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zitlor

Newbie trying to learn lots while losing little

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Hi all,

I started trading for the first time in March 2019. I stuck to football initially as it's the only sport I know a lot about. To my surprise I quickly went hundreds of pounds up as I seemed to have luckily stumbled upon an edge. Unfortunately and predictably I subsequently wiped out my profit. When I went back down to near break even I dramatically cut my stakes to protect my bank. I still think there's something to the strategy so I'm going to employ a modified version next season. I started trading on horse racing on 1st June and greyhounds a couple of weeks later.

I know absolutely nothing about these sports. After extensive research I know the probability of making it to long term profitability is very low, some say only 5%, but I'm determined to give it my best shot over the next couple of years. I've read some 60% of new traders quit within 3 months so I've already made it past that stage. My philosophy is to learn as much as i can while spending as little as possible as the chances of making that money back are seemingly so small.

I'm delighted to have found this website for that reason as Thomas is kindly providing so much for free. It's greatly appreciated.

Good luck to you all in your trading journey. 

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> Join our real-time trading chat on WowApp

On 6/29/2019 at 9:16 PM, zitlor said:

Hi all,

I started trading for the first time in March 2019. I stuck to football initially as it's the only sport I know a lot about. To my surprise I quickly went hundreds of pounds up as I seemed to have luckily stumbled upon an edge. Unfortunately and predictably I subsequently wiped out my profit. When I went back down to near break even I dramatically cut my stakes to protect my bank. I still think there's something to the strategy so I'm going to employ a modified version next season. I started trading on horse racing on 1st June and greyhounds a couple of weeks later.

I know absolutely nothing about these sports. After extensive research I know the probability of making it to long term profitability is very low, some say only 5%, but I'm determined to give it my best shot over the next couple of years. I've read some 60% of new traders quit within 3 months so I've already made it past that stage. My philosophy is to learn as much as i can while spending as little as possible as the chances of making that money back are seemingly so small.

I'm delighted to have found this website for that reason as Thomas is kindly providing so much for free. It's greatly appreciated.

Good luck to you all in your trading journey. 

Welcome to the community @zitlor! If you have any questions, feel free to ask them. And don't forget to update us on your future results! :) 

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Hello and welcome Zitlor!

I am glad to see you between us. We are all mostly traders from horse races or greyhounds but you can find some who tried trading football. Feel free to join out online chat group on wowapp where we usually chat in real time and talk about trades current and past.

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Welcome. Sounds like you have the right approach just focus on surviving so that you're able to make continual adjustments to your trading strategies and your behaviour.

Perfectly fine risking small amounts whilst seeking consistency / profitability. I dug myself a big hole in my first few years using big stakes unnecessary when I didn't have a long-term edge yet.

If you're as hungry as I was back when I started check out a lot of the YouTube content relating to financial trading as well as sports markets to further accelerate your learning -- a lot of the underlying principles/fundamentals you'll need to develop are the same.

 

Best of luck

 

 

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17 hours ago, Tommy said:

Hello and welcome Zitlor!

I am glad to see you between us. We are all mostly traders from horse races or greyhounds but you can find some who tried trading football. Feel free to join out online chat group on wowapp where we usually chat in real time and talk about trades current and past.

Thanks for the welcome Tommy. I've read all of your early trading blog with great interest. I may do a similar blog myself in future. 

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13 hours ago, eightbo said:

Welcome. Sounds like you have the right approach just focus on surviving so that you're able to make continual adjustments to your trading strategies and your behaviour.

Perfectly fine risking small amounts whilst seeking consistency / profitability. I dug myself a big hole in my first few years using big stakes unnecessary when I didn't have a long-term edge yet.

If you're as hungry as I was back when I started check out a lot of the YouTube content relating to financial trading as well as sports markets to further accelerate your learning -- a lot of the underlying principles/fundamentals you'll need to develop are the same.

 

Best of luck

 

 

Cheers for the advice eightbo. I've been watching lots of youtube vids on sports trading but hadn't thought of ones on financial markets. I'll look them up. If you can remember the name of the channels you found most useful I'd be grateful. The only sports trading vids I've found really helpful, because they contain specifics, are the ones by Thomas and Peter Webb of Betangel. 

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