Back In The Saddle

Or should that be jacket?

After taking nearly a week off, I finally got stuck in to a full days trading (though I did have a nibble at the dogs on Tuesday and Wednesday). Slow and steady wins the race as they say and that was very much the case with my efforts today.

My days off were spent decorating my mother's bedroom and test driving numerous cars as I prepare to take up the government's 'generous' offer to scrap my 10 year old car. In many ways there's simply too much choice and, for the most part and for a particular price bracket, modern cars are difficult to distinguish. Still, I've managed to narrow it down to two cars. One ruled by the head, the other by the heart. Given that the head is £2.5-£3K more expensive, it's likely that the heart will win. I'll test drive them again just to make sure.

The time off has given me an opportunity to think about where my trading is going - or not going would be more accurate.

One of the reasons I needed to take a break was the increasing frustration I've been feeling with the whole process. My greyhound trading, while providing a very welcome few hundred pounds each month, has effectively plateaued and I doubt that it will get any better. I've recognised this for a while, but I have been unable to successfully branch out into other markets.

Granted, I've been reluctant to do so in recent months, simply because of the potential impact on the greyhound trading. However, now that summer racing is up and running, there is clear demarcation lines between the morning greyhound session and the start of the nags. So, despite my persistent failure with the horses, it is time to make a concerted effort to get to grips with them.

Yes, I know, I've been here before - many times. Without doubt though, as many wannabe traders will agree, the pre-race horse markets are like the Holy Grail of trading. That's where the money is and consequently, the profit. I'll carry on trading the greyhounds in the morning, but I really must figure these horse markets out if I am to move forward significantly.

The past week has given me the opportunity to reassess how I go about the horse markets. It is clear, that I find scalping very difficult for reasons I've discussed many times. This in itself has been a source of great frustration for me as I have no problem in the dog markets. That frustration has tended to make matters worse.

I need a different approach and need to retrain my brain to a different way of trading - i.e. swing trading. Encouraged by the work I've been doing with the in-running hedging (which is still on-going by the way with the latest results available for download as usual) I want to use the Betfair graphs, along with the streaming graphs in BinarySoft BDI, more effectively. A more analytical approach will, I believe, sit better with my technical/scientific background and mindset. (Oh I can see me falling on my face with this).

I ventured into the markets today, using £10 stakes and only looking for horses that were coming in. I had some success in that I came away with a profit - all £2.40 of it, though I was let down by losing £2 in the last race I entered. It felt OK, but that old issue of coming out too early was still there. That's not important. What was important was the number of times I got the move correct.

In the past, I have tried to make use of the graphs and base my decisions on what they are showing, however, I always found that I was forever being persuaded otherwise by the WOM. This was frequently to my cost. Today, I switched the WOM facilities off and that seemed to help. I'll see if this holds true tomorrow.

So, only £10 made on the dogs this morning and a couple of quid on the nags. Still, it's good to get going again after a much needed break.


PhilipH said...

Welcome back, Alistair. I'm sure the time off will have been worthwhile. All work and no play, etc. (Decorating isn't quite "play", but it does take the mind off trading!"

Cheers and good luck on the nags.

Alistair said...

Cheers Phil,

It was a good break. Normally I hate decorating, but my sister was helping and we get on like a house on fire. I haven't laughed so much for a long time.

Back to the frustrating task of mastering these horse markets now though.