Advice on how to build a very small bank?
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Hello everyone.
I hope you dont think this post cheeky of me and I have to apologise because I'm fairly new to this. I've been trying to learn to trade for a little while now by watching videos on youtube etc, mainly concerntrating on football but I haven't been very successful. Not having much capital (not having any capital at all really) I have been using starting banks of around £10 (I know it's not a lot at all but this is the situation I find myself in) and the most I have been able to grow it to is roughly £100 before i implode and lose it all rather quickly. Is there a good method to use to build a very small bank? What filters would you suggest I apply? I am more than happy to take it slowly and would aim to be using a much bigger bank within a years time. Literally any advice you can give is very much appreciated.
Thanks in advance.
Mike. -
I tell you what, cashing out at a loss on the Sportivo San Lorenzo v Libertad at 70 minutes was difficul. Felt very counterintuitive but I talked myself into it. Stuck to the plan. Today I made about 50p overall but I lost 0 money which wouldn't usually be the case so hopefully this is a turning point in how I view trading. Never been so pleased with a loss.
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@dave-jessop and I think this is what I've realised. I've been focusing on completely the wrong things. I think I'll practice with Martin's unders, Ryan's 1.5 split stake and Keith's Ltd at half time and just get used to following the rules for now. Get the day planned out so I know what I'm doing and when I'm doing it etc. Then when I'm happy I can be disciplined I will start implementing my own strategies.
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@michael-doyle Its hard to do, i struggled with it a lot and still do so i certainly understand the difficulty in it! Since i improved my discipline my trading has improved exponentially, and its not entirely down to selection. Think about trying to judge your performance on how you trade (creating the plan, sticking to the plan, getting in & out at the right times) rather than the outcome and i suspect the results will follow
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@lee-woodman you're dead right. Sticking to the plan has always been hard for me so let's see how I get on! I guess if I change my mindset then I can change my fortunes
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@michael-doyle Theres been quite a lot of studies showing that humans as a general are a lot more inclined to take a risk when it comes to losing than to winning, at a ratio of about 2:1. So its something that needs to be reversed in my opinion, that mindset of cutting losses early. If you stick to the plan and keep losing then its the plan thats the problem, if you dont stick to the plan and keep losing then you cant figure out whether its the plan or the execution
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So I've been doing a few trades here and there since I posted this and its dawned on me just how greedy I am. Holding out for that little bit extra green and losing it all instead of just cashing out at 20 mins or when a goal goes in. Waiting too long before trading out so my losses are worse. In my head my mindset has been to grow my bank as fast as possible and trying to figure out how to do that but in reality its not going to happen because I just havnt got that discipline. That's when it hit me. Reading through these pages I've read about people who have big banks already starting again from nothing just to see if they can do it again. It's not about making as much money as I can at this stage, it's about learning the processes. Learning when to enter and when to exit and most importantly it's about learning discipline.
I've been unruly my whole life so let's see if I can't teach myself a little regulation! -
I’d say patience is key when building from a small bank. Start with the strategies and videos mentioned below. Patience, discipline and those strategies will get you there
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@john-folan I'm deffo going to give this a go when I've got a bit more of a bank and some more knowledge on horse racing! Thanks.
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@ryan-carruthers absolutely. I'm going to watch those videos you mentioned and put it in to practice. I'll start by following a few trades from you fellas, I think Keith's look good as I do like a Ltd. I'll build from there but its deffo bank management and stakes I've fallen down on. I'll crack it eventually.
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@michael-doyle Hey buddy!
Yea there is loads on the forum and also the Tube bud, Do you think this might help.....
Start with £10, then when it hits £100 put £50 of it in money bookers/skrill/paypal (mainly and account you can't see etc....)
Then trade with the £50 bank start again effectively, if you blow it then don't worry you have 5 more goes at building again, but I dont think you will. Its a mental shift for you £10 works well when more money comes in you are thinking about losing the money as the numbers are bigger and focusing on that instead of the trades.
It's totally normal, as humans we aren't set up to lose money my friend. I did a series of videos on this I'll tag you in them now.
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Little Acorns. Details on my horse resources and the horse racing thread.
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Thankyou both very much I will give these lads a follow and see what they're about. I deffo need to be more disciplined when it comes to trading.
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@michael-doyle Like Ben said, copy Keiths selections if you can. You'll maybe need to back the next goal rather than LCS to reduce liability. Martins unders are decent aswell, either as 'set and forgets' are to trade the first 20'. Ryan has a good O1.5 split stake system too. These last two are on the stats software as filters and they are emailed out aswell as posted on the forum
Alongside that you need to work on staking/bank management/discipline etc. It sounds very cliche and almost repetitive to say it but its a hugely important issue in trading. Im sure any trader can attest to this! Ryan has done loads of great videos and blogs so watch & read those rather than random stuff from youtube. Theres so much gold on this forum at the minute!
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@michael-doyle martins unders as well is a good one
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@michael-doyle just copy Keith’s selections. And paper trade some of your owe strategies until you feel they are profitable. Worked for me
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I think it was a mixture of things to be honest. A bit of recklessness after a few losses and upping my stakes to try and recoup what I had lost. Also not really settling on any particular method maybe had a lot to do with it.
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Can i ask how you lost it all? Were you risking a large part of your bank each trade and therefore you hit the inevitable downside of variance or did you get careless & reckless?
