.........Getting in the way!
Just a very quick post. Against his better judgement RT got roped and press ganged into a bit overtime!
Back on track tomorrow!
RT
Friday 20 January 2012
Wednesday 18 January 2012
Beware! There are sharks............
......................BIG SHARKS and they are patrolling these 'trading' waters.
We have in a roundabout sort of way 'talked' a little on the way we could develop as traders, by mixing together a bit of basic market understanding, a touch of emotional control, a splash of self discipline via our trade plan and finally a good old handful of selfishness! Selfishness, yes selfishness. I'll explain, I am no blind follower of anything or anyone but, Ayn Rands The virtues of selfishness made, in part, a small impression on me. Lets take the dictionary definition of selfishness which is: Concern for one's own interests, nothing more. This sentence alone was worth the price of the book because, as is my want I took little else from it.
When we are trading we should have little else on our minds other than acting in our own interests.
Here is 76 pence worth of selfishness!
As always, take as you wish!
RT
We have in a roundabout sort of way 'talked' a little on the way we could develop as traders, by mixing together a bit of basic market understanding, a touch of emotional control, a splash of self discipline via our trade plan and finally a good old handful of selfishness! Selfishness, yes selfishness. I'll explain, I am no blind follower of anything or anyone but, Ayn Rands The virtues of selfishness made, in part, a small impression on me. Lets take the dictionary definition of selfishness which is: Concern for one's own interests, nothing more. This sentence alone was worth the price of the book because, as is my want I took little else from it.
When we are trading we should have little else on our minds other than acting in our own interests.
Here is 76 pence worth of selfishness!
As always, take as you wish!
RT
Tuesday 17 January 2012
Of reading material, strategies and three pence profit!
Yes three whole pence, and I get to keep it.
Trading has been quiet to say the least. I am still mildly annoyed with our 'friends' over at betfair, but I do realise to operate as a sports trader I need betfair more than they need me! The harsh reality. So sometime soon I will be back on track, my 'mind' is certainly not idle.
The three pence profit can from playing around with a few things during last nights Wigan-Man city game on BETDAQ, do you have a BETDAQ account yet? It may be worth your while considering one, if only as risk control measure, somewhere to offset any liabilities if betfair goes tits up again! There is a link below.
Some of the better trading STRATEGIES are the ones we develop ourselves, I find, especially when we have observed and experienced a particular market, for a period of time longer enough to able to predict the odds movement with some confidence and accuracy. Such a market might be the football over and unders. We can also, most importantly, see what effect a goal will have on those odds movements. Then build into our thinking, then into our trade plan what we will do when the goal is scored. Do we want to avoid the goal or take advantage of the goal? What would we do if we get caught with an open trade and the resultant odds movement is against us? These are some questions RT thinks we should be asking ourselves when devising strategies.
If I were to recommend books to read on trading, two spring to mind immediately:
1. How I made $2,000,000 in the Stock Market by Nicolas Darvas. What is it about this book that makes it so special? I just like the way he conquered his emotions and developed a methodology that suited him and his life style, then traded his methodology with discipline. I think its necessary to read between the lines but the overall message is there loud and clear. He describes how he identifies and isolates what it was he was doing wrong then, he sets out to put it right, in grand style!
2. Game, Set and Matched by Iain Fletcher.Written in 2004, this book describes the authors year long spell trading betfair as a professional, it is a mixture of trading and straight punting but very entertaining and enjoyable non the less. A great read and still available I believe.
The strategy in tonights football QPR - MK Dons was to wait for a goal, a QPR goal then trade and scalp to full time.
Catch you later
RT
Trading has been quiet to say the least. I am still mildly annoyed with our 'friends' over at betfair, but I do realise to operate as a sports trader I need betfair more than they need me! The harsh reality. So sometime soon I will be back on track, my 'mind' is certainly not idle.
The three pence profit can from playing around with a few things during last nights Wigan-Man city game on BETDAQ, do you have a BETDAQ account yet? It may be worth your while considering one, if only as risk control measure, somewhere to offset any liabilities if betfair goes tits up again! There is a link below.
Some of the better trading STRATEGIES are the ones we develop ourselves, I find, especially when we have observed and experienced a particular market, for a period of time longer enough to able to predict the odds movement with some confidence and accuracy. Such a market might be the football over and unders. We can also, most importantly, see what effect a goal will have on those odds movements. Then build into our thinking, then into our trade plan what we will do when the goal is scored. Do we want to avoid the goal or take advantage of the goal? What would we do if we get caught with an open trade and the resultant odds movement is against us? These are some questions RT thinks we should be asking ourselves when devising strategies.
If I were to recommend books to read on trading, two spring to mind immediately:
1. How I made $2,000,000 in the Stock Market by Nicolas Darvas. What is it about this book that makes it so special? I just like the way he conquered his emotions and developed a methodology that suited him and his life style, then traded his methodology with discipline. I think its necessary to read between the lines but the overall message is there loud and clear. He describes how he identifies and isolates what it was he was doing wrong then, he sets out to put it right, in grand style!
2. Game, Set and Matched by Iain Fletcher.Written in 2004, this book describes the authors year long spell trading betfair as a professional, it is a mixture of trading and straight punting but very entertaining and enjoyable non the less. A great read and still available I believe.
The strategy in tonights football QPR - MK Dons was to wait for a goal, a QPR goal then trade and scalp to full time.
Catch you later
RT
Borrowed wisdom.....handle with care!
It was Nassim Nicholas Taleb in 'Fooled by Randomness' who expressed the opinion , 'Beware of borrowed wisdom'.
Well I'd like to borrow a slice of Mr Talebs wisdom and its with regard to Russian Roulette of all things. He was using the 'game' of Russian Roulette to describe the approach of some traders to the markets, that is they were taking large risks and were, with the aid of lady luck, getting away with it! To put it another way, they had, so far, managed to avoid the chamber containing the single bullet but, and it is a massive BUT, the nature of the game means the player cannot totally avoid the bullet! The odds are 1 out of 6 or 5/1.
The trading equivalent of finding the bullet is a large account draw down.
Now I would liken Russian Roulette to letting an open trade go in play when trading horse racing pre-race.
In fact just saying to ourselves 'Russian Roulette' might be trigger or action word to snap us back to reality, and close out for a red or green!
Let RT put another 'slant' on this issue, I mentioned the odds earlier, 1 out of 6 or a 5/1 chance of finding the bullet, perhaps the more cautious might make the odds even money or a 1/1 chance because the next chamber is the crucial one and it either contains a bullet or it does not!
As always, take from this what you will......
RT
Well I'd like to borrow a slice of Mr Talebs wisdom and its with regard to Russian Roulette of all things. He was using the 'game' of Russian Roulette to describe the approach of some traders to the markets, that is they were taking large risks and were, with the aid of lady luck, getting away with it! To put it another way, they had, so far, managed to avoid the chamber containing the single bullet but, and it is a massive BUT, the nature of the game means the player cannot totally avoid the bullet! The odds are 1 out of 6 or 5/1.
The trading equivalent of finding the bullet is a large account draw down.
Now I would liken Russian Roulette to letting an open trade go in play when trading horse racing pre-race.
In fact just saying to ourselves 'Russian Roulette' might be trigger or action word to snap us back to reality, and close out for a red or green!
Let RT put another 'slant' on this issue, I mentioned the odds earlier, 1 out of 6 or a 5/1 chance of finding the bullet, perhaps the more cautious might make the odds even money or a 1/1 chance because the next chamber is the crucial one and it either contains a bullet or it does not!
As always, take from this what you will......
RT
Monday 16 January 2012
First find a very solid brick wall, then............
........Proceed to BANG your head against it!..............Once.
RT received a reply back from betfair today regarding their site failure on Friday. Need I go on...? Of course not.
Sorry, Was the answer. I suppose it was what I was expecting really, I felt I had to try, but I suppose if I had profited from the crash things would have been different. Human nature.
Are you superstitious or a Knight Templar? I wonder what the probability was of that event happening as it did on Friday the 13th and has it altered your risk management in anyway?
Is the really important question, 'What is the probability of it happening AGAIN?
RT
RT received a reply back from betfair today regarding their site failure on Friday. Need I go on...? Of course not.
Sorry, Was the answer. I suppose it was what I was expecting really, I felt I had to try, but I suppose if I had profited from the crash things would have been different. Human nature.
Are you superstitious or a Knight Templar? I wonder what the probability was of that event happening as it did on Friday the 13th and has it altered your risk management in anyway?
Is the really important question, 'What is the probability of it happening AGAIN?
RT
Thoughts, ramblings and strike rate!
Not so very long ago, RT was just a little obsessed by STRIKE RATE, the number of successful trades measured against the number of unsuccessful trades or the ratio of profitable trades to losing trades. Well whats wrong with that? Well in RTs opinion, this is a negative trait for a trader to adopt, because it causes us to 'grab' small profits, just to maintain the strike rate, when more was or is available! (From personal experience)
Take two football managers as an example:.......Last three results
Manager A. Draw, loss, draw = 2pts.
Manager B. Win, loss, loss = 3pts.
or
Trader A. £5.00, -£2.00, £5.00 = £8.00
Trader B. £15.00, -£3.00, -£3.00 = £9.00
It is nye on impossible to compare two traders trading mindset, we can only look to our own, but do you see the point I am attempting to make? For manager A or Trader A to achieve the results of Manager B or Trader B they would have to alter their general mindset, their tolerance to risk and rewrite their Trade plan.
This is not a 10 minute, overnight or week long task either, in RTs opinion.
The world, in particularly the trading world is full of opinions, some VERY COSTLY!
The opinion RT is trying give to you is to TAKE YOUR OWN ADVICE, OPEN YOUR EYES AND SEE WHEN LOOKING and FORM YOUR OWN OPINIONS!
THE ANSWERS ARE HERE, INSIDE YOUR HEAD!
Food for thought, got to go RTs boss is in need of more than his pound of flesh!
RT
Take two football managers as an example:.......Last three results
Manager A. Draw, loss, draw = 2pts.
Manager B. Win, loss, loss = 3pts.
or
Trader A. £5.00, -£2.00, £5.00 = £8.00
Trader B. £15.00, -£3.00, -£3.00 = £9.00
It is nye on impossible to compare two traders trading mindset, we can only look to our own, but do you see the point I am attempting to make? For manager A or Trader A to achieve the results of Manager B or Trader B they would have to alter their general mindset, their tolerance to risk and rewrite their Trade plan.
This is not a 10 minute, overnight or week long task either, in RTs opinion.
The world, in particularly the trading world is full of opinions, some VERY COSTLY!
The opinion RT is trying give to you is to TAKE YOUR OWN ADVICE, OPEN YOUR EYES AND SEE WHEN LOOKING and FORM YOUR OWN OPINIONS!
THE ANSWERS ARE HERE, INSIDE YOUR HEAD!
Food for thought, got to go RTs boss is in need of more than his pound of flesh!
RT
Sunday 15 January 2012
MONEY LOST?
A question for you.
How do you view or think of losses?
Is it money lost or Is it money invested in our trading education?
Lets just think about that for a while.
................................................................................................................................................................
A few trades on BETDAQ today, I am starting to get a bit of a feel for the low liquidity markets but I do miss the FULL MARKET DEPTH!
Bye for now
RT
P&L £11.75
How do you view or think of losses?
Is it money lost or Is it money invested in our trading education?
Lets just think about that for a while.
................................................................................................................................................................
A few trades on BETDAQ today, I am starting to get a bit of a feel for the low liquidity markets but I do miss the FULL MARKET DEPTH!
Bye for now
RT
P&L £11.75
Subscribe to:
Posts (Atom)