Just found an exercise to make sustaining changes, in trading, and in personal life. Read it in Steenbarger's book "The Daily Trading Coach: 101 Lessons" . This exercise (if it work) will save me thousands and probably all my trader's carrier. After my last post this destructive psyche pattern resumes, and every time it gets more painful. Yesterday's pl chart, it is self explaining ... And I was doing this kind of thing too much lately ... That my problem pattern just vanish all my knowledge, experience and all very hard work.
Movie 1: That one is constructive step, creating positive emotions for changing - I sit down to trading, I get a big loss, time is getting near to the off, I just turn off the market, and proudly with lots of satisfaction and understanding that trading is only probability game (I will be in the nice green in the end of day), I open new market and wait for another opportunity to make a trade.
Movie 2. This one is going to be destructive, to make me afraid of failing - So I get a big loss, time is getting near to the off, I can't accept a loss, and I am still fighting market to get may money back, I get even bigger loss, what I can't except, full with frustration and anger I turn on in play mode, and make a bet with all my trading balance on the first horse's odd falling dawn. And that horse of course fails and I loose all my money AGAIN. Full with self blame, anger, frustration and depression I leave trading for that day...
So this exercise should work in every change in our lives what we want. In this way we train our brains for the new patterns and get afraid of destructive ones.
I am gonna try this !!! If this gonna work, I will use it every time when I need to make a change for reaching goals what I want
Good luck
Hi, my name is Luis and I am new to Betfair Trading. What do you site, article or book should I read to become a pre-race horses trader? Thank you and keep up the good work!
ReplyDeleteHi Luis,
ReplyDeleteWell, there is not much good resources out there about trading horses, I can recommend to read Toy's BA forums, or maybe use this service http://www.sportstradingjourney.com/, probably it gonna be helpful for a beginner. And I recommend to read about trading psychology "Trading in the Zone" by Mark Douglas. But remember, there is no substitute for experience...
hey buddy,
ReplyDeleteI'm following you since a very long time and I follow the similar steps as you do. I think you have only one option; stop prerace trading and try to create some inplay strategies as well.
ı assume that you make some profit in many races from inplay, but here it sounds like you only make losses. Of course, in the end losses outweigh the profits from inpaly, that's why ur upset.
Seriously, you should be convinced that inplay doesnt bring you any profit, so stop prerace for a while and start doing inplay. ı did that an it worked. ı realized that I should never go inplay with races shorter than 2miles and without hurdles, I should only go inplay from lay side. I tried it for a while, it was nice but it still required a huge amount of analysis to be more stable. I was making huge profits and losses with that but I was risking a lot.
Then I decided to stop until I make a further analysis. ınstead of creating 2different movie scenarios and etc, ı suggest you to try this method. This makes more sense, believe me.
Hey,
ReplyDeleteThanks for comment. Well I go in play only after big reds what I make in pre race, so no objectivity at all, then I do it, it's no matter what kind of race is that - 5f or 3m, and sometimes I reduce my red or make some green, but most often I loose all my stake(no edge at all). I do it for a reason what I don't know consciously, maybe I don't want to give up or I can't accept losses, or maybe I want to quit trading and I am ruining my success? If I switch from pre race to inplay I think I would not solve this problem, probably that "recovery" pattern would play out in the inplay trading too and I would loose all knowledge about pre race markets if I change. I lost more money going in play than I am in the total green in betfair! I think it's more than enough to stop this!
Actually I am not interesting doing that thing anymore. Exercise in this post seems to work, and I had not even very small temptation from that time. I started to run in the mornings too, seems this kind of attached emotions on imaginative movies helps to make changes. Ok, we will see how things will go further, but at the time I am confident that I broke this destructive old pattern.
Thanks for the quick answer, everyone of us will find a working solution to avoid inplay definitely, hopeflly yours will be effective and I will read only positive posts from you.
ReplyDeleteGood luck and try to write more often with more information.
Scary place to be, I have same issues, self destruct gene present in you too, fight it, fight your ego, take a red. Great blog by the way, my first visit, gonna add you to my blogroll now.
ReplyDeleteHi,
ReplyDeleteif you want blog exchange? http://www.aritrader.blogspot.com/
Hi Aron,
ReplyDeleteJust added yours in my blog list. Nice consistency man :) ! I dream about the same