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.


leonthefixer said...

Sorry to hear about your loss today. I too got off to a shocker of a start, I was late getting setup for the afternoon, there were others in the house which all led to my concentration and mindset being wrong. BANG - £21 down in 30 seconds!. Thankfully there was a gap until the next. I walked away got my head straight, got a small profit and then bang all the profit on a horse I had traded disappeared in the last few seconds before the off. I was not happy. I took a break got my head straight and came back.

I noticed the API playing up all afternoon and then when the site crashed I thought about taking my £50 profit. Instead I sat there watching it for 30 mins whilst eating my lunch. It all seemed okay so I carried on. Currently £100 up with the evening to go. Fingers crossed!

Iranian Giraffe said...

Hi Alistair,

I've been reading your blog the last few days (well before my PC decided to give up on me),I've started with around the same amount your using recently (£150) at the moment I'm a complete novice at it and so only using back/lays of £2 until I get used to what I'm doing, have you tried trading on the win only market for any length of time as I've tried both the win and the place markets and the win market seems much easier to me as there is far more money in the market making it easier to see which way the market is going where as sometimes the place market doesn't even need a big bet to force it down/up a fair few ticks because there is not much money in the market, obviously it's good if it goes your way but it could also go against you just as easy.
good luck though I'll deffo be keeping an eye on your blog


Alistair said...

Hi Mike, glad you like the blog.

I actually quite like the jumpiness of the place markets. I'm getting better and better at judging when a spike is about to happen. I still get caught out of course, but I guess that's the risk I take.

I've always had difficulty with the win market - I find it hard to separate the short term fluctuations from the longer term trends. Certainly, my place market 'style' simply wouldn't suit the win market. I'll have to adjust it accordingly when I eventually venture there.

If I can give some advice regarding your staking. Try and increase your stake as soon as possible. Trading for such little amounts can be misleading as you know that a screw up isn't that risky in monetary terms. You can always do what I did. Start with a tenner and reinvest the winnings from each trade in the next trade. This keeps the initial stake low as you learn, but grows it at the same time so that you reap bigger rewards.

It takes a while to grow your bank initially, but once the stake gets to £50 and beyond, you'll start seeing some sensible returns.


Iranian Giraffe said...

Hi Alistair,

thanks for the advise, what I've done is take each trade as if I was trading 10x the amount and so If I see a trade as a losing one I will get out of it and not just hope that it will go my way so to break into a profit so I think I'm doing ok there, with my trading I tend to look at the Drifters so normally I end up laying the horse first the only downside of this is I need more money in my bank than if I was to back and then lay the horse, for instance say I lay a horse @ 21 for £2 then I would need £40 in my account where as if I backed it first and then did the lay I would only need £2 in my account (providing the trade went my way of course), I'm not really all that interested in how much I'm making at the moment just that I'm reading the market correctly (obviously making some money is good) but I'm more than happy If my winnings cover my subscription to BetAngel which at the current rate they would easily


Alistair said...

Hi Mike,

I agree, drifters are easier to find though there is another downside... for any given traded price difference, your greened up profit is small compared to that of a horse that is coming in.

For example, £100 on a drift from 2.00 to 4.00 will give a greened up profit of £50 (100 x (4-2) / 4). The same amount on a horse coming in from 4.00 to 2.00 will give a greened up profit of £100 (100 x (4-2) / 2). I think those sums are right, LOL.

In any event, the point is that it is more efficient to green up on a steamer than a drifter for the same change in price.

So, if you can, always try to find those horses coming in. Easier said than done I grant you.