Tuesday, 6 January 2009

Confidence

Confidence is so important when trading. If you aren't confident in your ability or just generally not feeling very confident at any point whilst trading then things will just go against you, and you may feel like trading becomes a struggle. In the second race today for some reason I had no confidence, I felt like I was trading but at the same time not having a clue what I was doing. Straight after that awful loss I had a loss in confidence; as soon as I felt that I knew I had to take action. So I stood up, stretched a little and got my usual pint of water beside me and changed my mindset and way of thinking, basically just refocusing. The liquidity was good again today, fuelled by the absence of the Sedgefield meeting. The weather right now is really diminishing the racing on!


I try and keep posts not too long; so I don't bore anyone, but also I know there are many days ahead where I will want to discuss certain points. So instead of throwing it all at you in one go I'll spread them over the year. My most recent poll (shown below) asked readers what their Internet connection is for trading with. I thought there would be more people with 8Mb connections, but 2Mb would be sufficient for trading with, even 1Mb should provide enough bandwidth to for Bet Angel to refresh at a rate of 200 ms. Personally I have a 24Mb connection (it works out more like 19Mb) as I really want to know that my Internet connection can handle anything thrown at it, especially since other applications probably running in the background might be consuming bandwidth, such as antivirus software updating. High bandwidth speeds is definitely one of the advantages from living in London.

5 comments:

Scott Ferguson said...

Hi Adam,
I read the question was how fast is your connection rather than what myth does your ISP sell you? :)

Dariusz said...

Hi there Adam, I suppose you must be pissed off with Betfair, their charges and customer service and the general lack of competition in betting exchanges. I developed a website: www.betdaqrevolution.com we have a couple of members already even though the site is on for a couple of hours.

Check it out and please do sign in. It would be awesome if you could write something about the website on your blog and try to motivate people to sign in and take part in our experiment. Tell it to people you know as well. I know the website will not do a miracle but anyway it will raise awareness of Betdaq and that something is happening there. If you have any comments, suggestions, want to contribute an article please write to: contact@betdaqrevolution.com

Chris I said...

Hi Adam,

Firstly hats off to you, you seem to be doing well, so congratulations, its something I'm considering doing when I've got enough in the bank to take a couple of months break from work. What I will say however, is if at any point you fall behind schedule, don't let this affect your mindset or your trading style, you obviously have a formula that works, so if you make the £150K target great, but if you don't, you'll have had a bloody good try and made a more than acceptable income as well. So good luck!!

I have a few questions if that's OK, I won't press for your secrets, you obviously have your own trading style, and that's something I'd need to develop.

How long did it take you before you were consistently turning enough profit to give up work? Or to earn a decent living?

I currently run Bet Angel Pro, and have done for a few months. I'm now fully au fait with the software, but work commitments during the week, and an ex-wife and a daughter at the weekends mean I only get chance to trade the US racing at night. I'm consistently turning profit, albeit usually only a few quid a race because the market liquidity is awful, stop losses are useless because of the massive swings as a result of this, and as I'm only learning still I only usually trade at £20-50 a go (about £1 a tick)

I'd love to be in a position to do what you do, but would like some idea of how long it took you to reach a level where you were earning enough to get by. Obviously the trading styles in liquid markets will vary from non-liquid markets, and this is something I will have to learn.

Also would you recommend Peter's course as an 'accelerator' to learning the markets? Does his course focus on using Bet Angel (which I can already confidently do) or is it focused on market trends and spotting trading patterns and opportunity. This is where I need the experience.

Anyway - good luck again with the challenge, I'll be following it with great interest over the coming 12 months.

All the best!!

Chris

Dave said...

Great stuff Adam, I've been teaching myself to trade over the last month, using very small stakes and I have been profitable, albeit only a couple of pence at a time. Just trying to get a feel for the market. I'm now ready to take the plunge and increase the stakes.

Your blog provides good inspiration for me, just wanted to say keep up the good work!

Adam Heathcote said...

Haha, I knew people would be thinking that! Some people with an '8 Meg' connection probably has equivalent of a fully fit 2Mb connection!