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.

No comments: