General Betting

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14 Nov 09 02:33
Date Joined: 28 Oct 07
| Topic/replies: 6,288 | Blogger: Lusitano71's blog
Experience is the mother of all knowledge but...

some things help you get there faster

here are my contribution to my fellow traders and punters

"Trading in the zone" by Mark Douglas....very good to the starting trader

"The Black Swan" by Nassim Nicholas Taleb... excelent for everyone
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Report ebasson61 November 14, 2009 7:15 AM GMT
Fixed Odds Sports Betting, by Joseph Buchdahl
Report Lusitano71 November 14, 2009 10:44 PM GMT
got another one

"Reminiscences of a Stock Operator" by Edwin Lefèvre

*come on guys put some of your choices here
Report thankyoumugs November 14, 2009 10:52 PM GMT
never read any trading books, whats most important thing you learned from these books can list the top 5 things you learned??
Report lippy November 14, 2009 10:58 PM GMT
They all the same , it all about

1) money management and the control of risk
3)Sticking to the plan
4)Cutting losses and letting profits run

The rest just waffle
Report Jez Melb Punter November 14, 2009 11:13 PM GMT
Spot on Lippy
Report Lusitano71 November 15, 2009 12:20 AM GMT
the first one "trading in the zone" is obviously a book made for the stock exchange but the underlying message is the same for here, its about control your fear of the market and assume the risk

the second one "The Black Swan" its a great book about the probability of the improbable, it basically demonnstrates how most models of prediction of future events are wrong, and the highly improbable happens a lot more times than people think (its like a bible for 1.01 Layers :D )

the third "Reminiscence of a Stock Operator" is the story of one of the greatest stock speculator of wall street ever and how he made millions and had governments ask him to stay still because he could bring the USA economy to the ground and how he busted all his fortune 3 times finally committing suicide

So all spot on was after all a bit wide
Report Moon Light November 15, 2009 12:38 AM GMT
How did he write his Reminiscences after committing suicide?
Report Lusitano71 November 15, 2009 12:47 AM GMT

the book doesnt go to the point of his death, it was published in 1923, but a simple wiki told me how the story ended
Report lippy November 15, 2009 1:40 AM GMT
This topic has been covered a hundred times , that stockmarket operator book is trotted out every time.
Good read but not going to help you much on here
Report cabbage November 15, 2009 5:32 PM GMT
Are there any good books which woud be truly beneficial to read regarding trading, which specificallly relates to trading on betfair?
Report Lusitano71 November 15, 2009 6:09 PM GMT
seriously doubt it, specially the "good" part
Report The Betfairy November 15, 2009 6:13 PM GMT
Mastering Betfair.

It's not particularly good, and probably won't help with your trading. But it will earn the author £15 if you buy it.
Report The Betfairy November 15, 2009 6:15 PM GMT
(which, I'm sure you'll agree, is a very good deal).
Report fuckingloser. November 15, 2009 7:27 PM GMT
most of these books are good for financials.. but probably wont transfer well to betfair apart from the discipline and mental parts... for eg when these guys say follow the trend .. it all makes sense in stocks cos they just keep making newer and newer highs .. but in betfair... the trend starts at 3.5 or 4 when it starts falling .. by the time its at 2 .. you now know that its in a trend.. by the time you put your trade on its well favorite and you maybe make about .5 to .8 after greening up for safety...

in betfair if you ignore prices over a 100.. in a 2 outcome game for eg.. prices just bounce about between 1.01 and 2 and flip flop ever so often.. and then finally they just end at one side on 1.01. so it only makes sense to hope for a volatile game and lay towards 1.01 and back towards evens.. which is effectively going AGAINST the market.. which is not the advice of any financial trader.

so you will have to look for a book that is geared specifically to betfair unless you are looking for mind control and discipline, in which case, just read "the power of now" and you will be fine!
Report Lusitano71 November 15, 2009 8:13 PM GMT
of course they are for the discipline and mental parts but you must understand that the amounts of money circulating in the stock market makes the liquidity here look like pocket change, on the other hand the market here crashes every day several times :D , so you also need the mental attitude to deal with it

I think that this evens out things in the end

Stock exchange has huge amounts of money gaining or losing in small increments (with the odd crash)

Betfair has small amounts of money gaining or losing in high increments (with several crashes daily)
Report Napoleone di Buonaparte November 15, 2009 9:59 PM GMT
Report SHAPESHIFTER November 16, 2009 9:00 AM GMT
ebasson61 14 Nov 08:15
Fixed Odds Sports Betting, by Joseph Buchdahl

easy read. makes you think about your approach on betting. simple understanding of some of the math involved and from there, you'll research a bit more on your own.
Report kenilworth November 16, 2009 9:28 AM GMT
Every book will help, even a book that tells you nothing more than you already know. It at least tells you that you know at least as much as the author.
Report The Betfairy November 16, 2009 9:29 AM GMT
^^^ For once I totally agree with Kenilworth.
Report The Betfairy November 16, 2009 9:32 AM GMT
However, some authors should be kind enough to state on the fron covers of their books "you probably know this stuff already, so no point buying", instead of "make super dooper profits on betting exchanges".
Report kenilworth November 16, 2009 10:11 AM GMT
I think authors have to assume that the reader knows nothing before he/she starts reading the book, as there will be readers who fall into that category.
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