That's More Like It!

Today's Results:
Horse Racing... 15.9% profit. New bank... £340.70


What a day! My best so far! £46.70 added to the bank thanks to today's efforts. I traded 31 races, scratching 4 of them and losing on 5 (costing £16.47).

This afternoon's trading was going very well. I was up over £30 by 4pm and really gunning to break £40 for the first time. I guess that was a mistake, putting myself under pressure like that, as I threw away £13 in the last hour. £8 in the 4:20 and a further £5 in the 5:05. What was particularly annoying about these was, unlike me simply assessing the market incorrectly (which I can happily accept) I repeatedly told myself that the market was unsuitable.

As I looked at 'Gee Dee Nee' in the 4:20 , I was muttering over and over in my head that the market was very weak and I should stay away. Then, suddenly, it looked like the odds were about to drift and I couldn't help myself as an almost involuntary click of the mouse opened my lay position which was immediately swallowed by a big jump in the opposite direction. I was lucky to get out for as little loss as I did.

The second loss was due to me looking at 'Kayf Aramis' in the 5:05 which was trading at around 3.00. Virtually every time I look to back a horse at this level in the place market I end up losing. Consequently, I keep telling myself to leave well alone. So why I tried that one I don't know. Just plain stupid.

In the grand scheme of things, making a profit is the important thing, but throwing away such a big chunk of my final profit is clearly careless. This leads me on to a point that I've brought up on more than one occasion in this blog...

Once again, after closing out for a guaranteed loss, the odds came back in both these trades. If I'd gritted my teeth and hung on for 1-2 mins I would've got 2-3 ticks profit. This really is becoming annoying and leaves me with quite a dilemma...

In the event of the market going against me quickly, and I'm unable to get out for a 1-2 tick loss should I let it ride until it comes back? Alternatively, Should I refrain from entering the market in the first place until the last 90 secs or so, instead of 4-5 mins before the off?

My gut instinct with the second option is that I'll miss a lot of good and significant trends. Equally, we all know the gambling gods like to have a laugh so it is almost inevitable that hanging on in hope will see a whopping loss.

I think what I need to do in the first instance is record the number of times the odds return in my favour after closing out all red. At the moment, I'm relying on my memory, which, at my advanced age, is not what it used to be. If I find that I am indeed correct in my believe that the vast majority of these odds come back to my opening position then I will have my answer.

I stopped for dinner after the 5:05 and relaxed. I was satisfied with getting £26 profit during the afternoon, despite the annoyance of the aforementioned losses.

For the start of the evening session, I ring-fenced a further £30 of my bank and dropped my stake/liability to £70.

I found the evening races quite difficult in that there were few big moves going on - that I could see anyway. However, I made steady progress adding small amounts as I went. I had a couple of small losses, but I was still edging towards the £40 mark as I went into the last two races.

In the 8:45 I made the bad decision of jumping on 'Dualagi' far too early and I quickly found myself down a couple of quid. However, I managed to get it all back on 'Black Moma' and get myself into the green for the race. Unfortunately, the dreaded late withdrawal saw that profit turned into a small loss.

I opened the last race with one of my worst trades and I quickly found myself down nearly £3 on 'Danseuse Volante' when the price shortened unexpectedly. The £40 target was looking iffy, but a couple of minutes later, and true to my aforementioned observation, the price went on a major drift and I came away from that race with a £9.22 profit and the best result of the day.

So a VERY satisfying day, and a bank that now stands at £340 after 3 months from a £10 starting position. Chuffed or what?

A Recovery Of Sorts

Today's Results:
Horse Racing... 5.4% profit. New bank... £294.13

After yesterday's loss, I reduced my initial staking level to around £60 for today's trading. Despite a shaky start, where I had 3 small losses in the first 7 races, I slowly recovered throughout the afternoon and was over £20 up on the day by dinner time.

The evening racing was going well also and I was quickly heading towards £30 for the day, as well as breaking through the £300 barrier for my bank when I lost over £10 in the 7:50 and 8:00 combined. Not really sure how I misread those races but frustratingly, once again the odds came back in my favour just before the off and after I'd traded out for a loss.

This is something I'm going to have to look at. I tend to get out of the market 1 min before the scheduled off. I'm certainly out with 30 secs to go. I cannot remember a case where the prices for the runner I'm currently trading don't move in my direction in the last minute. I'm missing out on a fair bit of profit by not taking my trading closer to the off. Risky I know if the race jumps early. I don't know if that happens a lot in the UK.

I traded 30 races today, scratching 7 and losing on 6 (at a cost of £13.92)

Anyway, what could've been a very satisfying £30 daily profit quickly turned into half that. Still, a 5.6% profit and yesterday's losses successfully recovered with a little extra to boot. Hopefully, I'll smash through the £300 barrier over the weekend.

Not What I Intended

Today's Results:
Horse Racing... 4.6% loss. New bank... £279.05

The somewhat haphazard way in which I traded yesterday continued today. Although I got away with it last time, I wasn't so fortunate this afternoon and evening. So it is with some disappointment that I post a daily loss and end a run of 11 days of profit.

I'm not really sure why I traded so badly today. It was just one of those days when virtually everything I entered went against me.

The writing was on the wall in the first race of the day when I managed to rack up over £8 in the red. I immediately lowered my stakes a bit and set about a fightback, but it was clear I was going to struggle today as I didn't get involved again until the 3:00 where I managed to get around 25% of my loss back. But I threw that away again on the next race.

However, two races later I had my best trade of the day and recovered all my losses to put me a few pence up on the day. But my joy was short lived as two bad races later I was back to £8 down!

I managed one more race in the afternoon where I picked up a just under £1, but it was clear it wasn't happening for me so I quit, with the hope that the evening session would be a bit more fruitful.

Unfortunately it wasn't. It's just gone 7:00 as I write this and I've jacked it in for this evening. I did three races tonight and I've chucked away another £6.50, £5 of it in the 6:50. My head clearly isn't in the right place for trading today so there's no point in continuing.

I got involved in 13 races today, scratching 2 and losing on 6 (costing £25.43). With roughly 50% of races I entered losing me money, I think quiting for the day is the sensible thing to do.

In the forlorn hope of finding reasons for my poor performance, I've been thinking about what I've been doing today and, indeed, the past week or so...

Over the past seven days, my staking levels have increased dramatically. As such, when a trade goes against me, I'm looking at a much bigger loss, in monetary terms, than I've been used too. This has had the effect of me closing a trade for 3-4 tick loss when, as I've learned to do, I'd let it run as the majority of the time, in the place market, it will come back.

The loss in the first race is a case in point. The market immediately turned against me as soon as I placed my lay bet. It shortened rapidly and I managed to get out for a 5 tick loss. However, with 1 min until the off, it had drifted again to one tick past my starting position so I could've scratched that trade. My afternoon may have been completely different then.

I also trade manually. I do not use stop losses, or have the software automatically put in closing trades when my opening bid is matched. This is due to the jumpiness of the place markets. Stop losses can get fired at inappropriate times and closing trades can be taken when the movement in one's favour is much greater and so a larger profit is missed.

For this to work, one needs to be quick, but today I wasn't. Time and time again, I was simply too slow to react. I'm sure the splitting headache I've had most of the day hasn't helped.

Anyway, enough of the excuses. I was simply crap.

Back again tomorrow with reduced stakes so that I can find my feet again.

A Tale Of Two Halves

Today's Results:
Horse Racing... 7.1% profit. New bank... £292.62

I should be pleased with another decent increase to the bank, yet I'm not. I cannot help but be disappointed with my trading today as I threw away as much money as I wound up profiting by.

My trading was really iffy today. I had some really good trades, but equally some very poor ones.

I kicked off the day rather slowly, not getting involved in the first two races. Once the third race came along a quickly got myself greened up to the tune of a fiver, more or less. Great start I thought. And when I found myself in profit in the next race I was thinking that today was going to be good. Unfortunately, whilst trying to squeeze a bit more out of that trade I turned a £1.30 all green position into a £4.78 all red one. Back to square one!

The next two races were great though, finding me up £15. But after that, my trading went completely haywire. I lost nearly £11 in the next four races. While the earlier loss was due to me being greedy, these four were simply shocking trades. No excuses.

By this time it was 4:00. I wasn't comfortable with the way things were going and my daughter had just return from school so I decided it might be best to get away from it, have an early dinner and collect my thoughts.

I returned in time for the 5:35 and immediately posted a £4.50 profit, which settled me down again. I traded fairly steadily, if unspectacularly, from then on, slowly adding to the profits even though I did have another couple of losing trades.

In all, I got involved in 22 races today, scratching 2 (though four of the evening races saw profits of under 50p so they were effectively scratched as well) and losing 7. And that is were my disappointment lies. To lose on a third of the races is simply not good enough. While a profit of £19.32 is welcome, I lost a total of £18.98 in those 7 races.

So I go off to bed tonight, unhappy with my performance, but hoping for a bit of consistency tomorrow.

In The Evening

Today's Results:
Horse Racing... 6.8% profit. New bank... £273.30

I didn't get around to any trading until this evening as I'd spent the day with a client. Still, it proved to be a successful two hours though at times a frustrating one...

After a bite to eat I settled down for the first race at 6:20 but I couldn't get going. It was the same for the next two races, all of which I scratched for a combined total of a few pence. I was actually thinking about giving it up for the evening as I was finding the markets quite difficult to read. There seemed to be reasonable amounts of money around in the place markets, but bets weren't being matched. I thought I'd give it one more race, and I'm so pleased I did.

I had managed a couple of ticks on 'Norminster' but my opening bid didn't get fully matched so I wound up with only a few pence. Then I spotted 'Yachvili' looked like it was going to drift. Sure enough, as soon as I placed my lay bet, off it went - big time. I wound up with my best trade so far - £11.30.

If I'd held my nerve, it could've been a lot bigger. A few times it looked like the trend had lost momentum so I traded out only for it to leap ahead again moments later. So I'd jump on again. As a result, I missed out on quite a few ticks during that drift but I've got to be delighted with the result in any case.

In the next three races, I didn't trade well in that I threw away a few pounds from profitable positions simply through greed and the hope of a few more ticks. I first of all turned a £2.20 profit into a £1.47 loss in the 7:50. Then I reduced a £4.10 profit into £1.68 in the 8:10 and completed the hat-trick in the following race by turning a £2.00 profit into a £0.24 loss. Stupid!

Then, as if that wasn't enough, I lost out in the last thanks to a late withdrawal which saw a £4.30 greened up position on 'Whatdoidowiththat' being reduced to £2.78.

I traded 10 races this evening, scratching 3 and losing on 2 (costing £1.71 - so not too bad). This gave me a profit for the evening of £17.49 - equivalent to 6.8% of the bank. An excellent result thanks mainly to that one race.

I should manage a full day trading tomorrow so here's hoping that I continue my recent rate of progress.

Mind Revolutions

Today's Results:
Horse Racing... 7.1% profit. New bank... £255.81

So much of this game is in the head and it can take some time to get oneself in the right mindset. As I've openly documented over the past three months, I have successfully increased my bank by over 2500% but it hasn't always been plain sailing. I've had numerous setbacks, mental aberrations and moments of extreme doubt.

Over those 3 months, I have slowly, but surely overcome much of the emotional side of trading. That's not to say I don't have issues still. I do, and no doubt will continue to do so. However, I'm handling them much better and learning from them so that when they do arise, I can spot them and deal with them accordingly.

This has clearly helped my trading where, at the risk of tempting fate, something really has 'clicked' for me over the past few days.With another 7.1% added to the bank today I've increased my horse trading bank by a fraction under 34% over the bank holiday weekend.

I'm currently edging towards consistently making 20/day tax free pounds. That in itself is terrific and will make a difference. To say that I'm delighted is an understatement. Getting to this stage has been great, but the next month will be interesting. I need to push on, but the first target is to make sure I maintain these levels.

It's interesting that when I first started this, it was always intended as a hobby; a way to make an extra few bob. Now that I've proved to myself that I can do this, there's the possibility of achieving a very useful and welcome second income.

Roll on next month....

Less Often Means More

Today's Results:
Horse Racing... 5.8% profit. New bank... £238.85

Just a quick update as I was able to get back in time for a bit of trading.

I managed to catch the last 7 races and immediately started trading well, which is unusual for me. I was over £16 up after the first 4. I then had my only loss of the evening where I opened a position that quite frankly wasn't viable and found myself over £5 down. I managed to retrieve some of that on another runner before the off giving me a guaranteed £3.45 loss.

The last two races were pretty uneventful where I managed to pick up just over a £1 in total.

Although the loss was unfortunate, I achieved a profit of just over £13. Not bad for an hours work and a tax free hourly rate I could live with.

So, a jolly nice way to round off what has been a pleasant afternoon watching a footy match in the late spring sunshine. Roll on tomorrow...

Short And Sweet

Today's Results:
Horse Racing... 1.8%% profit. New bank... £225.66

I was beginning to think that yesterday's excellent result was indeed short and sweet as trading today was almost a non-event. When I did manage to get in front of my PC, I threw away over a fiver in the first race.

I was just settling down for the afternoon session when my son appeared for a surprise visit. He's just past his driving test, and his mother has essentially given him free reign of her car for the week. He's like a kid with a new toy. Anyway, that was trading scuppered as we sat down and watched the Scottish Cup Final.

I didn't get going, trading wise, until the fateful 5:30, the result of which screwed up my head for a while and after 4 races I found myself nearly £8 down. I was starting to seriously consider packing it in for the night amidst fears of throwing away my well earned returns from Friday.

However, I carried on and successfully traded the 6:15 which marked the start of the fight back. Another 4 races later, I was up on the day and decided to quit with what small profit I had.

I got involved in 10 races today, scratching 1 and losing on 3 (at a cost of £8.37) with a profit of only £3.91. Not the result I was hoping for, but I've got to be satisfied with a profit rather than a loss, given the way I opened my account this evening.

While I'm regularly returning a profit, I must look at ways of reducing the number of losing trades as they are severely impacting on my profit at times. I'm not sure what I can do as yet. Stop losses are useless in a jumpy market as they often get fired in when you don't want them too. In addition, the place markets frequently reverse in my favour if they've gone against me in the first place.

That is the area I think I must address. On numerous occasions over recent weeks, I've taken a loss when the market failed to reverse back in my favour only for it to do so soon after closing the trade. Perhaps it's a simple case of trusting my instincts more and holding my nerve.

I probably won't manage any trading tomorrow as it's my son's last game of the season. Indeed, it's his team's last ever game as the U19s are shutting their doors. So it's unlikely that I'll get back in time.

For those of you that manage, have a good one.

Better By Far

Today's Results:
Horse Racing... 15.9%% profit. New bank... £221.75


Not a lot I can add to that screenshot. By the end of the afternoon session, I was 13.6% up, having sailed through the £200 barrier half way through. To say I was chuffed is an understatement. I got involved in 17 races this afternoon scratching 3 and losing on 2 (costing £2.17).

When I stopped for tea, I was in two minds whether to come back for the evening session. Regular readers will be aware that I have had an annoying habit of screwing up the first 1-2 races after a break. The last thing I wanted to do was throw away my good work.

In the end, I took an extended dinner break and got stuck into the 7:00 (having just scratched the 6:50) where I, perhaps somewhat surprisingly, opened with a £2.89 profit - which I promptly threw away in the next race!

My trading was somewhat tentative, simply for fear of screwing up my earlier good work. I shouldn't have worried, as I had some excellent trades this evening. As I went into the last, my profit was sitting at £36 approx. Unfortunately I threw away nearly £6 on the last.

This was annoying as I had backed Bahamian Kid at 3.40 as I felt sure it was going to come in. The market didn't agree with me initially and I was forced to take a loss of £9.80. The market then changed it's mind, turned the way I had thought it would and I could've had a 4 tick profit before the off. And the damn thing went on to place in second. Grrr! That put a big dampener on the evening, though I've perked up a little as I see that there must have been a withdrawal. As a result, my loss on that race has been reduced.

I traded 10 races in the evening, scratching 2 and losing on 3 (costing £9.27).

Despite ending with my biggest lost for the day, a £30 profit is my best result to date and needless to say, I'm absolutely delighted. All the more fitting as exactly 3 months ago today, I started my horsey bank with £10, which has now grown by more than 2210%.

Let's hope for more of the same tomorrow.

Behind The Lines

Today's Results:
Horse Racing... 2.5% profit. New bank... £191.36

One of the ways to play the place markets is to sit behind the live prices and wait for a sudden spike to come and grab you. When I first started this lark, that tactic worked quite well. Now, sitting behind the lines doesn't work as well. This is primarily due to the increased stakes I'm using as my bank has grown.

As soon as I declare my position, the money that was sitting behind me is moved in front. If I remove it, the opposition's money is moved back to where it was. As soon as I reenter, I'm leap-frogged again. The other day I sat for two minutes playing this little game with some other punter before the novelty wore off and I got bored.

For a while now, I've been developing a new skill where I attempt to read the market and identify what runners will be the likely movers or runners that are likely to attract significant spikes that I'll be able to jump on. This is very much a work in progress, but it means that I am quite often taking the lead in the prices, rather than sitting and waiting for a few jumps to scoop up my stake.

I suppose, I've got to say that it is working as my bank is slowly climbing, but it does leave me vulnerable at times. Tonight was a case in point.

I didn't get in until 6:00pm so the first race I entered was the 6:20, which I promptly lost - no surprise their I guess. However, I only lost 53 pence so no big deal. Especially as the next race I entered, the 6:50, saw a lovely trade netting me £3.69. So I was quite happy with that, as you'd expect.

Yet the following race, I threw away £5.70. I traded three horse in that race and lost on all of them. Not once did I come close to reading the trend correctly. I have noticed over the past few weeks that when I lose, it is almost inevitably because I've not been giving the graphs my full attention. Instead, I've allowed myself to be swayed by the money in the market.

There's lots of debate within trading circles regarding Weight of Money and whether it works. My own feeling is that it does, but NOT in isolation. It can be used as an indicator, another point on the curve if you like. However, I think it is completely useless in the place markets. Why then do I occasionally let myself be persuaded by it?

I think it is because the business of placing a bet takes place on the ladder where these numbers are flashing before my eyes. My focus is on the numbers. As a result, it can be difficult sometimes to pull my gaze away from them and to the all important trend graphs. This is particularly true if I've opened a position in the market. If I concentrate 100% on the graphs, then I do not have a problem.

Anyway, back to tonights trading...

Needless to say, my performance in the 7:10 was really annoying as I now found myself in the red for the evening. Thankfully, two successful races later and I was in profit, albeit by only a few pence! 5 races just to stand still.

The following three races were difficult in that I couldn't spot anything of interest. I didn't get involved in one of them, and scratched the other two. The 8:40 was a different matter though and thanks to the £4.65 I earned in that race, I am able to post a profit for the day.

I took part in 9 races this evening, scratching 3 and losing 2. The losers cost me £6.23, so you can imagine how disappointed I am, particularly as I had some good trades tonight. Never mind though, a profit of 2.5% is not to be sniffed at and, at the risk of tempting fate, it puts me within striking distance of the £200 mark.

Here's hoping for a good day tomorrow.

A Little Is Enough

Today's Results:
Horse Racing... 1.6% profit. New bank... £186.68

Not much to report today. Due to other commitments, I was only ever going to be able to trade the first couple of hours this afternoon. Then, with the Ayr meeting being abandoned, opportunities were few and far between.

I entered 5 races today, scratching two of those, but winning on the rest resulting in a small, but never the less, welcome 1.6% increase in the horse bank.

Tomorrow will be much the same in that I'm spending the afternoon with a client. Hopefully though I should be back in time to take part in the evening session.

Not Good Enough - See Me!

Today's Results:
Horse Racing... 3.7% profit. New bank... £183.75

Despite posting a profit for the day, I'm getting a little tired of the number of mistakes I am making. I traded 15 races today, scratching 1 and losing on 5, which simply isn't good enough.

I started off reasonably well only losing 1 race in the first seven I entered. I had to stop not long after 3:00 though as my daughter wanted me to install some software on her PC. I tried telling her that the games were Windows based and they wouldn't run on Linux but wouldn't she listen. Sometimes, you've just got to go through the motions to convince kids that what you say is true.

That hour long break, did me no good at all. I lost 4 of the next 7 races I ventured into. My concentration was not there, though I did manage one of my better trades which ensured I remained in profit for the day.

All-in-all, those lost trades cost me £7.94. Most of those races were annoying in that I'd read the long term movement correctly but I had jumped ship too early when the market went against me momentarily. Frustrating.

I didn't get involved in the races this evening as I was away watching my son play footy.

One of the things that has definitely been a problem in recent days is the fact that my daughter has been on holiday. Don't get me wrong, she's very good and generally leaves me be when I'm trading. No, it's simply the fact that I find it distracting when I know there is someone else in the house. She's back at school tomorrow - I'll have the house to myself so no excuses.

Parents evening though, so I'll miss a few of the late afternoon/early evening races.

Fish Out Of Water

Today's Results:
Horse Racing... 1.3% profit. New bank... £177.13

I'll keep this post short as I am mentally exhausted after today's efforts...

A fish out of water is how I felt today as I floundered my way through one bad trade after another.

It all started badly when I made the stupid decision to try the win market in the first race of the day. There had been so many withdrawals from the race there were only 4 runners left, so I didn't fancy the place market. So, off I went and promptly lost £4.26, which put me in the wrong frame of mind completely.

I scratched the next race, but lost another £3.77 in the 2:20. In the first 10 races I entered, I lost 6 of them and was nearly £10 down. I spent the rest of the day trying to recover it which took me until the 8:40 where I found myself 36 pence up on the day.

The profit you see in the headline is made up from the £1 profit from Friday evening that I didn't include last time as detailed in my previous post along with a small profit from the only race I managed to trade over the weekend while I was busy decorating.

After Friday's losses I was hoping a weekend off would do me good. If that's doing me good, I'd hate to see it doing me harm.

Hoping for better things tomorrow...

Asylum

Today's Results:
Horse Racing... 4.7% loss. New bank... £174.79

Where's the men in white coats? Lead me away now! It amazing how a few moments of madness can wipe out such good work.

After yesterday's success, I went into trading today in a somewhat buoyant mood... And I traded really well, up nearly £9 after the first three races. Then the 2:30 came along and messed up big time. Twice!

I traded 'Sir Billy Nick' in the place market and fouled that up, giving myself just over a £3.50 losing position. I then committed the cardinal sin of trying to recover it on another runner... and promptly doubled my loss.

Unfortunately, throwing tantrums didn't work this time. The next few races I scratched, with a small profit in another. I then proceeded to compound my error by repeating it in the 3:10 at York. I traded 'Makaseeb' and found myself another £3.50 down. I then tried to recover it on 'Musical Bar' only to turn that loss into a total of £10.36! So much for my record trade last night.

So, I'm throwing the rattle out of the pram this afternoon. Though I hate to finish on a poor trade, my head is shot. It's a beautiful day and I'm off to paint my fence. I don't know when I'll be back trading over the weekend as I've some decorating to do as well.

Catch you later.

UPDATE as of 8:45pm - I ran out of paint by dinner time, so I tried to recoup some of my losses in the evening session. I nearly managed it, but blew it in the last couple of races I entered and only managed to reduce the deficit for the day by £1.00. I'll add it to the total on my next day of trading.

Don't Stop Believin'

Today's Results:
Horse Racing... 14.1% profit. New bank... £183.88

Yesterday's Betfair crash had left me somewhat apprehensive going into today's trading; and it showed. In the first 5 races I entered I scratched 3 and managed a total of £2 profit from the other two. My trading didn't feel right though. I was hesitant in every trade I entered. Then came the first loss of the day...

I was trading 'Saddlers Way' in the 2:30 at Perth, and got it completely wrong. In the blink of an eye, I was nearly £5 down. I managed to get a few pence back by trading 'Alexander Zone' but I was running out of time so I took the loss on the chin. Not a major disaster, but it served to further sow the seeds of doubt in my mind, which unfortunately spilled over to the next couple of races. I managed to scratch the first of these, but the next, the 2:50 at Salisbury was where things went awry.

I ventured into the win market as there was only four runners and there was no place market available. As you all know by now, I'm not confident in the win market yet, but the mistake I made was not reducing my stakes before jumping in. I backed 'Uig' at 3.90 and it immediately turned on me. I managed to get out at 4.20 and in a flash, I was down £4.

I was so disgusted, and in a fit of pique, I closed BinarySoft BDI and went downstairs to have a cuppa. No sooner had I reached the last step, when I suddenly felt unsure if I had any further liability or not and ran back upstairs. (I've a terrible short term memory - Whenever I lock the car I usually end up returning to it to check, having walked a few yards down the road, knowing full well that I did; I used to send the kids, but they've sussed that one now). Once up and running again, I spotted the favourite, 'Naughty Thoughts', steaming in so I jumped on. I managed to get my loss down to under a £1 though I got greedy and lost a couple of ticks, but I came away with a loss of £1.43 rather than £4.00.

Spurred on by this near full recovery, I moved on to the next race, my tantrum all but forgotten; and promptly made one of the biggest single race profits I've achieved since I started. I traded both 'Mill Row' and 'Turbo Shandy' in the 3:00 at Perth for a combined profit of £6.59. That was really pleasing. I was in profit for the day, my losses from yesterday had been recovered and all was right with the World.

I carried on for the rest of the afternoon, making steady profits of around £1.00 per race. I had to pick my daughter up from school at 5:00 so the 4:45 was going to be my last race. That's when the Betfair gremlins struck again. I tried to submit my opening bid, but BinarySoft BDI reported back that it had trouble submitting the bet. It's refresh rate jumped way into treble figures and it ultimately lost connection. I switched to Firefox and went to Betfair website, which took an age and three refresh attempts to load. I finally managed to confirm that I did not have any open positions, so that was a relief.

I don't know if anyone else had a problem. My internet connection was fine, as I was able to load other websites without any delay. Anyway, I decided to err on the side of caution, and switched everything off in the knowledge that, despite a shaky start, I was up 5.6% on the day.

I found the evening racing a bit more difficult in that I was having trouble spotting any movement or potential jumpy markets. I happily traded away adding small amounts to the pile, encountering a couple of small losses on the way. Then came the 7:50 at Folkestone and everything just clicked.

'Manoram' was trading at just over 3.00 and the trend graphs clearly showed that it was coming in, despite the short term spikes that were appearing. Just the kind of market I like. I managed to snatch a couple of small spikes, before a fair sum of money took the odds out. It was as clear as day, that the odds would shorten and fortunately that money was present in the market just long enough for me to react and grab some of it. As soon as I was matched the odds jumped back in again. Bang! £10 profit ta very much!

I successfully traded another two races but didn't come close to pulling that one off again.

So, a total of 30 races traded today, with 4 losses and 7 scratched resulting in a 14.1% increase to the horse trading bank. More importantly, today reaffirmed that I can do this, even when my mind is flooded with doubt. All it takes is a little belief.


Don't stop believin' indeed.

F.U.B.B.

Clearly, after last evening's Betfair crash, there's a lot of upset people out there having lost money. One only needs to read the various forums to appreciate that.

Equally, there will be some happy people around who found themselves in winning positions. They will be rubbing their hands with glee at receiving a windfall that they wouldn't have done if they'd traded out as normal. I hope they are happy that they have done so at the expense of the innocent losers.

Fortunately, I was OK in that I traded out before it completely shut down. However, as I alluded to yesterday, it is my belief that their systems started to go awry mid-afternoon - 2:55 to be precise. The markets were behaving bizarrely, jumping violently yet with little money coming in. Indeed, the prices seemed to be going through money that was sitting but not picking it up.

I feel for those traders who have lost out and I'm sure it is only a matter of time before I get hit. Still, I cannot understand Betfair's position on this.

Quite frankly, whenever there is a Betfair failure, ALL bets, in ALL markets - where those markets start or are in-play at anytime when the crash occurs - should be made void. This includes ALL bets matched in those markets BEFORE the crash occurred. That's the only way to ensure that no customer is out of pocket.

Yes, of course, those who were in a winning position would be pissed off at not getting their winnings, but at least they will not be losing money. What goes around comes around as they say and as long as Betfair failures continue being a fairly frequent occurrence, it's only a matter of time that those 'winners' will find it's their turn to have the bottoms bitten.

Someone, will always end up 'F*cked Up Beyond Believe'. Voiding ALL bets is the only way I can see to protect people.

Much of the money passing through Betfair's doors is traded. Betfair knows this. They actively encourage this. As a result, there will be many people who find themselves unable to close positions that they would normally be able to do. It is wholly unreasonable for Betfair to allow pre-crash bets stand.

Betfair have a duty of care to protect their customers cash. The way they do things at the moment, I don't think they can say that they do.

Shock The Monkey

Today's Results:
Horse Racing... 1.4% loss. New bank... £160.77

I certainly traded like a monkey today, that's what was shocking. Yet it started off so well.

I had successfully traded the fist 7 races averaging just under £1/race which was good. Then came the 3:00 and I was like a completely different person. I lost nearly £10 over the next 4 races and found myself looking at a second losing day in a row.

I desperately tried to get myself back in the black for the day, but I'd completely lost the ability to judge the markets as well as I did last weekend. I'd frequently get the movement right, but as I place my opening bid, movement seemed to stop. No matter how long I waited for it, it wouldn't move, so I'd scratch the trade only for it to immediately go off in the direction I had predicted. So frustrating.

After the 3:00 race, I felt the markets had gone loopy. They were jumping about all over the place yet no money seemed to be coming in. It made life very difficult. That's my excuse and I'm sticking to it.

Then of course, Betfair crashed just as the 6:40 was about to get under way. The race didn't go in play and for a while I was worried that I had an open position, despite BinarySoft BDI reporting that I was OK. I finally managed to log on to Betfair and saw that I was OK, but that race hasn't been settled as yet. That was the last race I traded.

I got involved in 21 races today with 8 losers and no scratches. That's not good enough, but I take heart from the fact that today's loss is minimal and it seems other traders also I major difficulties with the markets today.

Guilty

Today's Results:
Horse Racing... 3.0% loss. New bank... £163.12

Guilty as charged your Honour.

I didn't have a good session tonight, but at least it was not a disaster. It didn't start well, primarily because I'd rushed home from work, all eager to get going after yesterday and promptly messed up the first race I entered - probably because I was still trying to eat my dinner at the time.

I swapped loss for profit, profit for loss all evening, but never really managed to get going, or indeed read the markets properly. I was however, more or less level on the night when I got hit by a spike - the risk I run when looking for spikes to happen I guess. This one went the opposite way from the direction I was expecting. That was the trade that did the damage tonight.

But what I was really guilty of this evening, was that old problem of trying to force trades that aren't really there. Unfortunately, I paid the price.

Still, a fiver lost and no major harm done. I'll get it back tomorrow.

Crisis? What Crisis?

Today's Results:
Horse Racing... 10.5%% profit. New bank... £168.16

Another good day at the office I'm please to say, though it was spoiled by the now customary tea-time screw ups.

I don't know why I seem to regularly let things go as 5pm approaches. It may be my mind starting to wonder when dinner will be ready (I don't know why as it's me that's got to make it); whether the rot sets in at 4pm when my daughter comes home from school and knowing there's someone else in the house is a distraction in itself; or maybe I'm just tired and need to pull myself away from the PC for 20 mins.

I'm reluctant to stop at 4:30 or so as I don't want to miss races, but, if I'm regularly losing around this time of day, then perhaps I should consider it.

Up until the 4:50 and the 5:00 I had traded pretty solidly throughout the afternoon without a loss in sight. I found myself with £16+ profit having been involved in only 11 races. I was really chuffed with that.

Then either side of dinner I had three losses and a win, resulting in my profit for the day falling by a fiver. I spent the rest of the evening fighting my way back to the position I was in before dinner time.

I traded a total of 23 races with 4 losers (costing £8 or so) and no scratches. So if I can maintain that sort of hit rate, I should see my bank increasing regularly.

Once again, I entered trades in the place market where there were signs of movement and not those with the most money. This can be hairy at times if you're not used to a jumpy market, but I am now and I am developing a feel for how they behave, when to place an order, when to wait for an order to come in so that I can grab it and so on.

I was worried that the quieter weekday markets would make this strategy difficult, but, going on today's evidence - and Monday is frequently quieter than most - it may be OK. So I will continue to trade in this manner in the place market.

I'm still looking into form study, but it's a slow process for me, for two reasons:

First, if I was honest, I find it boring. Then again, that may simply be a symptom of not really knowing what I'm doing. I've never really been interested in horse racing. Some of the things I need to learn in order to successfully follow form I find are, well... uninteresting. I might not feel it quite so tedious if I end up regularly picking winners, so I shall plug away at it.

Secondly, I find it very time consuming. I'm already conscious of the fact that I'm spending more time in front of my PC at the expense of quality time with my daughter. I need to correct that.

At the moment, I'm not sure how I can resolve the conflict and satisfy both requirements but if anything gives, it will be the trading. That is how it should be.

P.S. I forgot to add... my son's team got absolutely stuffed 6-0 on Sunday. :-(

Summer Lightning

Today's Results:
Horse Racing... 17.9% profit. New bank... £152.04

What a stonking day, yet after 2 hours, I thought it was going to be so different.

I started off the day by scratching the first race which was then followed by one of my best trades of the day. It's so unusual to kick the day of with a good trade, I seriously thought about stopping there and then while I was ahead. When I lost a third of it in the following race, I started to wish I had.

I bashed on with the next few races and once I'd recovered it, plus a bit extra, I took a break and went for a cuppa. On my return, I screwed up the next two races and before I knew it, I was, within a few pence, back where I started. Two hours down the tube and despondency starting to set in. What this emphasised of course, is how important it is to concentrate at all times and not lose focus. The slightest distraction can so easily upset the apple cart.

I collected my thoughts, pulled myself together and started to get back into the swing of it when the thunderstorm started. I thought about turning all my computer equipment off as it is not protected against any form of lightning induced spikes, either mains borne or through the phone line. I did the old trick of counting between flash and thunder to estimate how far away it was and I decided I'd be safe to continue.

For the next 10 races I traded solidly with some very pleasing trades and only one minor loss. In between races I was able to watch the fine display of summer lightning Mother Nature was putting on. You don't often see forked lightning in this country; they tend to be cloud-to-cloud 'flashes'. Pretty spectacular.

As it was dinner time, I did my almost customary screw up of the dinner time race, which was really annoying. However, I was still well up on the day, so I didn't let it get to me as much as it might have. Besides, I got it all back in the evening session and added to it with some excellent trading - though I say so myself.

Altogether, I got involved in 34 races with 5 scratched and 6 losses. For the first time I broke through the £20 in a day mark. I'm obviously delighted with that, though those 6 losses amounted to almost £11, so there's still somethings I need to iron out.

It has been such a tremendous turnaround after a week where I've really found it difficult. As regular readers will know, I tend to trade the place markets. Given that there can be liquidity issues in the place market, I concentrate on the runner that has had the most money on it. This is generally the favourite and can be very short in odds.

I took sometime last night reflecting on where I've been losing the most, and I found it is primarily on these short priced runners. So, today, I changed tact. I didn't go looking for the runner that was attracting the most money. Instead, I went on the horses that were moving in the market - some of which had hardly any money on them at all. This clearly worked a treat today, but it will be interesting to see if the tactic holds during the quieter week days.

With today's excellent result, I've broken through the £150 barrier where I'd normally 'ring-fence' another £30. However, I did that after my bad showing last Tuesday. So instead, I'll just set aside another £10 which will bring my stake down to just over £50 and means I have £100 available to carry on the fight if I lose it.

I'll miss much of the racing tomorrow afternoon as my son's team is playing in a semi-final - against a team they've never beaten and who beat them 4-3 in an thrilling league game on Tuesday night. Hopefully, they can put that right tomorrow.

Slowburn

Today's Results:
Horse Racing... 3.5% profit. New bank... £128.96

I'm slowly clawing back the money I lost at the beginning of the week, but it isn't half hard work. I'm still making far too many mistakes.

I got involved in 23 races today, with 9 scratched and 5 lost. The losing ones are taking a fair chunk out of my profit while my winning ones are, generally, nothing more than nibbles. Granted they all add up, but progress is really slow at the moment.

Since my bank broke through the £100 barrier at the turn of the month I find that I'm barely managing to make £1/hr. I was hoping to be up to £1/race by now. It looks like I'll have to be a bit more patient. It can obviously be somewhat frustrating though, spending all afternoon, and much of the evening, for so little reward.

With the help of the guys at the Handicap Forum, I'm trying to learn how to read form. Having never done it before, and not being into horse racing particularly, it will be a long process. However, I think it is definitely the way to improve my horse trading results without relying on the vagaries of the pre-race markets in the last 10 mins before the off. Surely informed opinion must count for something?

I have been encouraged even by my amateurish efforts. It may well be beginners luck, but I have managed to identify a number of horses over the past couple of days that have shortened significantly over the course of the morning. I have only been paper testing so far, but if I am able to latch onto them then my bank will see a major boost. Time will tell.

Losing It

Today's Results:
Horse Racing... 6.3% profit. New bank... £124.54

I feel like I'm losing it. Since last weekend, for whatever reason, I've struggled. I know I'm doing things differently to what I had been doing; I think I know what they are, but my confidence and self-believe seem to have taken a knock. This is especially true after the 12% drop in my horse racing bank on Tuesday past.

A while back I mentioned in a post that I find myself spotting trends comfortably enough, yet didn't have the courage to leap ahead of the live price in order to get matched. Instead, I'd go one click ahead only to find myself leap-frogged before being matched. As a result, I'd wind up chasing the trend and not managing to execute a trade.

The past few days has seen me fall back to that. I'd spot the trend - sometimes a movement of 10-20 ticks - yet by the time I got on it, it's momentum had slowed or halted altogether and it was on the way back. So, despite spotting a golden opportunity, I'd end up scratching or worse, guaranteeing myself a loss.

It is very frustrating knowing what I should be doing, but having this subconscious block preventing me from doing it.

What I need of course, is a series of good trades under my belt to boost the confidence again. One might think from the 6.3% profit posted today that that is just what I've had, but I can honestly say I haven't. I'm still making far too many mistakes, which only serve to reinforce the lack of confidence.

This week, I seem to have made a habit of putting in a good trade, only to be followed by a bad one in the next race. It's been like Gordon Brown when he was Chancellor (and every Chancellor before and after) - giving with one hand and taking with the other.

Let's hope I can get over this malaise soon and start picking up again at a reasonable rate.

Breakdown

No trading for me today, as I was at a client's. This was fortunate as Betfair had yet another system breakdown because, knowing my luck of late, I probably would've been caught by it.

It is generally recommended that traders have some form of backup plan as insurance against disasters. Unfortunately, the most frequent of these seems to be Betfair and their alarming failure to provide a level of service that reflects the amount of money that is passing through their doors everyday.

Unfortunately, us traders (and gamblers for that matter) are essentially stuck with the Betfair monopoly until Betdaq and WBX can start making inroads into Betfair's market dominance. Sad to say, that is unlikely to happen as the minor exchanges, if I can call them that, generally don't have the liquidity that is required by the majority of traders... and it's not until those traders and punters go to those exchanges in big numbers that the liquidity will increase. The proverbial Catch 22.

In addition, the vast majority of traders will use some form of trading software. Irrespective of what flavour they use, they are exclusively Betfair related. Until the minor exchanges have trading software designed to access their systems, then the status quo will be maintained.

So, how can we protect ourselves?

1. Betfair crashes - Not a lot you can do here other than have the phone handy to call Betfair. Alternatively, have an account with one of the other exchanges with access to enough funds to cover one's Betfair liability.

2. Connection crashes - If your broadband goes down, have an additional connection, presumably dial-up, so that you can reconnect to Betfair. Alternatively, pick up the phone again.

3. Computer crashes - Have a spare PC switched on and ready to fire in a bet to close your position. Or, yes you've guessed it; pick up the phone.

4. Power cut - Make sure all your equipment is powered through a UPS so that you will have a few minutes of battery power giving you time to close your position before switching equipment off.

Me? I have none of the above in place. At the moment, the level of trading I do, I cannot justify the expense of much of the recommendations above. When I'm staking between £20 and £70, yes of course it will hurt to lose it, but I cannot justify the expense of additional equipment given the size of my bank at the moment.

Since I started this back in February with £10 starting bank for each sport, I reinvest my winnings/losses with each subsequent trade. In other words, my whole bank was used to trade. However, the intention was to always ring-fence some of that money as the bank grew.

Every time my bank reached a multiple of £50, I'd ring-fence the bank divided by 5. In this way, if disaster struck, I'd still have something left in my bank to carry on the fight.

That initial plan has varied somewhat as I've had sticky patches or losing runs - like I've just suffered on Tuesday. When this happens, I do a bit of ring-fencing in order to protect my bank. This also has the effect of reducing my stakes. When I start winning again, I don't reset my stake or 'working bank', if you like, to what it was before. Instead, I use that as a new starting point and reinvest my winnings from that just as I did before.

So, until I can afford all these perfectly sensible insurance measures, I will carry on as I'm doing, and if disaster strikes I'll just have to trust to the gambling gods. After the past couple of years I've had, I reckon they owe me one.

The Sum Of All Evil

Today's Results:
Horse Racing... 12.8% loss. New bank... £117.19

What is the sum of all evil anyway? In the best Hitch Hiker's Guide to the Galaxy tradition, the answer is, not 42, but £17.16. That's what I have just lost in the first hour of trading today and the reason for this early post. I've shut up shop for the day.

The signs were there in the opening race. My first trade immediately turned on me and I was looking at nearly a fiver loss. Fortunately, I managed to turn it around and just scrape into the green a few seconds before the off.

That opening performance was typical of how the next 5 races went. Every single one of them turned on me as soon as I opened my trade. I expect that to happen perhaps once or twice a day, but in every race I enter!?! I'm never going to make it as a trader if that's going to happen. I couldn't read the markets at all today.

So, I started off with a £0.24 profit, quickly followed by losses of £1.76, £3.48, £2.34 and then worse of all £7.13. Bloody hell! I couldn't have lost money quicker if I set fire to it.

As I've made clear many times on this blog, I reinvest the winnings into the next trade. Consequently my stake grows quickly, as does my bank. But for the last few days, my stake has been hovering in the low £70s - and I've struggled. The last time I had a big drop in my bank is when my staking hit this sort of level. Perhaps this is my limit when trading in the place markets.

With this in mind, and in an attempt to arrest the alarming bleed of money, I 'ring-fenced' £30 of my working bank thereby dropping my stake to just under £30. I promptly lost another £2.69 in the 3:00. Aaarrrrgh! Again, someone was waiting for Alistair Hamilton to place his cash, and immediately pounced on me.

I have no idea why I've read the markets so badly today. There was loads of trading opportunities, with lovely sustained drifts and shortenings - yet I always arrived on them at the wrong time, on the wrong side.

So, it's 3:20 as I type this. It's a beautiful day outside. I'm taking the rest of the afternoon off and away to put my feet up with a cup of tea, soak up some rays and ponder why I have been having difficulty the past few days, culminating in this afternoon's fiasco.

Dave and Graeme, how to I become a Sith Lord?

I Don't Like Mondays

Today's Results:
Horse Racing... 2.0% profit. New bank... £134.36

Just a quick summary of today's trading as I'll be going out shortly...

I managed some good trades today, but they were all interspersed with some equally poor ones. Indeed, my first trade of the day saw me over £5 down in the first race. I managed to half the deficit by trading another horse, but it wasn't a good start.

The next race again saw me making stupid errors and I lost another couple of quid on that. And when the third race started off poorly, I was on the verge of packing it in for the day. Fortunately, I managed to reverse that red and get it in the green before the off.

The next four races saw me continue to profit, recovering all my losses from the first two races. I only traded in another five, losing in three of them and making small profits in the other two. I finished at 4:40 as my daughter had returned from friends and was looking to be fed.

So, 12 races traded and 5 of them losers. Not good enough.

Although the title implies that I have a problem with Mondays, to be honest, I'm really referring to this Monday. Don't get me wrong; there was plenty of trading opportunities today. It's just that I was on the wrong side of them or missed them altogether.

Never mind though. Any profit is a good profit and with another 2.0% added to the bank, I've got to be content with that. It so easily could've gone the other way today.

Dazed And Confused

Today's Results:
Horse Racing... 4.6% profit. New bank... £131.80

I confess, I'm a bit confused as to how I've wound up with a 4.6% profit for today, when I thought I had 5.8%. I've just checked my Betfair account and, sure enough, 4.6% it is.

I'd been out most of the afternoon watching my son play football. I got back in time for the 4:40 in which I managed a small profit.

I traded a further 3 races achieving a bigger profit each time - or so I thought. According to my Betfair account, my trade on 'Swan Queen' in the 4:50 at Salisbury was scratched. I thought I'd achieved just under a pound on that.

Similarly, in the next race at Newmarket, I successfully traded 'Mischief Making', yet my profit is half what I expected.

Fortunately, my trade on 'Vanadium' in the 5:25 at Salisbury was not effected. It was by far the best trade of the day, netting most of my profit for the day.

I presume the reductions in profit are due to a last minute withdrawal from the market, though the scratch on 'Swan Queen' is strange unless it was withdrawn, though I'd expect my account to say it was canceled. Having just looked at the Racing Post site, I see that it came third. So I can only assume I misread my BinarySoft BDI screen - though I'm convinced I didn't. Weird!

Anyway, despite this disappointment, I'm very please to have recovered my losses after yesterday's aberration. This leaves me a little ahead of where I was at the start of play yesterday.

Changing sport if I may...

If anyone has read my posts on the Tennis Hedging Strategy, you'll no doubt be familiar with the staking method used in such competitions. Though the idea was originally sparked by a newsletter article on tennis trading by Peter Webb of Bet Angel fame, the staking plan would work for any knockout style tournament.

Over the past week or so, I've been viewing the graphs from the various matches in the World Snooker Championship which has now reached the final. They all show the same sort of volatility throughout the match as a typical tennis game does.

Again, the main principle of laying the pre-match favourite then hedging for a 20% guaranteed profit would've worked nicely, without using any other selection criteria. This holds true for both semi-finals, the four quarter-finals and the last 16 matches (though I only managed to check on 5 of those 8 games).

Suffice to say, food for thought and worth keeping in mind for the next big snooker tournament.

Can I Play With Madness?

Today's Results:
Horse Racing... 3.3% loss. New bank... £126.05

Having just performed one of my worst ever trades I have to report my first fall in my bank for some time. So much for the title of my last posting - 'End On A High Note'.

Everything had been going so well today. This afternoon's trading was slow and steady. Nothing particularly spectacular to report. Only two small losses among the eleven winners. Come 5pm I was 5.4% up and quite happy with today's performance.

I then had to take a break, fetch my daughter from a friend's and visit B&Q. It was 7pm before I returned.

Rather than sit with my daughter to watch 'Britain's Got Talent' or some such rubbish, I persuaded her to let me go and trade for the last hour or so. I wish I hadn't, though it didn't start out that way.

In the 7:20 at Doncaster I traded 'Swinbrook' very well to give me my best win of the day. Bolstered by this, I immediately switched to the next race, only to throw much of it away. How often does that happen?

Much worse was yet to come.

In the Hexham 8:00 place market, I laid 'Innominate' @ 1.16 looking for a tick. I was convinced it was going to drift, but, as soon as I placed my bet, it jumped 5 ticks in the opposite direction. It came back a bit and I finally managed to get out at 1.13 for a loss of £12. Bollocks!

On reflection, I entered that market far too early. There was 6 mins to go when I first opened my position. I've noticed that horses in the place market that are trading as short as this almost inevitably drift 2-3 ticks in the last minute.

So, here I sit typing this while being philosophical about a moment of madness that has seen a reasonable profit turn into a loss. My first losing day since 17th April - 15 trading days.

I hate ending the day with such a bad trade. Only time will tell if it's a one-off.

I may not be able to trade tomorrow as it's a Sunday and, weather permitting, I'll be watching my son play footy. If I manage, I'll obviously post the results here as normal.

End On A High Note

Today's Results:
Horse Racing... 7.9% profit. New bank... £130.37

In general, I still seem to be suffering from early afternoon jitters. This time it was the second race that I messed up with a substantial loss (for me anyway). It's most unsettling. This time however, I was able to get it back the very next race.

The first half of the afternoon once again saw me struggling to make any trades. Indeed, I was having difficulty spotting any movement at all. I almost always found myself looking at the wrong horse. By the time I noticed movement elsewhere, I was too late to get on it.

This is a weakness in the excellent BinarySoft BDI trading software. Whilst I think having a single ladder is a strength of the software as one doesn't become distracted, it can make spotting moves on other runners difficult. This, I am pleased to say, will be corrected in future releases of the software (or so I believe). As I understand it, the intention is to have the ability to display streaming graphs for a number of runners thereby making it easier to spot steamers and drifters elsewhere in the market.

So, although I had made a small profit after the first four races, I wound up scratching the next four. 'A scratched trade is a good trade' as the say, but it can also lead to a frustrating afternoon.

Things didn't pick up until 3:30 when I started to make small but consistent profits. I stopped after the 4:50 as I received a call from a client. So, heading for dinner, I was some 5.0% up for the afternoon, with just the one stupid trade to spoil things.

The evening racing didn't get off to a good start with 2 losses to kick off my session. One of which was because I ventured into the win market of the 6:40 at Fontwell. Will I ever get used to those markets? After that things picked up after going back to the place markets and that proved to be my last loss of the day.

I did try something slightly different an hour later at Fontwell. I had traded 'Mystical Star' and was all green with a £2.68 profit so I decided to take £2 of that into the race. I backed it at 2.16 and, once the race was underway, placed a lay bet at 1.20. Unfortunately, although it's odds shortened a fair bit, it didn't reach my lay and the £2 was lost. I could've traded out in running, but I decided to let it run.

In retrospect, I was foolish to place a bet on this horse because I hadn't checked the race card via the Racing Post site, so in effect, I was betting blind. The only thing I had based my decision on was the pre-race market. Still, it's something I will try again in the future - take some of my pre-race trading profit into the race - with a view to boosting the return. I just need to remember to check the form book beforehand.

So, in summary, I traded 23 races with 3 losers and 5 scratched giving me another 7.9% to add to the bank. I'm happy with that.

Changing the subject, I've finished my fence. Well, not quite, as I've got to build a gate for it now but that will get done tomorrow. I'd like to thank my neighbours who brought me cups of tea and cake while I was out slogging away in all weathers. It's good to know that there are sociable people still around in these unsociable times.

Back tomorrow, probably...

Take It Or Leave It

Today's Results:
Horse Racing... 7.9% profit. New bank... £120.81

I've touched on this many times since starting this blog yet I never seem to learn. On the face of it, 7.9% increase in the bank is excellent, yet it should've been well into double figures.

When am I going to take a decent profit and stop leaving it to run for that little bit longer, only for it to halve (or worse) what I could've had?

Today started off rather poorly. I don't know why, but I frequently lose on the first race I enter. (Perhaps Betfair needs a 'practice mode'). That in itself isn't necessarily an issue; it's the fact that it effects my trading for the next 30-60 mins that makes it all the more annoying.

To be honest, I found the markets pretty difficult to read today, particularly those in the first hour or so. It wasn't until the 6th race I entered - the 3:30 at Redcar - that things started to click. I carried on happily from then on with profits or scratches and my opening race was the only loser - another reason why it's annoying.

The evening session was a bit of a mixed bag with 5 winners and 2 losers. Again I was suffering from my inability to accept a reasonable profit and would carry on trading looking to make it an excellent profit and only to lose a significant proportion of my winning position.

Perhaps I'm being to hard on myself. Regular readers will be aware that I'm consistently posting positive daily results and considering I've increased a £10 bank to over £120 in just over two months, I should be delighted. I am, yet I frequently end the day somewhat critical of myself for not coming away with a bigger result when I had the chance.

Being self-critical is in my nature. Let's hope, as far as the trading is concerned, it's a healthy state of mind.