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.


Anthony said...

Hi Alistair,
In my experience on the horses, if you have a great profit on a trade don't get involved again. I am referring to the extra £10 you backed with. If the horse didn't get out of the stalls you would no longer have your biggest trade ever and you'd be mad at yourself. When I've completed a trade and have greened up for an amount I'd have been very happy with before I entered the market, I move to the next one. That way it's in the bank and you're happy. So many times in the past I have had £20 or £30 trades and have reduced it, sometimes to a loss, before the race. Others may do it differently but I prefer to hold on to my sanity!

Alistair said...

Hi Anthony, thanks for the feedback.

Not getting involved in a trade again once a decent profit is made is something I'm still learning as the number of times I go back in again - in the pre-race market - and lose it has been well documented in this blog. However, it has always been my intention to utilise a proportion of the profit from the pre-race market to hedge in-running. I see this as a very useful way to boost return. (It's all the fault of Graeme over at The Experiment. LOL!)

Risking £10 yesterday would see a minimum return of £9 on the race - a figure I'm happy with given my current staking levels. I was happy with the decision in that all the indicators where that 'Gasper Van Wittel' was going to run well. I wasn't happy chickening out but that was due to my confidence in reading form is not great yet, but I'm getting there.

I've not been hedging in-play very often as I am not prepared to do it unless my pre-race trade has netted a double figure profit. Even then, I have to be happy with everything else and that's where my form reading needs to improve.

The more I get 'right', whether on paper or for real, the quicker that confidence will grow.

Graeme Dand said...

Hi Ali.

Another nice profit mate, well done.

I think you maybe need to redefine what you class as taking a risk to be honest. In my eyes, having £10 riskfree on an odds on shot to get placed in the first 3 in a race isn't very risky!

There are many punters out there who make a decent living backing horses by following the money. In many cases, this would carry more weight with me than form knowledge.

If you happen to be on a horse which is heavily backed and you have caught the trade, I'd be inclined to take the riskfree bet in most cases. I think you need to forget about the amount you may be gambling as you earned the bet by doing a good trade. If it loses, you've not lost anything.

I think to be a 'great trader' (I'm not one of these or anywhere near one of these!), you need the correct level of self-discipline and risk-aversion. I'm maybe at the other extreme from you but I'm trying to nudge towards the middle a little bit. I suggest you slowly try the same over time as you'll see a big increase in profits.

Just my view though!

Good luck for the weekend.


Alistair said...

Hi Graeme, I agree with you.

I do not see trading the pre-race horse markets as the be all and end all. I'm concentrating on them at the moment as I see it as a quick way to build up my bank.

I would point out though, that I wouldn't use any pre-race profit on an odds on shot in the place market. If the odds are such that I cannot hedge to double that money, I'm not interested. I take your point however.

Any in-play hedging I do, will only be funded from profit I'd already earned on that race. It's the pre-race stuff that will be my bread and butter.

I still haven't decided what I'm going to do trading wise once I've reached the £1000 mark. I fancy expanding my knowledge and skills into other sports but I haven't considered what ones as yet.