A good day trading on the Australian races. 23 races traded for 12 wins, 9 losses and 2 scratched. I had two average trades where I lost more than I had planned due to not getting out early enough. A low strike rate for me yet I still showed a profit.
Reasonably happy with my efforts. Reasonable discipline today, still with room for some improvement. Good to know that I made some small errors yet still showed a profit. I feel that the plan is good if I can be patient enough to let the small profits grow.
Monday 17 August 2015
Monday 10 August 2015
Mistakes
I have been recording my trading lately so that I can go back and see what I am doing right and wrong. It can be a bit of a whipping session where I get down on myself for making another mistake but I also try and pat myself on the back when I make a good decision. This could be something as simple as getting out at my stop/loss or even earlier when it becomes obvious that the reason that I entered the trade is no longer there.
A common mistake that I have noticed is that when I have had a loss and stopped out in a race and there is still time to trade in the race that my second trade in the race is more likely to lose as well which compounds my losses. The lesson is to either stop trading the race after a loss and moving on to the next race or to take a lot more care when going in for a second try.
I also have a tendency to lay a short priced favourite too early. If I showed more patience I could have layed the horse at a lower price and increased my win percentage on these types of trades.
I also take too long to get away from some losing trades. Instead of waiting for it to reach my stop/loss I should get out when it is obviously going the wrong way. I don't mind it hitting the stop/loss if my original idea is still valid, I just don't like throwing away extra ticks when it is obviously going against me.
I had a good day trading on the Australian races yesterday (Monday). I traded 14 races and had 11 wins and showed a small profit which is good. I had 2 races that I traded poorly and lost more than I had planned but the good news was that I kept my head and traded well for the rest of the day. I think my last 8 trades were all profitable which was a good consistent effort.
I have today off so will trade the Australian races and if I am not too tired a will trade some of the UK races tonight.
A common mistake that I have noticed is that when I have had a loss and stopped out in a race and there is still time to trade in the race that my second trade in the race is more likely to lose as well which compounds my losses. The lesson is to either stop trading the race after a loss and moving on to the next race or to take a lot more care when going in for a second try.
I also have a tendency to lay a short priced favourite too early. If I showed more patience I could have layed the horse at a lower price and increased my win percentage on these types of trades.
I also take too long to get away from some losing trades. Instead of waiting for it to reach my stop/loss I should get out when it is obviously going the wrong way. I don't mind it hitting the stop/loss if my original idea is still valid, I just don't like throwing away extra ticks when it is obviously going against me.
I had a good day trading on the Australian races yesterday (Monday). I traded 14 races and had 11 wins and showed a small profit which is good. I had 2 races that I traded poorly and lost more than I had planned but the good news was that I kept my head and traded well for the rest of the day. I think my last 8 trades were all profitable which was a good consistent effort.
I have today off so will trade the Australian races and if I am not too tired a will trade some of the UK races tonight.
Sunday 9 August 2015
9/08/2015 UK racing
I have a few days off now so will hopefully have lots of opportunities to trade over the next 3 days. I started off with the Sunday UK races. I traded 29 races for 18 wins and 11 losses. I was behind for some time and it took a lot for me not to overbet to try to get out. As it was a few trades late in the day did very will for me without risking the bank which was another good reminder that I just have to grind away and the wins will add up.
A $12.65 profit for the night which is good for me on the UK racing as I find that it can be less predictable than the Australian racing.
Still lots of work to be done on the mental side of trading. I continue to have trouble accepting a small loss on a race even though I know that losing is unavoidable. I make a point of giving myself a pat on the back when I get out for a small loss as avoiding the big loss is a large part of ensuring a profit at the end of the week.
Bet sizing is another area that I need to work on. When I lay first I am alright but when I bet first I don't know how much to bet. I tend to bet too much and am risking more per tick than I do on the lays so I will have to find a way of betting that gives me the same profit/loss per tick no matter what price I enter.
A $12.65 profit for the night which is good for me on the UK racing as I find that it can be less predictable than the Australian racing.
Still lots of work to be done on the mental side of trading. I continue to have trouble accepting a small loss on a race even though I know that losing is unavoidable. I make a point of giving myself a pat on the back when I get out for a small loss as avoiding the big loss is a large part of ensuring a profit at the end of the week.
Bet sizing is another area that I need to work on. When I lay first I am alright but when I bet first I don't know how much to bet. I tend to bet too much and am risking more per tick than I do on the lays so I will have to find a way of betting that gives me the same profit/loss per tick no matter what price I enter.
Thursday 6 August 2015
6/08/2015 Australian and US racing
Enjoyed the last of my days off with a few hours of trading. Traded 23 races in total for 18 wins, 4 losses and 1 scratched. I managed to stick to my rules for the whole day. Unbelievable. The result was a $13.83 profit with very low risk. If I can replicate these results over the long term I will be extremely happy. I had very few losing trades and got out of them at the planned stop/loss which has been my main area of concern.
The Australian racing seems to suit my way of trading and seems easier to read for me. I will continue to trade the Australian racing in the same way as much as possible. The UK racing is a different story. I find it much harder to read the market and have a much worse strike rate. This is something that I will have to work on because the rewards could be much greater on the UK racing with the large amounts being traded.
I will be away for a few days so no trading until Sunday at the earliest.
The Australian racing seems to suit my way of trading and seems easier to read for me. I will continue to trade the Australian racing in the same way as much as possible. The UK racing is a different story. I find it much harder to read the market and have a much worse strike rate. This is something that I will have to work on because the rewards could be much greater on the UK racing with the large amounts being traded.
I will be away for a few days so no trading until Sunday at the earliest.
Wednesday 5 August 2015
5/08/2015 Australian racing
I got off to a bad start in the first 3 races that I traded. Overbet and gambled and got lucky. I then settled down and traded properly and did reasonably well. Up $27.66 for the day which would have been a great result had I kept to my rules.
I have been trying to figure out what triggers me into breaking my rules and taking stupid risks and I haven't put my finger on it yet. I know that if I break my rules and have a loss that I am more likely to compound this error by trying to play catchup and breaking more rules to make up for the previous loss. This doesn't explain why I broke my rules initially. Obviously some psychological issue that I should be able to rectify if I can come to understand what the trigger/issue is.
Any ideas/comments appreciated.
I have been trying to figure out what triggers me into breaking my rules and taking stupid risks and I haven't put my finger on it yet. I know that if I break my rules and have a loss that I am more likely to compound this error by trying to play catchup and breaking more rules to make up for the previous loss. This doesn't explain why I broke my rules initially. Obviously some psychological issue that I should be able to rectify if I can come to understand what the trigger/issue is.
Any ideas/comments appreciated.
Tuesday 4 August 2015
4 and 5 of August 2015 US racing
I had time to trade the US races yesterday and today. With the low liquidity it can be very frustrating when it goes against you and the liquidity evaporates making it tough to get out at a predetermined point. I did well in that I kept my head and obeyed my rules.
I traded 14 races over the two days for 7 wins, 5 losses and 2 scratched trades for a small profit of $10.94.
I am settling in for a few hours trading the Wednesday afternoon Australian card so hopefully I will be able to post a profit if I continue to follow my rules and keep my emotions out of the trading.
I MUST remember that losing is an unavoidable part of trading. I cannot only have winning trades. It is just not possible. Eliminating big losses is possible and if I follow my rules I should be able to avoid the big losses.
I traded 14 races over the two days for 7 wins, 5 losses and 2 scratched trades for a small profit of $10.94.
I am settling in for a few hours trading the Wednesday afternoon Australian card so hopefully I will be able to post a profit if I continue to follow my rules and keep my emotions out of the trading.
I MUST remember that losing is an unavoidable part of trading. I cannot only have winning trades. It is just not possible. Eliminating big losses is possible and if I follow my rules I should be able to avoid the big losses.
Sunday 2 August 2015
Self sabotage Saturday
What a shocker, and only myself to blame.
Things I did wrong.
1) Overbet - check
2) Let a trade go in play - check
3) Have a trade go to my stop/loss and not get out - check
4) Unwilling to accept a small loss and suffer a much bigger loss - check
There are probably more errors that I made but these are the repeated errors which have cost me consistently. They seem like easy mistakes to avoid yet I keep doing them. This one cost me a massive $249.75 (massive for my stakes level).
The good news is that even with this shocker that I have had 85 winning trades and 39 losing trades. This ratio of winners to losers is enough for me to show a profit if I can just stick to my rules. IF
I have to learn that taking a loss is an unavoidable part of trading. I can not have only winning trades no matter how much research I do. So if taking a loss is unavoidable I have to find a way to accept this and take the loss at my stop/loss point and move on to the next trade. I will find a way to do this.
Things I did wrong.
1) Overbet - check
2) Let a trade go in play - check
3) Have a trade go to my stop/loss and not get out - check
4) Unwilling to accept a small loss and suffer a much bigger loss - check
There are probably more errors that I made but these are the repeated errors which have cost me consistently. They seem like easy mistakes to avoid yet I keep doing them. This one cost me a massive $249.75 (massive for my stakes level).
The good news is that even with this shocker that I have had 85 winning trades and 39 losing trades. This ratio of winners to losers is enough for me to show a profit if I can just stick to my rules. IF
I have to learn that taking a loss is an unavoidable part of trading. I can not have only winning trades no matter how much research I do. So if taking a loss is unavoidable I have to find a way to accept this and take the loss at my stop/loss point and move on to the next trade. I will find a way to do this.
Tuesday 28 July 2015
29/07/2015 Australian racing
Traded 23 races today - 18 wins and 5 losers for a $25.57 profit.
On the surface it looks like I had a great day but I made some big mistakes and got very lucky. In one race I firstly overbet for no rational reason. I then got caught out trying to squeeze the last tick out of the race and it went in running. Then I hesitated when I saw that it went in running and risked a big loss. As it was the horse jumped straight to the front and I got out 20 seconds into the race for my biggest win of the day. A nice profit but a lesson in what not to do.
With a 3 to 1 win rate today I should have been able to make a nice profit without a lot of the risks that I took today.
My problem started when I miss clicked twice in a few seconds which resulted in a $2 loss. This was an honest mistake which didn't cost me too much but I then lost the plot and overbet in the above mentioned race which led to further mistakes.
I look forward to the day when I can post a profitable day without these easily avoided errors.
On the surface it looks like I had a great day but I made some big mistakes and got very lucky. In one race I firstly overbet for no rational reason. I then got caught out trying to squeeze the last tick out of the race and it went in running. Then I hesitated when I saw that it went in running and risked a big loss. As it was the horse jumped straight to the front and I got out 20 seconds into the race for my biggest win of the day. A nice profit but a lesson in what not to do.
With a 3 to 1 win rate today I should have been able to make a nice profit without a lot of the risks that I took today.
My problem started when I miss clicked twice in a few seconds which resulted in a $2 loss. This was an honest mistake which didn't cost me too much but I then lost the plot and overbet in the above mentioned race which led to further mistakes.
I look forward to the day when I can post a profitable day without these easily avoided errors.
Monday 27 July 2015
28/07/2015 Australian racing
Had a couple of hours free this afternoon so thought I would work on my trading again. Another low liquidity day which forced me to limit the size of my trades which is good. I don't want to risk too much during this 'reprogramming' phase of my trading.
A positive day of learning. I didn't let any trades go in play although I did flirt with danger letting a few go past the starting time whilst trying to squeeze the last tick out of the market. If I had the races on TV I could get a few extra ticks of profit. I might have to look into it if my stake size increases.
I kept the lid on the size of my trades for the most part. I increased my stake on two occasions but not excessively.
A good day where I didn't get overly excited about trading. No adrenaline rushes today which is usually a sign that I am in the right frame of mind. When the adrenaline kicks in it is usually due to me staking too much or gambling. Also, when the adrenaline kicks in my brain tends to turn off. Something to avoid.
10 races traded for the day. 8 winning trades and two losers for a $5.73 profit. A small profit but also a small risk today. A good result for me.
A positive day of learning. I didn't let any trades go in play although I did flirt with danger letting a few go past the starting time whilst trying to squeeze the last tick out of the market. If I had the races on TV I could get a few extra ticks of profit. I might have to look into it if my stake size increases.
I kept the lid on the size of my trades for the most part. I increased my stake on two occasions but not excessively.
A good day where I didn't get overly excited about trading. No adrenaline rushes today which is usually a sign that I am in the right frame of mind. When the adrenaline kicks in it is usually due to me staking too much or gambling. Also, when the adrenaline kicks in my brain tends to turn off. Something to avoid.
10 races traded for the day. 8 winning trades and two losers for a $5.73 profit. A small profit but also a small risk today. A good result for me.
27/7/2015 UK Racing
Had time to trade on the UK races last night. Whilst the turnover on these races was low (for UK racing) I found that the market was reasonably easy to trade.
I traded on 18 races and won on 12 of them which I feel is a pretty good ratio. Winnings for the day were $21.47.
My discipline was good when it came to getting out before the races went in running with me avoiding this for all 18 races which is an improvement.
My other discipline problem of overbetting still troubled me and could have led to unacceptable losses in a few races. I would be happier if I won less and risked less at the moment. I still have trouble accepting a small loss on a race and tend to reverse my position and increase my stakes to get out. This has led to big losses in the past and will in the future so I will continue to work on this part of my mental game.
I also tend to get into the market too early at times. I do best when I wait to see what the market is more likely to do instead of jumping in early with insufficient evidence to warrant taking the position.
I traded on 18 races and won on 12 of them which I feel is a pretty good ratio. Winnings for the day were $21.47.
My discipline was good when it came to getting out before the races went in running with me avoiding this for all 18 races which is an improvement.
My other discipline problem of overbetting still troubled me and could have led to unacceptable losses in a few races. I would be happier if I won less and risked less at the moment. I still have trouble accepting a small loss on a race and tend to reverse my position and increase my stakes to get out. This has led to big losses in the past and will in the future so I will continue to work on this part of my mental game.
I also tend to get into the market too early at times. I do best when I wait to see what the market is more likely to do instead of jumping in early with insufficient evidence to warrant taking the position.
Sunday 26 July 2015
27/07/2015
A very quiet day on the US and Australian markets. To say that the market was soft is an understatement.
Used the day to practice my mental skills. Not getting upset when the market moves very erratically as it does with these markets.
Have to make sure that you have live feed of the US races as they can jump early and do not allow betting in running if you get caught.
I traded a total of 18 races for 10 wins and 7 losses with one scratched for a small (tiny) profit of $0.81.
Again I had one race go in running which I should have got out of a bit earlier and I over bet on one race which cost me a little.
Still making small mistakes consistently. If I can eliminate these mental errors I am sure that my consistency and profits will improve.
I am not looking to increase my stakes, in the short term, but want to use this time to improve my mental game. This could take weeks or months. Hopefully not more than 6 months.
Used the day to practice my mental skills. Not getting upset when the market moves very erratically as it does with these markets.
Have to make sure that you have live feed of the US races as they can jump early and do not allow betting in running if you get caught.
I traded a total of 18 races for 10 wins and 7 losses with one scratched for a small (tiny) profit of $0.81.
Again I had one race go in running which I should have got out of a bit earlier and I over bet on one race which cost me a little.
Still making small mistakes consistently. If I can eliminate these mental errors I am sure that my consistency and profits will improve.
I am not looking to increase my stakes, in the short term, but want to use this time to improve my mental game. This could take weeks or months. Hopefully not more than 6 months.
26/07/2015
Just traded 18 races on the Australian Sunday afternoon racecard. I was mainly concentrating on having a definite plan before entering a trade.
Firstly - I had a stop/loss in mind at a specific negative tick movement in mind before entering a trade.
Secondly - I had a plan to trade out half my stake at a pre-assigned positive tick count.
Thirdly - I planned on keeping my risk to the same stake amount on most races and to have a definite limit on the maximum amount that I would put into the market on any one race.
Fourth - Do not let the trade go in - running.
All up I did reasonably well on the day. I did let one trade go in -running which was disappointing. It didn't cost me but it has been a big problem for me in the past that I get 'caught in the headlights' a bit when it goes against me in play so I must avoid it in the future.
I went up to my maximum stake on one race when the circumstances didn't warrant and it cost me nearly $3. It should have been 1/3rd of this if I had been more disciplined.
Even with the above errors I managed to win on 15 trades for the day and lost on only 3. I ended up in profit $16.78 for the day which was (in my opinion) a great result for the small stakes that I was using. If I had been more disciplined I could have made a few more dollars with even less risk.
I am planning on being more consistent in avoiding the big losses. The above 4 step plan is a big part of that as is my plan on developing a different mindset whilst trading. I believe that I can consistently give myself an edge by being more disciplined before entering a trade and whilst involved in a trade.
Time will tell. I don't expect every day to be as easy as today but I do believe that if I can continue to improve my mental state whilst trading that I can, at the very least, be a profitable trader.
Firstly - I had a stop/loss in mind at a specific negative tick movement in mind before entering a trade.
Secondly - I had a plan to trade out half my stake at a pre-assigned positive tick count.
Thirdly - I planned on keeping my risk to the same stake amount on most races and to have a definite limit on the maximum amount that I would put into the market on any one race.
Fourth - Do not let the trade go in - running.
All up I did reasonably well on the day. I did let one trade go in -running which was disappointing. It didn't cost me but it has been a big problem for me in the past that I get 'caught in the headlights' a bit when it goes against me in play so I must avoid it in the future.
I went up to my maximum stake on one race when the circumstances didn't warrant and it cost me nearly $3. It should have been 1/3rd of this if I had been more disciplined.
Even with the above errors I managed to win on 15 trades for the day and lost on only 3. I ended up in profit $16.78 for the day which was (in my opinion) a great result for the small stakes that I was using. If I had been more disciplined I could have made a few more dollars with even less risk.
I am planning on being more consistent in avoiding the big losses. The above 4 step plan is a big part of that as is my plan on developing a different mindset whilst trading. I believe that I can consistently give myself an edge by being more disciplined before entering a trade and whilst involved in a trade.
Time will tell. I don't expect every day to be as easy as today but I do believe that if I can continue to improve my mental state whilst trading that I can, at the very least, be a profitable trader.
Monday 20 July 2015
A new start
After several losing attempts at trading on the UK horse market I am going to start again....with very small stakes.
I seem to be able to pick enough winning trades to succeed. However my losing trades seem to get away from me. It is more a mental issue than a technical issue.
I plan to have some specific rules that I MUST obey and some other rules that could be a bit more flexible. After I have worked them out I will post them to see what others think about them and how they could be improved.
I won't be trading in the next week due to work commitments.
I seem to be able to pick enough winning trades to succeed. However my losing trades seem to get away from me. It is more a mental issue than a technical issue.
I plan to have some specific rules that I MUST obey and some other rules that could be a bit more flexible. After I have worked them out I will post them to see what others think about them and how they could be improved.
I won't be trading in the next week due to work commitments.
Subscribe to:
Posts (Atom)