Late money

[sarkec]

Hello everyone,

I know that I am not the first person asking this question, but I still do it, because I can't profit from races before the off.
I am always trying to trade before the off, but most of the times I am on the wrong side.
When I see public money arriving, I am already too late to enter the trade.
What factors do you consider, before entering a trade before the kickoff, before the public money is arriving?

Thanks

[iambic_pentameter]

Hello

Firstly, I don't know how long you've been trading or how experienced you are, but you need to give it time - a lot of time.

I've been trading for around 10 months and I get it right 50% of the time and that has only come through being involved in the markets. In the words of the famous little green man from Star Wars:

"Much to learn I still have"

Perhaps a short term goal would be rather than trying to profit from races, try not to lose money on races? By this, I mean be more selective about which races you open a position on. Or, to put it another another way, don't look for a trade that isn't there.

Euler (Peter Webb) said in one of his videos that sometimes he sees a market and can't find an opportunity.

The factors I consider are:

1) Betfair graphs - where is the price now, where has it been
2) Support / Resistance points
3) The race type - is it volatile / is it stable

In terms of timescales, I find I look at a market at 10 mins before the off and generally don't get involved before 5 mins to go.

If you haven't already done so, the following will help:

1) Watch all the videos on the Bet Angel youtube channel
2) Only trade with £2 stakes - why risk more than you have to? Sure, you won't make as much but you lose less as well
3) Read the posts on this forum - there is some real gold in here
4) Don't over trade - perhaps select 10 potential markets rather than trying to do every single race

Finally, I'll end on a quote by Paul Tudor-Jones, who is a famous financial trader:

"Don't focus on making money, focus on protecting what you have"

Best of luck

Iambic

[sarkec]

Thank you for the answer Iambic.
I am beginner in horse racing.

What are the supports/resistance points you are talking about?
Also don't understand the volatility of the race, where could I read/learn about it?

Thanks you

[ShaunWhite]

There are literally are 100s of BetAngel videos on Youtube explaining every possible aspect of trading and BA.

[ernie120488]

Great reply. Only started in January and working full time gives me 5 races to trade at dinner. I have the problem where i try to trade in every race even if an opportunity doesnt present itself. definitely something i need to work on. I traded a bloody irish race on my dinner yesterday. Idiot!

[iambic_pentameter]

In my experience - and I'm slightly uncomfortable writing that as I've not got a years trading under my belt - the Irish races can be volatile but it comes back to spending enough time watching the markets and you will pick it up.

There is a book called Market Wizards that features interviews with top traders and Tom Baldwin, who was a pit trader said that when he started trading, he just stood there and watched what was happening and, over time, not only did he pick it up but he become very successful.

Trading actually isn't very complicated and what separates a good trader from a bad trader is self-awareness and emotional discipline.

This thread, and subsequent threads are well worth a read as the author knows his onions and is very respected on these forums:

http://www.betangel.com/forum/viewtopic.php?f=2&t=8275

Best of luck

Iambic

[ShaunWhite]

When it comes to trading I think the only book you need is Trading in the Zone. At less than the price of a bad trade, it will show you that success is nothing to do with the markets, it's about you.

[iambic_pentameter]

Yes, I'd second that too - good post, Shaun.