Pennies For Profit

What a wasted day. The grand sum of 46 pence profit which is hardly worth changing the monthly total for.

There were early signs that today was going to be a difficult one. I lost in the first four races and it wasn't until the 2:45 that I actually put a decent trade together. Unfortunately, that didn't see the start of a good run. Rather I embarked on a serious of races, in between those I scratched, where I'd make some profit then immediately give away virtually the same amount in the next race. This was the case irrespective of the initial profit I'd made.

I was heading for a loss this afternoon when I finally managed to put in a good trade in the very last race of the session with a greened up profit of £12 as 'Cee Cee Rider' drifted out. This win, saw me in profit to the tune of £2 for the afternoon.

For much of this afternoon's session I was gambling rather than trading. I was placing my opening trade in the hope, rather than the expectation, that the price would move in my favour. Trying to force trades like that simply doesn't work, yet I kept on doing it.

Unfortunately, the evening session wasn't much better and when I started swapping profit and loss in the first couple of races I decided I'd try my luck in the win markets. I know, I know. Not my area of expertise, but I haven't been doing that great in the place markets either of late, so I thought 'what the hell'.

I went in using a stake of £100 with the intention of scalping a tick, possibly two, then getting out. Things went reasonably well. I was averaging around £2/race and had got myself some £11 in profit when the fateful 7:25 came along. This was one of those races where the head is screaming that it should be left alone, yet I try it anyway.

I was trading the favourite, 'Guest Connections' and had got myself into a profitable position when I was hit by a jump in the market before my closing trade was matched. I waited a bit to see if the price would reverse, but it held firm and I decided to trade out for a loss of £8.

I then switched to 'Obe One' only to be caught out in exactly the same way resulting in a loss of almost £4. That put me more or less even for the day at which point I decided to quit. I'd found that hour or so in the win markets incredibly tense and draining. Consequently, with this loss, I felt that quiting for the night was the sensible thing to do.

I traded 25 markets today, scratching 6 and losing 8 at a cost of £41.78. With losses like that, it's a small miracle that I came out essentially even for today's efforts. Very frustrating, but it sums up what a difficult month I have found July to be. I do hope I can find some consistency soon.

1 comment:

leonthefixer said...

You did better than me mate!!! I wish I had stopped when I was a little in front - oh well tomorrow is another day and I am doing better for the week than I had hoped for at the start so shouldnt complain to much.

Just wish all the lessons didn't cost so much :)