A neat and tidy profit of £14.40 for today with I little bit of luck in the 16:25 Market Rasen where I’d placed a higher than normal exit trade only to see the price “spike” by 7 ticks and scoop up my nicely profitable exit in my final trade of the race.
I’ve had time to think about yesterday and I don’t believe it’s affected me in any negative ways at all. I know what I did wrong, so it’s been an expensive lesson learnt. Since the race of the actual loss I’ve already recovered nearly £35.00 so just over £50.00 to go.I may have time to trade tomorrow and Monday but I’m not sure, so I plan to be back on Tuesday. But if I do get a chance to trade I’ll post again.
Cheers
hello Andy
ReplyDeleteive been reading youre blog for a while now and like to keep an eye on how youre doing.could you explain what youre doing differently now as you seem to be making alot more money now than you used to.
thanks
Hi Anon
ReplyDeleteWell, where do you start…
I guess, that after 4 months and the Betting Exchange Academy course, I’d like to think I am getting better at this trading lark.
There are a few things in the trading environment that I am beginning to recognise, not quite “eureka” moments but maybe call it intuition.
This has helped me in turning a losing trade into a scratch or, better still, a profitable trade.
Without doubt the biggest thing that has helped me is the BEA course. I was taught what to look for, what strategies to adopt for different races and much more.
My own discipline has helped (Friday excepted) where I used to find it difficult to take a loss I now accept it and move on.
I guess there are many elements that make up a successful trader and I’m probably only 5% – 10% of the way down that road. I expect that to perform like Adam Heathcote, Peter Webb and the few others who excel at their trading you would have to be performing at 100%, 100% of the time.
For my own position, if I can achieve 25% of what Adam and Peter do I would consider myself to be extremely successful and the long journey continues.
Glad you like the blog and I hope it doesn’t bore you too often.
Cheers
Andy
I seem to remember reading that you've said you don't trade horses with a price over 5.
ReplyDeleteAny reason for this? I've been looking back at my races over the past week and I seem to struggle more with these higher priced markets.
Hi Scalper
ReplyDeleteThe main reasons are both my bank and confidence levels.
My bank is roughly £250 and to recover a reasonable amount from a trade I use 10% of this at a time. This also enables me to place 2 lay entries at odds of 5.0 without placing a corresponding back position and still have a bit to spare, just in case.
I find the odds often too volatile for my liking under about 2.20 and over 5.5 so I use odds of 5.0 as a general maximum. I have traded over this successfully but as the tick size jump is bigger the losses can bite you quicker too.
It is very easy to drop a full 1.0 odds, say 8.2 to 7.2 (5 ticks), in a short period of time but if I haven’t cottoned on the same thing happening, at say 4.2 – 3.2 (18 ticks), then perhaps I shouldn’t be trading.
I’m not sure that it is as important to me now as it was when I started as I am more experienced now, just not particularly good yet.
Hope this helps.
Andy