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.


Pete Thunder said...

Your day and mine were exact opposites. I followed your advice of boldly jumping ahead on trades i know were drifting, and done it on Hazelrig on Newm, and Stolt on chest. Great Trades! besides those two, only got involved on 9 more races, getting ticks all over save two. One messed up attempt to jump prices, and one i knew from the beggining i should´t trade on, so only two losses and two scratched trades. Overall 17.75% bank Increase. :)

Graeme Dand said...

Hi Ali.

Sorry to hear you had a tough day. Happens to us all!

I really admire your discipline mate. £6 profit for 29 races sounds like an amazing amount of hard work and you did well to come back in the evening!

This is probably not going to help your mood but I had a fun day playing about. I did a great trade in my first race today for £49 profit and after that, I played around looking for a £100+ race win but it didn't arrive!

I found the markets very easy to read this afternoon to be honest and I appear to have found my confidence again!

I'm sure if you stick with what you are doing and try to tweak a couple of things, you'll do fine.

I think it's important that you keep trying out different things mate. I am basically experimenting every time I trade and I'm learning every race about something new.

Good luck for tomorrow.


Alistair said...

Hi guys and thanks for the comments.

Well done on your profits for the day. 17.5% is a cracking result Pete.

I don't know what was wrong with me yesterday. Just one of those days when things wouldn't happen for me I guess. As you say Graeme, it happens to everyone.

It was important for me to come back in the evening. I hate ending the day on a bad trade, whether it puts me in the red or not, but I also wanted to take the opportunity to try out the win markets.

Scary! My place market 'style' just ain't suitable so I'll have to develop something else. I don't want to simple scalp the market for 1 tick at a time. That will involve sizable sums to make it worth while - money I do not have. I'll get there though.