Oh dear waht a horrendous day! I found it very hard to get anything right today as the results testify. The one ray of sunshine was Kauto Star in the 15:20 at Cheltenham upon which I had my best single trade to date.
The Cheltenham races on the whole perpexed me: I didnt know how to trade most of them so ended up selectively dutching a few of them at 95% of book value and weighting the return on the horses at tighter odds. This worked ok until the 16:40 where I fired in a dutching trade about a minute before the off. Several trades didnt get matched and on a few of the runners, such as Faltering Fullback and Andytown the unmatched trades were asking for odds of 1000:1 for some strange reason?! The race then went off and I started to panic a bit trying to work out what had happened and what to do. I then realised Andytown was in with a winning chance I tried to fire in a back bet but didnt get matched on that either. The rest is history - Andytown went on to win and I was £50 down.
The trouble actually started at the race prior - the 16:15 at Fackenham where I layed Grasp at 2.64 only to see it immediately shoot out to the 4's. I realsised that I would lose more by closing the trade rather than letting the £20 lay trade stand so I left it to go in running and Grasp delighted everyone except me by going on to win!
That was £70 down on two consecutive races! 100% of my stake. I sat watching the screen completely dumbfounded for several minutes. I didnt even know what I had done wrong and wasnt sure what the lesson learnt was. This was no moment of madness, this was being caught out be two very unexpected events. I will put it down to lack of experience and the having thought about further the lesson here is not to run before you can walk. I dont think I am trading badly. On the whole I am doing things correctly and I am certainly not giving up but maybe I am trying to push things along too quickly and trading races which arent suitable for my very small stakes.
I have decided that I am going to top up my account with £100 and go back to 20p tick sizes. Its just going to take alot longer than I thought to get to where I want to be.
I will update this post in the morning once I have thought about events some more. For the meantime I am going to go relax and get drunk!
I hope everyone else made a better day of it than I did today.
Hi I saw on this blog http://preracetrader.blogspot.com blog your comment that you have Peter Webbs course book from his seminar and i want to exchange with this. I have a few trading books like a ,,easy trader" .
ReplyDeletePS sory for my english i have just started learning :)
My email 3yo@wp.pl
Hi thanks for your comment.
ReplyDeleteI have had several enquiries asking me if I want to sell my Peter Webb course book.
I am not at liberty to do so as its not my copyright, so I would recommend that you attend Peter Webbs course at The Betting exchange Academy and you will receive the book then.
The course is well worth attending.