In the video below, I am scalp trading a high liquidity Group 1 York race from yesterday. I find this type of trading very mentally exhausting. You have to make many decisions really quickly and just concentrate intensively throughout the pre-race period.
What if I could automate this!
Well that would be amazing to have some automated bot do all that mind draining work for me. So, it's early days but I'm going to add looking at the Betfair API to my long todo list.
Friday 23 August 2013
Tuesday 13 August 2013
My new workspace
I have completely declutted my desk, bought a second 24 inch monitor and moved the keyboard and mouse onto the top of the desk. They were on a sliding tray beneath the desk which was uncomfortable to use for long periods. I think I was getting repetitive strain injury. I've also subscribed to Racing UK so live pictures can only help.
Well, I've got the tools now so need to produce the goods!
Well, I've got the tools now so need to produce the goods!
Tuesday 6 August 2013
The Art of Scratching
For those readings who don't know, scratching is the same as when you buy and sell at the same price therefore making no profit but more importantly not making a loss too.
From this race of last week's Goodwood, you can see I am constantly placing orders, assessing if it's a good deal or not and then sell or buy at the same price if I consider it's not good deal. I have literally milliseconds to make these decisions and this skill is essential if I am to master scalping. I think I'm getting better at this and can only improve with practise.
From this race of last week's Goodwood, you can see I am constantly placing orders, assessing if it's a good deal or not and then sell or buy at the same price if I consider it's not good deal. I have literally milliseconds to make these decisions and this skill is essential if I am to master scalping. I think I'm getting better at this and can only improve with practise.
Friday 2 August 2013
July review
I'm £20 down in July and that's fine. I think my trading skill level has increased in this month more than any other time. I can scalp, scratch without hesitation and read the market better recognising potential price swings.
My downfall is still going in-play and not cutting losses quick enough.
I guess it's good that I know what my problems are but unless I reduce these weaknesses, I cannot use significantly increased stakes. So, for now I will concentrate on this side of trading, minimising losses.
Here's a good video, 15:25 Nottingham, which demonstrates I am reading the market better and reacting in a sensible manner to avoid any danger. Initially, the prices were bouncing around and I couldn't work out which horse to trade then with about 02:30 remaining, it was obvious at the time. Although, looking back, I missed an outsider, Rising Breeze, steaming in which would have been an even better move to get on.
My downfall is still going in-play and not cutting losses quick enough.
I guess it's good that I know what my problems are but unless I reduce these weaknesses, I cannot use significantly increased stakes. So, for now I will concentrate on this side of trading, minimising losses.
Here's a good video, 15:25 Nottingham, which demonstrates I am reading the market better and reacting in a sensible manner to avoid any danger. Initially, the prices were bouncing around and I couldn't work out which horse to trade then with about 02:30 remaining, it was obvious at the time. Although, looking back, I missed an outsider, Rising Breeze, steaming in which would have been an even better move to get on.
Wednesday 31 July 2013
Disappointing
I'm a bit disappointed with my trading yesterday. Very inconsistent and 2 losses wiped out the day's small profit.
I think one of the problems yesterday was I tried to trade every race and not really using the appropriate strategy for the race. Today, I will be more selective and only trade the races I think I will have a good chance of success.
Have a look at this video of the 15:05 Goodwood where a decent £1.5M was matched but I made an embarrassing 40 pence!
I think one of the problems yesterday was I tried to trade every race and not really using the appropriate strategy for the race. Today, I will be more selective and only trade the races I think I will have a good chance of success.
Have a look at this video of the 15:05 Goodwood where a decent £1.5M was matched but I made an embarrassing 40 pence!
Monday 29 July 2013
Glorious Goodwood tomorrow
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!
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!
Friday 19 July 2013
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