Fortune Favours the Bold
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@dan-mackinnon haha I like that Betfair Dojo! @Ryan can we make this the next BTC add on?
Good luck with it mate, keep us updated!
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Here we go then! Finally committing myself to one strategy and will track my progress. I've walked into the Betfair dojo and ready to get started.
SHG
- Sheff Wed vs Morecombe
- Ross County vs Aberdeen
I'm also keeping an eye on Bolton, but following Sod's Law, the first selection will be a loser so maybe I'll hold off.
The strategy is to lay the next goal market at HT using min. stakes. I'm hoping for odds in the range of 4.0-4.5 and I will likely queue at 4.0 so might miss some early SHG. There have been bad days rather than losing streaks. Therefore, I consider 6% a slightly aggressive approach but will review each week for the first 6-8 weeks to make sure my staking is correct.
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Scalping Challenge
Day 7: +.23
Day 8: I forgot, so nil pointsDay 8 Target: +2.64
End Total: +2.61I'm going to end this here because I'm back in the office more regularly now and didn't want to feel I had keep this going in the evenings. I'm quite pleased to turn it round from a -.17 start to getting back on track and forgetting a day. From the handful of days I've learnt the following lessons:
- Chasing imagined winnings is as bad as chasing losses
- 1 bad trade/ day won't ruin everything. Detach and look at the bigger picture
This has also given me enough time to collect some more data and from next month I'm ready to start trading. Although I wanted an 01.5 filter I've noticed SHG looks more promising. Following the BTC golden rule I'll stick with the 1 strategy but will continue to paper trade o1.5 and late goals.
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@dan-mackinnon well done on keeping your discipline!
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Day 6
I had a bit of a nightmare and was facing a loss, but managed to detach and assess the situation. Previously I would have thrown away whatever was in front of me and tried to "make up" for lost winnings. Instead, I reviewed the situation and managed to turn it around. It also helps seeing how good or bad days fit into the overall picture and can understand how bad weeks or months can show themselves with even more data. Rather than getting emotional it's easier to spot it as variance.Bang on target: +.33
Total: +2.31 -
Day 4 & 5
Once my head was somewhat back to normal after last week I continued my scalping challenge.Sat: +.56
Sun: +.32Target: 1.65
Actual: 2.05I've also been paper trading a potential scalping method that's looking good. I will keep you all updated.
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@dan-mackinnon thanks mate! Well done on another disciplined day.
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Day 3
Another disciplined day. I noticed a couple of potential low-risk football scalps and will look into it further.A special thank you to @Martin for his latest podcast as it was like having him sat next to me. The part that really struck me was "FOMO isn't just chasing losses, but also chasing imagined winnings". I've saved it to my favourites and will refresh myself with that advice often.
Daily total: +.81
3/30 total: +1.17Unfortunately I'm going to have to put a pause on this challenge for the rest of this week as something urgent has come up that I have to deal with. In honesty, I probably would have taken today as a very slow day anyway so as not to become complacent.
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@dan-mackinnon that's what I like to hear!
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Day 2
Much better day. I hit my target quite early in the day and wanted to push on to again make up for yesterday. Learning lessons from yesterday I took the decision to walk away but still felt frustrated. It wasn't until I detached that I could appreciate I exceeded my daily target.Daily total: +0.53
Running total: 0.36 -
Something I read or heard somewhere was think of lost trades as your overheads and winning trades as sales.
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@dan-mackinnon said in Fortune Favours the Bold:
Day 1 of my 30 day scalping challenge
As explained on the horse racing thread, I was inspired by Keith's 3% daily and wanted to experiment with this approach to better my trading mindset through scalping.
Day 1 was a mixed result. I was using software last night in training mode and forgot to change it back today. Annoyingly, I had a really good day! Once I noticed my error I switched back to live mode and wanted to make up for lost trades and rushed the process. Although the amount lost is relatively small, no one likes losing due to being careless.
I've recently finished reading Essentialism and there was a line that really stood out for me "make a decision, or someone/ something will decide for you". I've noticed I sometimes tell myself I will do something and then second guess it. I think it's worse when I delay to think about doing something and it loses vs committing to a trade and it loses.
Day 1: -0.17
Best advice I can give you here is to not think of trades you missed as lost trades. Trying to make up for that will never lead to anything good and essentially is just chasing imaginary winnings.
I think one thing traders struggle with is the concept that there will always be more trades in the future, if you are a good trader then there is no need to rush or panic just because of missing out on a couple of trades.
Think how many trades there will be for the rest of 2022, how many markets, how many games/races. When you put that into perspective one day of missing a handful of trades becomes miniscule in the grand scheme of things.
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@dan-mackinnon said in Fortune Favours the Bold:
Day 1 of my 30 day scalping challenge
... "make a decision, or someone/ something will decide for you". I've noticed I sometimes tell myself I will do something and then second guess it. I think it's worse when I delay to think about doing something and it loses vs committing to a trade and it loses.
This is so true for me as well. Not just in trading but for most of my life. I have learned to trust myself and my initial choices much more as I have got older though.
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Day 1 of my 30 day scalping challenge
As explained on the horse racing thread, I was inspired by Keith's 3% daily and wanted to experiment with this approach to better my trading mindset through scalping.
Day 1 was a mixed result. I was using software last night in training mode and forgot to change it back today. Annoyingly, I had a really good day! Once I noticed my error I switched back to live mode and wanted to make up for lost trades and rushed the process. Although the amount lost is relatively small, no one likes losing due to being careless.
I've recently finished reading Essentialism and there was a line that really stood out for me "make a decision, or someone/ something will decide for you". I've noticed I sometimes tell myself I will do something and then second guess it. I think it's worse when I delay to think about doing something and it loses vs committing to a trade and it loses.
Day 1: -0.17
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@dan-mackinnon good luck Dan look forward to reading with interest
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@dan-mackinnon as somebody who has grown up around martial arts I love the system!!
Excited to watch your progress and will be ready on hand should you need me or @Martin.
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@dan-mackinnon great to see this, following with interest! Like your Kick-Boxing tier system.
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Been waiting for you to start one of these, cant wait to see your progress mate and excited to see what unfolds, following with interest, our chats have been good and im confident you have this if you stick to your plans
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Good luck Dan
