Many times I used to think negative thoughts like I will never be a successful full-time trader. Especially when I read others traders blogs, for example Adam Heathcote blog was very popular in that time when I was starting. He was regularly writing something about instinct you have to use during trading. Okay, so, hmm, instinct is something you were born with and if you were not, you cant develop this instinct to yourself.
Nowadays, I use this word, too. Because it is probably the best word to answer question: why are you successful? So remember, this kind of instinct you can gain.
You have to be willing to change your mind. Even change your long term view of the market. The best way to do that is reanalysing market all the time while you are trading and keep yourself open to more than one scenario. I am always talking to myself during trading about what I see. It is little bit strange but it helps. Just cant stop asking and answering questions like: Why am entering the market? How long I am willing to wait? What if the entry signal changes quickly? Where is my profit target/stop loss? I am asking and answering these questions and re-analysing market over and over again during all 10mins.
Learning process consumes a lot of time. I was lucky enough, that I had a second income so my profits/loss in Betfair was not so important. During learning you should be focused on what you have learnt at the end of each day. I used to record my trading, then analyse them and write down what I have learnt. I was noticing something like this: oops, I didn't notice the big traded money there, didn't notice movement on fourth horse, I didn't get the right long term tendency, oops here I was too greedy and irrational or this was too naive... I highly recommend you do the same.
And finally, always set a goal. But only a goal you know you can reach. I said to myself, okay, I need to have only 25€ profit on each race and I am making 500€ a day. That's why you can see so many races with profit around 25€ in my last screenshot of trading with profit more than 500€/day.
Sunday, February 13, 2011
Monday, February 7, 2011
What I've learned part1
It's been years since I used Betfair for the very first time. I started as a bonus hunter and via turnover and fulfilling the T&C with regular surebets I cumulated quite good capital. Later I didn't have any available bonuses so I started thinking how I could use my capital to earn something. I started doing surebets professionally, but it's not so easy as you probably think. The low bookmakers limit per stakes, the waiting for withdrawal and depositing into the next bookie and the low % of surebets, it all makes you bored and you end with low profit at the end.
Then I visited a website about horse trading on Betfair. I cant remember the name, but I think this was the first time I heard about it. There were some videos and articles and I started be very interested in it.
So I deposited 100€ and my stakes were 2€.
For first 5 months I used only 2€-10€ stakes. I traded almost every day and almost every day I was in loss! This time is very important because most of traders give up it after 4-6 months. Trading takes time. You must get the feeling, instinct, for almost every kind of race/move. If you trade one year or even more and almost every day you are in lost, I wouldn't recommend do it anymore. Look for another ways to make money. However, everyone is different, has unique way of thinking, analysing, summarizing...so its up to you. I wouldn't continue.
Luckily after 6 months I realised this has no meaning for me and I said: "I must change something." and I wrote down something like this:
- I want to get a feeling for every market - it means that my entry points were in 3-2 minutes to go.
- never use double-click. - this is because I used small stakes and it is very stupid to end up with bigger loss than your stake is at the end of the day. But nowadays I regularly use double click with no problems, its is important in your learning process only.
- trade only races with max 4 most traded runners - the more horses and the more similar to each other they are the most difficult it is to scan all these horses and all the moves.
- consider opening position on another horse in order to balance the loss from another one.
- never rely on luck/never go in play - this is very important and so common problem. It took me months to understand it. (I've written about it an article Hope is your enemy, it still happens me from time to time.)
Most of these rules I don't use now, but they were useful in my learning process and I was able to move forward.
Okay, that's all for now I will continue in my next post.
Then I visited a website about horse trading on Betfair. I cant remember the name, but I think this was the first time I heard about it. There were some videos and articles and I started be very interested in it.
So I deposited 100€ and my stakes were 2€.
For first 5 months I used only 2€-10€ stakes. I traded almost every day and almost every day I was in loss! This time is very important because most of traders give up it after 4-6 months. Trading takes time. You must get the feeling, instinct, for almost every kind of race/move. If you trade one year or even more and almost every day you are in lost, I wouldn't recommend do it anymore. Look for another ways to make money. However, everyone is different, has unique way of thinking, analysing, summarizing...so its up to you. I wouldn't continue.
Luckily after 6 months I realised this has no meaning for me and I said: "I must change something." and I wrote down something like this:
- I want to get a feeling for every market - it means that my entry points were in 3-2 minutes to go.
- never use double-click. - this is because I used small stakes and it is very stupid to end up with bigger loss than your stake is at the end of the day. But nowadays I regularly use double click with no problems, its is important in your learning process only.
- trade only races with max 4 most traded runners - the more horses and the more similar to each other they are the most difficult it is to scan all these horses and all the moves.
- consider opening position on another horse in order to balance the loss from another one.
- never rely on luck/never go in play - this is very important and so common problem. It took me months to understand it. (I've written about it an article Hope is your enemy, it still happens me from time to time.)
Most of these rules I don't use now, but they were useful in my learning process and I was able to move forward.
Okay, that's all for now I will continue in my next post.
Wednesday, February 2, 2011
From dream to reality
Okay guys I am more than happy to inform you that today is the Day when I have finally reached my target magic level - 500€/day.
It doesn't mean I am making 500+ every day since now, but when I first started with trading I didn't think that this is possible. And now I am feeling good, satisfied with myself.
It makes me thinking about my long journey since very first touch with the Betfair and I think I could share my thoughts with you in next couple of posts. I will write something about it, I will advise you how and what you should be thinking during trading, what to do when things go wrong and what do you need to become more confident in markets. So keep an eye on my blog.
It doesn't mean I am making 500+ every day since now, but when I first started with trading I didn't think that this is possible. And now I am feeling good, satisfied with myself.
It makes me thinking about my long journey since very first touch with the Betfair and I think I could share my thoughts with you in next couple of posts. I will write something about it, I will advise you how and what you should be thinking during trading, what to do when things go wrong and what do you need to become more confident in markets. So keep an eye on my blog.
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| 2 Feb |
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