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2018 November 15th Thursday

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Another 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.


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Reading anything you write not make you think about changing the way you trade?

"the favourite was getting BACKED down to 3.6" coming down all the way to 2.86 if not lower and you are trying to LAY it each trade!? Would it not of been much easier just to back? As you said yourself, it was getting backed.

"17.00 The favourite DRIFTED up to 2.48" going up to 2.74 and higher? and you keep trying to back it!? its drifting as you said.

Why are you trying to catch a falling knife/ jump in front of the train when you can get on-board instead.


Also these sort of statements you make "Generally on Saturdays, it is best to back the favourites at a high point" are just crazy imo. You can not go into a market and think, well its a Saturday and its the fav I better back it. Or its a Tuesday i better lay the second fav at the bottom of the range.

The sweeping assumptions are dangerous. If the markets were as easy as that you would be loaded by now.

I am not trying to be mean and please do not take what i say as me digging at you, i am just trying to help in my own way ;)

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Hi David,

You are not a failure trader! You only fail at something when you give up.

An exercise for you:

The markets are more volatile than they used to be and this lends itself to swing trading opportunities.

For your next session, try observing the following markets:

1) No more than 6 runners
2) The favourite is priced under 3.0

When you watch this markets, pay attention to how one horse's price movement affects the other. Also, look at resistance and support points on the graph prior to the last 10 minutes.

On Saturday 1st December there are 5 races that meet this criteria and I can tell you that at least one of these races will result in a decent move which, if you are on the right side of, you will pick up a few ticks.



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Hi David, I am new to this game also, and I started trading in the same way ie: trying to 'scalp' as big a tick difference as possible in order to chase a greater profit (with £2 stakes), I soon found that more often than not the market changed direction before my closing bet was matched, resulting in a loss. I have now changed my trading to opening/closing a trade within a few seconds for one tick difference, I can also 'follow' the general odds movement by scalping in this way to build profit further.

I also believe however, that making an initial decision as to whether a particular horse will steam or drift BEFORE attempting to trade it also helps in avoiding a loss (although this involves a bit of pre-race form study!).

I found this video entitled 'directional scalping' really helpful


Merry Christmas to all!

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