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!


Pete Thunder said...

As my second comment on your page, i wanted to thank you. I was struggling on the win markets and it never occurred to me i could struggle on the place markets :)
Nevertheless, i´m having a lot more fun there that i ever had on the win market. Also, i made a discovery you should think about. I think the reason i never made any decent profits on the win markets was that i was playing as a momentum trader, Looking for a tick profit. It was an excruciating experience. More often than not i guessed wrong and saw a sudden drop or rise of a position with me on the other side, losing money. On the place markets, without knowing it i went on to look for trends, and even when i´m still making a lot of mistakes, i´m more accurate now as a trend spotter that i was before as a momentum trader.
That would be my "recommendation" for you if you are going to try the win markets. I know i will try to see it as trends, and try to follow them.
Anyway, excuse me if i´m being obvious (and for my poor English) and thanks again for initiating this blog.

Alistair said...

Hi Pete,

As chance would have it, I spent much of Monday in the win markets - as you'll see from my latest post.

I quite agree about trends. It's an awful lot easier to spot them in the place market. I've made the decision to stay there for the foreseeable future. I'm making money there so I'll concentrate on honing my skills with a view to enhancing my profits.

Thanks for your feedback.