Losing money
Today I went into some markets and deliberately lost money. Have I gone mad?
Over the weekend I was at my gym chilling in the outdoor hot tub when I had a crazy idea that I thought may just work if I threw enough money at it. When I put it into practice today it showed me that my initial thoughts were wrong, I lost money and quite heavily if I am honest. Was it a disastrous experiment? We have to give that a very firm “No.” Whether you win or lose money with a strategy is not important, it’s what you learn when you do it.
When I first started on Betfair my first objective was not to lose to much money. I knew when I was experimenting that losing money was almost inevitable, so first on my list was not to lose to much of it. Second on my list was minimising the losses by striking out errors. Because of the way the market is constructed, before commission, its net level if you are a complete fool, especially when trading. So all you are doing is looking for a strategty to tip things slightly in your favour. Striking out errors is the path to tipping that balance.
If there is one thing I have learnt in life, it’s not to be afriad to make mistakes. But this only works if you are prepared to learn from them. This is why I have a slush account, an account where I can lose money but ‘pay’ for the experiance without upsetting my normal activity. I accept that I will make mistakes and lose money on this account, but I know that I am effectively paying for that knowledge. That is always a good way to view any loss, as long as you learn from it.
Category: Using Bet Angel
