Wednesday, 3 February 2010

February quite contrary

Horse Racing
Unit stake: £5-10
Session P&L: £10.84
Average market P&L: £0.84

Can finally put January behind me, it's been a frustrating month with such little opportunity, firstly by me needing to settle into a new job and simply not having the time to trade, followed by the effects of the extreme weather on the cards, and then finally the API failing on almost a daily basis. The latter point still looks like it has not been fully resolved yet by Betfair, but today I simply had to go for it as I found myself with a rare whole afternoon available. Had my backups all ready just in case I needed to close out suddenly, thankfully everything seemed to be running well. Today held another personal test as since 19th December I have only traded 2 days prerace, and it has been nagging me as to whether my progress' momentum would suffer. The change of software has also had its impact and although I felt uncomfortable at first I feel better for it now. I don't seem to have lost much in regards to reading the markets from the break, and if anything I felt more patient today then before. I did notice a few bad habits creeping in, in fact they almost all made a brief appearance at some point. Gladly I feel like I'm spotting and controlling them faster than before which can only be a good thing. I started with £5 stakes to ease my way in for the first 3 markets and used £10 for the remaining 10. Although no losing races a couple of the small greens above represent poorly traded races, I lost much of my green due to some poor decisions, but I suppose its all part of the game. Should also mention that there will be no January review for lack of activity.

Am hoping to have some time again tomorrow and will definitely be trading if that's the case. Hope today faired well for the rest of you.


firedave said...

Hi JS, Good day for you - my p/l looked pretty similar until the 1630 at Southwell where I didn't close out before the off. Took the hit but just too slow.

Did you find the markets quite jumpy today and do you prefer scalping or swing trading. I'm just so bad at swing that would love any tips you might have and how you might spot before entering.

JS said...

Hello mate, I don't really think I'm in a position to be giving advice, I'm in two minds at the moment whether to try some other sports that I find more interesting, but I'll try my best for you. With the swing trading, I wait to see where the pressure is building in the market and make an entry when I have 2 or more indicators (my indicators are basically the same that AH posted on his blog a while ago). What I've noticed is that it does involve a little bit of intuition as you need to get involved just before the big money comes in and moves the market. Its a tough one to explain and its common to get a few wrong before I get one right that pays for all the previous attempts and a bit extra. Quite different to scalping in that respect. Hope this helps a bit. Good luck mate.

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