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. :-(


Drifter said...

Alistair I hope you find a strategy for the jumpy markets because when you get these right there can be a lot of cash to be made. Giving your daughter time is important, if you feel you should be with her but are trading maybe this is affecting your trading. Any lack of concentration can be costly.

leonthefixer said...

Well done today mate - as you say Mondays are normally tougher, but today I think was my best ever as well! There seemed to be good money around all day which makes a change.

I have to agree I find form study a bit boring and that is why I am so glad I don't have to do any. One problem I see for you in the future is the lack of liquidity on the place markets though as I never look at them you know better than me. I think you should maybe spend more time looking into trading the win markets and less on the form study to be honest. It will probably be tough for you to learn the markets at first, but you already have a very good trading knowledge so should find it much easier than most and once you start getting a handle on those markets you will have no trouble with future liquidity issues. Well done again and keep it up!

Alistair said...

Thanks for the comments guys.

It seems to me that concentrating on the jumpier end of the place markets has seen a marked improvement in results. That's over two days only of course, so I cannot say that's the way to go for definite, but it does look promising. As you say Drifter, there's good money to be had in jumpy markets if they can be mastered.

As for the form study Leon, I'd like to get somewhere with it as I would like to get into trading/hedging the in-running markets. Again, good money to be made if they can be mastered. Treating them as completely separate trades, I think in-running using profit from the pre-race trade may be a good way to boost the returns.

I don't think I've hit the limit of possibilites in the place markets yet as my staking levels are not that high. Whilst I recognise that I may well have to migrate to the win markets, while I'm making cash in the place markets I'll stay where I am. Whenever a race has no place market I do have a dabble in the win market - but yes, I need to spend more time there, ultimately.