I Just Don't Get It!

Since the turn of the month, I've not done much trading, with my performance on the nags being no small reason for my reluctance. With school holidays to tend with as well as problem clients, it hasn't been the most productive of months so far.

Today, I didn't get a chance to do any trading until the 4:20 at Sedgefield. I traded the last seven races of the afternoon card and finished over £23 down, with the last two races accounting for over £18. Four losing races out of seven costing a total of £29.24. I'm just not getting to grips with these markets at all.

I continue to have problems with holding my position. The market will go against me and I'll come out for a 1-3 tick loss. No sooner have I done that and the market reverses, goes through my original position into, what would have been, profitable territory. I'll go in again and repeat the process thereby compounding my losses rather than eliminating them.

On those occasions where I bite my lip, hold on for a bit longer expecting the market to come back in my favour as before, it just keeps on going against me. It is so damned frustrating.

Moreover, I'm missing out on good profits because of this as, when I do actually get it right and catch a big move, I'm out way too early for fear of it reversing and reluctant to go back in again for the same reason. Today for example, I had a couple of trade where I managed 3-4 ticks but the move was 20+ ticks. As a result, my profit was a fraction of what it could have been.

Worse, it is starting to affect my dog trading with this evening being a case in point, resulting in a loss on the greyhounds as well.

A week into the month and I've made £40. Absolutely shocking. I'm down £33 on the horses and up £75 on the dogs. Once again, just like last November, I have to think seriously whether it is worth my while persevering with the horses. In many ways I feel I must, as I do not think I'll be able to do much more with the dogs.

What is perhaps making me more frustrated than anything else is the complete lack of understanding of why I cannot master these markets yet I have, in general, no problem whatsoever with the greyhounds.

It is worrying though that my complete in ability to regularly profit from the horse win markets, no matter how small, is impacting significantly on my greyhound trading. If it continues then I will have no option but to abandon any attempts to trade the horse markets.


Paul said...

I'm the same, Alistair. I never seem to have the nerve to let the market clear up the 'straggler' bets after I go in. A trend seems a lot smoother when your money isn't involved but in reality, it judders all over the immediate range while trending. It's all about holding your nerve, I suppose...

Anonymous said...

Hi mate - sorry I couldnt chat much earlier, was busy trading.

You probably don't want my 2 pence worth but here goes anyway :)

Start recording your trading. You can then go over the races that are going wrong and you will spot things that you don't spot while trading as you can watch the same trade time and again. Furthermore if you send me the files I will look at them for you.

When you go back over a trade on a video you will (well I do) be asking yourself what on earth did you enter then for? You will start to spot things that you don't in the heat of the trade. It helped me enormously and still does!

Secondly it sounds like you may be using stakes you are not comfortable with. If you want to trade by holding onto positions but if it goes say 3 or so ticks agaisnt you and you are bailing I am guessing the is an element of fear about losing on the trade. So cut your stakes.

This exercise at the moment should not be about making money but not losing it and therefore you don't want to be having the added pressure of worrying about losses while trying to learn a market. A bit of sacrifice now in terms of time and not making anything will pay off in the long run.

Thirdly I would recommend you get Sky TV. Trying to trade horse markets without pictures is crazy in my opinion. Have a look at my blog post about 'Maiden Madness'. I paid for a few months subscription just through what the commentator said on one race. This happens day in day out. Having pictures for themselves in no time at all! You just need the basic Sky package and RUK so it will cost probably £25 a month or so. So about £300 for the year. It will pay for itself trust me! Also you can get Sky Sports if you want for the evening Greyhounds and Tennis etc etc.

Anyway just my thoughts but without doing the above I think you are causing yourself a lot of hassle and are trading these markets with a handicap.

I can sort you out with some recording software and will happily talk through the videos with you.

All the best.


Anthony said...

Hi Alistair,
I think Leon is right. Although I've never traded with pictures (it is possible to profit without), you are at a massive disadvantage. Unfortunately my boss would be a bit suspicious of my intentions if I put a TV on my desk!

Rick Ford said...

Well said Leon! I would also like to add you need to study the charts more and look for resistance points. As you know a big bet/or a group of people using software with a tipster can reverse a trend by a couple of ticks but as horse racing has so much more liquidity then greyhounds the trends go back to their original direction.

In greyhounds I've noticed this does not happen as big bets (not spoof money) do influence these markets.

Keep plugging away Alistair Good Luck

Alistair said...

Hi guys, and many thanks for the comments.

As you'll see from my latest post, I recorded my trading this evening (Wednesday). I've uploaded the videos if anyone is interested in looking at them. Took ages thanks to my limited broadband speed hence the reason I'm typing this at 2:30am on Thursday!

Just typical though that I only had one losing race of 43 pence. Bound to happen I guess.

I hear and appreciate what you say about Sky TV. That isn't going to be an option for me anytime soon. Mainly because I do not have a TV anywhere near my computer, not do I want an ugly dish hanging off the side of my house.

If my horse trading ever picks up, and I get around to setting up a dedicated trading room, then I'll reconsider. In the meantime, I'll just have to muddle through.

Thanks again for the advice. Much appreciated.