Is pre race dead???

[goat68]

Thanks Pat, it is good advice. I am going to stop for a while. In practice my strategy works 6+ ticks and I get the moves. Go live and it fks up.

If you watch the 2 second and 10 second charts the 10 second gives you a longer term view of the market against a 2 second, short term and potential reversal. At times the 10 second is a stronger indicator and once the 2 second is going in the same direction the move is confirmed. If the 10 reverses the move is stronger that if the 2 goes alone. So there isn't too many indicators on there. Only 2.

I think most people only trade 4 ladders as it covers 75% of the volume but I'm happy to re-assess. Also happy to share any other info if you need it. Just because I'm not consistently profitable it doesn't mean I don't know ANYTHING.

Controlling your emotions is a big challenge, that is what takes time, the grind that eventually makes you realise this game is a hard nut to crack..

If you're not skint, then go invest your money somewhere safe and secure with a nominal interest, and somewhere you're not going to break into to trade with...!

Then put £200 into Betfair and learn some self-control... if you don't then one day when you've got £10,000k+ exposed you're going to let it go inplay and lose it all..........

[xtrader16]

Good advice Goat68.

You asked before whether my process was profitable. Are you yourself profitable over a 30 day period? Just asking.

Taking my funds and putting the in a low interest account isn't going to work. Putting your money into this type of account isn't conducive with somebody who is reckless with their money. Lol. Its not like I walk away from Betfair and I become a rational person. It is my nature. It isn't going to stop.

[alexmr2]

Frustration gets the better of me

I went back to manual trading after a few weeks break yesterday and got a harsh reminder of why I stopped. I opposed some trends after a 50 tick swing and the price continued into the red, on another I went with the trend and it reversed at that exact tick I entered. In the end I had about 8/10 of the trades wrong and held onto them until they turned into big losers. I admit I couldn't control my frustration even after doing this for years.

I'm looking at automation or semi-automation instead now and even if progress is slow, it's better than constantly losing money to these markets. Lots of good traders on here admit they couldn't crack pre off UK racing

[xtrader16]

Yep and we go full circle back to the automation controls the markets beginning.

[goat68]

You asked before whether my process was profitable. Are you yourself profitable over a 30 day period? Just asking.

Profitable for each of the last 3 months March, April and May.

[goat68]

Frustration gets the better of me

I'm looking at automation or semi-automation instead now and even if progress is slow, it's better than constantly losing money to these markets. Lots of good traders on here admit they couldn't crack pre off UK racing

+1
Also, with automation, once you crack one market type, you may find pre-off might not look quite that scary any more...

[agog]

I've had information shared with me that I can't publish. But people get this whole it's really hard and very few make money thing, very wrong.

But just think about it for a second.

If you just blunder up to the markets with no plan, and have a few quid in bets a year. Then the long term prospect of being a loser is very high.

If you put a bit of effort in, then you immediately elevate yourself above that. The largest number of losers are in that prior group, which distorts the overall number by a large margin.

But most people that just try a bit harder do much better. It's just that a lot of people, as a percentage of that user base, don't try harder.

This sums it up. I've been LEARNING to trade pre-race for 15 months. I've definitely got better at it and now the flat season has kicked in I'm starting to show some consistency and a (small) steady profit. I'm fully aware that it's still early days but what I've learnt is that, despite all the excellent advice on the forums and Peter's videos, you have to do the hard miles yourself.

I've spent an average of 5 afternoons a week staring at the ladders, making mistake after mistake - all the time trying to improve my knowledge AND psychology, which go hand in hand. I'm far from the finished article but I'm convinced, as Peter says, if you do the work you can give yourself a big advantage over the crowd.

[Euler]

Never forget, that your objective is not to be the greatest trader in the world. Just a bit better than average / random.

[johnsheppard]

You know how on Youtube it's got all those video suggestions down the side. It's taken me 10 years to learn to ignore them. I used to click on them all the time. Big mistake. (some may think this comment is a little abstract, but I dunno)

[Fugazi]

Never forget, that your objective is not to be the greatest trader in the world. Just a bit better than average / random.

Old thread, but I love this statement.