There's Neigh Hope For Me

I visited the horse racing again tonight. Yikes! First race I entered saw me lose £8.42 and I was on the back foot right away. Fortunately, I had £30 to play with having won that on the greyhounds earlier in the day.

I have a number of problems with the nags...

1. I never seem to get my entry points correct. As a result, the market always reverses as soon as I go in.
2. If I'm in a losing position, I cannot resist going in repeatedly to try and recover the situation, which only makes things worse.
3. If I'm in a profitable position, I cannot resist going in repeatedly for another nibble, which I end up losing. Go back to point 2.

The first race saw me £4 down right off the bat. I worked hard to get this into the green - £2 if memory serves me correctly - I went in for more and lost it, and continued to lose it until I was down over £8.

I made a profit in the next two races which saw me get nearly £6 of that back, but when I got suckered again in the 4th race of the evening, I gave up.

Yesterday evening I traded in the last 10 mins. Although I found it difficult, nerve racking and down right uncomfortable I managed to profit in all four races I tried.

I had heard that trading pre 10 mins can be easier for beginners as things aren't quite so frenetic. So, I thought I'd give that a go this evening.

To be honest, I found it more difficult. Nothing much happens. I'd place a bet and wait for what seemed an eternity for it to be matched. Sod's law of course dictated that whenever I canceled it, the market would move to that position where it would have been taken.

The other thing I found difficult about trading in this period was a direct result of this lack of movement. I found it extremely hard to assess which way the market was likely to move. At least closer to the off it's easy to see movement happening even if it does jump about all over the place.

Still, all part of the learning process, though I hope I'm not going to make a habit of throwing away a third of my greyhound trading profit each day on a handful of horse races. Otherwise I'll end up in the same position I was last November when I singularly failed to get to grips with the horse win markets to the detriment of my dog trading.

3 comments:

PhilipH said...

Hi Alistair,
Yes, I am having exactly the same trouble with my nag trading as you. I played again this evening and lost about £7 ... not disastrous of course, but disappointing.

The crazy way the odds shoot up and down the ladder in the opposite way I've hoped for is quite unnerving, and then when trying to save the situation you see you were right after all, but now you've got out at a slight loss - when if I'd held my nerve I would have been ok.

I've watched a couple of Betdaq Angel videos on nag trading and it seemed to be so simple and easy, with the player greening up with no trouble. Mind you, he was laying first with a £50 bet and then waiting for his few ticks to get him a juicy £50 back bet matched. I guess you have to spend a long time getting to such a confident way of trading. Laying first with a large sum seems a bit scary to me and I doubt if I'll ever get to that way of trading.

Phil

Alistair said...

Hi Phil,

Your post could have been written by virtually every person on the planet who has tried trading the horse markets.

Practice makes perfect though, and it takes a lot of practice.

Alistair

Anthony said...

Not to put a downer on your efforts but I've traded the horses profitably for about 4 years now and have now decided to give it up in favour of tennis.
If you can't get it boxed off the stress is not worth the effort for some. There are loads of other sports to try so don't get hung up on the 'holy grail' of trading. After only a month of trading the tennis seriously I'm now earning almost the same as I was on the horses with potential for a massive increase in stakes and profit. There are many ways to skin a cat.