Monday, 19 November 2007

No Easy Way Out


Since Last Post P/L: £76.33
Monthly P/L: £338.55
I'm writing this post to the sound of the Robert Tepper track from Rocky IV and as it seems to fit in with my current way of thinking I've decided to name this post after it.
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Okay, so it's been a good weekend but it's been hard work (especially today) and this has got me thinking about those people who believe trading/gambling is an easy way to make money. Reality check - it's not. If you listen to or read the blogs of those who are successful you'll notice they've many things in common but the one strength that sticks out is that they're not afraid of hard work. Whether you look at The Betfair Trader who also runs his own business, or Ray the Sports Trader who raises his kids as a single parent the trait is the same - they're committed and will do whatever they can to be succeed and this is evident when it comes to their trading as they're constantly researching their chosen markets, reviewing their performance and searching for an edge.
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I'd like to think I'm built the same way but don't we all?
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If you're making regular losses and don't know why then perhaps it's time to take a look in the mirror - are you giving it 100%?
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Would Phil Taylor only practice throwing darts for 20 minutes a day? Would Tiger Woods only practice hitting his 9 iron? No, and with trading neither should we - there are no shortcuts on the road to profits.
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Results round-up since Saturday:
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Cricket
India v Pakistan (5th ODI) = £71.22
South Africa v New Zealand (2nd Test) = £22.92
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Rugby Union
Munster v Clermont = £25.31
Toulouse v Leinster = £7.50
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11 comments:

The Betfair Loser said...

Wise words...every substantial loss I've ever made has been in the puruit of easy money! The only way to make this pay is to put a lot of time and effort into managing your positions and researching your chosen markets. Hopefuly through time we'll all evolve into more accomplished traders, but sadly the best way to learn sometimes is by taking a loss or two!!

Ray said...

Hi Mark,

Thanks for the mention in such a positive light. You are right it, is hard work and the apprentership can be costly, but eventually things do get a little easier. You must always be aware of complacency, thats when the real damage can be done. As BF Loser has said you must also learn to take losses as they are inevitable from time to time, but then carry on trading in your normal way - no chaseing!.

Ray

STST said...

Couldn't agree more with your post and the above two comments. Sometimes it takes a loss to make you realise that you still have a lot to learn. Another great post Mark.

All the best

Gareth

Mark Iverson said...

Hi Betfair Loser,

Glad you liked the post - I guess it goes back to the rule of keeping away from the big losses as they're the ones that are difficult to absorb.

All the best,

Mark

Mark Iverson said...

Hi Ray,

No problem, yourself and BT are an inspiration to a lot of others like myself.

Keeping a level head seems to be vital and fortunately I'm hanging in there at the moment.

All the best,

Mark

Mark Iverson said...

Hi Gareth,

Nice to see that my post has struck a chord with a number of other bloggers like yourself.

I think we all carry some battle scars from heavy losses in the past.

All the best mate,

Mark

Anonymous said...

Good Post Mark. Personally I am terrified of hard work.

You have inspired me to a new idea. I am going to try and make as much money as possible with the absolute minimum of amount of effort.

Mark Iverson said...

Hi anonymous,

LOL! - I don't think you're the only one trying this method at the moment :-)

All the best,

Mark

Anonymous said...

Cheers Mark.

That was The Gambler btw.

Now known as The Grumpy Old Man.

I have been very rude to all my fellow betting blogggers today, and expect a torrent of abuse tomorrow.

The Gambler aka Grupy Old Man. :-)

Jon said...

I agree entirely.

My project has less bets than most, more time to consider in between, but it was the week I charged in without looking at the stats that I made a loss.

More research/practice/discipline should mean more green numbers.

Mark Iverson said...

Hi Jon,

Thanks for leaving a comment.

All the best,

Mark