Why Am I Disappointed?

Today's Results:
Horse Racing... 13.1% profit. New bank... £42.22

First off, a quick update on the Sony Ericsson Open from last night.....

If you recall, I'd laid Federer @ 1.23 and placed a back bet @ 1.30 to carry forward in-play. The plan was then to go to bed. If I had, everything would've been hunky dory.

Unfortunately, I was still up when the match started, so I thought I'd watch the market for a while. For nearly an hour, Federer's odds had barely moved so I decided to scratch the trade. No sooner had I done that his odds shot up to 1.70 and my 20% would've been made. He of course went on to lose 2-1 anyway and my hedge would've been successful, IF I'd stuck to the original plan.

To cap it all, I wasn't around for the start of the Nadal v Berdych semi-final so my tennis hedging strategy isn't working too well for this tournament, simply because I'm not getting the bets on!

Now, on to today's horse racing.....

Despite the excellent 13.1% increase in my racing bank, why do I still feel disappointed? There's two reasons.

First, I was still suffering a bit from what plagued me yesterday. Namely, not accepting what profit I had and going in for some more only to lose much of it. The worst manifestation of this came in the 3:30 at Southwell. I was trading 'Dodaa' in the place markets and was in a position to increase my bank by over 10% on this trade alone. But I went in for some more and came away with pennies.

Secondly, I was picking out significant, double figure, price movements really well but just couldn't get on them. Every time I placed my opening position just ahead of the market the market moved in front of me before I was matched. I do not have the confidence yet to jump ahead of the market by two or three ticks. I spent much of the afternoon chasing trends.

Even my toilet break conspired against me. I was sitting waiting for 'Mister Top Notch' to drift in the place market of the 4:55 at Aintree. It was stuck on evens, so I nipped to the loo only to find it had drifted out to 2.38 by the time I came back!

Most of my trades today were just earning pennies - though they all add up of course. It wasn't until the last few races that things picked up and the profit was boosted.

So there you have it. A good days work, yet I still feel disappointed. Still, one thing to be pleased with. Ten races traded and not one loser amongst them. That's a first.


Anonymous said...

keep up the good work mate - you are making steady and consistant profits on the horses - it won't took to long before you are dealing with much larger amounts as you build the bank up.


Alistair said...

Cheers Leon, here's hoping.