Can You Feel His Pain?…
As funny as the image above may be, everyone’s been through it!
As long as it doesn’t happen all the time (and you manage your risk effectively) it’s not going to kill your bank. After-all we’re all human.
It’s not often there’s a two-horse race on the cards. It was a good opportunity to highlight something that I’m often weighing up in my head.
With just two runners in one race, their prices will reflect each-other, more or less perfectly. I routinely ask myself the following:
- If I’m wrong how far could the price go against me? (or maximum its likely to anyway)
- If it goes wrong where is my potential exit?
- If it gets close to my potential exit, but I’m still confident I’m right; where is my ‘absolute get out’ (the point of no excuse, cut and dry I’m out)
In-case you’re wondering, profits are the complete opposite view. We don’t limit them! Although it’s still important to have a rough idea as to where you think the price may go. The one thing worse than being wrong, is being right and still not keeping the profits.
I recently added the clip below to YouTube. I was playing around with recording resolutions and some new software so apologies as it’s not quite as sharp as usual.
I’m always having a similar outlook on my profits although a bit more flexible and likely to let it run that bit extra… unlike the losses!
Loss control is absolutely vital to the longer term game plan. If you can control your losses and let the profits come in, its pretty hard to lose over an extended period.
The natural urge is to earn more in Betfair trading, but like a wise saying I’ve heard before: “the quickest way to have more money, is to spend less”
Related Article: Tunnel Vision
not many people would show losses,nice one
been listening to a few of your videos and reading your blogs etc. you seem to be a dab hand at trading on Betfair and I would seem to have a mountain to climb to get to your level of knowledge! I found the Geeks Toy software difficult to get used to and wondered if you have any good words regarding other software as that seems more user friendly for people just starting out in the trading game? I made a small fortune in the racing game late 90’s to 2013 over 4 million betting and tipping horses etc. it has been a very good ride over the years although the problem now especially this year is that every single market pre race is correct so there is very little value around now days which puts a punter like myself in an impossible position to win big long term. I note you use the snow dome at Milton Keynes is MK where you live? I’m in MK anyway any advice on best user friendly software for a beginner would be much appreciated.