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?

3 comments:

Graeme Dand said...

Mate,

Not sure if you saw my comment to you on my blog but after your foresight yesterday, I appear to have had great foresight today!

If you're serious about it mate, I'd dig out the emails I sent you regarding lessons 1 and 2.

Amazingly, myself and Dave haven't lost once using our new strategy but I can't guarantee you this. However, I can gurantee you a much less stressful afternoon mate!

G

Alistair said...

Hi G,

Yes, I had seen your comment - just hadn't got around to replying.

I have read your emails a couple of times, but I've been so tied up building this garden fence I've not had any time to put it into practice. When I've not been building, I've been too knackered to do anything. I'm not used to such extensive manual labour.

The fence is finished now, bar the painting, so hopefully, I should be able to devote more time to it soon.

Alistair

leonthefixer said...

Hi mate- Join the club!

I had a shocker today as well. Got off to a good start and was £35 up before losing it all in a few races not least the last I traded where I lost £26! I was so annoyed I couldn't face doing a blog update so that will have to wait till tomorrow.

However, I did read something yesterday that was of use that I had read previously. People tend to put to much weight on recent events. I often start doubting my ability and future after a losing day. So reading that made me make sure I don't forget I have made this pay over the long term and losses are part and parcel of the game.

Hopefully we can both make it all back with some tomorrow! I say each time I refresh my balance after a losing day 'I was only lending you that money yesterday and I'll have it back with interest!'