Discussion in 'Psychology' started by mikeriley, Jul 23, 2022.
Talk about fake and modified lol.
False Valor, regular people dressing like Military personnel, ideally High Ranking one's.
Applies to trading too,
Many forms of advantage play come under this umbrella but the principal of matched betting in its purest form is using bookie bonuses and turning them into guaranteed cash by making use of betting exchanges like Betfair. You basically place a qualifying back bet at the bookie and then place a corresponding matching lay bet at the exchange which will largely negate the potential loss from the qualifying bet.
A back bet is betting that an event will happen and a lay bet is betting something won't happen. So in the event of a horse race backing horse 1 of 5 to win and then laying horse 1 of 5 means horses 2-5 can win to win that side - hence all bases covered.
Then you get a free bet - this can generally be turned into around 80% value as cash regardless of result by getting the lay stake correct but there are calculators that do this for you.
From there I moved on to trading sports markets on the exchange but the issue I mentioned before of risk aversion became evident and held me back. Took me a while to get over that and by then I had moved over to FX markets.
Looks like matched betting is profitable, why did you decide to take on other forms of trading if you don't mind me asking?
Matched betting isn't scalable like trading is. The other issue is liquidity in sports markets regarding trading them. I liked to trade pre-race horse racing but sometimes the markets were very thin which lead to erratic moves.
The other issue with matched betting of course is if you are taking value from the bookie then they ban you or limit your stakes, effectively leaving the account useless.
You can move onto other forms of betting from there though once you understand how to calculate value where you can fly under the radar a little longer.
I read this little quote in a weekly newsletter I get called Farnam Street. I thought it was appropriate for the original intent of the post.
The longer the time frame for results, the less you need intensity and the more you need consistency.
Consistency isn't simply willpower, which comes and goes. Consistency is doing it when you don't feel like doing it.
If you want advantageous divergence, you have to do the things that matter on your best day and your worst day.
When it comes to trading, there will be times when you feel mad, but if you learn from those situations, you will improve and get better.
Yes, I agree. Improve your trading skills, create a plan, and remain disciplined.
Human mindset is such that, even if we try to be cool and calm, anger comes if things do not get like our way. But again and again if we try to be not mad, things will happen like we have thought off.
Positive thinking & mindset is something that really matters in the market and accounts for 80% of your performance.
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