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.


leonthefixer said...

Hi mate - thanks for the comment on my blog - it was quite some day! It should have been another £10 but I was done by a withdrawn horse which left me with a £11 loss as opposed to £1 as the horse I had built a £10 profit on didn't load, but I'm not going to complain to much!

I am glad to hear you had a good day as well, I have been thinking you needed a confidence booster as you seem very down about your trading recently! I tried to post a comment yestrday but it didn't work. I was basically trying to say that you have achieved a hell of a lot to date and you need to remember that! I have gone through spells like you many times so far on my journey and I am sure I will again. Just look at what you have achieved so far in % terms.

The amounts you are winning at the moment are never going to justify the time you are putting in but as you build up the stakes from your winnings the daily profits will grow. The time you are putting in now is your aprentiship. If it was easy everyone would be doing it! Just look at my profit today - it was more than I made in the whole of October!!! However, back in October I knew I was using small stakes and as such was going to be making small amounts.

You aim of £1 a race I think is a little ambitious at the moment, some days you will make it but to be getting that regualrly with your current bank would put you in the super traders league.

Just keep on learning, record your days trading review it and learn from it and remember each loss is just a way of paying for the lessons you learn from the loss.

Keep it up and don't be so hard on yourself you are doing very very well!

Alistair said...

Hi Leon and thanks for the support.

"Just look at what you have achieved so far in % terms."

As of today (10th May) 1520.00% since the last week in Feb.

Putting it like that, that certainly puts it in a different perspective. Clearly, I'm delighted with that figure. It's just that it's in my nature to be overly self-critical.

A friend of mine, who is very much like me in that sense, once described a failing of his as 'taking my successes for granted and letting my failures bug me'.

That description can easily be applied to me.

So I'll no doubt carry on moaning about the few races I lose, instead of trumpeting about the successful trades.


Anonymous said...

From what I have read on here over the months (time flys) you and I have a very similar mind set. We hate to lose! As such we are quite cautious.

I don't think it half as much as I should but this is a very good thing to have. It means you don't want to lose and therefore take a lot of steps to avoid losing. Granted this means you don't make the huge amounts but it is a good basis to build on.

I am like you again in that I am very self critical and don't enjoy the wins as I should, almost everyday I walk out the room not thinking about the wins but instead about the losses and what they cost me. However, despite errors today I did walk out the room with a big grin on my face, how could I not! Though the first thing I said after telling my parents I had won 180 should have been more......

Best of luck over the coming week, I plan to get some videos up this week, I have been noting down races I want to show things on so hopefully I can get them online.


Anthony said...

Ah, the "it should have been more" bugs me too. It can always be more but that would involve getting everything right every day. You've written some wise words there Leon - so just remember them yourself!
Alistair, you are doing really well and if you keep it up you'll be making a £1 a race in no time. You can't force people to put money in your account so you just have to wait for it to arrive slowly. I started with £25 and have now made £20,000. It will happen if you keep your discipline and determination.

Alistair said...

Cheers Anthony,

£25 -> £20000? Only a few more thousand for me to go then. LOL.

How long did that take you, if you don't mind me asking?