Trading mistakes

In reply to this post by Betfair Pro Trader, here are some mistakes I’ve made (I’ll keep it to trading else this could be quite long).

When I first started manual trading, there were the usual mistakes, jumping in after the move, trading just to be “in”, letting losers run, going in-play and the rest. My greatest (most costly) mistake was, after slowly building a decent bank, thinking that there must be something to the in-play markets. So off I went, both feet and brilliant, more money in one race than ever before. Then the next race, again big win. This was the way. I was writing my notice to my boss, booking a test drive and browsing the Seychelles. Next up, crash bang broke. How did I let this happen? Well, like Homer retrieving cans from a power line, surely doing the same thing again will result differently. It didn’t. After not making it to in-play millionaire status I returned to the less violent arena of pre-off trading, where I still dwell. The move to automation was due to an interest in coding, lack of time during the trading period and an idea that it would produce better consistency.

The mistakes in automation have been less costly. Usually due to rushing code into service or, early on in this adventure, making changes after only a few results. The way for me now is to code efficiently, test thoroughly and implement in stages. No rush for the long term.

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One thought on “Trading mistakes”

  1. Nice post and very honest.

    One answer down. Millions more to go.

    My latest mistake is not testing code to destruction. Optimiser says one thing, trading bot says another thing and trade log says another. That’s going to take some debugging.

    However, I am getting back into tennis, learning to play go and have started working on the next book again. Plus my parents have a list of DIY work that needs to be done on their house. I have a lot of interesting diversions.

    BPT – http://www.betfairprotrader.co.uk

    Like

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