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By David in David's Blog 0Not many races at this time of the year. 2 only had 3 runners, which I don't like dealing with.
Managed a profit today on 3 races by backing the favourites at a high point.
Could have had more, but 5 offered bets didn't match, as the market moved too quickly.
By David in David's Blog 0Another big losing day. Didn't do much in the first few races, 2p down, I can tolerate that.
But then the huge losses arrive again.
In the 16.10, the favourite was getting backed down to 3.6 then reversing and drifting up to 3.75 or 3.8
It was doing this for several times. So, I thought the bottom of the range was determined at 3.6
When I decided to lay at 3.6, the market suddenly crashes down, and I took a 9 tick loss.
When it neared the crossover, it slowed down. I layed at 3.1 losing 2 ticks (just as well because it steamed well below the 3.0 crossover).
I layed twice at 2.86 gaining 4 ticks over the 2 trades. But overall, losing 74p.
The 16.30 was good for me. Backing at 4.1 for 2 ticks. Backing again at 4.5 for 4 ticks. A 57p profit on a race is a good result with £5 stakes.
Then a huge loss in the 17.00 The favourite drifted up to 2.48 and didn't want to go any further. I backed at 2.48 for 1 tick.
It dropped a few ticks. When it reached 2.46 I backed again, suddenly losing 5 ticks.
It came back down again, before drifting to 2.54 and not wanting to drift further. So I back.
Within a couple of seconds, it shot up to 2.74, so took a 10 tick loss. Why this happened is beyond my understanding.
Tried another trade losing 2 ticks (ok, fair enough).
The market dropped to 2.42 and hesitated. Often 2.4 acts as the bottom of the range.
This time, I layed. The market suddenly crashed down, making me lose 6 ticks.
So, whatever I tried, everything was going wrong. Lost 22 ticks altogether on this race for a massive loss of £1.02
This has put me well into the red for November (although I'm glad I'm only using £5 stakes, so my losses are only a few pence a day, but still frustrated at the constant losing).
Even if I make a profit tomorrow, I know I won't get back the current months loss.
I am a failure trader.
By David in David's Blog 0I realise why I lost money yesterday. Last week was unusual in that the high stake traders weren't around, so there was more value to back the favourites.
I followed on by backing on Tuesday and lost. The traders were back this week in force. I know that by the way the markets behave.
Today, I lost 8p but regard it as successful.
In the first race, I had a big loss of £1 The odds started out at 4.5 it drifted to 5.0 then hesitated (because not many people are willing to lay a favourite at high odds, due to the liability), and so I backed at 5.0 lost 3 ticks. Tried another 3 trades. Lost 10 ticks altogether in this race. Couldn't believe that no one was backing at that stage.
The trends in subsequent races behaved in their predictable way. Made a mixture of back and lay entries, depending on where the market was at the time.
8 wins later, I brought the initial loss from £1 down to 8p. So it is not so bad.
Could have been profitable because in the 15.20 at Ayr, I missed the opportunity to lay at 3.55 for 4 ticks (I estimate a profit of 28p).
The strike rate of 8 out 9 is more pleasing to me than losing 8p.
By David in David's Blog 1After starting well, lost November's profits today.
Before 3pm, it was better to back the favourites at the top of the range; was doing well as in profit by 39p.
In the 15.10 again I backed the favourite at the top. But the 3rd suddenly crashed down heavily (no indication that this would happen at all).
When that happens, the favourite will drift sharply. Took a 5 tick loss. Tried another 4 trades, losing another tick altogether.
Similar happened in the 15.40 when I lost 54p.
People mention to cut the losses, but it is difficult when the market suddenly move 5 ticks against you.
I rarely get 5 ticks for me, so the wins are always being outweighed by the losses.
By David in David's Blog 1Haven't done much trading this week, as have been watching snooker.
I did trade last Friday, and won 5 out 5 races:
Traded this Friday as well. Found it difficult to read the markets, but managed a good profitable trade in 1 race:
So, it covers some of the loss that I made in October.
One thing that I have noticed since the clocks have gone back, is that the favourites aren't initially drifting as much as they did in the summer.
So, sometimes I decide to back instead of my preference to laying in the summer (still got to choose when the high or low points are).
So, not only have you got to learn how the markets behave, but how they behave in different seasons; no wonder trading is hard to master!
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