The first couple of races started off with small profits in the 30p's and with two profits I decided to up my stakes considerably and see what I could make up.
At the end I was using stakes to produce tick sizes of £1.25 - what a birk!
It was completely the wrong thing to do. I was seeing red all over the place and my mindset had totally gone.
I lost money yet again, and every day it is getting -redder. My mindset today was all over the place, I think in the morning I was feeling too confident and as soon as the third race came I was prepared to try and make the markets work for me - not waiting for the right opportunities.I decided to stop trading before it got any worse today, and am thankful to still have some bank to play around with.
I am not too sure what to do from this point. In some races I seem to be 'in sync' with the markets and I can see a definite trend, but when I get it wrong it costs me badly.
The weight of money caught me out with someone putting £6k in the market. I was very wary and cancelled my positions when it was put in, but then came to the conclusion it was genuine money as it was there for a good length of time and it was being filled, I jumped back in the market and suddenly it disappeared and the market dived.
Well I live and learn...on to the next day!
You only think you're in sync with the market because it's gone your way which lets face it you've a 50/50 chance of doing then 50/50 the next and so on. Only natural you'll hit a run of what appear to be correct decisions. The racing markets have so many random movements that unless you can spot the swings early on you need to learn how to profit from that randomness and that comes from how you handle the winning/losing markets.
ReplyDeleteDon't worry about the reds for now as you're only just starting, it's always good to learn the pitfalls early on whilst it's not costing you much money.
Good comment BT with the 50/50. I was thinking that when I was writing the post, but I personally don't think the markets are at all random - maybe thats where I am going wrong - I expect them to move in a certain way!
ReplyDeleteAs long as I can get my bank back over a bit of time I will see it as a good learning curve.
Thanks for the post. Off for a beer.
Onwards and upwards Cudster, if you exclude the major loss on your last race then your p&l is -£3.20 which is alot better than what it looks like.
ReplyDeleteEvery mistake made is a lesson learn't, make sure you dont repeat them and you'll notice yourself slowly progressing!
Good Luck & Keep it Up!
Bradders
Thanks Bradders,
ReplyDeleteI guess so, just when I am making pennies to make up for the pounds lost it seems like im fighting a losing battle!
I guess every little helps though!