What A Shocker!

Yesterday, I had the day off from trading as I was with a client, yet in that one day, I seem to have forgotten everything I have learned in the past 2-3 weeks.

The day started promisingly enough with and hour spent in the greyhound markets, picking up £12 in the process. Then on to the horses and some good, if not spectacular profit in the first two races of the afternoon. It all started to go wrong after that.

I went on a run of races where I managed to turn some decent, greened up profit into losses. In the process, I got more and more frustrated with myself for being greedy, trying to grab that extra £2. Unfortunately, I let my discipline slip and the frustration get to me, which only made matters worse. I subsequently went on tilt, trading like a complete lunatic without a care in the world.

Come 4:00, I stopped having lost £11 on the nags and only marginally in profit for the day. I didn't resume trading until 5:35 not realising that the afternoon card was finished and there was a while to go before the evening races. So I tried the dogs again and promptly lost £9!

Another break and the start of the evening horse card saw me continue where I left off - yet more losses and the same, couldn't care less trading style. This culminated in the 7:20 where, against my better judgment, I decided to trade a three runner race - and lost £17!

Surprisingly, this did not entice me to throw the rattle out the pram. Indeed, as I saw my money disappear each time I entered the market, I was sitting here with a smile on my face. One of disbelief perhaps.

I got some back in the next race, but then lost another tenner in the 7:50. I eventually stopped after the 8:05 where I actually made a profit. I always like to finish on a high note. LOL!

18 horse races traded and 10 of them lost at a total cost of £50.19! There were some good trades in there that limited the damage to £31.26, but they were few and far between.

I had two main problems today, both of which led to frustration and indiscipline. The first, I've already mentioned. Too many times I threw away greened up profit by going in again to grab some more. Although a few of these meant a less profitable trade, most were turned into losses. This was just downright careless.

The other issue I had was one of submission delays. Not necessarily in terms of transmission delays between me and Betfair. No, it was more to do with the speed of the market. Time after time I'd spot a significant move just as it was about to happen, or had just started. I'd jump ahead of the market and place my bet, but by the time my money had entered the market, everyone else had spotted the move and gone past my entry point.

I'd chase the price a little, but I was always too slow. I'd have perhaps one or two goes at getting matched, but wouldn't chase the price all the way. I've learned from experience that that is a dangerous thing to do. More often than not, you get matched just as the trend is turning. As a result, the failure to get on such moves can be/was very frustrating and no doubt led to some dubious trading almost for the sake of it.

So, a total of £26 lost today when what was left of my morning greyhound profit is taken into account. Not a huge loss in the grand scheme of things and I'll get that back soon enough. The number of shocking bad horse trades is more worrying though looking back over todays performance and the nature of those losses, I'm happy it was more of an aberration than anything significant.

Back again tomorrow for another bash.


Anonymous said...

Today was difficult so don't lose any sleep if you struggled today IMHO.

Alistair said...

I certainly won't lose any sleep over it. Indeed, it helps to hear other traders had a difficult time.

As I said in the post, I'll get it back soon enough.

Thanks for the comment.


Paul said...

It's really frustrating when you try to climb on a nice swing but the market gets away. Personally I'll leave it then until I reckon it's turning back rather than trying to get in late. I've been caught loads of times just on the cusp of the end and losing big. Nightmare

Alistair said...

I'm the same Paul. I might put in a second quick attempt to get on it but I won't keep chasing the price. Like you, I've been caught too many times.

As you say, it's better to watch for the trend halting and look to get on the other side as it turns and goes back again.