July Summary

Thankfully, I've reached the end of what must rank as my worst trading month since I started this malarkey.

After the glimmers of promise shown last month in the pre-race horse markets, I felt it important that I continue to devote much of my time to explore the possibilities. As regular readers will be aware, and as shown below, it proved to be a fruitless exercise.

Listed below are the totals for each market/sport I got involved in throughout the month:

Greyhounds... £218.68
Horses... -£95.02
Cricket... -£20.69

All year I have wanted to expand my portfolio of markets and get away from my dependence on the greyhounds. Not that the dogs haven't been good to me, but in order to achieve £400-£600 on the dogs, I have frequently found myself spending 8-10 hours/day earning pennies each race. It's not an efficient way of spending my time.

Making a concerted effort on the horses was the obvious first step, but now, I find myself thanking my lucky stars for the dogs.

My frustrations with the horse markets have been well documented over recent times. I could probably list a whole range of things that might be the problem. The bottom line is that I keep entering the market at the wrong time and/or point. As a result, I find myself on the back foot at the beginning of virtually every trade.

I do not think there's any doubt that I have had great difficulty adjusting my trading styles from the greyhounds to the horses. I'm simply not used to opening a trade 10 minutes before the off and waiting more than 15 secs to be matched and trade out again. As a result, I have been, and continue to be, completely fooled by the short term fluctuations in the market.

I have felt all month that it may be best for me, once I've opened a trade, to walk away from the computer and not come back for 3-4 mins. Indeed, to this end, I've been paper trialling the idea of backing runners earlier in the morning with a view to trading out just before the off. It has shown promise, but there's lots more monitoring to do.

In the meantime, I feel it is time to move on. I really have not enjoyed this month at all. So a more permanent return to the greyhounds is on the cards.

Over the past six months I have lost focus on why I started trading in the first place. I said very early on that achieving £400/month would make a big difference, and it has. But as I've consistently exceeded that, I've found myself dreaming of much more. I don't think the greyhounds will provide that, which is why I wanted to explore other areas. Perhaps I need to get back to what I'm good at and accept that my profit levels may be limited.

If nothing else, I need to get back to the position where I am actually enjoying my trading again. Scalping/swing trading the horse win markets 10 mins before the off simply wasn't doing that for me. Unfortunately, the lure of these markets is hard to resist.

I'll try my best though.

3 comments:

Loocie said...

Hi Alistair,

Have you ever tried to trade on tennis?
There are a lot of swings possible. You showed in the past that u can do a little research do identify markets. I assume you are a swing trader. So tennis might be perfect for you, but you need to be selective with the matches you trade on.

Think about it. We can have a discussion about that.

Cheers, Loocie

ballb0y said...

Alistair,

if you are thinking of trading horses and walking away from the pc whilst a trade is in-play, then please read the latest post on my blog. It's not a good idea (I did it completely by mistake recently & I couldn't believe what had happened in the few minutes I was away).

I agree with you that it is very difficult to predict (and to react) to the speed and the change of direction that occurs in the GG markets. I don't know about you but I blame traders for this entirely (in my short & limited experience of the markets). I think you just have to out-think other traders in this particular market.

Patterns do appear though and I recognised one perfectly this week, (using Betangel Pro ladder interface) but then got one perfectly wrong in the very next race! Looking back however I could see where I went wrong, so I suppose that builds my knowledge a bit. It was disappointing as I won £9 on the first, then gave it all back in the next!

Catch up again later.

JK.

Alistair said...

Hi Loocie, it's been a while since we spoke in the chat room. Nice to see you still read my ramblings.

Tennis is one of those sports that I've got on my list of 'things to do', which I never seem to get around to. I must make a concerted effort though and would welcome any input. Why don't you pop into the chat room some time to discuss? Not I may not be in much this coming week as I've got lots of jobs to do.

Ballb0y, the walking away thing was more of an observation than a plan. To be honest, I'm going to give the horse win markets a rest and spend the time getting myself back on track. I'm not sure if I'll return for another crack.

Thanks for popping by chaps.

Alistair