Silly Way To End The Month

Today's Results:
Horse Racing... 0.8% profit. New bank... £856.56

Once again, I found I was suffering from the same problems I was having over the weekend. I was finding it difficult to spot any runners on the move (if that's not a contradiction in terms). When I did, I was too late to benefit or there was little money behind to lend support. I battled on for an hour then, rather than waste another day getting frustrated, I decided to change tact.

With 15 mins between races, there was ample time for me to visit the win markets until the betting became too frenetic for my liking. I'd then change to the place markets and try and make some cash there as well. Actually, the point of the exercise was not necessarily to make money, but to try and get a feel for the win markets.

I have no idea how you people manage. An absolute nightmare. I just do not like the way the win markets behave. I was on edge all the time, finding it impossible to separate the noise from the trend. I tried both manually trading my opening and closing positions as well as use the facilities in BinarySoft BDI. Unfortunately the software is lacking in this regard, but I won't go into details here. Perhaps another day.

Irrespective of which method I used, my trading was all over the place. I got involved in 13 win markets today, winning 5 for £6.62. Unfortunately, I also lost £20.74 in 6 losing races! I was only trying to win a tick, but found the reading of the markets virtually impossible.

It was interesting though as this loss didn't bother me. Indeed, it affected the way I was trading the place markets as well and, come the last hour, I was trading with such carefree abandon that I was making some ridiculous errors of judgment. Earlier in the evening, despite my losses in the win markets, I'd got myself nearly £20 in profit thanks to the one decent trade I had all day. I threw most of that away in the last hour.

So I end up with only 0.8% added to the bank, for the second time in three days! While that is disappointing, it really wasn't the main point of today's experimentation.

Based on what I saw today, I won't be venturing into the pre-race win markets any time soon. I'm currently comfortably making £100 - £150 per week in the place markets and that's good enough for me. I never envisaged doing this full-time and always intended it to be a hobby to earn a few extra pounds. The fact that it has exceeded my wildest dreams is a bonus.

This month has seen me earn £515.73, the vast majority of it in the place markets. To say that I'm delighted with this is an understatement. That sort of monthly income would make a difference to me, so long may it continue.

Assuming I can continue with this performance, hitting the £1000 mark should happen in the next fortnight at which point I intend to take stock and review what I want to do in terms of my trading and this blog.

The blog has served a vital role in helping me maintain my discipline and for that reason alone, I intend to continue with it. Rather than simply detail my daily results, I want to expand it in some way which will be beneficial to both me as well as the handful of visitors that are kind enough to read my ramblings. What form that will take, I have no idea. So stay tuned for no change at all! LOL!

The End Of A Poor Weekend

Today's Results:
Horse Racing... 2.7% profit. New bank... £850.11

It is perhaps a measure of how far I have come when I bemoan a profit of 2.7%. I feel justified though having made under £30 this weekend. Very disappointing.

Today started off in much the same way as yesterday - lots of scratched trades and not much happening, or at least for me anyway. I concentrated on the place markets today, but I was suffering from a bad bout of hesitation and was reluctant to take what chances came along. When the market goes the way I expected, but I haven't managed to get on it, leads to frustration and doubt, making the situation worse.

For the first two hours I struggled like this. Indeed, perhaps I should've stayed away from trading this afternoon. It's not as if I haven't got loads of jobs to do around the house. I stuck with it, and finally, in the 4:15 I managed to put in a reasonable trade. This happened because I finally managed to have the courage of my convictions today and jump ahead of the market and take a chance.

Thinks picked up from then on, though I had a bad spell around 5:00 when, for two races in a row, I was hit by a jump in the wrong direction before I had closed out in a profitable position. That was rather annoying, but that's the risk I take in the place market. It can so easily go my way - and often does.

I finished the day with good trades in the last three races which boosted the profit to semi-respectable levels. I'm disappointed with only making £22, but then, it isn't all that long ago when I'd be delighted with such a daily profit.

I traded 19 races today, scratching 9 of them for +/- £1 or less and lost on 3 costing £9.60. Again, I'm happy with the low number of races in which I lost, but disappointed by the number of scratches. Having said that, a scratched trade is a good trade I suppose.

More importantly, I'm pleased with the way the day ended and I managed to put in some decent trades. I was beginning to have serious doubts in my abilities the past couple of days. I'm a lot happier know.

So, I'm off to buy my daily fix of chocolate and settle down for the Euro 2008 Final. Come on Spain!

A Waste Of Time

Today's Results:
Horse Racing... 0.8% profit. New bank... £827.96

It's hardly worth doing this blog post, but for the sake of completeness...

Today has been one of the most frustrating days I've ever spent trading. Despite being a Saturday, there seemed to be very little money in the place markets today. There was certainly very little movement, at least on the runners I was watching. As a result, I scratched over 60% of the 29 races I entered, coming out with +/- £1 or less on each.

This had a detrimental effect on my discipline as I started to try and force trades that weren't really there. Come 4:00 and after losing 3 races in a row to the tune of £13 to put me in the red for the afternoon, I downed tools and walked away.

I came back in time for some of the evening races where the trading was much the same as the afternoon. Lots of scratched trades, though I only had one more loss to the tune of nearly £8.

The place markets were so bad that I ventured into the win markets looking for 1 tick trades. Winning pennies at a time, it was these that kept me afloat this evening. Given how poorly I trade the win markets that may give an indication of how bad the place markets were today.

I finished early, while I was still ahead having traded 29 races, scratching 18 and losing 4 costing £20.27. So a paltry 0.8% profit to add to the running total. Such a contrast from yesterday, but at least it is a profit.

Hoping for better things tomorrow.

Another Small Milestone Achieved

Today's Results:
Horse Racing... 6.8% profit. New bank... £821.25

I finally managed to break through the £50 for the day barrier, despite losing £9 in the 8:50 at Chester - I just didn't trade that one at all well. Never mind though, it was the only losing race of the day.

I didn't think I was going to get any trading done this afternoon as, like yesterday, I had a friend pop round just before 2:00. I didn't get near my computer until the 4:15. Fortunately, I hit the ground running and I was £20 up come 5:00. I then hit a prolonged spell where I couldn't get on anything decent and either left the race completely or scratched for a few pence profit. For some reason, I started to trade in a rather tentative and cautious manner so this probably didn't help.

I had another interruption in the evening when I had to put my free taxi driver's hat on and go and collect my daughter and her friends from the local shopping center. That's where all my winnings are going, so it seems.

It wasn't until the 7:25 that I managed to get a sensible trade in. I strung a few races together adding £15 or so to the bank in the process. Then of course came the only disappointment of the day. However, there was still another £20 to be had in the last four races.

So, I'm delighted with today's work, despite missing big chunks of it. I traded 21 races today, scratching 6 of them and losing 1. Although that single loss accounted for nearly £9, it is a marked improvement in previous days and weeks where I was losing 25%-50% of the races I entered.

Very pleased with the small milestone of £50 in a day and generally chuffed the way this is all going. I've picked up over £150 since Monday and the bank is now through the £800 mark. The magic number of £1000 is clearly in sight now - not bad for a £10 investment (excluding the £120 it cost for the BinarSoft BDI subscription for 6 months of course) - though I say so myself.

What A Difference A Day Makes

Today's Results:
Horse Racing... 4.8% profit. New bank... £768.90

After yesterday's frustration, I was hoping for better things today. The place markets were certainly better today, but my progress was slow to say the least. Although a nice and steady profit was being made, it wasn't really until the 3:40 that I put a decent trade together.

This was quickly followed by a slighter better one but, as is so often the case, I threw that away in the subsequent race. Still, that was my only loss of the afternoon and it paled into insignificance as it was followed by my second best traded ever...

'Gasper Van Wittel' was trading at 2.76 in the place market of the 4:10. I was certain it was about to come in and jumped on. For once I got it spot on and off it went - and it kept going. £19 before commission thanks very much. As it had been shortening quite strongly, I decided to back it for a tenner to be placed. Just before the off though, I lost my bottle and scratched the trade - foolishly as it turned out as it came in second. I did manage a small trade in-play to add another pound or so.

Just at that point, I had a surprise visit from a friend so that was me finished for the afternoon. £33 up, so a very good couple of hours.

The evening didn't go so well. The place markets were terrible. I ignored the first, and won a couple of quid on the next, which was lost again the race after.

The 7:30 didn't have any place market so I thought I'd try my luck in the win market; and gave myself a big fright when I found myself over £10 down on the favourite within seconds . I managed to reduce this to £6 then got myself nearly £3 in profit by trading another runner. Phew!

Buoyed by this 'success' I tried the win market in the next race - and promptly threw it away again! At that point I called it a night and went to watch the Spain v Russia match.

I traded 17 races today, scratching 4 and losing 3 at a cost of £10.81 giving me a satisfying 4.8% (including the £2.68 from yesterday) boost to the bank.

Back again tomorrow.

Frustrating Day

I've had one of those days where I simply couldn't get going. If I won a race, I'd lose the next, but mainly, I didn't seem to be able to get on anything worthwhile so scratched far too many races.

The number of big moves I missed today, because I was concentrating on another runner....

I'd make an assessment of the market and decide which runner(s) were likely to move. I'd make my choice and sit and wait for something to happen - but nothing. I'd move to another runner only to discovered it had shot off in one direction or the other and I was too late to join. I'd wait a while to see if it would continue or reverse. I'd get fed up, switch back to my original runner only to find it had gone off while I wasn't watching! ARRRRGH!

When I did catch significant movement, it was being driven by very little money. As my stake levels were much larger I was reluctant to enter in case what little support that was there disappeared. As a result, I'd let it pass me by.

In the afternoon I had only managed to just scrape into double figures before the last where I threw much of it away. This was indicative of the frustration I was feeling today which was causing me to make mistakes.

This evening session was not any better and I've stopped after the 7:40 with a grand total of £2.68 to show for today's efforts. What a waste of time! I'm not even going to add that to my running total - until next time.

I traded 24 races today, scratching 8 and that doesn't include the number of races I ignored altogether. I lost £22.16 over 7 races, which was pretty pathetic.

So, I'll chalk this one off as a non-event and go and watch the footy instead.

One Of My Better Days

Today's Results:
Horse Racing... 6.5% profit. New bank... £733.72

Isn't it funny how a small distraction as simple as making a cuppa can upset the concentration and make you lose focus?

I'd been trading very steadily all afternoon. After the 3:30, I went to make a cup of tea and returned to see 'Riley Boys' in the 3:45 was starting to drift very quickly. I jumped on, but I kept getting leapfrogged before my bet was matched. Although I'm getting better, I still suffer from a lack of confidence in jumping ahead of the market by a few ticks in order to get matched when a big move is on.

I wound up chasing the odds as they climbed from 1.56. I had 5 or 6 attempts at getting matched eventually catching them up at 1.76 - just as they were turning. Typical! What should've been a double figure profit turned into a £2.50 loss. But that wasn't the end of it. Because I was so annoyed with myself for missing out on that drift, I didn't focus properly on the next two races and lost on those as well.

Still, those were my only losses today - apart from a few pence in a couple of scratched trades - and only cost a total of £6.41 so I'm very please with that .

The only other 'disappointment' came in the 7:55 where I 'lost' £8 thanks to a last minute withdrawal.

I'd traded 'Solar Dance' and was greened up to the tune of £13 when I then turned my attention to 'Winners Chant'. No sooner had I got myself £5 in profit on that horse and it was withdrawn. So I lost that fiver as well as another £3 from 'Solar Dance' due to the reduction factor. That was a great pity as that would've put me through the £50 for the day barrier for the first time.

I found the remaining races difficult in that I couldn't spot many opportunities, though I think I started to be a bit cautious in order to protect my gains for the day.

All in all, I traded 23 races today, scratching 8 and losing 3 as I mentioned above. I made £15 in the afternoon and £30 in the evening which I was really chuffed with. So that's another 6.5% added to the bank which has sailed through the £700 marked. Splendid.

Back On Track In The Evening

Today's Results:
Horse Racing... 3.6% profit. New bank... £688.83

I had to go to a client's today, so only managed to trade in the evening. Even so, I had a very successful session. I won't bother giving a blow by blow account as I've got other things to do this evening.

I traded 12 races tonight, scratching 4 and losing 1, costing £3.49. That one was really annoying as it was nearly £4 in profit until I went looking for more. I think those sorts of loses are so much more irritating than going straight into the red from the off. Anyway, 3.6% added to the bank, which is edging ever closer to the £700 mark.

I was particularly pleased with my trading tonight as I had reduced my staking to £80 due to the lack of liability. This may be something I need to look at as, in the past when my staking has been nearly double that, I've found it can difficult, even when there is money in the market. I have an inkling as to why that might be, but I'll leave that for another day. Certainly, I was very comfortable tonight and read most of the races very well.

Roll on tomorrow.

Not My day

Today's Results:
Horse Racing... 1.4% loss. New bank... £664.80

A very poor day at the office for me, which I've decided to cut short as I'm finding it very difficult to get going.

The only decent profit I've had all day came in the 3:20 where I won nearly £6 which I then threw away in the next race. And that has been the story of my afternoon. I'd win a certain amount, then give it back again in the following race.

Lady Luck clearly isn't with me today as I discovered when I went to the 3:50 at Hexham. The meeting had been abandoned before a race was run - and my well earned profit had fluttered away on the same breeze that had canceled the event. I can't be doing with these fair weather sportsmen! So all of a sudden, I had had 3 losing races to open the day.

The place markets were so slow, I got frustrated and tried some of the win markets, only to add to my losses. My current trading style just isn't suited to the one tick scalping of the win markets and I've clearly got a lot of work to do in order to master those.

I got involved in 11 markets today, including 2 win markets. I scratched 1 and lost on 6 costing £21.34. So a loss of 1.4%, which is less than a tenner, so no great drama there. I just hope things pick up a bit next week as today has been very boring!

Despite having to post a loss for the second weekend running, I'm very happy with my progress. I'm now consistently making over £100 per week and should reach the £1000 mark sometime in July. I then need to decide what I'm going to do in terms of this blog, but more importantly, which markets I'm going to branch out into.

Clearly, at some stage, and in order to progress, I'm going to have to get to grips with the win markets (assuming I want to make that progression within the horse markets). I don't really want to have to start again - as I would do - especially since I won't be able to trade the place markets at the same time. Something I need to figure out over the summer I guess.

What A Shame

Today's Results:
Horse Racing... 2.9% profit. New bank... £674.34

Just a quick update on this afternoon's trading as I'm going to miss the evening racing and spend some time with my daughter.

I traded pretty consistently today, bui it was a slow start. It wasn't until mid afternoon when I lost a fiver that I eventually pulled myself together and started putting in some decent trades.

Going into the 5:35 at Ascot, I was £32 up and feeling pretty pleased with myself having lost in only two races.

I was looking forward to the 5:35 race as I had heard from a reliable source that there was a strong possibility of a move on 'Bulwark'. When I checked the place market graph 5 mins before the off, it had shown some movement, coming in from over 4.00 to 3.00 and looking to continue. This was confirmed when I looked at the market. There was a large amount of cash sitting at 3.20 on the back side and when another batch came in 2 ticks above, I jumped on thinking the move had started.

Unfortunately it hadn't. The market turned against me and I panicked trying to close out the trade rather than hanging on as I felt it was still going to come in. I got out for an £8 loss and tried to jump on the drift only for that to reverse on me. I eventually got out for a £11.57 loss. I didn't want to risk losing more, so I left it alone and watched as the odds continued to shorten way past my opening position - eventually reaching around 2.70. How many times has that happened to me?

So a very disappointing end to what had been a good day - all because of my panic and my inability to hold on to the courage of my convictions. 'Bulwark' traded as low as 1.66 in-running as well.

I traded 21 races today, scratching two and losing on only 3 - so that was good - but that obviously included that big loss at the end. 3.1% profit keeps the graph going in the right direction, but what a shame it wasn't more.

Evening Update...

My daughter decided she'd rather watch 'Hollyoaks' and 'Come Dine With Me' than spend quality time with her father. I know when I'm not wanted! LOL!

Anyway, I spent the time trading the last 5 races and proceeded to lose another £1 or so. I've updated the headline figures - not that they changed much!

My Normal Mixed Bag Profit

Today's Results:
Horse Racing... 5.6% profit. New bank... £655.32

Another tidy profit in what was a long day littered with mistakes. None more so than the 4:50 at Redcar where I managed to turn a £3.50 greened up profit into a guaranteed loss of £6.58. I thought I got that type of nonsense out of my system, but obviously not.

The day didn't start too well with two losses. Before I let it get to me too much, I knocked £40 of my stake. Once I did that, I started to string some decent trades together. I had one small loss mid afternoon, but that was all until the aforementioned race at Redcar.

Indeed, the 4:50 saw the start of a very poor hour where I lost 5 out of 7 races costing a total of £14.96. Strangely enough though, the other two races saw some of my best trades of the day. Yet, when I stopped for dinner after the 5:50, I was roughly £17 up on the day.

I didn't get going again until the 6:40, and immediately lost on the first two races I entered. The usual story with the evening place markets - lack of liquidity. That's not strictly true. There's a lack of liquidity when I normally enter a market - 5 mins before the off. I need to avoid doing so in the evening and wait as late as possible giving the market a chance to build. When I concentrated on this, I was much more successful. I had another couple of losses in the evening, but I also had some of my best trades all day.

In the end, I got involved in 32 races, scratching 4 and losing a disappointing 12 of them, at a cost of £28.80. This means that my profitable trades totaled £63.80 at an average of £3.99. So again, we see that my mistakes have a significant effect on my overall profit. Certainly controlling the urge to enter every market, particularly when there's little opportunity available would help. That's something that will come with experience.

One thing I have noticed over the past few weeks, and there was a glaring example today, is the disadvantage I have in not having TV pictures anywhere near my computer. I always get out 10-30 secs before the scheduled off. I rely on BinarySoft BDI to tell me that. It works well, and I've never taken a trade in-running yet, but I'm losing out on profit where there's a delay in the start.

Take today's 5:30 at Ascot for example. I had a couple of quid greened up on 'Docofthebay' and then managed to get nearly a fiver on 'Iguazu' when I had to come out as the countdown timer was nearing zero. Yet, the odds continued to come in as the scheduled off time came and went. If I had the live pictures, I would've seen they weren't ready and increased that profit some 3-4 fold.

I've tried using Betfair's new Flash streaming radio, which they claim to be just a few seconds delayed. The trouble is, I found it extremely distracting hearing this inane chatter while I was trying to trade pre-race. I think I need to run some aerial cable so that I can get a TV in my bedroom where my computer is. A project for another day.

Anyway, another 5.6% added to the pot and last weekend's loss is long forgotten.

Who's A Silly Billy?

Today's Results:
Horse Racing... 5.0% profit. New bank... £620.42

Another good profit today, though it should've been a lot better but for a moment of stupidity in the evening. More on that later.

My trading this afternoon was really good, though I say so myself. I was averaging just over £4 per race and going well with only two losing trades. It was such a shame that I had to stop before 5pm in order to pick my daughter up from her dancing club at school. I traded the 4:55 successfully and finished the afternoon £42 up.

Obviously I was delighted with that and looking forward to the evening session as a new daily record was very much on the cards. Unfortunately it didn't pan out that way. More times than I care to mention, I have a poor evening if the afternoon was good and vice versa. The proverbial game of two halves as they say.

The evening started off OK, despite the lack of liquidity. But the next two races saw me losing. I was finding the place markets really difficult in the evening. A combination of a general lack of money and when there was reasonable amounts, very little of it was being matched. Consequently, I decided to half my stake - though I still managed to lose the next race.

With three losses in a row, I was on the verge of giving up for the evening and watching the football instead. I gave myself one more race to get going, and sure enough I regained virtually all my evening losses in that one trade alone.

I had one more decent win, but the rest of the races were very difficult and so I scratched them. If I had had any sense, I would've stopped for the evening, but I was sitting at £48 for the day and the temptation to try and break through the £50 barrier for the day, for the first time, was too great.

And here is where I did something stupid...

The 8:50 at Leicester saw 'Maria Di Scozia' trading at 1.13 and looking to drift. I normally do not go near these as the place market odds generally don't move that much at this level. Still, I was convinced it would drift, and I was only looking for a tick and so, in a moment of weakness, I relented.

Once my bet was matched, I place my back bet to close the trade. But there was no movement. I sat there for some time and nothing. More money came in on the lay side at my original odds of 1.13 giving me the opportunity to scratch the trade. I didn't and waited a bit longer. That was my 2nd mistake. I hung on too long and a big wad of cash came in on the back side and the moment was lost.

Even then, I could've/should've got out for a one tick loss. However, so many times in the past, as I've documented on this blog, the odds come back to my original position, so I hung on for a bit longer. Mistake number three. In the end, I lost three ticks and just under £20. Bummer.

Despite this poor trade to end the day, I'm happy with a 5% profit - and the fact that I'm now through £600. It's just a pity I let my discipline slip in the evening and spoil what could've been a brilliant day. I traded 28 races today, scratching 5 of them and losing 6 at a cost of £31.57 - with £27 of that being in the evening.

Finally, I carried on my paper trialling of runners to place. I picked 9 and only got 4 placed at odds of 4.00, 3.12, 2.56 and 2.44. I bit of work still to do there I think.

Back tomorrow for more of the same - without the silliness I hope.

A Lot Happier

Today's Results:
Horse Racing... 6.6% profit. New bank... £590.96

I have to say, I'm a much happier chappie this evening than I have been of late. After the big cock-up I had at the weekend and the major pangs of doubt that it caused, I finally managed to put in a decent performance and exorcise those particular demons.

I got involved in 30 races today, scratching 11 of them and losing only two, costing an insignificant £2.52. Apart from two reasonable trades, my winning races were slow and steady rather than spectacular, averaging just over £2 each.

The 6.6% increase to the bank is particularly pleasing as I was still trading to reduced stakes. I started off the day using a liability of £75 which rose to just over £100 by the last couple of races.

I'm still trading in a somewhat defensive manner, not taking many opportunities when I should and trading out a bit earlier as well. I suppose if it maintains the consistency I have had today then that will be a good thing.

Whilst I was trading today, I took the opportunity to look at some form selection with a view to trading the place markets in-running. I didn't place any bets, but the intention is to ultimately use some of the pre-race trading profits to back runners to place, possibly trading out at 1.15 - 1.20. Hopefully in this manner, I can boost profits.

I only pick runners to place that have odds of evens or greater. Very early days, but today I picked 4 out of 6 runners that successfully placed. These were at odds (just before the off) of 2.94, 6.60, 2.44 and 2.86. I shall continue to paper monitor these selections and will only start backing them when I'm consistently getting them right AND my pre-race profits are consistently high enough to allow me a free bet.

That's it for tonight. The performance graph is pointing in the right direction once again and very close to going through the £600 barrier. Hopefully, I can carry today's good work forward to tomorrow.

Mental Health Returning

Today's Results:
Horse Racing... 2.6% profit. New bank... £554.19

I managed to get involved in the evening racing today and continued from where I left off yesterday. I was particularly keen to limit any losing trades, even if this meant that I didn't take all the opportunities that came my way.

I traded 9 races in total this evening, scratching 2 at the expense of a few pence with no losers. I missed a few good moves, but I'm not too concerned by that. What is of more importance is the return of some level of confidence in reading the place markets which had virtually deserted me over the weekend.

There was no stand out trades today. Instead, each winning trade averaged out about £2, so I'm happy with that over the couple of hours I traded. I'm at home for the rest of the week and should manage to take in most, if not all, of the racing each day. Tomorrow, I should be able to get back to where I was on Saturday and push on from there.

Here's hoping I can string a few profitable days together before the next aberration.

Some People Are Pig Ignorant

Time to jump on my soap box...

I'm perfectly happy to discuss trading/gambling/sports with like minded folks. That's why I added my MSN address to the sidebar on the right a few weeks ago. Since then, I've met and spoken with a number of traders, exchanged views, tips and support - and continue to do so. But....

The anonymity provided by the Internet doesn't give people the right to hurl abuse or criticise complete strangers. You wouldn't do that on first meeting a stranger in the street so why do it on-line? If that's the sort of immature lowlife existance you lead, then head over to the Betfair forums where you can abuse people to your heart's content. If you insist on contacting me, I'll simply block you.

If however, you want sensible discussion, then please feel free. I'll be delighted to hear from you.

Rant over.

A Testing Day

Today's Results:
Horse Racing... 1.9% profit. New bank... £540.12

As mentioned yesterday, I wasn't intending to get involved today. However, as I was going about my household chores this morning, I was reminded of a comment someone (sorry, I forget who) had made to one of my earlier posts. In essence it was the need to remind oneself, in the event of a losing day, that one's trading skills don't just disappear because of a bad day. One needs to get straight back in the saddle again.

This I did, but with much reduced stakes, as I was still feeling somewhat lacking on the confidence front. And again, it showed. I traded in 22 races today but I was very indecisive, as reflected in the number of scratched trades I had - 11 in total. I lost 4 races totalling £7.30.

I made a small 1.9% profit which, although welcome, was never going to set the heather on fire. But then, it was never meant too. The purpose of today was to try and get some confidence back in my trading. Given my hesitation in many of today's races, I think the jury may well still be out on that one.

A Crisis Of Confidence?

No update to the running total today - I only made the grand total of 7p! LOL!

I wasn't comfortable trading today. After yesterday's bad performance I slashed my stake to £50 with a view to protecting my bank while I got my head together again. However, I just couldn't get going. I wasn't jumping on opportunities that I normally would and spent much of the afternoon either not getting involved or scratching for pennies.

My confidence wasn't helped by losing more than £8 in the 3rd race of the day. Once I managed to get level again, I quit.

This crisis of confidence I'm going through at the moment is not just a result of posting a loss yesterday. It's been building all week due to the number of bad trades I've been having. Yes, I've managed to post daily profits all last week, bar Saturday, but that's been more due to good luck than good judgment.

I'll see how I feel tomorrow, but as I'll miss most of Tuesday anyway due to work commitments, I may well take Monday off. A rest may well do me good.


Today's Results:
Horse Racing... 5.7% loss. New bank... £530.11

What goes around comes around and after having my best ever trade yesterday, I've had my two worst ever today. So much so that I've stopped for the day.

I've found the past few days really difficult, but I've managed to muddle through and finish with profits - more to good luck than skill. Not this afternoon. I scratched the first race for a few pence, but then completely screwed up the 2:15 where I made the most stupid and careless mistake I have ever done.

'Jeer' was trading over evens and was spiking on the back side but the money was all on the lay side looking to make it drift. I sat there waiting for the next spike ready to pounce. Sure enough, along it came shortly afterwards.... and I clicked ON THE WRONG SIDE OF THE LADDER!!!! What a stupid b*****d! With no money on the back side, the price shot out and kept going and I eventually managed to get rid of all my liability for an £18 loss.

I still cannot believe what I did!

That moment of madness not only cost me £18, but it completely screwed me up for the rest of the day. So much so that for much of the afternoon I wound up scratching for pennies or not getting involved at all. My confidence was so shot that I missed numerous large price movements as I held back when under normal circumstances I would've snapped them up. I really should've stop then, but I carried on in the hope that things would finally go right. That was a big mistake.

In the 3:35, 'Diademus' had been shortening steadily and I felt sure it would continue from where I joined at 2.84. Bad call. The money disappeared underneath me and I promptly lost another £14 or so.

I switched things off and went for a break, hoping to clear my head. But, having just lost another £3.68 in the 4:10, despite having slashed my stake to £50, I've stopped for the day. I'm somewhat shell shocked to be honest and it would be foolish for me to continue.

I only traded in 12 markets today, scratching 8 of them and losing on 3 (at a cost of £36.25). An absolutely shocking day and one to quickly forget.

Charlie Crab Saves The Day

Today's Results:
Horse Racing... 4.6% profit. New bank... £562.25

Quite frankly, much of my trading today was absolute crap, yet I still managed to post a 4.6% profit, thanks to a certain horse called 'Charlie Crab'

The day started off very poorly in the 2:00 when I felt that 'Flying Spirit' would drift. As so often happens, the market disagreed and when all the money on the lay side disappeared after my bet was matched I suddenly found myself with a deficit of nearly £11. Annoyingly, and true to form, as I have documented numerous time in this blog, the market came back, went through my original position and kept on going. That -£11 could easily have been +£11 if I'd held out for longer.

Of course, I could've jumped on the drift as it happened, in order to reduce my losses but I'm often reluctant to get back on a horse when it as already thrown me for fear of making the situation worse. That is just an experience thing that I hope to master eventually.

So, I took the hit and looked to get it back in the coming races. Unfortunately, before the second race I got a call from a client who's computer network had gone down. I spent 30 mins or so trying to guide an unqualified person through some of the troubleshooting tests. This, combined with the initial loss completely screwed my concentration. I then spent the next hour or so trading for pennies or scratching races.

It wasn't until 4:00 when I started to string a few decent trades together to get me back in the game. No sooner was I starting to build some profit, and I had another big loss - nearly £10 this time. I was especially angry with myself with this one as I had had 2-3 opportunities to trade out for a small profit, but I didn't take them. I finally finished the afternoon some £4 down and was generally hacked off having blown roughly £22 in three losing races.

The evening session saw me carry on in much the same vain. I'd edge ahead, but would lose it as soon as I had it. Then came the 7:00 and the best trade I have ever done.

'Charlie Crab' was trading at just under 3.00 and was starting to come in. I managed to get matched at 2.5 expecting it to go to around 2.25. It just kept on going. I traded out at 2.00 for nearly a £20 profit. It still looked like it was going to continue to steam, so I jumped on for another fiver. A profit of £23.72 after commission! Not bad for a £115 stake.

Despite this major coup, my general trading was still very poor and I threw away another £12 or so in the next 7 races I entered.

All in all, I traded 29 races today, scratching 7 and losing on 8 at a cost of £38.87! This means I had over £60 worth of profitable trades today, but I end up with less than half of that. I'm really pissed by that. Thank goodness I spotted 'Charlie' just at the right moment.

A Weird Day At The Office

Today's Results:
Horse Racing... 3.3% profit. New bank... £537.71

First up, a quick update from yesterday since I didn't bother posting.

I didn't get home from work until after 7:30 so I had little opportunity to trade. I dabbled in the last 6 races, but didn't really get anywhere. I found the markets quite difficult and for every trade I won, I lost the next. In the end, the evening was effectively scratched ending in just over £1 to the good, which I've added to today's total.

This weirdness in the markets, or as I perceived them, continued this afternoon. I thought today was going to be a good one as well when, in the first race of the day, I quickly amassed nearly £9. Unfortunately, I carried on trading that runner and lost most of it before the off. I then proceeded to lose as much as I was winning throughout the afternoon. Come the end of the afternoon I was roughly £5 down.

Not only did I find the afternoon racing difficult, but I also had broadband connection problems as well. I was waiting for the 3:45 market to develop when it went down. Fortunately I didn't have any position open at the time. I was disconnected for 45 mins. When it came back, I seemed to be suffering from this well documented delayed response that many Betfair users have reported the past month or so. My normal times hover around 80-90 secs. I was frequently getting times of around 2 secs.

I tried trading the next few races but found it increasingly difficult so quit for the afternoon some £5 down.

The evening races were much better, though not initially. Things picked up around 7:00 when I had a good spell and my trading seemed much easier. I spoiled things a bit in the 20:45 but I was happy to end the day with a 3.3% profit.

I traded 24 races today, scratching 3 and losing a disappointing 8 (costing £24.06). It's been interesting over the past week that my staking has significantly increased compared to two weeks ago say, yet I'm not see a corresponding increase in profit per race. I think this is because I am tending to trade out earlier than I was when the stake size was smaller. It's just a case of building my confidence to do so again.

Steady As She Goes

Today's Results:
Horse Racing... 4.8% profit. New bank... £520.77

With another 4.8% added to the bank I'm please to announce that I've now gone through the £500 mark - half way there to the magic £1000 trading bank - from a £10 start. Bloody marvelous!

I had a slight change of tact today where I wanted to be a lot more conservative in my trading and not take so many risks. The aim of course was to minimise the number of mistakes I've been making. More specifically, reduce the amount of hard earned profit I was throwing away each day which was limiting my daily return. I don't know if I was successful - the jury is still out.

In trying to take less risks, I found that I wound up chasing pennies. The two worthwhile trades that I did have were matched by two equally bad ones. Which is exactly how it tends to be when I trade 'normally'. As a result, I was only £3 to the good when I stopped to make dinner at 4:30 having got involved in only 9 races. Three of those were scratched with the two losers costing £7.25.

In the evening I only managed 6 races in between ferrying children around the countryside and watching some of the football. I scratched two of those, but thankfully had no further losses. I did however revert back, at least in part, to my more riskier trading style which I'm comfortable with.

I'll still try and be a bit more conservative in my approach though with a view to striking a better balance between risk and caution. The aim of course is to reduce the wastage that I've had over recent weeks, despite consistently making a profit. Time will tell I suppose.

Tonight though, I'll go to sleep happy in the knowledge that I'm hitting a daily profit target that will make a difference.

Another Crap Profit

Today's Results:
Horse Racing... 3.9% profit. New bank... £497.07

I had just under £50 worth of profitable trades today. Unfortunately, I contrived to lose just over £30 of it.

To throw away 60% of one's profit is just careless. Yet I seem to do it on a regular basis. While I'm happy that I'm making regular profits, I should be making so much more.

Today started off poorly in that the first two races I scratched, the third had no place market and the next three saw me chuck away good profitable positions because I got greedy and went looking for more. So, come 3:30, I was nearly a tenner down instead of being over £13 up. Stupid! Stupid! Stupid!

I traded much better after that and stopped each trade as soon as it went in profit, despite further opportunities.

The evening session saw some excellent trades, but I had a few losses as well, one of them in double figures.

I really must try and get this issue resolved. Looking over my results for the past few weeks, I'm consistently throwing away 25%-75% of the proceeds from profitable trades. The trouble is, I'm not sure if there is any one thing that is the cause.

Obviously, the three losses I took early in the day were purely down to me not accepting what profit I had. I need to recognise when to take the profit and be satisfied.

The big loss I had this evening was a silly mistake on my part. As I normally do, I was switching between runners looking for an opportunity. In the 7:30, 'Krugerrand' had started to drift from the last time I'd looked at it. Instead of waiting a few seconds to assess it's new position, I just jumped right in there only for the market to reverse immediately leaving me exposed. I lost over £11 on that mistake.

Whether it's simply a concentration thing, or I'm not reading the markets as consistently well as I should be, I do not know. Who knows, it may simply be a function of my trading style where I'm more prepared to take risks and consequently get bitten more often. A 2 steps forward, 1 step back approach. As long as I'm making a profit I should be happy.

I'm not though. I'd be a lot happier if I was able to pocket all my profit rather than give much of it away again.

I'm So Lucky

Today's Results:
Horse Racing... 5.5% profit. New bank... £478.51

It's a funny old game this trading lark. One can have so many highs quickly followed with dreadful lows. The mental fortitude that one needs to do this is quite incredible. Take this afternoon for example...

Within the first two minutes of looking at the first race I found myself over £5 down having completely misjudged the market. I then looked at another runner with a view to recovering some of that. As soon as my bet was matched all the money sitting behind me and providing support collapsed. I was lucky I managed to trade out at all. I came away from the first race with a guaranteed loss of over £14.

A couple of months ago, perhaps even as recently as 1 month, I would've thrown my rattle out the pram, walked away in disgust and gone and done something else for the day. Instead, I gave myself a ticking off, composed myself and knuckled down to win it back.

Despite another couple of hiccups where I added another £5 to the losses column, I was in profit for the day before the 4:00 race came along. Hard work but very satisfying. 'Do I continue or draw a line under today's efforts having saved the day?' Decisions, decisions.

I carried on, thankfully as I later had my best ever trade.

The very aptly named 'I'm So Lucky' was trading at 1.20 in the place market. I tend to avoid these runners as the odds generally don't move that much. In addition, because I work to a liability rather than a stake, if I was laying I end up risking a larger per tick loss (or getting a correspondingly large profit of course).

I couldn't believe it though when I saw the market. There was virtually no money keeping the odds down. Surely it was bound to drift. I waited a little to see if money arrived. It didn't so I piled in. My liability at the time was running at £127 so an effective stake of £635. It was all matched fairly quickly and I traded out for various amounts between 1.21 and 1.25. £12 richer ta very much. That certainly made up for the opening race.

Then, when I won a further £6.50 in the next race, I was indeed beginning to believe I'm So Lucky. So much so that I put most of my winnings from trading 'Pennyfan Dawn' in the last on 'Call Me Sam' (Racing Post spotlight) to place. That one lost, but I still made a profit from the race.

I traded 19 races this afternoon, scratching 2 and losing 4 (costing £22.22). That initial loss was a bit of a shocker, but I'm delighted by both the way I reacted to it and my subsequent response.

So another 5.5% added to the pot which means in the past 3 days alone, I've managed to profit to the tune of over £93. That's good enough for me!

The Horse Trading Foxtrot

Today's Results:
Horse Racing... 4.6% profit. New bank... £453.55

I haven't devised the tune yet, but the steps go something like: 3 forward, 2 back, 2 to the left, 1 to the right followed by a half twist and repeat.

What a frustrating day, particularly in the afternoon. I just couldn't build up a head of steam to save myself. I had one good trade early on, but this was wiped out by an equally bad trade later in the afternoon. I spent the rest of the afternoon chasing pennies, or so it seemed. By the time the big race came along, I'd managed to accrue the grand total of £5.

I'm not sure what the problem was today. Certainly the quick appearance of each race, one after the other, didn't help. I like to take some time assessing the runners/market, partly to give the streaming graphs time to build up some data in order to spot any trends. With only 5 minutes between races I found this difficult. Next time, I'll select races at least 10 mins apart.

I also suffered a bit from jitters. I lost count the number of times a spotted an opportunity, but I didn't enter a position preferring to wait a couple of seconds to see how it developed. Sure enough, it would do as I suspected but frequently the opportunity was lost. This was none more so than in The Derby itself.

I was scanning through the runners when I cam across 'Dr Freemantle'. There was a huge sum of cash sitting at 3.00 on the back side with smaller amounts for the two ticks below. It was clear that odds weren't going to push past this so I'd have plenty of time to get out if things weren't going to go my way. Still, I hung on, and on, probably for 30 secs or more. Just as I was about to enter the market, the large sum moved, coming in to 2.80 with further amounts appearing for a short spell (long enough to be grabbed) another 5-10 ticks below. That would've been a £15-£20 profit on that trade alone. Unfortunately, my hesitation was indicative of much of my trading this afternoon.

I quit trading then, watched the race then went for a walk. I didn't resume trading until well after dinner time.

Fortunately the evening session was much better, though I did spoil things later on. However, I was pleased with the way I traded most of the races and I certainly felt a lot more comfortable with reasonable amounts of time between races.

I traded a total of 25 races today, scratching 7 and losing on 6 (costing £17.81) which is still very disappointing. Still, another 4.6% added to the pot so the graph is continuing to point in the right direction.

A Good Start To The Weekend

Today's Results:
Horse Racing... 12.6% profit. New bank... £433.76

As regular readers will know, I've been very critical of myself of late, despite an ever increasing horse trading bank. I've primarily been annoyed with some of the down right bad calls I've made - especially when the little voice in my head is warning me against them. As a result, I have thrown away a significant proportion of the profit I've achieved in my good trades.

Today, I was determined to stay focussed and listen to those inner voices - 'if in doubt stay out' to paraphrase a common football coaching term. As a result, it took me a little time to get going. Indeed, I opened my account this afternoon with a small loss.

Come the 2:45 it all started to click. Although I had another small loss in the next race, that was my last loss of the afternoon. That in itself was perhaps the most satisfying aspect - only 2 losses all afternoon costing a grand total of £2.76. What a difference from the rest of the week.

Apart from a couple of scratched trades, all the remaining races I entered returned good profits and by the time the afternoon session was over I was more than £40 up. More significantly, I had successfully managed to avoid the temptation to get involved in every race - something which I am sure has led to at least some of the bad trades I've been doing recently. Out of all the afternoon races I only got involved in 14 of them.

After a prolonged break, I rejoined the fray with the 6:55 and everything started from where I'd left off. Unfortunately, my discipline slipped somewhat in the evening session. Don't get me wrong; I had some excellent trades, but I found myself entering markets that I shouldn't have. The inner voices where screaming at me at times.

I lost 4 trades in the evening, two of them being quite big. These where definitely a case of ignoring the warnings signs and forcing the issue in an attempt to make today's result a bumper one. Consequently, the evening session saw me waste nearly £20 and it only produced a £6 profit. This was really disappointing as I felt I'd traded particularly well in most of the races I entered.

Still, a profit of £48.63 beats the previous daily record and takes the horse racing bank comfortably through the £400 mark. In addition, it means that I am managing to get through the £100 per week target. Whilst that might not seem a huge amount to many traders, it will make a difference to me.

The Sloppiness Continues

Today's Results:
Horse Racing... 4.91% profit. New bank... £385.13

The only consolation is the bank is still growing, despite my all too regular habit of throwing much of my daily profit away.

This afternoon's session saw me lose over £7 in the second race, which put me on the back foot somewhat. It took me another 4 races to get it back. And this was the story for much of the afternoon. 2 steps forward, 1 step back.

I stopped after the 4:50 as I had to fetch my daughter from school and do a spot of grocery shopping at the local Tesco. I managed a grand total of £28 in profitable trades in the afternoon, but true to form, I threw a large portion of that away in losing races. £14.01 lost in 4 races. I'm not going to get anywhere fast if I keep reducing my daily profit with some really stupid mistakes.

The evening session, once I got around to it, started off OK, but I found it really difficult. Apart from one race, I was only earning pennies. The markets seemed really weird this evening and I just couldn't get on with only small portions of my stake being matched most of the time. It was very frustrating. In all I traded 11 races this evening but only managed to add £4 to my total for the day. This was despite the fact that I was using some of the highest stakes I've ever used. In retrospect, perhaps the problem lay with the markets being too weak to support my staking.

So, a profit of just under 5% keeps me edging upwards and, assuming things go well tomorrow, I should break through £400 which will be good. I just hope it's a little easier and I stop making these stupid mistakes.

A Very Sloppy Profit

Today's Results:
Horse Racing... 2.8% profit. New bank... £367.11

One of the most disappointing trading days I've had since I started this lark back in February. Yet it all began so promisingly.

I didn't see much opportunity in the first race of the day so I gave it a miss. The second race was a different story as I came away with a double figure profit from that one and one of my best ever trades. All the more so when you consider that I'd already lost £1.60 on another runner in that race before 'Full Marks' drifted nicely.

This great start continued with solid trades in the next two races before I went on a 5 race run where I couldn't judge anything right. By 4:30, I'd undone much of my earlier good work and was left with a £1 profit to show for my troubles. What a waste of an afternoon that was.

I took an early dinner and spent some time with my daughter before carrying on some two hours later.

The evening session was a bid better, but I was still making far too many mistakes. Whenever I threatened to build up a head of steam it seemed I would throw it away in the next race. In the end, and after another bad loss in the last, I came away after a full day's trading with only £10 profit. That's just not good enough.

I found many of the markets really difficult today. I was continually missing the big moves because I'd be looking at a different horse at the time. Where there was opportunities for some dramatic spikes I'd place my bet and wait, but nothing would happen. As a result, I'd cancel and move on to another runner only to return shortly after and see that a spike had shot up to where I'd been waiting and fell back again by 10-15 ticks. Very frustrating.

I traded 25 races today, scratching 4 and losing on 8 (costing me £22.49). Far too many losing trades in that lot. But the real problem today was not being able to identify the moves when they happened because my eyes were invariably elsewhere.

Hoping for a bit more consistency tomorrow.

Nice And Steady Does It

Today's Results:
Horse Racing... 5.3% profit. New bank... £357.07

After being stuck in a hot and clammy office all day with my head cold, I didn't think I'd be up to trading tonight. However, once I got home and had something to eat, I felt a lot better so I settled down just before the 6:50.

It was all fairly straight forward tonight. I traded 8 races, scratching 1 of them and losing an insignificant few pence on another. All the rest of the races produced decent profits to add another 5.3% to the bank. Not bad for less than two hours work, and certainly better than watching whatever dross there was on the TV tonight.

I'm at home for the rest of the week so I should managed to trade most of it.

Best Laid Plans, And All That...

Today's Results:
Horse Racing... 0.5% loss. New bank... £339.13

I've had a mare of a day!

My daughter was still pretty choked up this morning so I had to cancel my trip to a client's. I managed to arrange for her mother to pick her up which meant I was free to do some trading this afternoon - despite still feeling a bit groggy myself.

This first couple of races this afternoon where pretty much a non-event. I managed to pick up a quid in total. Then along came the 2:30 and the nightmare began. I lost just over a tenner when the market just collapsed behind me as soon as I entered my opening lay. I was immediately swallowed before I had a chance to cancel and the market just kept going against me.

Then, to compound things, exactly the same thing happened in the 2:45, despite the trend graphs heading in the right direction and the money building on my side of the market. I placed my bet and any support that was there promptly disappeared. Another tenner down the drain.


In disgust, I switched everything off and walked away. I only came back for the 4:00 once my headache had subsided a little. At this point, I managed to pick up a couple of pounds using much reduced stakes, but I'm still being caught out badly.

If my headache eases off anymore before the evening session, I may well come back to try and reduce today's losses. In any event, I'll update the running totals later.

Evening Update:

After being nearly £20 down after the first four races this afternoon, I came back this evening with some trepidation. As I explained above, I was feeling pretty groggy, with a sticking headache - I couldn't make up my mind if my that was caused by my cold or my trading performance. It was certainly enough to give anyone a headache.

Anyway, I was feeling a bit better this evening and set about recovering what I'd lost despite the very strong risk of screwing up even more. For this reason, I slashed my stake by half.

Without going into details, I made a £17.21 profit in the evening session (including the couple from late afternoon), despite another 3 losers, but the damage was done in that fateful first hour. So, a valiant attempt at a recovery, giving me a minuscule 0.5% loss on the day.

I traded a total of 21 races today, scratching 3 and losing 5 which cost me £29.19. More importantly, I learned a valuable lesson. Head colds and trading just don't mix.

My visit to my client has been rearranged for tomorrow but I should be back in time for some of the evening session - assuming I've shrugged this cold off.

A Scratched Day

I came down with a cold last night, as did my daughter so not much trading for me today. I did try the first 3 races; won 1, scratched 1 and lost the other. Came away with a 67 pence profit. I really wasn't in the mood so quit. Instead, the two of us spent the afternoon feeling sorry for ourselves.

I'm meant to be at a client's tomorrow, so, unless I managed the evening session, it will be Tuesday before the next update.

Thanks to all the visitors that have posted comments in recent days offering their support. It's much appreciated.