You are probably referring to the RSI indicator, I don't use it personally for short term trading, but it can be used profitably though, the reason I don't use any indicators short term is because I want to have as little stop as possible, as indicators lag it's often the case that you'd be in at a less favourable price level, horizontal levels is all that one needs to be in at a favourable place (IMHO).
Naked Chart Based Trading PRM style "LESS IS MORE"
- Thread starter JSSPMK
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You are probably referring to the RSI indicator, I don't use it personally for short term trading, but it can be used profitably though, the reason I don't use any indicators short term is because I want to have as little stop as possible, as indicators lag it's often the case that you'd be in at a less favourable price level, horizontal levels is all that one needs to be in at a favourable place (IMHO).
Few random thoughts on keeping emotions in check when speculating semi-professionally, semi because it's not your main income, yet professionally because you have to still turn a profit, otherwise you really need to do something else to generate a positive ROI.
The way I allocated capital to my speculative activities is by looking at my total networth & slicing that cake into 5, 1/5 became my speculative capital. If I'm confident in a method/strategy then I risk 5% of my SC and always aim to bank at least 3 times the amount of risk. If I'm still in a process of trialing a method, then I allocate 20% of my whole SC and risk 1% of that allocation. As soon as my SC is doubled in size I start 5% per bet using the new capital's value (start with £10k SC bet maximum of £500 per bet, when SC goes to £20k I start betting £1000 per bet).
I also participate in other lower payout schemes like Matched Betting, I'm OK with the ROI because it's guaranteed income of at least £500 per month and doesn't take long to do (£500x12 months pays for a very nice holiday).
So this is it pretty much. The only way, as far as I'm concerned, to not get emotional about a bad run is to reduce size and speculative capital so that if you were to totally bust it wouldn't destroy you financially. Yes, it does help to have a high win rate, but for the vast majority it will only happen occasionally. There are great win streaks, there are 50/50 times and there are the unavoidable awful times when you just can't bank anything but a loss.
Stay lucky & be ready for bad luck
The way I allocated capital to my speculative activities is by looking at my total networth & slicing that cake into 5, 1/5 became my speculative capital. If I'm confident in a method/strategy then I risk 5% of my SC and always aim to bank at least 3 times the amount of risk. If I'm still in a process of trialing a method, then I allocate 20% of my whole SC and risk 1% of that allocation. As soon as my SC is doubled in size I start 5% per bet using the new capital's value (start with £10k SC bet maximum of £500 per bet, when SC goes to £20k I start betting £1000 per bet).
I also participate in other lower payout schemes like Matched Betting, I'm OK with the ROI because it's guaranteed income of at least £500 per month and doesn't take long to do (£500x12 months pays for a very nice holiday).
So this is it pretty much. The only way, as far as I'm concerned, to not get emotional about a bad run is to reduce size and speculative capital so that if you were to totally bust it wouldn't destroy you financially. Yes, it does help to have a high win rate, but for the vast majority it will only happen occasionally. There are great win streaks, there are 50/50 times and there are the unavoidable awful times when you just can't bank anything but a loss.
Stay lucky & be ready for bad luck
7 out of 9
This is my card for tomorrow, looks solid. Mostly top league home games. 9 fold accumulator is around 9/1, ROMA I'd bet on Draw No Bet (Asian 0.0)
https://m.oddschecker.com/m/bet-bas...19350728390*2901019112*19134061106*2889244925
Pay anything?7 out of 9
I did a stupid bet really, I did 126x4 fold accumulator, lost 28% of premium, which isn't a great deal, but I'll never do it again, might as well just go for a straight 9fold at much higher odds and smaller stake and lose it or gain x9
Live and learn
Live and learn
Definitely so! Mistakes have value.
I'm going to try and increase hit rate of accumulators by not including 10 or so matches into one accumulator any given day, I'll aim to make a selection of very low odds in primary leagues of favourites playing at home a substantially weaker side, I'll need to find 4-5 selections at combined odds of 2/1 (3 decimal) and do this 3 times, most likely done over 3 days to get best probability matches, compounding winnings, when 3rd accumulator lands it will be at odds of 26/1 due to compounding.
