Loss recovery systems & strategies when betting or trading

Bet Angel costs as little at £6 a month - Try Bet Angel for free - http://vid.io/xchd Why not compare which Bet Angel is best for you? - http://vid.io/xchx . What do you do when facing a loss? Whether you are gambling or trading on betfair, my answer may surprise you. It flys in the face of 99.999999% of the betting systems and strategies out there. At the end of the day, you can't chase losses, you should take them like a man!

Comments

1. This is right but nobody gets it until they really, like you say, lose a big amount of money in the process. And even then it can take several more baptisms of fire before the habit is kicked. You have a great week where you have slowly built up 500 in profit, lose 300 on the final day and bang you end up losing another 200 then a 500 and you have really done yourself in. Ironically the art of being a good long term trader is also to be a good loser - classic example in a book I recently read, the author lost £30 finishing the day in negative and couldn't take it so ended up blowing his whole bank of 5k in minutes...
2. I've been watching your videos quite regularly Peter and when I saw this one listed, I had a moment where suddenly all your credibility went out of the window! thankfully within a few seconds of watching my fears were allayed! But your statement about the volume of queries you receive about loss recovery speaks volumes and explains why so many people can't trade successfully. keep up the good work.
3. Loss aversion is a tough mindset to shake off. Even if you don't fall for the loss recovery trap, there are related pitfalls. Setting profit targets and trying to make your trading fit arbitrary timescales. When it gets near the end of the month and its gone well I get more cautious. Still can't help it. Lost opportunities. If its not gone well, I have to consciously take a step back and make sure I am not trying to increase the pace just to make up for lost time (time = rationalisation for lost money)
4. perfect example of why you shouldn't try to "recover" your losses -- http://goo.gl/Ohz1wh
   
   entered the market with a 15 bet and ended up spending 800+ to try to recover the original stake!
5. after few mins a big lol!
6. Totally agree. In some positions insurance can play a part to minimise a loss although value is eroded. But 'loss recovery' as a strategy is a complete mistake.
7. wise words thank you very much
8. Absolutely spot on.
9. great vid , Iv been struggling with chasing for a while , just started to get it under control. Its all in the mind lol
10. Makes perfect sense. Even though I'm very new to trading I've found that losses are part and parcel and to not let it hinder my processes.