Premium Charge Confusion

Apologies for the lack of posts since Sunday. I only did a little trading on Monday where I was doing OK until I wiped almost all of my gains by losing £9 in one of the last of the afternoon greyhound races.

I didn't trade at all yesterday as I'd been at a client's all day and was pretty exhausted so I decided to leave it and parked myself in front of the TV all evening.

As expected after the big 'apparent' loss I had last week after bet matching the greyhounds, my premium charge statement shows that no fees were charged against my 'allowance'. So there you have it. Make sure you lose and you'll pay no premium charge. :-)

I was confused by this. In particular, by the gross P/L figure of -£75.07 which didn't tie in with the total loss figure from my account P/L statement for the same period (shown below) until I remembered that that is net commission of £22.27. However, -£97.25 + £22.27 = -£74.98 which doesn't quite equal -£75.07, presumably due to rounding errors. On the other hand, perhaps I'm just having a senior moment.

I had a mixed bag trading today. The first hour on the dogs started OK, but then went down hill so that I was slightly in the red when I came through the other side of it. The rest of the morning was pretty straight forward, finishing up £15 which, considering the first hour, I was quite happy with.

When I returned after 3:00pm for the afternoon session I immediately strung a few good trades together and had got myself up to the acceptable £1/race target I've mentioned so many times before. Come 4:00pm that all ground to a halt. I spent over 90 minutes losing or scratching for a few pennies profit. After whittling my profit down to £20, I stopped.

I did a little later on, but as expected, the markets were pretty quiet thanks to the football.

Those of you who managed to wade through my end of year 'summary' may recall that I talked about restructuring my time to give me the opportunity to look into other markets. The low liquidity in the evening greyhound markets provides a prime excuse to do just that I suggested. With that in mind, and there being no time like the present, I thought I'd dive into the world of the horse win markets once more.

I remember thinking as I was trading four of the races at Kempton, 'how can anyone do this'. Every trade I entered immediately reversed, yet I managed to come away with a profit in all four.

In the first two of these races, I opened with a hedged loss of £7 or more, but managed to recover the situation. Similarly with the biggest of these profits, I was down a guaranteed £4 before turning it around.

While I was pleased that I managed to dig myself out of a hole on each occasion, I'd rather not get into that position in the first place. Clearly, I need to identify my entry points a bit better than I did. Still, adding £12 to my total for the day was most welcome.

I lot of work to do, but an encouraging start.

1 comment:

PhilipH said...

25 02 2009

20:50 Kempton - Win Market-£0.99
20:20 Kempton - Win Market£0.30
19:50 Kempton - Win Market£0.00
19:20 Kempton - Win Market£14.00
19:20 Kempton - Win Market -£1.00
18:00 Wolverhampton - Win Market
17:30 BETDAQ Handicap - Win Market
17:20 Bangor - Win Market-£1.00
17:10 Folkestone - Win Market-£0.48
17:00 Wolverhampton - Win Market£4.00
16:40 Folkestone - Win Market£0.03

Total P&L  £9.26 (Net £8.34)  

This is the result of my amateurish tilt at trading yesterday on Betdaq. A decent win on the day/evening considering I am still struggling to "read" the markets with a negative degree of skill. I was extremely lucky that one nag I backed at 8 went on to win - and I had lost the chance to close out because as soon as I took 8 the price zoomed up to around double that! The official SP was 10-1 (11).

I also did another trade on a long shot which I traded out on and it went on to win!

Getting rid of the "punter" in my soul is now a necessity if I am going to get the hang of trading. I guess it is best to stick with the first couple in the betting, dodging in-and-out. I did this on one race which netted me 30p, with £1 bets and this shows that if I could have risked £10 bets I'd have made a £3 profit.

It is a struggle, but as with most things in life practice makes perfect, (or as near perfect one can hope for in this game).


PS, I must learn how to take a screen print from Betdaq in due course.