Thursday, 10 March 2011

Reminiscing


I was looking back on some old notes that I had tucked away yesterday, and came across 39 pages of snippets I'd made after reading 'Reminiscences of a Stock Operator' by Edwin Lefevre.  If you haven't heard of it before then I'll warn you now it's hard work, but if you have the time and inclination there are alot of hidden gems in there that will help you trade any markets, including those on Betfair.
.
"If you begin right you will not see your profitable position seriously menaced; and then you will find no trouble in sitting tight."
.
Sound familiar?  Ever rushed into a market without thinking things through because the price looked too good to be true and later regretted it?  This was a repeating theme when I first started out.  Time and time again I would log-on and after discovering the odds to be out of kilter to what 'I thought' they should be, my over-whelming reaction was to jump in immediately before the market caught onto the mistake.  Unfortunately for me I couldn't move the market on my own and over time I realised the significance of timing when taking a position.
.
By all means hold an opinion, but if you can keep that to yourself until the time to strike is right you'll find a tremendous improvement in your profits.



4 comments:

Jason Trost said...

Great book!

Steve said...

absolutely, sometimes I cant hold back from getting in as soon as betfair has loaded, only to have backed at the bottom or layed the top, slowly but surely I am getting it though

Mark Iverson said...

Hi Jason,

Nice to see I've got good taste :-)

All the best,

Mark

Mark Iverson said...

Hi Steve,

Thanks for the comment.

Glad to see it's not just me then :-)

All the best,

Mark