Pulling My Hair Out

Or I would, if I had any left.

Trading, particularly the horse win markets, must rank up there as the most frustrating activity ever devised by man. At least it is for me. So much so this afternoon that, come 4:00pm I was ready to jack it all in. Losing time after time tends to do that, particularly when there doesn't seem to be any rhyme or reason to it.

The same old story for me this afternoon in that I let the 'noise' completely distract me from the underlying trend resulting in me continually getting out when there was no need to. I'd then go back in again only to be fooled again. All these 1-2 tick losses add up.

I am finding it extremely difficult to place my initial order and not react when the aforementioned noise takes the price temporarily against me. I'm beginning to think I should shut my eyes and count to 100, or leave my desk completely for a couple of minutes and return to accept the consequences whatever they may be.

I stopped just after 4:00pm as I had a prior engagement, but I did summon the willpower to try again in the evening. The difference from the afternoon session was like night and day, as you can see from the graph of today's horse trading below. With no losses in the evening, I was able to get myself back in profit, albeit by only £3. At least I'm a little happier now than I was a few hours ago.

It would've been worse if I it wasn't for the near £6 profit in the fourth of those races, though that wasn't as a direct result of my normal trading.

Earlier in the morning, I had been bet matching the Bet365 Channel 4 offer in the Salisbury 2:20 and had backed 'Palisades Park' for £50 @ 5.50 and laid it on Betfair @ 5.3. As the race approached, I switched to the market and found that it had drifted, so I traded out on Betfair for a guaranteed profit and then relaid @ 5.50 and configured it as a 'keep' bet. This was comfortably matched in-running so I made nearly £6 from the trade as well as £2.50 from the matched bet.

I've done this before and it may well be worth keeping an eye on for trading purposes, keeping in mind the risk involved if the relaid stake isn't matched.

I'm still having difficulty with the dogs, which continues to be a worry. I traded 12 races this morning and made only £5. It's not just the lack of decent profit that is of concern, but the number of races I'm either scratching or simply not getting involved in because I don't see anything happening.

Half way through the month and I haven't made £100 yet. Very disappointing. Tomorrow, I think I better go shopping for a wig.


The Wanderer said...

great blog

PhilipH said...

Phew! This sounds like very hard work to me, Alistair. But I know only too well where you're coming from.

Once again I have DEFINITELY packed the "trading" in, and this time it is for good. I've deleted the BetAngel (Betdaq) and that's that. Not going to try for a third, or is it the fourth, time. I will stick to having my "mug" bets when the racing is on tv and leave it at that.

I shall still keep an eye on your struggles and hope that you get some decent returns for all the time and effort you expend.

Kindest regards, Phil

Anonymous said...

I found yesterday really frustrating as well, could hardly get a single trade right. Its so confusing, ppl say you should cut out ur loss as early as possible, but at the same time you need to wait because of the background noise?

Anonymous said...

Not that I'm making huge profits or anything, but my results only began to improve when I started looking at the pre-race markets with a good amount of cynicism and distrust.

Most of the "noise" in the 5-10 minutes before the off is a direct result of people with big bankrolls manipulating the price to exploit small traders. We have to always keep in mind that they are the ones running the show 90% of the time, certainly not the dwindling number of 2 quid punters and small bank scalpers.

Despite what some of the "salesmen" tell you, the reality is weight of money means nothing in almost every market aside from the top quality races.

Notice what the big amounts are doing, always ask yourself why are they doing it, be prepared for the unexpected because more often than not that's what happens.

Good luck to you.

Alistair said...

Thanks for the comments folks. The struggle continues, at least for now.