounds with a bot and some small manual intervention. Could have probably made a bit more as greyhounds were running till 10:30 but went for a pint instead.
You do not have the required permissions to view the files attached to this post.
User avatar
Euler
Posts: 24701
Joined: Wed Nov 10, 2010 1:39 pm
Location: Bet Angel HQ

Human nature means loss aversion is right up there in terms of instinct but so much money has been lost trying to avoid losses it's one of those great human contradictions!
User avatar
ShaunWhite
Posts: 9731
Joined: Sat Sep 03, 2016 3:42 am

Logic, not maths, dictates that loss recovery doesn't work.

If it was the case, people would use the flawless guarenteed 100% loss recovery 'system' in preference to their 'main' lossy system all the time. Why run a system that needs loss recovery if the loss recovery system itself is flawless?

If your car had two braking systems and one sometimes didn't work, and one always did....which would you use?

Too much focus on theoretical maths and not enough on logic and common sense, that mantra applies to many areas of trading as far as I can see.
User avatar
jimibt
Posts: 3641
Joined: Mon Nov 30, 2015 6:42 pm
Location: Narnia

ShaunWhite wrote:
Fri Oct 13, 2017 1:48 pm
Logic, not maths, dictates that loss recovery doesn't work.

If it was the case, people would use the flawless guarenteed 100% loss recovery 'system' in preference to their 'main' lossy system all the time. Why run a system that needs loss recovery if the loss recovery system itself is flawless?

If your car had two braking systems and one sometimes didn't work, and one always did....which would you use?

Too much focus on theoretical maths and not enough on logic and common sense, that mantra applies to many areas of trading as far as I can see.
shaun, i think this neatly boxes up and puts to bed the whole (cough) ethos of loss recovery systems...

brilliant!!
User avatar
ShaunWhite
Posts: 9731
Joined: Sat Sep 03, 2016 3:42 am

jimibt wrote:
Fri Oct 13, 2017 2:11 pm
ShaunWhite wrote:
Fri Oct 13, 2017 1:48 pm
Logic, not maths, dictates that loss recovery doesn't work.

If your car had two braking systems and one sometimes didn't work, and one always did....which would you use?

Too much focus on theoretical maths and not enough on logic and common sense, that mantra applies to many areas of trading as far as I can see.
shaun, i think this neatly boxes up and puts to bed the whole (cough) ethos of loss recovery systems...

brilliant!!
cheers jimi, I have to rely on common sense cos I'm not clever enough to do it with maths ;)
Post Reply

Return to “Loss recovery systems and methods”