Wednesday, 7 January 2009

Mentally Challenging

Today started off great, just like every day this month has gone so far. But then in the 15:25 (15:35 with the 10 minute postponement) I had a shocking loss of over £300. It was another mind-blank where I was in position and didn't do anything about it until the loss got huge. Maybe I shouldn't be so harsh on myself, the odds did tumble quite quickly, that can happen and there are times when you literally can't do anything about a sharp movement that goes against you. Most of the time I react quickly but I just didn't this time. Anyway, it felt like such a big set back mentally; from being up nearly £600 to below £300 in one race. I'm sure every trader knows what I'm talking about. A negative set-back always hits you harder than the exact opposite would in terms of confidence. Thankfully down to experience, I hit these set backs less frequently. Over the last few months I have begun to cut down the number of losses I have in a day's racing, which has directly contributed to my daily average increasing. So anyway, after being extremely angry with myself and teaching my boxing bag next to me a few lessons I felt like the remaining 7 races were extremely stressful and mentally challenging, all because of that big loss. Looking back I am pleased with managing to pull a good total in in the end.

4 comments:

Stewart said...

Hi Adam

Great posts and excellent results.

I attended Peter's course in December. My modus, until now,on Betfair being to lay horses and I make a good five figure sum PA.

I have started trading, on a small scale to learn, but I want to compliment trading with my betting profits to mitigate risk and also provide a regular profit.

The problem I have is that on busy days such as Saturday's I become over-whelmed with the racing and seem to trip myself up by trading too much. This means I do stupid things and often miss good opportunities.

When you started did you did you actively try to trade every race? cheery pick? ensure there is a good 8-10 minute gap between races? Or did you use another method?

Cheers
Stewart

Anonymous said...

Hello Adam , i would like to know if you use stop loss and trailing stop? or you dont need use this tools? and second question is: If usually you like watching the charts 10 minutes
before the race or you only see the WOM ? If you watch the charts how long you start looking for them? 10 minutes before or 20 or 1 hour? thanks very much

Chris I said...

Another good day, well done!

Have you tried trading the live televised darts? I've just had a dabble myself, and I was amazed. The liquidity was good but what I couldn't believe was the odds swings, 10+ ticks in one go, and enough liquidity to go in with £500 a time bets. I was doing between £200-500 a bet and made a killing, but I'm sure an experienced trader could have taken them to the cleaners, thousands maybe. Anyway if you haven't already, and if you have Sky Sports (which I'm sure you do!!) I'd encourage you to at least take a look. The odds were about 1.4, then seconds later 1.55, next minute 1.3, and they kept going up and down for about 10 mins, the opportunities were endless, and like I say, there's plenty of liquidity to be throwing massive bets in. Even as a relative beginner, I was closing £50-60 profit per trade and there were literally hundreds of opportunities I missed. Check it out!!

Anyway good luck!!

Chris

Adam Heathcote said...

Hi Stewart, I did actively try and trade every single race, I nearly do that now. I tend to only jump on with 10 minutes to go, but if there's a good opportunity before that then I won't hesitate to get on board.

Anonymous: I sometimes use a trailing stop loss if I had a look at the market before I start trading on it and think it's heading in one direction. Most of my trading is done manually. I use all available information to me, so yes I use both WOM and charting! I look at all the information when I've finished trading on the previous race.

Hi Chris,

I haven't tried trading darts! There is not enough darts on for me to consistently get involved in. But then that's just a poor excuse from me. I should give it a go and learn the dynamics of the darts markets! Cheers for that.