Oh What A Shocker!

Today's Results:
Horse Racing... 2.5% loss. New bank... £66.38

I knew I should've stayed in bed today. Twenty minutes before the first race I fired up BinarySoft BDI only to be told that my free trial had expired and I had to dig into my pocket. That's a shock I can tell you... (and you can keep your 'tight fisted Scotsman' jokes to yourselves - LOL).

I was hoping that my trading profit during my trial would've built up sufficiently to pay for my subscription but I haven't managed it. Still, I've seen enough of the software and been happy with my progress to bite the bullet and fork out for a six month subscription. I didn't think I'd get much trading done as the good folk at BinarySoft had to reactivate my account and I didn't know how long they'd take. But, give them credit, I got an email 5 mins later and I was live again in time for the start of the races. Excellent service.

Judging by the first two races, I wish they hadn't been quite so on the ball.

I started off scratching the first from what had been a reasonably profitable position. Then, in the 2:00 things went belly up. One thing I've learned from the place markets is that you need to take a slightly longer term view than the win markets. So if a trade goes against you, it will, most of the time come back. But to hold on take nerves of steel.

I laid 'Just The Lady' but it started coming in. No problem, the signs were that it would still drift. But it kept on shortening. I waited nearly three minutes and eventually got out with a loss of around eight ticks. Ouch!

That sapped the confidence somewhat and so, although I spotted it turning and drifting, I was reluctant, unable or fearful, to act - possibly a combination of all three. It carried on drifting past my original opening lay position so if I'd held my nerve a bit longer....

On reflection, I broke one of my cardinal rules. Never enter the market until around 5-6 mins before the off. On this occasion I'd jumped in with over 10 mins to go.

Anyway, I staged a stirring fightback and after the next four races I entered, I'd clawed all the losses back to within a few pence.... only for me to screw up the next race. Within in a blink of an eye I was more or less back to my original losing position. Very demoralising.

Still, I took a break, gathered my thoughts and got back in the trenches again. Four races later, I was within a few pence of recovering my position yet again. But lo and behold, the next race I screwed up again. Not as badly this time though so it wasn't quite as disastrous. But worse was to follow....

In the 5:00, 'Boundless Prospect' was trading around 1.20 in the place market but looked like it was about to drift. And sure enough it did and I got on it; twice for nice one tick profits which would've given me a 3% profit for the day. Why, oh why did I go in for another nibble? Needless to say I got my backside bitten and my lovely profit for that trade turned into an ugly loss of much the same magnitude.

Evening update....

I ventured into 5 races this evening and managed a profit in four, but one of them let me down. Still, I limited the damage for the day to a 2.5% loss so I've got to be happy with that considering the number of cock ups I had. What made the day all the more infuriating was that in between I had some nice trades. But I've still got to be concerned with my apparent inability to stop when I'm in profit. I MUST stop taking another bite as it's usually me that gets bitten.

Tennis update...

It's the quarter finals stage in the Bausch and Lomb Tournament and so I've been applying my Tennis Hedging Strategy once again. The first two quarters have made their profit (20% in the Cornet v Razzano match and 15% in the Sharapova v Bondare match - because I manually traded out early). I'm waiting for the Davenport v Szavay match to get under way though I've already traded out for a 7.0%ish profit. I have a lay order on Davenport at 1.57. Hopefully that will be matched shortly so that I can place a closing bet to make up the rest of the 20% target....

.... All done and dusted by 9:30.

No comments: