A Better Day

I had a reasonable day today which makes a pleasant change. Unfortunately, my success was solely due to the dogs, where I traded off and on throughout the afternoon for a profit of £20.

The horse win markets remain an enigma to me. Over the weekend, I had tried to follow the same principle of gaining 1 tick and then leaving the market all together. I've not been going back in to boost profits or recover losses. This had led to a rather boring time, but I feel it's a necessary evil I need to go through.

Today, I traded 16 races and came away with 47 pence profit! I only lost on 4 of those races, so that is something of an improvement. Clearly though, the size of any individual loss tends to be greater than any individual profit and is something I will need to work on.

Still, I think I'll carry on concentrating on improving my hit rate with the ultimate aim of looking for 2-3 ticks in profit. There's a long way to go before that happens though.

Soccer wise, I looked to trade the Aston Villa v Middlesborough match. Specifically, the over 2.5 goals market. I didn't do too well as I didn't trade out after the second goal as I got distracted. By the time I came back to the match, around the 70 min mark, the odds had drifted to my entry point so a scratched the trade getting 8 pence for my trouble. As so often happens when I do something like that, the late goal Aston Villa conceded would have seen me OK.

I'm off to a client's tomorrow so there'll be little time for trading other than the evening dog racing so there may not be an update tomorrow.


Drifter said...

Hi Alistair

Good to see a profit yesterday.

Hope you don't mind me saying that if you are only looking for one tick profit then getting out, you are limiting the opportunities for good profits. When trades go in your favour let them run a bit longer. Try and build in a stop loss in this situation either with some software or mentally.

If you think you have an edge because you have watched the markets for long enough then decide on an entry and exit point before each trade. Then accept what the market does and move on to the next trade. If you do have an edge then over time you will win just like the casinos. I would try not to limit yourself to 1 trade per race. Just wait until you see the right opportunity this may result in several trades in a race or no trades in a race. For example I don't like trading races when the favourite is priced over 6 so I trade less in these markets.

Hope this is of some use if not please ignore.


Alistair said...

Hi drifter,

I couldn't agree with you more. My problem at the moment is a simple one. I cannot read the markets yet. So letting things ride for more than a tick is a dangerous thing to do, as I've found to my cost.

I've still got a long way to go before I'm at all comfortable in these markets as I am in the dogs or as I once was in the place markets.

I'm sure I'll get there eventually.