totally new to trading..any advice?the does and donts please

[ihateowls]

Been on betfair a long time now,i have a healthy bank and all that mainly through laying but i lost my job last week because of this thing called a recession and nobody wants to build houses any more in Ireland...but i have always threatened to get into betfair on a more full time basis...i would call my speciality football but i do alot of laying horses,but its a risky business laying horses,alot of work goes into laying horses and all it takes is one of them to come in and then you have a bad day..so what i would like to do is a bit of trading and have a steady turnover coming in without the stress of just being an out and out layer...if you know what i mean..i would love a bit of advice on trading as i sail the good ship 'ihateowls' through this new ocean that is trading...

[Temujin]

Do: Read through the forum.
Don't: Repost the same question over and over when there are plenty of threads that you could find so people wouldn't have to repeat themself.

[muppets]

sorry about your job.

1. take it slowly.
2. if you want to trade then trade, if lay then lay, don't let a small loss (trading) get bigger (lay/back IR)
3. find "the edge" - a market that suits your stile and you are comfortable with.
4. Good luck and HF

[shadowninja]

Do let profits run.
Don't let losses run.
Don't chase the market.
Do learn to step away when you're not doing well.
Do take your time to learn.
Don't risk too much per trade.

[kawasaki]

go search for new job, becouse if you are complete novice in trading, there are months and months of learning ahead, and even then there is no guarantee that you will be able to make profits

[ihateowls]

Just one more question guys!i heard the golden rule of trading is never let it in in play,is this rite?

[napshnap]

Only if your strategy isn't based on going inplay.

[shadowninja]

I only trade in-play. I do sometimes do HT and pre-game if I see an opp, so maybe 10-20% of the time.

But if you're trading pre-game, chances are:
1) You're counting on a trend to continue that is not impacted by goals
2) You're risking a lot more of your account than you would in-game as the risks of catastrophic loss are much lower (but not impossible as BF servers have died twice this year already).

[muppets]

Just one more question guys!i heard the golden rule of trading is never let it in in play,is this rite?

the rule should be: do not mix pre-race trading with in-play, because at the start anything can happen.

and the new job advice is a very good one. you can trade part time, and if you get good at it you could go full time, if you like the peaks.
look here :http://www.geekstoy.com/forum/showpo...5&postcount=15

[ihateowls]

Ok. I dont want to be annoying people with stupid posts and saying the obvious..just had my first day as a "trader" i won't say it went plain sailing but it didn't go belly up...i have a few corners to knock of my self with regards disciplne...but not a bad day.evil

[shadowninja]

Keep it small until you can iron out the issues. Otherwise you'll just have to keep feeding the monster.

[ihateowls]

Hey guys?just a quick question about trading i am trading with a bank of 250 in my account at the moment just to get the hang of it..making between 25 cent and not over 2euro per race when i get the rite trades...it sounds small money and probably is to the larger traders. i am trading to lose about 100euro a horse and just working at one tick but just doing the one horse per race.what i am wanting to know is how many horses are people trading per race?

[shadowninja]

I trade football in-game and scalp 3 markets at most, even if I'll have up to 20 open on my screen. I can only eat one Weetabix, though.

[Temujin]

Hey guys?just a quick question about trading i am trading with a bank of 250 in my account at the moment just to get the hang of it..making between 25 cent and not over 2euro per race when i get the rite trades...it sounds small money and probably is to the larger traders. i am trading to lose about 100euro a horse and just working at one tick but just doing the one horse per race.what i am wanting to know is how many horses are people trading per race?

Depends on your strategy really. I am watching the odds of every horse in the race while I work. Doesn't mean I will trade them all, but I am ready to if the need arise.
But I only have 1 ladder open on horse racing, I watch the odds on the grid, and am ready to switch between any runner. So essentially, I am only really ever trading 1-2 at a time, but could still trade half the field, and have done before.

[Temujin]

There is no right or wrong answer to that. Depends purely on your strategy and what you can handle.