Ah, almost forgot to update the blog this week. Sorry about that, it's been a busy week with half term holidays in the UK this week and I've been shoe horning in the trading along with my parental responsibilities. As there had not been many comments posted on the blog it just slipped to the back of my mind a little. Given the numerous problems with Betfair recently I pleased to be continuing in pretty much the same mode of operation as normal. It's definately been a bumpier ride recently but not anything I haven't been able to cope with.This week and next are really weeks that should be reasonably steady if unspectacular, as the horse racing world is now on a waiting game till the Derby meeting at Epsom. On these big races you either love them or hate them from a trading perspective. I've swung in both directions over time, excuse the expression, I used to like them but I find them much harder to read now. Also the run of the mill stuff makes up the vast majority of opportunties so you really need to get that cracked in order to do well. The big meetings are few and far between, especially in the winter. In summer the frequency increases quite a bit so the period we are about to enter suddenly gets a lot more interesting. I'll see if I can offer comment on the Epsom meeting next week.
8 comments:
Wow...Another 2k+ weekly profit. If I sent you £20 would you let me in on your secret...I'll throw in two free tickets for next years Eurovision Song Contest free of charge...LOL
PINSTICKER'S RULES
ORDER GOING OK – ADD TO IT
ALWAYS HAVE A PROFIT OR LOSS – DON'T ATTEMPT TO TRADE OUT FOR ZERO
TRADING 5-10 MINUTES BEFORE THE OFF
CHANGE TRADING STYLE DEPENDING ON WHAT IS PREDICTED TO HAPPEN IN ANY MARKET
MINIMIZE MISTAKES AND MAXIMIZE ANY OPPORTUNITY
LOTS OF LITTLE BITS OF MONEY SOON ADD UP TO REASONABLE SUMS
MAIN OBJECTIVE – NOT TO LOSE MONEY
IF POSITION DOESN'T START MOVING IN THE RIGHT DIRECTION, OR LOOK LIKE IT WILL – CUT IT IMMEDIATELY
IF MAKING A MISTAKE OR TRADE DOESN'T GO IN THE RIGHT DIRECTION – JUST CUT IT AND START AGAIN
WINNING IS GREAT BUT NOT LOSING MUCH IS BETTER
DO NOT CHASE LOSSES
WHEN THERE IS A LOSS MAKING POSITION, TAKE IT ON THE CHIN, NO MATTER HOW BAD IT FEELS
THE BEST OPPORTUNITIES THOUGH ARE IN HIGHLY TRENDING MARKETS
YOU DON'T ACTUALLY NEED TO KNOW WHERE THE PRICE IS GOING TO MAKE MONEY
HALF OF NOT GETTING A LOSS IS GOING IN AT THE RIGHT TIME IN THE FIRST PLACE
These are I think majority of the typed rules here by You Pinsticker. I'm not trying to glorify your abilities, but You are certainly one of the best horse traders in the UK. If you want to add something or change to rules which I dig out from the blog - that would be great.
That's a good post, I hadn't considered summarising anything. I think I am too close to it to view it from outside as it were. I think that's a fairly good summary of things, I'll have a closer look at some point and comment more specifically on it.
Well done mate another good week for you. Today I joined the ranks of the full timers it was your blog that gave me the final push to give it a go. I'm not trying to emulate you but rather find my own way. I just trying to dip beak in the big pool of cash in the exchanges. I have traded for days on end in the past however when it's your sole income it take on a new level of intensity. Keep up the good work your an inspiration to me.
http://donfanucci.blogspot.com/
Excellent blog! I really enjoy reading your postings – thanks for the effort!
Slowly getting to grips with the markets and realise that applying the correct strategy is key to maintaining a green book, that said I was wondering what your strategy was for the 3.55 at York on Saturday – Scottish Sprint Cup (if you didn’t trade it then any other large field handicap sprint with no outright market leader)? Do you look to trade these relatively large prices for 1-2 tick movements pre-race or do you look to take a position before the off and trade out in play?
Hello Pinsticker, still going well I'm pleased to see. I really thought I was going the right way after a lot of trialing and testing but unfortunately got caught out by the fiasco of the first race at Listowel yesterday when it was not turned in-running. I'm quite happy to trade bets out in-running when they are above a certain distance, so you can imagine my horror when the race did not get turned in play and my lay bet had not been matched. My saving grace was at least my large position was in the short priced odds on favourite so you can imagine my horror as I sat and watched it duly finish second. I trade the majority of my bank at a time so it has done some serious damage and wiped out the whole of the last week's profits and some more. I'm struggling to come to terms with it but I really need to pull myself together, re-focus and carry on with what I've been doing. Still hurts though...
"got caught out by the fiasco of the first race at Listowel"
it's a right pain when things like that happen, I started looking at using SP to exit these situations. Bit of a lottery though!
"Scottish Sprint Cup"
I over what I did that particular race, but big competitive races tend to be quite stable so trying to scalp something from those markets, would tend to work best.
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