Another good week in the bag so for the time being onwards and upwards. The evening racing started last week so there were many more opportunities available in the markets. It often pays to to pick and choose your opportunties. With the amount of racing now on I've often found that some meetings are more favourable to trade than others. It shouldn't really be that way, they should all exhibit similar characteristics but I keep finding that if I start the day slowly certain courses seem to throw up more opportunties than others. So from that point onwards I'll play some safe and be a bit more daring with others.I am expecting a harder week this week. There doesn't seem to be much on until we get to Newmarket at the weekend and I made a hash of that last year!! Still, everything is still headed in the right direction. I trust everybody else is fairing ok out there!
15 comments:
In a previous post you said you use all the tools in Bet Angel. I was wondering under what conditions would you Dutch or Lay the field?
Do you think there are many other traders can achieve what you do or do you feel you are at the "top of the pile" as regards your trading success.
I find it hard to grasp that we both trade the same races, yet we must see it so differently, as you are finding opportunities where I didnt see any. Most races this week were lucky to get over £100,000 matched until 1 or 2 minutes to go, how do you deal with these races? Do you tend to trade before 5 minutes to go, or after, when there doesnt seem as much movement.Is identifying opportunities just a matter of experience, so I will get better with time?
Have been following your blog sinec week 1. An inspiration to novice traders.
Do you 'green up' each bet or do it at the end of trading for that race?
"was wondering under what conditions would you Dutch or Lay the field?"
You can do both on just about any race but doing this doesn't suit everybody and there are better opportunties for conventional trading IMHO on most races. You will find that trying to do this succesfully means you need to know which way the favourite is going and if you know that you may as well trade it! I'll try and cover dutching in a dedicated post in the near future.
"do you feel you are at the "top of the pile"
I've obviously had a good year but I am nowhere near the top of the pile. There are traders that can do more in one race than I can do in a day, so I don't rank myself anywhere near their level.
There is quite a fine line in trading between a profit and a loss. If you can get over the edge of that line you can definately do OK but if you get on the wrong side you are in trouble. The first peice of advice I was given was to trade at random to get used to a market then try and not lose money.
I still think not losing money is a critical step as if you can achieve break even you only need a little more skill to tip the balance. The strange fact is that by trading at random you shouldn't lose that much. So you can clearly see your goal. I have found trading on Betfair much easier than trading with spread betting companies.
"how do you deal with these races?"
I always wait till the previous race has finished before I attempt to start trading the next one. If it's too late to do anything I don't participate.
Don't get hung up on getting the direction of the market right but do worry about it going too far against you.
"Do you 'green up' each bet or do it at the end of trading for that race?"
Greening or redding up is always the last thing I do before I exit a race. I wait till the end. Greening up along the way can get very confusing.
Well done on another impressive week, and thanks for posting so regularly and answering everyone's questions. It really is inspirational.
hi, i meant, do you still trade when the race doesnt have much money coming in and has less than £100,000 matched? Im guessing you wouldnt use £1000 trades in that situation, do you bother with smaller amounts in these races or just not do anything unless the money starts coming in
What percentage of your success would you attribute to watching the TV feeds?
Today I couldn't read the markets at all, I mean they seemed to have no trend or pattern, even scalping was hard. Do you ever get like that at your level?
I know you've said before about having bad days but do you ever actually make a loss some days?
"they seemed to have no trend or pattern"
It's a common mis-intepretation that you need to know the direction to do a profitable trade. I did ok today and yes the markets were a bit thing but there were six cards today so I picked and choose my opportunities carefully.
"What percentage of your success would you attribute to watching the TV feeds?"
Never consider looking at that really to be honest. I don't think I could trade without watching the course. If only for the reason that it tells me how long I have left on the market. I tend to trade past post time and use the pictures to tell me when I should be getting out.
"do you still trade when the race doesnt have much money coming in and has less than £100,000 matched"
I'm more concerned with what average volume I see in comparison to my staking level. If the average volume is poor I just don't bother the market will be just too erratic to trade and will probably catch you out.
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