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trial so when you first start trading it's very tempting to sort of just go in
all guns blazing you've probably seen some videos on YouTube you've seen a few
or people giving you hints or tips or you've read a webpage that's telling you
about a particular strategy and you just launch yourself into it it's quite a
natural thing to do but the process of actually trading properly it takes a
little bit more thought and consideration but if you break it down
into its component parts it's quite easy to understand precisely what you should
be doing and how to proceed safely now what you see in a video behind me here
is somebody that sent me a video of many years ago now actually I can't remember
exactly what it was but they gave me a demonstration of their trading and
saying what am I doing wrong so other than the first click on this
particular sequence of trading there's almost nothing that is correct about the
way that this market is traded and the reason I'm showing you this is to
contrast it with something that I've shown you in a minute which shows you
really what your approach to trading should be on this particular video we're
looking at some scalping and you can see here that this chap has placed a
backorder at 5.9 and then he's laid a position back in it 5.8 but almost
immediately after that first click I'd say that pretty much everything is wrong
with the way that this market has traded initial entry looks okay but the trade
management the money management the stake management all of the things
related to the trade itself sort of deteriorate more and more as this
particular trade goes on however this is pretty much how I see a lot of people
trade it's very common to see people make this mistake and I remember some
come into the office once and saying to me what am I doing wrong so he did a
little bit of trading for me and he said can you tell me what I'm doing wrong I
said yeah no it's really simple so I walked over to him and then started
attacking him basically and pushing him around the chair and punching him and
and he it was like what are you doing and I said that's what's the market is
doing to you in the markets completely bullying you and pushing you around and
you've got to stop letting it do that you've got to go in with a trade with a
clearly defined objective and then you you know exit that trade and then you
can perhaps repeat that process again but what you're seeing is going on in
the video behind me has basically completely the opposite there's no
concept of a clean entry a clean exit and of the management of the position
there are just lots of positions going into the market there appears to be very
little structure to this particular trade and you can see dumping in
position here because it's gone very wrong we're only using 10 pound stakes
but you know were down five or six pound and then at towards the end of this
video which is what I wanted to show it to you you can see what happens at that
particular point then basically you can see just lots of random clicking at this
particular moment of time I'm not trying to be funny or derogatory to the person
that did this video because this was them doing their first bit of trading
they're clicking around all over the place there's no particular sense of
management in terms of the way that the position should be taken to the market
and manage thereafter and eventually degenerates into just loads of random
clicking and I say that's 90 percent of the mistake that I see brand new traders
make there's no structure to this trade at all there's there's no concept of
managing a position or pist particularly what the objective is in this particular
trade so what we'll do now is we'll have a look at exactly how you should really
do this particular trade so we're looking at the ladder interface here
we've got a load of runners on the screen so where should we start in terms
of trying to create a sensible trading plan for trading this market well the
interesting thing is actually you should and start on the ladder screen you
should start in Guardian because if you look at all of the markets that are
going through over the course today the next race up at the moment is going to
be a maiden they've got a maiden hurdle a novice handicap purple some handicap
races and you know and if you look at what's happening on the screen you can
see that they're all different and you know that's the thing about the markets
is that no two markets are the same so if you use generic strategy generically
in generic markets again I wind up with a generic result so part of the process
that you need to go through when trading is to look at the markets and understand
you know are there markets that I like that I don't like that I get on with it
I don't get on with and you structure your trades around there now to start
with you're gonna have to probably trade all of them but you'll quickly learn
which sort of types of behavior that you like within the markets and the way that
they behave and if there are some markets that you do or don't like so
when I first started trading this was the approach that I did was go through
all of the markets understand what's in front of you and then see if you can
start to see some repeating patterns and the first repeating pattern I saw was
that some markets I kept losing money on and I just thought I'm gonna cut those
markets out I'm not going to actively trade those markets so yeah you know if
I apply the same market if it's a market the same strategy to each one of these
markets I'll get different results and that's
not because if you're trading ability and that's because each of these markets
is slightly differently backed slightly differently so that's where you start is
you start looking at the markets you start beginning to form a plan around
what you're gonna do in each one of those markets so let's have a look at
the next one that's coming up and we'll see if if there's something that we can
do here so it may be that you know you look at this particular market
you saw say I recognize this and I don't particularly like the font well and
other characteristics and therefore I'm not going to deploy the strategy in this
market or maybe you have like five strategies and your role as a trader is
to then match that strategy to the market so you'll look at this market and
you'll sort of say okay I think I recognize you know what could happen in
market and therefore I'm going to deploy a certain strategy so your approach
should be to look at the market understand the general theme that's
occurring within the market and then deploy scratched unit that you think
will match that particular range of activity so we can have a look at font
while here we can have a look at the chance to give some sort of longer-term
idea of what's going on so can you see here the price of the favorite started
it two in half it's come in to about two and it's going back out and there was
some unusual activity in the market at this point but you can see the trend on
this is for the price to generally go out now at some point this will probably
get value and the trend will flip around and then we look at I mean it's an
unusual market for this spike that's occurring so I'm gonna have a quick
flick through but can you see even now we're beginning to form an opinion on
what's likely to happen in this market or why well that's something unusual has
happened so maybe that's something unusual is a warning sign so perhaps not
trade this market but you can see the the favourites going out the second
favorite is coming in and so those two are interacting quite heavily the third
favorite is sort of not going anywhere so immediately you begin to see that
there's interaction on the front too if you think you know what's going to
happen on those you can actively trade those or perhaps on this occasion we
step down to the third favorite and decide because that's behaving a bit
more rationally that maybe we'll have a look at this one it's near a crossover
point there's another factor that you may want to take into account so I'm
going to switch on global settings on the ladder I'm going to do an offset bet
on here we're going to offset it by one tick we're going to do a fill or kill
bet for 30 seconds so that will hold the order in the market for 30 seconds and
when that order gets matched it will offset that position for us and I'm
gonna do it would use small stakes when you're learning to trade it's better to
be a little bit experimental and to you know use small stakes while you learn to
understand the way that the markets work so we can see there's been a little bit
of money here for this particular runner you can see it's traded a low down here
I'm just try see I mean is there's a mixture you know
so we're near the lower end of the trading range here so in order for the
price on this one to go out we want these two to come in the favorite has
received a little bit of backing sport remember me saying the prices going out
but it's probably rich values that's going to come in and the opposite is
happening to the second favorite but let's put a trade into this market what
I'm going to do this is touching new territory down here at this particular
moment in time so I'm going to pop a little trade down here you can see it's
been matched and offset by bet angel but you can see that at the moment were
slightly at a small loss on this particular selection so what should we
do now now what you see a lot of traders do is just completely panic at this
particular point and start swapping and changing things around so they're trying
to dig out a position from here they're trying to make this position work
particularly well for them so they'll start modifying things chasing but at
that point then the price is very often flips back and goes in the other
direction so the trading process from a proper perspective is you open a trade
you set a boundary around that trade and then that trade completes or it doesn't
complete and you end up having to take a loss
so the decision that I've made here on this particular trade is that the price
has been backed in quite a bit it's near the low end of its trading range however
I'm sort of expecting that the price is going to go up so I'm not going to panic
when the price moves against me but I would be entering the trade and then
looking further down here and saying at this point I would probably close trade
and can you see it's completed so we have successfully done that trade so do
we think that the position is ready for us to do that again yeah I think we
could probably do that again so I'll put the position into the market potential
has offset it for us automatically and then we have to wait for that position
to change so can you see what I'm not doing is going in all guns blazing
trying to get this trade to complete desperately hoping to get a profitable
trade I'm sort of saying right this is what I'm going to do this is how I'm
going to do it and then we'll wait to see what the outcome is the market
doesn't go in a straight line the market meanders and wobbles and all over the
place so you can see we're getting close to getting that position
but we still don't have that position matched but you know we would look down
here and say okay what do we think is a tolerable loss do we think if the price
gets down to here that we're going to have to take our position out but you
can you see that favourites drifting again second favourites coming in those
two are interacting but everybody's forgotten about the third favorite so
you can see we've been matched again so you know do we think we're ready to go
again around here well maybe we don't want to put it in where the current
price activities maybe you want to put it down here where reasonable amounts of
money has been matched using a fill of order it's perfectly possible to do that
because Bettinger will offset that position we can even put one in above it
as well so I can take my hands off the keyboard bet angel will get that matched
offset the position for us and you can see that it's it's done it again for us
so hey presto there you go there's a couple of trades yeah you know we've
gone through or modified for you so can you see how would in complete control of
this position the favourites gone rocketing off the top of the chart of
the ladder the second ribbons have gone rocketing
off the bottom but we're just sort of going well you know you get on with that
we don't care what you're doing we're gonna do our own thing we're gonna look
at it in a methodical manner and we're gonna deploy a strategy and we're gonna
actively manage the strategy let's have a look at the chart as a favorite again
so there you can see this is where the price came in and then it's shooting
back out again we look at dalek you can see that it drifted out slyly and then
it's being heavily backed in but the net effect of the two is to just put a
tidbit of gentle pressure on the third favorite here we've you know I haven't
traded this aggressively you can see I've been quite passive deliberately to
contrast the previous video that you've seen but what I'm doing here is that I
could have traded this more aggressively and got more trades through I could have
held the position for longer I could have spread that the exit position pout
over a wider range of prices you probably see me do that on other videos
but I'm trying to do here is simplify the process for you to say that if
you're starting to train then this is effectively as the way that you should
trade you need to be in control of the trading process you need to say this is
what I'm going in this is where I feel uncomfortable but I'm going to give it
some time for this position to get matched down
you don't put a trade in there all that's gotten terrible let's throw a few
more orders in and then change your mind as it moves to ticks against you and
then when sir price goes up you suddenly
realize you know you don't do that you don't let the market bully you go in
with a clearly defined strategy you deploy that stretch and you can see
however I would have traded this whether I was going in and then closing my
position now or putting repeated bets in this would be a perfectly good trade
so you've seen me look at the market to start with you see me execute a plan in
control almost hands-off you know I haven't had to do much on this
particular position didn't trade it particularly crisply you could have done
this just as easily and now that we're heading up to post time all I need to do
is hedge that position we've got a profit on that particular runner and if
I click on the hedge button up here then that will spread that profit across the
field and we've made some money and you can see it wasn't particularly stressful
on the market didn't beat me up it was very clearly defined we could have
traded that in a number of ways whichever way we would have traded that
it would have been profitable
you
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