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.


Anthony said...

It came back to you! It always will if you have the basics sorted. As I've posted before, I had a terrible April (no profit at all) due to getting the hump because I felt I wasn't doing well enough. I threw over £1,000 away in-running. I pulled myself together for May and vowed not to make mistakes which may cost me a substantial part of my bank or to take unnecessary risks. Obviously in a highly volatile situation with quick reactions required there are bound to be mistakes occasionally but minimising them is important. Since then I've broken my own records. Keep faith in what you're doing.
Finally, interestingly enough, you've mentioned the amounts you are earning per trade. So far this month I've made £1,800 which only averages out at about £3.65 per race. Doesn't seem very much individually but it soon adds up to what I consider to be a great income. I'm nowhere near as competent as The Betfair Trader but the extra income has changed my life. You're going in the right direction Alistair and you'll be making £1,000 a month in no time.

Alistair said...

Thanks for popping by Anthony.

I'd be delighted to make £1000/month tax free though I've got a bit to go yet. My current rate is around £400/month which is enough to make a difference.

I didn't start this with the intention of earning a full-time wage, but as I improve, it's good to know the possibility is there. Time will tell.