Saturday, 23 January 2010

IR

Horse Racing
Unit stake: £50
Session P&L: £90.25
Average market P&L: £6.02



With the racing being on TV I decided to try some in-running tactics today, and for the races not on TV I used Timeform radio which if anything was bang on the terrestial TV pictures. I would describe today as low risk tactics, if there is such a thing in-running. It involved watchng and reading the race before making any trades. I was using £50 stakes and actually felt quite comfortable with this, strange as the thought of using £50 pre-race seems more daunting to me. As soon as I hit £50 profit I felt really relaxed knowing that if I had a nightmare of a race and lost my whole stake I would at worst break even, as it happens I managed to keep profiting to end the day with my highest profit yet.

This has got me thinking about getting more serious about in-running tactics. To be honest I'm a bit confused as to what I will try next time I trade. Pre-race has been going well but the markets seem so competitive it takes so much effort and energy just to squeeze out a 10-20% increase to your bank with a 10% stake size. Today I manged a 90% increase with a 50% stake size and the effort involved was minimal - don't think I can remember having such a relaxed trading session. I'm also questioning whether I just was fortunate today and whether my in-running tactics have a longterm future? Perhaps I should just withdraw the winnings and carry on with my slow but steady gradual pre-race staking plan? Or perhaps I'm starting to see a lot of potential in-running which I had never explored before? I'm just a bit worried at how easy it seemed comparitively to pre-race, it remind me of the saying, if it looks to good to be true it probably is!

I think I enjoyed it more because I was actually watching races and got confident at making decisions whilst the race unfolded. Perhaps this is a style that just suits me, I will need to tread carefully though as two consecurive disasterous races will effectivly wipe out my profit, and that is definitely probable. Might have some time tomorrow to trade although its 50 50 at the moment. Whatever tactic I  decide to use next time, I think some time is needed to think it over, although another 90% increase to my bank would certainly be warmly welcomed....

3 comments:

Betting in running on horses: £0-£3K per week income challenge said...

Hi JS,

Great to see someone thinking about IR opportunities. Ming Wong sometimes earns thousands per day betting in running and his blog (http://elitebet.blogspot.com/) has some interesting info.

Ronnie2ticks said...

Hi JS
if your comfortable with it, then why not i assume you are backing first then looking to lay>? thus keeping your liablity fixed, just be sure to have as in pre-race trading an exit in mind if it moves against you, if using tv pictures remember that they are a good few seconds behind what is actually happening on the exchange unless it is on Channel 4 racing, but not on freeview or sky, has to be good old analogue, its almost real time, next time on a saturday switch behind ch4 on normal tv and freeview or sky and you will see the difference.
Good Luck and well done.
Ron

JS said...

Thanks for the comments guys, the whole experience has definitely given me some food for thought. I was backing to lay in the early to mid part of the race. I also watched the end and backed the winner at any price available if it looked really good for the win. didn't do this too much though, if I could see 2 or more finishing strong I left the race alone.

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