I'm a bloody idiot!!

[Kamikaze Bob]

After downloading The Toy just over a month ago (absolutely great stuff once I customised it) I managed to turn £20 into £95 by scalping the 2.5 goals markets and a few others where I could. Was doing great, and think I let myself get big headed.

Last night I was trading the Barnet/Bury match, with bugger all liquidity, and managed to lose £38 being caught with open trades. Was pissed, but kept my head and managed to eek out a couple of quid on the 4.5 market to console myself. Reminded myself not to trade on low liquidity markets. Again. :Naughty

Then today, with the Arsenal/Spurs match, I set my bets at £25, (half my bank, keeping half for other markets or a safety net) but started trading the overs and unders at the same time, caught open at the first and second goals. Managed to reduce the loss before half time, and should have taken the £11 hit, but had a trade open over half time and wasn't taken before Spurs scored for 2-1, so lost another chunk. Then went onto the Match Odds and traded the draw, and got caught out again. After that, took my loss, another fiver, and closed everything and took the baby for a long walk to clear my head.

Bottom line, just over £95 whittled down to £17.30 in 2 matches. Got greedy trading both sides of the market at once, and should have gotten out sooner, especially with 2 goals in and feeling certain there would be another. Feel like a complete idiot, have to start over again.

[KOTBIIAJIbTO]

Don't worry Bob, you are not alone Me too lost 150 USD several days ago on horses by letting it run :Naughty Lost about 30 USD first, then tried to get it back and started gambling... I'm back to trading now.

[kawasaki]

we all been there, welcome to the club :Brilliant

[flok]

dont worry, consider it the price you paid to get more experience for the future tradings.

[RobinHood]

Don't worry, everyone has to go through this to really understand what trading is about. After these trades you'll realise how fragile the market can be and that you just have to live with the fact that there are times when you can't do nothing about it. Another lesson learned the hard way - welcome to the club.

[Quo]

Don't worry, everyone has to go through this to really understand what trading is about. After these trades you'll realise how fragile the market can be and that you just have to live with the fact that there are times when you can't do nothing about it. Another lesson learned the hard way - welcome to the club.

Indeed, and this is exactly why simulation mode/test mode/fake money mode won't help you a bit cause it doesn't affect your real bank. A smack in the fake does! Trade, observe, absorb , adapt...

[KOTBIIAJIbTO]

After these trades you'll realise how fragile the market can be and that you just have to live with the fact that there are times when you can't do nothing about it.

Maybe that's the point! Most of us are afraid to lose control of the situation which is one of the three major fears people have. This fear might be the cause of that catatonic state of mind when someone is sitting in front of the monitor watching the market going the wrong way till it is turned in-play. The problem is that when someone is terrified, his or her brains are somewhat switched off preventing this person from any kind of rational activity...

[Emkayracing]

The thing to focus on is money management...

I managed to turn £20 into £95

Then....

managed to lose £38

And finally....

I set my bets at £25..... half my bank

So the hard work at the beginning with the initial stake was a waste of time through later mis-management of staking, gambling or going on 'Tilt'.

As others have suggested, you have got to go there to come back - just learn from the errors along the way.

Level stakes or % of bank stakes are the best way forward - set them, stick to them and take it from there

[lewismbet]

I don't wish to be too hard on you however I think it is important to distinguish between losses from an error of judgement and 'losses' proper.

In the former you may have been greedy and left the position open and for too long or used stakes which were too large or a number of other lazy characteristics.

In the latter it may just be that you do not have a profitable system or it is a lot less profitable than you initially thought. Sadly this is often the case with in-play scalping as you can have 5-10 matches where you are 'skillfully' scalping and showing green only to be 'caught-out' by a goal which destroys your previous profits. In this instance it is nothing other than the percentages working themselves out.

Hopefully it is not the latter however it is something to bear in mind and is similar to picking up pennies in from of a steamroller.

[Kamikaze Bob]

Appreciate all the comments guys. Most of it was just me trying to trade in a situation that I really should know better, but because I had been on such a good roll, I went ahead anyways. A few days ago I lost a little due to getting caught out, but managed to catch up and turned a small profit, not through over-staking, but being patient and watching the market move a little better. I thought I could do the same yesterday and today, but let myself get greedy as well.

Worst part is, I could have stopped when I was just over a fiver up, which I told myself I was going to do, but because the previous trades were so easy, and I had lost yesterday, I kept on and on, and paid the ultimate price.

Thought about it a lot today while walking the baby - she slept the 90 minutes we were out, so had plenty of time to myself - and have decided to start with the £17 in the bank, gonna try and just get up to a few quid each time and stop, build the bank up to about £100 again. Once at this stage, I'm just going to trade for £5 or so every match then withdraw the profit, and keep doing that. I figure during the season I can make about £20-£30 per week once the bank is built again, and use that towards either buying a motorbike or our wedding - depending on how well I do! :P

[Kamikaze Bob]

Don't worry Bob, you are not alone Me too lost 150 USD several days ago on horses by letting it run :Naughty Lost about 30 USD first, then tried to get it back and started gambling... I'm back to trading now.

we all been there, welcome to the club :Brilliant

dont worry, consider it the price you paid to get more experience for the future tradings.

Don't worry, everyone has to go through this to really understand what trading is about. After these trades you'll realise how fragile the market can be and that you just have to live with the fact that there are times when you can't do nothing about it. Another lesson learned the hard way - welcome to the club.

Indeed, and this is exactly why simulation mode/test mode/fake money mode won't help you a bit cause it doesn't affect your real bank. A smack in the fake does! Trade, observe, absorb , adapt...

Thing is, I should have learned these lessons long ago. Been trading on and off for 3 years, and usually ends with me losing a big trade, and betting the rest of my bank on something to rebuild. Almost did it today too, was going to bet what was left on a football match, but thankfully was hurried out the house by the fiance to a birthday party.

So the hard work at the beginning with the initial stake was a waste of time through later mis-management of staking, gambling or going on 'Tilt'.

As others have suggested, you have got to go there to come back - just learn from the errors along the way.

Level stakes or % of bank stakes are the best way forward - set them, stick to them and take it from there

I had been using quite an aggresive strategy. Was betting the entire bank at first, then using just under half so that I didn't wash out, even when I got up to £95. That's how I lost so much on one market on Friday night. Was left with about £55, and was betting £25 stakes.

I don't wish to be too hard on you however I think it is important to distinguish between losses from an error of judgement and 'losses' proper.

In the former you may have been greedy and left the position open and for too long or used stakes which were too large or a number of other lazy characteristics.

This is exactly what happened. Betting both sides of the market with just under half the bank on each, was totally stupid and I know it. I got greedy trying to recover the loss from last night.

[Kamikaze Bob]

And the bank is bust!! Bloody cup games...

Stepped into the West Ham vs Man Utd game tonight at 1-0, scalping the 2.5 and 3.5 markets at the same time, £10 each as I had managed to build the bank up a bit past £25. Goal scored while I was open on both markets.

Start trying to reduce my liability on both, doing not bad, but end up open on the 2.5 market when it goes to 3-0. Now I have a balance of about £9 available. Try to get a couple of quid back by betting the whole bank, and was planning on betting the lot on "any unquoted" on the correct score and letting it ride, but was open again when the fourth goal went in.

Now have 6p, with £1.37 to come from my small trade on Wagner in the X Factor, so can't even have a bet with that.

Am thinking I'll take a break until after Xmas, then start with mibbes £20 again.

[Caan Berry]

From what i can see your down about £104 ? dont be so harsh on yourself, we've all done it.. several times.... could be worse could of pissed 3k up the wall in a moment of madness lol, a similar feeling but far worse

[Kamikaze Bob]

Technically am only down £20. Spent a month going at it very aggresively, built up to £95, then had a few bad sessions, last night wiping me out. When things are tight, I have to remember that. I think taking the time out will help, Xmas is going to be stressful enough!!

[unimatrix01]

bloody kempton

Like yourself with the footie I had a very bad day yesterday at kempton. Just could not go green no matter what I did and the one horse which by all the form was a total donkey went on to win at big odds after i did a straight lay on it hoping to green up as it drifted out. It never did. Bloody fool me for trying my luck on a 7 furlong dash.

I have decided to leave alone now until after Christmas and see what I am going to do from then on. Also need to re-build the bank. Thanks Kamikase for some great posts and might see you in the new year. Until then have a great yule tide