A Bit Of A Mare

Yesterday's closing trading screw up spilled over into today's activities. Starting off with the dogs, I found myself over £9 down within the first hour, at which point I stopped. This was disappointing as there was plenty of money in the greyhound markets this morning, but I just didn't seem to be able to get on the right side of any of it.

After an early and prolonged lunch, I caught the last half hour and was fortunate enough to catch a spike in one race that recovered all my losses in one fell swoop.

Unfortunately, this was just a one off as, once the horse racing began, I lost £20 in the first race and £9 immediately after that. Nearly £30 down after only two races was not the start I was looking for, and I never recovered from it.

At one point, I was down £34, but thanks to the evening card, despite further losing trades, I managed to cut my losses down to £25 on the horses and, with the help of some of the evening dog races, cut my overall deficit to £14.

I made too many mistakes on the horses today, though, on at least 4 occasions, I suffered very badly from lack of conviction on my picks. As I've mentioned before, I primarily look for runners that are likely to come in. In those races in question, I correctly identified significant trends, but scratched or exited for a loss when the 'noise' momentarily took the trend against me.

I had lapsed into scalping mode and forgot that I was trying to swing trade. All of those races had moves of 10 ticks or more, long term. Hopeless!

Having said that, I take encourage from the fact that I actually identified them correctly. As I become more experienced and confident in those picks I'd expect the courage of my convictions will return.

It probably didn't help that I got into my head earlier in the week that there was a strong possibility of making £1K in a month for the first time. My losses over the past couple of days have put that in doubt now, so hopefully my trading will be back to normal tomorrow.


genozzolo said...

ei mike, nice work , hope you get 1000 anyway hehe

Have u ever did any movie ?

With camtasia software its easy, install and 1 click its active, would be nice to see how move an experienced trader of greyhound !

Anyway, now that you changed your system and you watch out for Big swings, which signals alert you its gonna happen ? At least I can know for dont get a swing against me hehe :p

Whats bother me everytime if I can idenitify the good trend by the Wom, graphs, 1st and 2nd favorite opposition, and so on, I never understand which is a good indicator.

Alistair said...

Hi Genozzolo

Sorry, I think you might be confusing me with someone else. The name's Alistair not Mike.

I can't use Camtasia as it doesn't run on my chosen operating system, Linux. I don't use recording software. Never found the need and as I use BinarySoft BDI, and works differently to the more common trading applications. Consequently, sharing a video may cause more confusion, particularly for the newbie trader.

Greyhound races are so variable, you have to change tact depending on the situation and how the liquidity is. You can only pick this up by watching hundreds of races. Even then, it is still easy to get caught, as demonstrated by me last night.

Search back through the blog and you'll find various tips that might help.