Change Of Plans

It's unusual to find myself trading all day on a Monday as I'm normally visiting a client. However, I found myself playing nursemaid to my daughter so I had to quickly change those plans to tomorrow. So with her sleeping most of the day, I was free to sit in front of my computer all day.

One thing that struck me today was how erratic I seemed to be. It's been so long since I traded a full Monday that I don't know if there was something in the markets or if it was just me. I suspect the latter. I've not really paid much attention to it, but it may be worth monitoring over the coming days and weeks as I noticed a number of things:

1. The morning card saw all my best trades, as well as my worst. I've moaned to myself on many occasions about the frustration of putting in a great trade only to lose it again on the next. This morning was much like that, though I still had a reasonable profit.

2. The afternoon session was particularly poor, both in terms of the size of the profitable trades and the number of losing ones of similar magnitude. As a result, only a few pounds were added to the running total for the day. Indeed, I found this session so slow that I switched to the horses and traded the last three races of the day instead. More on that later.

3. The evening session was much more consistent, and profitable, with my profit for the day more than doubling in the three hours I spent on it. I've often found this with Monday evening dog cards. I think it may be that there's only three cards on a Monday evening with the races evenly spaced 5 minutes apart.

It would be interesting to see if afternoon sessions are consistently poor for example. One might intuitively expect them to be given that the horse racing is on and the markets are quieter.

I traded 65 greyhound markets today, losing 14 of them at a cost of £25.83. Despite this disappointing figure, I picked up an overall profit of £48 on the mutts today.

As mentioned earlier, I did the last three horse races of today's card with my 'back to basics' bank. You may be surprised to learn that I won all three to the tune of £6.74! So my little horse trading bank has grown by a fraction over 50% from £25 to £37.71 in seven trading days where I've done no more than 4 races on each of those days.

Given that I'm not doing a huge amount of horse trading, I'm happy with that. As I said on my Back to Basics post, I did not want to learn to trade the horses at the expense of the one thing that was making me money, i.e. the greyhounds. That's what I did last November and it had a detrimental effect on my trading as a whole. I shall continue to take the slow and steady route, while still making money with our canine friends.

I am trying to do something different with the horses when I do trade them, but I'll leave that for another post.


PhilipH said...

Wish you well with the trading exploits Alistair; seems you have a great system on the dogs.

Despite my earlier vow to quit all trading attempts I too had a bit of success when on Betdaq again yesterday. I won about £12, all with £1 or £2 stakes on mainly mid-priced horses.

I've discovered that my main success is concentrating hard on the "in play" market. My bets (backing) prior to the off do not always go the right way but then when they are running I have invariably found some "lays" which prove profitable. It does require a lot of concentration and a very twitchy trigger fingering on the touchpad. BetAngel (Betdaq) is a free API which I find extremely useful and very fast to use. Lots of features still to investigate but I'm in no hurry.

Keep up the good work. Cheers, Phil.

Alistair said...

Hi Phil,

Just catching up on recent comments so apologies for the late reply.

I as suggested some time ago, there's more than one way to profit through trading. So while pre-race scalping might not be your thing, utilising what knowledge of form you have may be an alternative allowing you to take things in running.

You'll get bigger swings allowing you to use smaller stakes. However, keep in mind that the big players have much faster connections and pictures than the average trader. So don't be greedy.

Anyway, the point is, try and find a niche trading style that makes use of your existing knowledge and skills. If you can.

That's for the comment.