I 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.