Am I being too incosistant?
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Hi all, So I've been trading since Jan 1st this 2023 and the first 10 weeks have gone ok. I would say I am around about even but I do invest quite a lot of time into trading so even isn't great really. Well I was investing time, but due to the fact I am not really making any money it becomes tough to want to continue. I hear Ryan and Martin say so many people stop after a few months and don't look for the community to help so this is me reaching out. Have you guys been here before?
I feel that my problem may be that I am working on my own strategy which is doing reasonably well at about 84% but here is where I think I may be going wrong....when the daily email comes out and I will back say the over 1.5s or the SHG but I don't do this daily. I just pick and choose games when I have more time. With £10 stakes it only takes a few of them not to come in and as I am not backing every selection is this me going wrong? As I know they all have a great success rate and are profitable but I seem to just about break even each month so far.
I lost a tiny bit of motivation but I think its just the first bump in the road. I enjoy the trading aspect too much too stop but if there is anyone that experienced anything similar I would love to know how you overcame it.
Thanks to anyone in advance.
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@jamie-wright-0 Yep that podcast is a cracker, stick with it and take your time. trust and enjoy the process
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It's all about mindset and consistency. Get that right and everything else will slip nicely into place. For every hour I spend learning about the technicalities of trading I dedicate the same amount of time to working on myself.
I learn so much from books (or audio books). There are loads of very good ones out there for mindset and mental resilience. This is a particularly good one:
The Power of Discipline: How to Use Self Control and Mental Toughness to Achieve Your Goals by Daniel Walter
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@karl-pick Cheers for the reply Karl, Ah glad you've managed to make things work for you. Nice one. Horse racing isn't ideal for me as my working hours mon-fri wouldn't allow it to work really so footballs my best bet. I track ALL trades however there's a difference in tracking and reviewing so maybe I'll take a look at that too. It's not that the strategies are going wrong so much, I do feel it is where I am picking and choose set and forgets sporadically and just not getting the same success rate on them as I am backing less and seem to be getting a few losing trades in there from other tested strategies. Thanks a lot for the tips and advice mate, I'll post back on here in a few weeks and let you know if theres much change.
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@ryan Quite literally this!!! I was inhaling everything watching hours of videos and constant podcasts (which I really enjoy actually as I listen to them at work) I think I was potentially trying to attain too much too quickly. However, I'm feeling better since posting this thread and getting feedback. I'm going to be a champion
so lets get to work -
@martin Ok well that's reassuring to hear. I didn't realise people would be losing money to begin with etc. I understand it if they were testing new strategies but I guess if people were following closely tried and tested strategies then they would be doing better. Again I'm not looking for any get rich quick, I've reached out to the forum just to see if my situation resonates with anyone. Glad I did now. Again no I wouldn't give up after 10 weeks and felt like I had give it a good go. I'll send you my spreadsheet no problem. My private coaching feature doesn't actually work for some reason? Well at least it didn't went I tried a few weeks ago and mentioned it (via twitter DMs) once I've sent this I'll go have a look and will send you it there. Thanks for the explanation though
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I found the same in my first two months trading just football, just could not seem to get it right, doing various strategies.
Changed to Horse Racing after a trial on the software and since Jan 1st, have found my wings. Yes I wanted to trade football as thought easier but actually the horses, I have found loads simpler and much more profitable.But the key is REVIEW your results, if something is not working find out why?
Look at the Tomacz under 1.5 for inspiration, if you read the rules its actually set up to fail in every trade, but Wins more than it loses!
Just carry on the circle Focus...Plan.....Do or trial.....Review, you will turn the corner very quickly, breaking even is not a bad start, I found it easier to review Losing as could see the downsides. Good Luck and let us know how you get on in another few weeks!! -
I echo a lot of the comments above.
Myself what I have found is that when I try something new that I want to try or get a benefit from or enjoy the first few weeks I go at it and inhale everything and then after I get a bit bored or I hit a bump in the road.
This is where the champions are made though, you've got past the initial excitement and now comes the real work.
This is a great listen https://open.spotify.com/episode/5enQwchlNHui8s5KEJSXTd?si=18377729da124758
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@jamie-wright-0 you have been trading for 10 weeks and you are break even? Congrats you have beaten 90-98% of people of non-BTC members who try to learn trading already!
It probably feels like a long time to you as you are new to it but ten weeks is nothing in the grand scheme of things.
If you were training to be in any career and gave up after ten weeks of training, would you think you gave it a 'good go'?
Has your personal strategy been going well? Have you got a data sheet I could look at? (Send it via private coaching if you do not want to share it with everyone).
Yeah picking and choosing to follow other people's strategies is not great, I do say to test them first and sounds like you have jumped straight in at the deep end!
This will help you a lot, skip to 9:30 in as first part is update on BTC https://www.buzzsprout.com/1516057/6729106
The fact you are enjoying it sounds like you are just a bit down at the moment about it, maybe sit with that and see if it's a temporary thing.
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@jamie-wright-0 You are most welcome, for my part I wished I had started using the forum when I joined, only just really got in to it and it is amazing how much of a help it is. Lowering the stakes, spreading the liability and compounding that's the way forward. It may take longer, but it wont take that long and you don't risk blowing the bank or doing mad things like chasing. Plus you get a chance to make more mistakes and thus learn more.
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@richard-coxon Hi Richard, thank you so much for the great feedback. I fully understand what you say when you it's not about making money as a priority but mindset instead. I think I needed to hear that. I may try to lower the stakes and back more selections I think that could work/help. Thank you very much for the time in reaching out mate it's greatly appreciated.
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@rachel-murray Heya Rachel, I've just got home so I'll get the kettle on and watch that video if I get time tonight. Thank you very much. I'll reply again once I have watched it through.
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@jamie-wright-0 said in Am I being too incosistant?:
I feel that my problem may be that I am working on my own strategy which is doing reasonably well at about 84% but here is where I think I may be going wrong....when the daily email comes out and I will back say the over 1.5s or the SHG but I don't do this daily. I just pick and choose games when I have more time. With £10 stakes it only takes a few of them not to come in and as I am not backing every selection is this me going wrong? As I know they all have a great success rate and are profitable but I seem to just about break even each month so far.
In regard to the set and forgets, if you decide not to do a selection on the shortlist because of valid research - ie team news indicates the goal scoring ability is impared or whatever then of course scrub it, if you miss the odds range for the strategy etc, valid reasons not to do it also. Doing them adhoc may decrease the stike rate. Sods law kicks in and you do the one that looses, whereas if you had done the full list, then theat loss would have been mitigated.
For the same £10 stake, you could do 5 at £2. Ok, the returns are lower, but after only two or so months, money making should not be a priority, developing the mindset and building confidence in yourself and your strategies is what is more important. I have been trading on Betfair for a few years now and I still breakeven over all, the difference in I am breaking more even over time, being in profit more than in loss. It's taken a few banks to realise it's not a get rich quick scheme and I very seldom go live in to a market with more than a £5 back stake or a £10 liability on a lay.
Today for example, I only managed to get on 4 selections iin the 1.5 market (all the others were outside the odds range), one has come in so far, the TS Galaxy Tomaz selection, the other three are not yet known, hoever, my total liability for the day is £10, the three backs and one lay, I am now ony exposed for £6 after the lay came in. My point in saying this is you can get a fair number in on low stakes, if all come in, I make £3.50 on the day, or 1.5 points on the set and forget football bank. If none of the others come in, I am down only 3 points on the day, but over the week it will spread the risk as long as I stick to the plan and back / lay selections for valid reasons.
Glad your own stategy is doing well, stick with it. You are in a good place here.
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Hi Jamie, I don't trade football but when I'm testing a new strategy I try to trade every match that I find so I can see if it's going to be profitable. I vary my stakes so on a new NBA strategy I'm only using £2 stakes so there's little pain if it doesn't work. It's taken me a good couple of years to get consistent profits
I found this video helpful with my mindset as that has been a huge stumbling block for me to get over -
