Time = money, pay enough and I'm sure the time would be found.
A full day off? That's got to be worth 3 grand+ to a guy like pw.
Korattt wrote: ↑Fri May 18, 2018 5:27 ama great watch, thanks for sharing,
as for my journey so to speak it has been one long roller coaster, although it is something I absolutely love doing,
Apologies for the exhaustive post but here goes,
I can't remember when I started looking at trading but it was due to stumbling across both BFBOTMANAGER & Caan's blog & video's on YT, bought CB's Pre Race Guide & Video Pack after earning £100 on BFBM through backing & laying at SP one Saturday, until then I hadn't a clue on horse racing but thought to myself, "it can't be that easy can it?", so I didn't pursue that method through scepticism & looked more to trading manually.
Think this was around October 2014 when I first discovered trading through Caan & during this time I didn't take it that seriously as I was running an online business which was growing & looked to set up a B&M set up to accompany the online set up, things were going quite well as I was doing this the for some reason I started to lose interest in running the business, the B&M idea fell through with the estate agent & the house started looking like a tip what with the stock (Christmas was a nightmare) so I wrapped the business up & looked to trade full time to which I attended a course at Bet Angel HQ down in Hook, rented an office out & basically took the bull by the horns, I'm pretty much a do now & think later kind of guy, in hindsight I took the wrong course, I should've attended the Masterclass instead of the Horse Racing Workshop.
I was pretty stupid really, well very stupid, why?, well because I thought that after going on the course I'd cracked it, the thing is I hadn't taken into consideration all the other stuff that goes into daily trading Pre Race, if I'm honest I think that particular day course could be improved, no disrespect to Dave or Peter but I think more could've been discussed on the mechanics of the markets better, however that's why I think I should've gone on the other course as I think this is gone into more detail there.
There are things with trading that are I think overlooked or easily forgotten about, like for example looking for opportunities that aren't there, getting overconfident, totally misreading markets with similar "fabric" which turn out to be a totally different material, how two days are never the same, how Betfair works in tandem with exchange software, in fact there's loads of stuff that only come to light with experience, so that's why I say use low stakes to start off with, there are so many variables to daliy Pre Race Trading.. so many.
The office idea was a disaster, too much going on in the building, frequent false fire alarms, being able to hear telephone conversations in the corridors, was asked to be moved but it didn't work out so I sacked that off to continue trading from home.
Since leaving the office I've gone back to work twice & quite to do this full time & as I type in a full time job but off sick with I think damaged tendons in left foot, just waiting an MRI Scan so ATM in a position to sit behind my desk full time which has been useful as I have picked up on things during this time.
If I can give anyone any advice to anyone looking to get involved with trading it would be this.
Don't quit your job, save a bundle of cash, say £2k to 3k (or what ever you're comfortable with) & learn HOW the markets work, don't just GUESS where the way the price will go, DON'T get in because you WANT to be RIGHT, if you persist with this you WILL learn HOW the markets move & why, & for gods sake use SMALL stakes because you will be able to learn how the markets move with small stakes, you need to fully understand why things happen.
Trading has at times been incredibly frustrating for me & I've fell in & out of love with it numerous times, however whenever I've come back to it I've learned a little bit more each & every time,
Have to be honest & admit that I've lost a small fortune with pursuing this, more than the aforementioned £2k~£3k, however it's not the amount that bothers me, what does bother me is the amount of time it's taking me to get to a level where I'm able to do this fulltime, and that's why I think I have to travel back down to Hook sometime to confirm what I think what I've learnt from when I was last down there.
Thanks for reading.
Pat, I have a feeling we both attended the Horse Racing Workshop on the same day?, 03/09/16?Trader Pat wrote: ↑Fri May 18, 2018 2:09 pm
Interesting read Korattt,
Just like me it seems you've been guilty of putting the cart before the horse more than once?..
Good luck!
yes it is a shame as it would benefit us bothShaunWhite wrote: ↑Fri May 18, 2018 1:48 pmTime = money, pay enough and I'm sure the time would be found.
A full day off? That's got to be worth 3 grand+ to a guy like pw.
Perhaps the source of your frustration lies within your goals.
some good points thereeightbo wrote: ↑Tue May 22, 2018 9:41 pmThanks for sharing, Korattt
Perhaps the source of your frustration lies within your goals.
Motivational theory shows us that we remain satisfied and motivated when we're making tangible progress.
It's definitely healthy to have high aspirations, but if your more challenging goals aren't properly broken down, you're at risk of losing that satisfaction/motivation, and without those things it can mean we don't make further progress. I suspect this may have happened to you when you talk about falling in and out of love with trading numerous times?
For anyone who doesn't have short and medium-term goals, I'd recommend creating some by identifying your mistakes and flipping them on their head.
Try complementing this with a reward system and scale up the goals as you achieve them to enter a motivational cycle of progress.
No doubt everyone's heard that setting monetary goals or targets can be a bad idea as it can lead to forcing trades, overstaking etc., but I believe they can be justified (assuming you're following your processes correctly), if it means you'll receive a high amount of satisfaction when you achieve those goals.
For example one of my first goals was 'stick to my trading plan explicitly and earn £20' and my reward was to spend most of it on a takeaway. I was using a £100 bank at the time and this is something that I had done many times before, but it had never given me any real satisfaction until I had set it as a goal, achieved it, and experienced the reward. Checking our goals off allows our brain to translate that into knowledge that we're making progress, fueling our momentum forward.
I think too many novice traders (myself included) tend to look for that one thing wrong with their trading which, if they could just fix, would of course mean they would be a profitable trader! That idea is so pleasant to our imaginations that it enters our minds so easily. Of course the reality is there's many factors which make someone profitable and so it makes sense to be setting goals (and making progress) in different areas, just don't focus on too many things at once.
Constantly having a goal just around the corner (scaling up existing goals) should help you focus on each day and reviewing a list of your completed goals can be a great tool to boost confidence in the future.
Of course, yes
This is sound. I'd love to understand Peter's stance; although I'm firmly in your camp TissLeTiss wrote: ↑Wed May 23, 2018 2:45 pmTherefore, I decided to approach this game as being all about ticks - if my tick sizes were always equal, then surely if I'm winning 75% of my trades, I must be able to at least break even, and that would be a start. If I set a target of winning £2 per tick (after greening), then that would safeguard me from disasters. That meant if I backed a 1.80 selection, the stakes would be £360. If I backed 2.42 the stakes would be £242. If I layed 6.60, the stakes would be £68 etc - I set up Excel to calculate all the permutations for me!
It's your proverbial one-liner in the staking object, done before the kettle's boiled.
This is why I'm a little sceptical about BA users spending too much time in the practice area of the software. Playing with real money makes you react differently to playing with fake cash. Also, with fake cash you tend to be too indifferent to losers, as you know it's not for real. If you're too nervous about playing with £2 stakes initially, then how are you going to find the balls to play with £100 etc.ShaunWhite wrote: ↑Wed May 23, 2018 3:45 pm+1 imvho.
You can't tell new guys it's not about the money, and then not give them something else to think about.