Tuesday, 16 February 2010

A few more hours of 'fun'

Horse Racing
Unit stake: £5
Session P&L: £24.59
Average market P&L: £0.57

Just a quick update. Have basically picked up where I left off with QuantSports and traded for a few hours on Saturday and Monday - squeezing in 43 markets. I mainly used £5 stakes for both days as I'm still getting used to the new set up, and also I feel I needed the practice being less active in the markets recently. 

I'm pleased to say after a few more hours of trading with these charts, that they have continued to be beneficial. I think it is important to note to not rely heavily on any sole indicator, and to recognise them on their own individual merits, and weight them accordingly. What I mean by this is all previous indicators need to be used collectively with this tool rather than getting too absorbed in the pretty graphs! Quite a few swinging opportunities available today, which is the way I like it.  I typically wait for swings now rather than scalp, which I rarely do unless it is clearly what is required. I caught some really satisfying swings hedging some decent returns considering my staking.

What I am finding of increasing importance recently is awareness of the full market activity, I'm always glancing at the prices of the other runners to help justify my decisions. I really can't wait for The Toy's release of the overview and advanced charting, as this will literally be the cherry on top for me. What I have noticed since I've been using the QuantSports charting is I generally feel more decisive and as a result less drained, and more relaxed. Perhaps this also has something to do with me gaining some more experience, as ever it’s hard to tell. Either way though,  I'm happy with things moving in the right direction. Right best get back to my day job then..


Another Betfair Trader said...

JS don't take this the wrong way but why on earth are you still messing around with £5 stakes? Your returns are showing around 10% on the stakes size and you've been consistent for around the 6 months or so you've done the blog. I know stake size isn't that good a guide as you may be doing a few trades per market but that actually makes it more impressive as the more trades we do the more chance of getting a few wrong for a loss or scratch.

I know quite a few traders who'd be more than happy with your record, myself included, and you really should take the next step to up stakes

JS said...

I agree, I should really be pushing forward, raising stakes etc. It's funny, when I first started trading all I wanted was to be consistent enough so that I could justify raising stakes and trading for bigger money. I suppose we all have our challenges and these past couple of months I have been struggling a lot with motivation. Today I tried to trade and after only 3 markets I just couldn't be bothered to continue and decided to just leave it rather than give it a half arsed effort. I've had this problem before and after a short break I felt motivated again for a few months. I think this is what I need to do again.

Thanks for the comment, I was meaning to post a comment to thank you for the vid but still haven't gotten round to it. Looks like things are going well on your blog, keep up the good work!

Another Betfair Trader said...

I know what you mean about getting motivated to trade. It's hardly the most exciting thing to do staring at a screen and clicking buttons for a few hours a day, especially when the night races start.

I'm quite lucky my main strategy could be botted but scalping just becomes a pain even though you can make decent money doing it. If only I could automate scalping :)

Maybe upping stakes to something worthwhile will rekindle any enthusiam as it'd be a shame to see all your efforts go to waste esppecially as you really are doing well even if you don't realise it.

Maybe have a look at your current 'system' of selecting trades to see if they can be automated, mine isn't that complicated and uses a system abit like card counting to select my trades as it's easy to automate with excel.

Good luck anyway and if the bank is a problem I'm sure you'd have no problem getting a backer or two ;)

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