In my introductory post I said that I would allocate 50% of all daily profit to a dividend fund and pay this to myself as a reward for getting it right when the dividend fund balance was at a reasonable level, I think I said £10. Well today I have withdrawn £25 as a payment for the last 16 days trading, £1.56 per day :-).
Today I traded 7 races which returned a profit of £5.68, giving me £1.89 per hour traded. There were not many opportunities for me initially as many of the today’s races were just out of my trading odds range of 2.30 – 5.00, particularly in the middle of the afternoon. Towards the end though several opportunities presented themselves and all worked out fine with no losses in any race.
The 17:10 Wolverhampton caused a little panic for me today, I placed an opening lay on Princess Zohra with about 3 minutes to go and as it matched either Betfair or Bet Angel froze. However I was able to close down and restart Bet Angel in time to trade out for a £0.36 profit.
Cheers
Hi,
ReplyDeletewell done at least your going the right way, I did not relise how hard this trading can be. Keep Trying.
Good Luck.
Hey Andy,
ReplyDeleteThank you for the blog, have been following it for most of February and find it a good read! Would you mind if I ask whether you use offsetting or stop loss settings? Or do you manually offset when you feel the time is right? Would be interesting to see what everyone else is doing.
Hi Place Trading & thanks...
ReplyDeleteI've said before it seems like the "death of a thousand cuts" sometimes but it's going in the right direction.
Hi Afropunk...
My strategy can change dependant on the day, my confidence level etc but in the main I go for that short run of movement in the odds and use a 10 tick offset with a 5 tick trailing stop loss. I then, dependant on how I feel the market is going, usually complete the trade before either of these conditions are met.
If I feel the market could go better for me I will cancel the offset bet, let it run and close the trade when my confidence begins to lower.
If the market is going against me I usually let the stop loss take care of it if I haven't already closed the position before then, not always though (Doh!).
I hope this helps
Thanks alot for your reply Andy. Looking at my results I find most of my profitable scalps are cut short by the offset, and that I could greatly increase my profits by letting them run a bit more. Of course the danger is if it goes back the other way I am then looking at a scratch or even a loss instead of the small profit gained with the short offset. I'm under the impression, even from my limited experience, that catching a few big swings in the whole day will prove more profitable than scalping every race for 1 tick profits. I'll need more results to analyse to be sure. I suppose only time will tell! Anyway thanks again for the reply and the best of luck with all your future trading.
ReplyDelete