I don't actually have many readers here so you won't have missed my postings.
Anyway, I had a week off trading but back to it starting tomorrow and of course it's the first day of Glorious Goodwood.
Well I'm not sure how to approach these 5 days of supposedly one of the best week of racing. There's going to be huge liquidity and opportunities to make bigger profits and losses!
But I am running out of time and really do need to answer my question. The thing is..if I can't make money this week then I doubt I can make it as a Sports Trader.
Just a quick update...
Today's P&L: £2.50
I wasn't going to trade today because it's a crappy Monday and the day before the big Glorious Goodwood festival. But I got bored and couldn't resist having a play using £5 stakes.
I guess these low stakes isn't going to make a difference when I trade. Although, with only two afternoon meetings, the liquidity was very good.
I think my break has done me good because I read the markets really well. Using £5 stakes, I made a very easy £2.50 today trading 6 races. If I had used £50 stakes then that would be £25 profit and if I had used £500 stakes then £250 profit which would be nice. I wish it was that easy but I know that isn't going to happen. With increased stakes, there's the mental side of trading to master and also whether the market will take the increased stakes in the moment.
Anyway, for now I'm happy how I made my measly £2.50!