Thursday, 3 June 2010

Watch out for Polaris Rangers...


...they can be hazardous to your health! Some chap was out riding a buggy provided by a sponsor and took a tumble, which threw Lingfield racing into disarray. Apparently he sustained head injuries and had to use one of the on-course ambulances. Since there has to be a minimum ambulance provision, things got a little delayed as they put the racing on hold. Just when you think you've seen everything! I hope he was ok...

Money mountain
I had a fairly stress-free trading session today. It all felt a little less desperate and when that happens, money usually flows quite nicely. I usually try and conjure an image in my mind of this money pile which I try and add to with each race. It doesn't matter if it's 50p or a tenner, it all goes on the pile and trickles down from the top. Looking at things this way means that I respect each bit of profit that I make. If I don't have this image in my mind, it's usually because I'm being greedy and am not grateful to just be make positive amounts; this is usually my undoing as demonstrated by the last couple of days' trading.

Today's summary
I used £50-£100 stakes where appropriate, scratched well and took fewer chances. I did have one in-play punt with a lay at 1.06 on, what was at that stage, a two-horse race. I watched a similar scenario yesterday which could've paid out if I hadn't been so hesitant in getting my money on, so I threw caution to the wind today but this one didn't pay off. It could be argued that this is a bit silly given the delay in the pictures from the course combined with the in-play delay but for that sort of liability it's acceptable I think.


More on-track shananigans at 16:40 saw me get on the right side of a withdrawal which jumbled the markets and doubled my £10 green. I'm not quite sure how and I didn't question it!

Overall I'm pleased with how things are coming along. I had to take the plunge with the bigger stakes sooner or later. As I've commented in the past, learning with £2 stakes isn't really learning because I behave totally differently when there is money at stake, and I suspect others do too. So if I can offer any advice to beginners, it is: trade outside of your comfort zone more often and you will force yourself to see things you might ordinarily have missed.

6 comments:

  1. Good to see things are coming along Mets, I'd agree with your comments on small stakes. It's a whole new ball game when you play with real stakes and a lot of what you've learnt with £2's just isn't valid any longer and you'll find yourself starting all over again.

    It's no surprise to see traders thinking they've cracked it with smaller stakes only to fail once they've upped them to something worthwhile and then spend most of their time yo-yo-ing up and down with stake sizes wondering where it all went wrong. Sometimes you've just got to bite the bullet and if you fail pick yourself up and try again. If you really want something bad enough you'll usually achieve it or at least realise it's not your 'thing' and move on rather than waste time trying for something deep down you know you're not cut out for.

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  2. That's it BT - He Who Dares Wins...or dies trying!

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  3. take it to yet another level and trade with someone else's stake money for a week.

    You will begin to learn things you hadn't realised needed learning.

    Quinny

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  4. Interesting approach Quinny - did you actually find a guinea pig for this experiment?!

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  5. The experiment was starting to teach my girlfriend to trade about a year ago using a bank I deposited for her.

    I learned things then which I don't think I would have learned from just my own trading.

    Because it was my money she was very protective of the bank and as a result we increased her stakes to the £100 mark within just a few weeks. Her money management was clearly her forte and going inrunning never was or is an option for her as it was my money she was risking.

    I wanted to recreate the sense of trading with someone else's money for myself to see how it affected my thinking and performance. It had to be money from someone who couldn't afford to lose it but also the understanding was that I was not allowed to replace any which was lost.

    I got around the conundrum by showing someone my girlfriend knows, how to do the bookie bonuses and we raised a bank that way.

    For the last 2 weeks in April I allocated 4 races per day where I traded with their money. It was 50 races in total.

    You can learn an enourmous amount from exercises like this because it helps to amplify strengths and weaknesses to the volume where you can notice them more easily.

    We filter our thoughts continually by deleting, distorting and generalising the information which bombards us. We have to filter to avoid chaos but it means we notice our traits (trading traits) less readily.

    Quinny.

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  6. Interesting stuff indeed - this is the first account I've read where somebody has improved their trading via this method.

    Perhaps I could put this into practise - lend us a monkey old bean and I promise you will get it back honest ;)

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