Looks good but too much risk

Results from 6th March - Day 10:



The results look pretty good today on reflection, but I felt I struggled all day and didnt feel confident. The positive gains hide the fact that I took more risk today than was necessary on several races. I initially tried scalping on a few races and ended up in the red. Rather than accept the loss I decided to selectively dutch the race and on two occasions I nearly lost the race to an unbacked selection. Luck was on my side but it made me realise it wont always be and that I must discontinue this practice. I could have lost most of my stake if luck had gone against me.

On a positive outlook I was pleased that I went 14 races with only 1 loss and 1 draw. My stats for March are looking good, I have only lost 1 race in 27 races over 3 days of trading.

I am still being selective with my trading - some races I just cant see an opportunity so end up sitting on the fence the whole way through. I am glad I am not jumping in to positions blindly but equally I need to broaden my understanding and knowledge of trading tactics to have the tools of the trade to deal with all eventualities. Maybe that's asking too much?

I am still very much focused on NOT LOSING MONEY as my primary goal. Once I have entered a trade my finger hovers over the 'current close' button in bet angel at all times. Generally I dont wait for more than a shift 2 ticks against me before I bail out. I may be down at that point but it least I am then in a position to take advantage of any opportunities at the current price rather than sitting and waiting during valuable minutes for the price to come back in the favour of my original position. Having said that I must get used to accepting the occasional loss as its part of trading - not letting a losing position change my tactics is vital (Lesson learnt)

I hope to trade again for some of tomorrows afternoon races - its back to basics again I think. My trading book is now at £74 so my tick size per trade is reset to 35p per tick.