Caught Out Again

Today started off poorly in that I missed the favourite of the 11:04 greyhound race come in from 3.5 to 1.8 because I was too busy chatting in the chat room and checking my emails. I managed to get on for the last few ticks for a £2 profit, but it should've been at least 10 times that.

This probably set the tone for the rest of the day, as I struggled to pick up any momentum at all. Three hours later I'd barely made £5.

Things didn't get much better in the afternoon, especially since the markets tend to be a bit thinner with the horse racing on. It didn't help by being caught out again when the market was suspended.

One of the things I really like about Binarysoft BDI is the fact that it automatically hedges. Whenever you place your closing trade, it will calculate the stake required to give a greened up profit (or loss). There's no additional step required. It doesn't place the closing bet at the same stake as the opening one, then place an additional lay at the current lay odds. It's quick, neat and you always know where you are.

However, occasionally, the closing bet may get matched at slightly different odds, resulting in an uneven greened up position. That's what happened to me today in the 3:28. I was paying attention to the countdown timer. I had my mobile phone warning me there was 30secs to go. But I had a £5.40 loss on one runner and £1 loss on the others.

To balance this up, one simply needs to quickly click on either side of the ladder - usually for a 1 tick loss to make sure both are matched. 30 secs is plenty of time to do that. To this end, what I normally do, is reduce my stakes so as to minimise the size of the 1 tick loss.

Unfortunately for me, when I did so at these odds - around 3.50 in this case - the bet wasn't submitted as the amount was too small. I increased them and tried again - same thing. In the meantime, my 30 secs is running out.

I set my stake levels higher and quickly clicked both sides of the ladder. My first bet was accepted, but the second wasn't. In the split second it takes to quickly click on either side of the ladder, the market was suspended and I was left with £70 odd sitting on one runner and a £26 loss on the rest. Well, I guess you know what happened next...

What a stupid thing to do. At least I learned one thing. If I'm ever in that situation again, trying to balance the books, I MUST lay first rather than back. At least then, if I'm caught out, I'll have most of the field running for me, rather than against me.

Anyway, I spent the rest of the day trying to get that back. As the day wore on, it became harder and harder as the markets got thinner and thinner. In the end, I gave up around 8:30 having got myself back to within a fiver of being level.

In total, I lost £45 over the 51 races I entered today. So again, I can take comfort in the fact that I had £40 worth of profitable trades in amongst that lot. I just need to be a bit more careful in future.

1 comment:

Cassini said...

Always lay first! A lesson learned for you, and not too expensively. Onward and Upward.