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.

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