So I’ve spent a bit of time, not enough really, reading some trading literature and watching a few of both the Bet Angel and Racing Traders videos again.
Whilst, in my opinion, the Bet Angel software is far superior to the Bet Trader equivalent, I find many of the Bet Trader videos more helpful to me as a beginner.
Having spent some time doing “homework” I’ve sort of gone back to basics with my trading, in so much that my general strategy has returned to that which I started with back in January. The main difference now is that I am applying my increased knowledge of trading to those strategies.
In an effort to monitor my consistency I need to develop a measure that is quantifiable and for this reason I have reduced my trading level to 1/30th of my bank in order to make mistakes and keep the damage to a minimum.
Should my consistency improve I will raise my trading level and see how things progress. The only issue that annoys me a little at the moment is that my trading time has become somewhat limited but I hope to rectify that in the near future.
Any ideas from the trading fraternity as to what would be a good measure of consistency will be gratefully received but as a start I will measure my average race profit as a percentage of my base trading level.
And so on to today, I had very little time again but managed to get a few races in at the end of the afternoon. It is interesting, for me, that all three races started with a losing or scratch trade but all three ended in profit. This gave me a profit of £0.75 over the three races.
So using my new “consistency” measure, well at least for now…
Base Level : £8.00, Ave Per Race : £0.25, % Return : 3.12%
Hopefully I’ll be back tomorrow and as I’ve got Friday off again, normal service should be resumed…
Cheers
What I find with most trading videos is that they are happy to show you how they pulled off great trades but there isn't many that show you how they got out of trouble when it goes against them.
ReplyDeletehi Andy
ReplyDeleteim sure i read somewhere that a 0.25% return on turnover would be considered good when trading.i think thats what the sort of figure Adam from bet trader made when he was trading full time.maybe someone else can ellaborate on that abit.not too sure about consistancy.hope this is of some use to you.
Hi TG, seems a good idea to keep stakes low till we find our feet. By base level, you mean you're using a bank of £8, is this right? Anyway, 3% a day return is nothing to be sniffed at. Better than the banks are paying!
ReplyDeleteHi all and thanks for the comments...
ReplyDeleteScalper
I have a strategy that gets me out of trouble more than 50% of the time but needs to as when the reverse happens it's more costly.
Anon
As I'm often too selective with my trades I'm not sure how this will stack up but, as an exercise, I'll keep a note for the time being. BTW on Wednesday my turnover was £283 so my profit % on that basis was 0.26%
Paul
No, my trade entry and exits are currently £8.00 and you're right about the banks, 3% a year from them would be excellent atm!
Cheers
Andy