Back To Basics

I've only done 2-3 dog races this evening after being with a client all day, but I'm not particularly in the mood so I stopped early. By taking the evening off I've had the opportunity to think about what I'm going to do with my horse trading.

As you know, last November I made a concerted effort in the win markets and failed miserably. I made a small amount, but I lost a lot on the dogs in that I wasn't trading them as much since my focus was elsewhere.

Over the past few weeks, I've been venturing back into the win markets again, but only when the greyhound markets are quiet. This time I do not think it sensible to sacrifice the dog trading, and subsequent profit, while trying to learn the horses.

Recently, I've been going into the horse markets with too much money, and trying to trade them like I do the dogs. I'm more of a swing trader than a 1-2 tick scalper, but the difficulty I'm having (have always had) with the horse win markets is the amount of 'noise'. I am continually finding myself being fooled into thinking the trend is reversing only to find, after I've traded out for a loss, that the market carries on in the direction I expected.

In addition, I have always used graphs to help me with my trading, yet in the horse markets I continually find myself watching the numbers in the ladder rather than trying to assess the trend using the graphs at my disposal.

Now it may well be that my trading style, temperament and market assessment skills just aren't suited to pre-race horse markets. However, I'm not prepared to give up just yet. So I've decided to return to basics and do what I did a year ago that got me started on this journey in the first place.

To recap, I took £10 and started trading the place markets on 23rd Feb. Every subsequent race, my stake changed by my P&L from the previous race. In this way by meager bank grew as I was learning. As I went along, I 'withdrew' money from the operating bank, but, as I was trading the place markets at the time, I found that the exponential bank growth slowed simply because I was finding it more and more difficult to get bets matched once my staking reached £100 or so. As a result, it wasn't until the beginning of June that my earnings had reached £500.

However, this method of bank growth, combined with learning, served me well. Consequently, I've decided to return to the same method. There will be a few differences this time though.

Firstly, I'm going to start with £25, rather than £10. I will monitor the growth of my 'imaginary' bank, but I will not take anything out of it.

Secondly, I'll only be doing this during evening racing as I'll be concentrating on the greyhounds. Once I become more proficient in these markets I will gradually spend more time there. Ultimately, I envisage only doing the dogs in the morning before horse racing starts around 2:00pm.

Thirdly, the last time I did this it was in the place markets. This time I'm going to concentrate on the win markets.

By starting again as it were, I hope to better understand how these markets behave and finally, once and for all, establish if trading the horse markets is for me.

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