recovery after a loss
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
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
- MemphisFlash
- Posts: 2220
- 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.
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.
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.
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- 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.
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...ShaunWhite wrote: ↑Fri Oct 13, 2017 1:48 pmLogic, 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.
brilliant!!
- ShaunWhite
- Posts: 9731
- Joined: Sat Sep 03, 2016 3:42 am
cheers jimi, I have to rely on common sense cos I'm not clever enough to do it with mathsjimibt wrote: ↑Fri Oct 13, 2017 2:11 pmshaun, i think this neatly boxes up and puts to bed the whole (cough) ethos of loss recovery systems...ShaunWhite wrote: ↑Fri Oct 13, 2017 1:48 pmLogic, 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.
brilliant!!