What A Mare

Today's Results:
Horse Racing... 16.1% loss. New bank... £65.20

I've had to stop early this afternoon after a shocking set of trades that has resulted in my emotions starting to rule my head. After 5 out of 12 trades have gone completely awry for me today I've had to walk away before I do some serious damage to my bank. Not that a 16% loss isn't serious enough.

I settled down to carry out my plan to alternate between the win and place markets and everything started off smoothly with wins in the first two races.

My afternoon started to go to pot in the 2:30 win market. The market turned against me as soon as I place my opening bet - how often does that happen? I baled out with nearly a £5 loss. But I compounded the error by going in again to attempt some damage limitation only for me to misread the market again (I cannot get to grips with the win markets at all).

So, having lost over £7.00 in the space of a couple of minutes I abandoned my plan to alternate between markets and concentrate on the place market where I've been building up my bank since I started.

This worked well and I started to recover my situation over the next four races. That is until the 3:10 at Warwick. I did much the same thing in the place market: went in and lost then couldn't resist the temptation to try again. Another £5.57 down the drain.

I should've stopped there, but no. Further losses in the 3:50 place market and the 4:00 win market saw another fiver leave my account. That was when I managed to turn off BinarySoft BDI and walk away.

I'm not sure why I was misreading the markets so badly today but it is clear that my losses would not have been anywhere near as bad if I had not gone back in to try and retrieve my losing situations. I am so annoyed with myself as, time and time again, I have identified that as being an issue I have. Yet I have consistently failed to heed my own advice!

No doubt I'll be back later for the evening races. :-)

Today, I have effectively lost the last two days worth of trading gains. Bugger!


leonthefixer said...

Had a shocker myself today mate. Though mine was all down to me losing the plot and my discipline. I should have had a good day after getting in a couple of great trades but I was useless. Don't think there is any evening racing tonight for you to make it back - best to leave it for the day anyway and recompose for what is going to be a very busy period with the evening racing starting in full swing from tomorrow. Best of luck for tomorrow hope you get it all back!

My tip for the win market is to steer clear of the Favourite - I don't have a clue what makes its price move but look to see how its price movements affect the others ;-) Seems to work for me!

Alistair said...

Hi Leon,

Sorry to hear you had a ban one today as well. I was all over the shop today for some reason. Still, that's all water under the bridge. Back in the saddle tomorrow.


P.S. Thanks for the tip on the win markets. I'll keep that in mind for next time.

knocker said...

Keep focused Alistair. I bounced back from a big sulk last night. Just keep the faith. Oh yeah and don't believe Leon. Trading the favourite is the best thing to do, honest ;)

Alistair said...

Thanks for the support knocker, but why do I get the impression that it was you who took me to the cleaners today? LOL

I'll get it back soon enough.