Wanna be trader-Blog

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KC83
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Wanna be trader-Blog
« on: February 29, 2016, 02:59:12 PM »

Hi there!
My name is Kris! I haven't seen any blog here yet but I hope it is not banned to have one here.
I decided to start blog to sort myself out. I hope ( we say in my country that hope is mother of fools  :o ) and believe that will help me to make some progress. I know there is a lot of professionals here and they will be able to give me some advice as well.
It took my long time to make that decision( I thought about that 2 year ago ) but since Sunday week ago I lost my bankroll which I have built up since December. It wasn't large amount of money, just over 700 pounds but it hurts me a lot because 2 years ago I made exactly the same mistake but I lost nearly 1000 pounds then. Like You see some people ( IDIOTS like me ) don't learn on own mistakes.
The main reason why that happened is my poor state of mind?
I have a big problem with leaving market with loss and what is probably even worst I am too greedy. Yesterday I lost 300 when I could hedge market with 100 pounds on plus. Week ago I did exactly the same, so instead have about 1000 I have let say nul.
Of course my bankroll management is poor as well and I need to change it as immediately.
In December I borrow money from my credit card, free of interest ( I did the same thing 2 year ago it worked ). I was arbing and doing a little bit trading on a side. Like I write above my bankroll after about 2 months was 700 ( I don't count that 2k from my credit card cos that has to come back to my credit card in December )
Yesterday I actually went a little bit below 2k and I found that it starting to be dangerous so I need to STOP being an IDIOT and start making money, STOP being GREEDY cos greedy lose double:)
I will try to set some rules for myself when I am trading. I have to keep arbing as well to built up my bankroll.
I lost my money trading mainly NBA ( that whats happen when You start trading in the middle of the game without any info about whats going on the court, I would never started trading game if I knew LeBron does not play  :-[ , of course wizards had to hit four 3 pointers in row!   >:( ) and a little bit on tennis.
From now I will be trading only tennis until I will get more experienced.
I will be trading mainly women.
I will never trade Dlogopolov cos this guy is crazy:)
I will be using simply 40:15 tactic for now and see how it will be working.
I will get API software when I build up my bankroll over 2(100).
I will be doing research before trading.
I will not be trading final set.
I will try to trade only 1st set.
I will be posting my progress on blog.
I will be reviewing my trades ( won and lost ).
I will not be rushing.
I will pay more attention on market to find best exit points.
I will read more about trading.
I will finally start and finish read " Awakening the Giant within"
If You have anything to add what is important please write it below.
Wish me luck!
( If post is in wrong topic please move it somewhere else)
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yorkjoss
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yorkjoss

Re: Wanna be trader-Blog
« Reply #1 on: February 29, 2016, 06:36:14 PM »

what you did was not unusual, gambling and arbing/trading are close relatives but they should only be allowed to meet when you are in 100% control, when chasing losses we are out of control, if there is one thing certain what you have described you will do again despite all your promises posted on here, many arbers have lost everything to gambling, make sure you are not the next one, it's another one of the occupational hazards that some of us have to deal with.
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dealer wins
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dealer wins

Re: Wanna be trader-Blog
« Reply #2 on: February 29, 2016, 06:50:57 PM »

Just remember that you are placing trades on the exchange with other traders 99% of the time, so dont expect to make millions unless you got an edge!
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KC83
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Re: Wanna be trader-Blog
« Reply #3 on: March 01, 2016, 11:24:18 PM »

what you did was not unusual, gambling and arbing/trading are close relatives but they should only be allowed to meet when you are in 100% control, when chasing losses we are out of control, if there is one thing certain what you have described you will do again despite all your promises posted on here, many arbers have lost everything to gambling, make sure you are not the next one, it's another one of the occupational hazards that some of us have to deal with.
I think You are VERY right, I've read many threads were one was losing entire bankroll to gambling. I think that I was more in a gamble mode than in trading mode( I probably never was in that mode), however I haven't thought about chasing loses. I wasn't thinking about money which I lost, I was only thinking about how much I can win( cos I am the "best"= overconfident  :-[ ), I was too greedy and I lost double.

BTW: Today I traded on 2 tennis markets and I was  2.23 in plus. Both trades won. In first one I accidently pressed mouse bottom and I bet on slightly better odds than I should have.
In second one I've done everything ok. I almost predicted were odds going to be on my exit points. i was wrong by one tick. Bad thing about second trade is that I was tempted to let trade running. I haven't done that even though I knew it will bring me extra profit and it would. I was tempted again later to do it again but again I left market with tiny loss if I stayed I would lose more.
I didn't win much but at the minute I just want to get myself disciplined so I won't gamble again.
Tomorrow I will try place some arbs. I just need to buy subscription for arbing.
I downloaded bootfair. I will be keep using all free trials before I buy any API software.
@ djomla111:
Your support is priceless  ;) I go on bike on Saturday
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KC83
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Re: Wanna be trader-Blog
« Reply #4 on: March 03, 2016, 10:12:21 PM »

I was wondering today, why I was so greedy. I came to conclusion that I wanted rush everything because lack of time. At the beginning my journey I had much more time for myself cos my girlfriend worked at the same shift as I, so afternoon we both could look after my daughter. Now she works afternoons to I have to stay with my daughter, she is only five so it's hard to leave her on her own for more than half an hour so I've never had time until she goes sleep. So I wanted win more in shorter period of time.
I still wondering why at the beginning I was happy to win a pound and now I am not any more. I was criticizing anyone who was gambling and I gambled at the end.
One trade Yesterday. I was still using 40:15 strategy, but I was unlucky cos I had loss of over 6 pounds.It would be less if I traded in first set. Good thing is I didn't lose control and I was leaving market in my exit points. I missed to opportunities to trade cos had to read to my daughter.I would have be probably in plus if I would have done them two trades.

Today, one lost trade(0.9). I laid fav and she broke opponent very early in second set.
I havent placed any arbs like I planned. I didn't have time for that.
« Last Edit: March 03, 2016, 10:15:57 PM by KC83 » Logged
KC83
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Re: Wanna be trader-Blog
« Reply #5 on: March 05, 2016, 07:01:15 PM »

I have made few trades since last post and I'm slowly going forward. I am sticking to low risk strategies and keep watching markets to find best entry points. Try to memorize what happens when some situations occurs. I wasn't tempted so far to gamble or leaving positions open. I had situations were I wasn't matched on price which I liked and I had to take different price. It will be long time to learn how to trade properly but I believe that's only one right way. Don't give up and keep going.
I know that the best is using big swings to make big money but it will take time to learn how not to be greedy. I usualy read game well and if I keep some of my trades open longer I would be able to make  more profit but with my weak mindset I could lose more as well.
I started reading "Awakening the Giant within"  and I downloaded trial of fairbot to make my life easier. I like it much more than betangel.
I will try to make some trades later if I find right market.
I found a new strategy but I dont know is it going to work. I've never seen it on any blog so there is a big probability it will never work :) I need some time to follow odds movement before I will use it.
« Last Edit: March 05, 2016, 07:20:35 PM by KC83 » Logged
KC83
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Re: Wanna be trader-Blog
« Reply #6 on: March 08, 2016, 10:52:57 PM »

I tried to trade on last Saturday but it didn't look good. I gained some profit in third or fourth game and I was  waiting for next occasion and then market turned against me and I had small lose so I decided to trade tiebreak, I had some tactic for that and I went against my tactic, firstly I made profit so I thought I was right then I wanted more so I started trading on the other player then it turned against me and I was in red. Luckily (cos stupid is lucky) I made some profit and I escaped from market. I should have lost that trade but by accident I won. I totally lost control over the trade.
My journey will be much longer than I thought but I won't give up. I know I can do it. I need to spend some more time on computer unfortunately when I have time there is not much to trade.
I was checking how odds moving so I can apply to my strategy. I think it can work but I need slower courts to try it, and right game. Problem is that if odds will be moving differently on slower court it won't work. I need to wait for until that "circus" move to Europe
I am going to add some extra rules from now:
I will not trade on underdog ( unless I'm sure that it will bring profit ) using 40:15, becaus if market turns against me it take too long to gain it back.
I will not trade tie breaks. If I ever do I'll follow my gut not a hope. I mentioned before that Hope is a mother of fools:)
I will leave market when I will lose 25% of my initial stake. I'd better go trade something else that watch that red figure.
I will be patient!
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KC83
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Re: Wanna be trader-Blog
« Reply #7 on: March 12, 2016, 09:03:53 PM »

Hi!
During the week I thinking about my trading and I decided that I will not stick only to "safe" strategies for now. It seems to be pointless cos as soon I start trading in more risky way I won't be able to adapt to new situation quickly. I have made few trades so far trying to follow my "gut" and its look ok so far. There is still a lot to learn but if I want to have any edge over other traders I need to be elastic and use right strategy in right time. I was focusing on starting the trade on best possible price I know it's important but not only that. I think more important is to have a plan "A" and plan "B" and even "C". I need to be prepared how to react when something happens. Yesterday I watched and traded crazy game Radwanska vs Cibulkova. I was trying to quess what will happen and I was predicting well during the game but I left market cos I was scared. I still made about 10 quid profit but it could be much more.  I think its pretty good considering fact that my initial stake was only 20. I try talk to myself during the game and write it down. It is helpful. In the past I wanted something to happen even if I saw that will never happen. Now when I am writing down it is harder to make mistakes. I know I still do mistakes and I will be doing it for long time but it is best way to learn. I will write down my mistakes in future as well so I will be more likely not to do them again. Sound easy but it is always harder to do.
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Arbusers
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Re: Wanna be trader-Blog
« Reply #8 on: March 14, 2016, 04:00:28 PM »

The game that scares you the most, might be the game with the highest profit. But yet again, being stressed to bet higher, might be a good thing.
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KC83
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Re: Wanna be trader-Blog
« Reply #9 on: March 20, 2016, 09:39:18 PM »

Hi!
The game that scares you the most, might be the game with the highest profit. But yet again, being stressed to bet higher, might be a good thing.
 
I think that You are right, games which scares me most will definitely bring me highest profit so until I will be confident that I make right decisions I will keep my stakes low, cos those games can bring me biggest loses as well:)
I didn't have much time last week for trading. I made 3 trades, one ended up bang on "0", however it is success because after 1st set I was 18,5 in red. I would have probably finish trade in green but I had to leave for couple of mins to pick up my GF and when I came back I notice that I would earn 20 ticks but I didn't want to leave it running when I am not in front of computer. I choose wrong moment to enter and that has created a large minus after first set. I am happy that I found a way to make profit in 2nd set, and I am happy that I didn't get frustrated and was able to control myself. I just said to myself, think and trade if you find an opportunity. I didn't think about clearing that red position, I just accepted fact that I will finish trade with lose.  Other two trades end up in minus, one something about 8 and other about 3. I found better entry points by making mistakes which is good. I think I slowly learn. I hope that during easter I will find some more time for trading. In next week it will be hard to trade anything for me because I am part time insurance broker and I have some appointments with customers so I won't have much time for myself.
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KC83
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Re: Wanna be trader-Blog
« Reply #10 on: March 27, 2016, 12:33:44 PM »

Hradecka-Bouchard total disaster! I was completely lost. I started trading while I was angry which was a big mistake. I entered market as soon as I could and I started with loss straight away. Then I calmed down and I believe made right decision but then something strange happened. Player who was serving and leading 40:0 lost next 6 balls and I went into deeper loss. I got angry I switched players and then other player was 40:15 leading and lost game. Red was getting deeper and deeper. I had my exit points but I passed them. I finally get to the point where I was only 4 quid in red and I could leave market but I thought it will be better to leave it open and of course Bouchard missed massive sitter. I could smash that ball better with left hand and closed eyes. I went in red again I stopped caring and I end up in big red.
170 in red. It will take me now month or so to gain it back but I won't give up even if I thought about that. I have to make my list yes/no on paper and read it every time before I even sit in front of PC.
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Arbusers
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Re: Wanna be trader-Blog
« Reply #11 on: March 27, 2016, 01:17:25 PM »

Why did you ignore your stop loss?
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KC83
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Re: Wanna be trader-Blog
« Reply #12 on: March 27, 2016, 02:05:29 PM »

I was angry, didn't think clear and I thought I can "win " it back. I though if I "strech" my max loss a little bit it won't affect my trading aka gambling  :-[ The biggest mistake was that my stakes initialy where to big and I entered market to quickly without proper view on the game. I planned to trade for a short while and go sleep. I wanted quick ( 5 to 10 mins) and "easy" money just a few quid to make my mood better after shitty day. I was going to finish trading after that game which turned from 40:0 to lost game. I was even in plus when there was 40:0 and I could leave market but with every ball I was getting more and more in red. I hoped to see player finishing game when game reached 40:40 I passed my exit point ( I should have left market then but I thought I will be fine ).  I actually had my cursor over hedge bottom later when I was 4 quid in red and I would have probably finished in profit if I would have edge at that point cos my tactic or way of gambling would have change but because I was greedy I knew that next ball would bring me nice profit cos player would brake a service I just couldn't leave market. Trading after shitty day wasn't good idea and it made my next day even more shitty. I just hope that this will teach me something.
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Dentz
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Re: Wanna be trader-Blog
« Reply #13 on: March 27, 2016, 06:28:53 PM »

Things to learn.
-There isn't such a thing called easy money.
-Never chase your losses.

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Never lose your capital.
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