50€/day - how to ?

[rpadrela]

I'm on a 50€/day challenge trading horse racing.

I'd like to hear your suggestions on what would you do to complete this challenge, only pre-race trading allowed.

Cheers

[dan_payne182]

Put in maybe 3-6 months of background research and trial and error on the markets with minimumn stakes...no easy way around it

[Zenyatta]

I can tell you how to lose that amount each day. Always wait until after the price has started to move and just follow the herd The way to win is to beat all these damn traders to the punch, and the only way to do that is to know which way the price is going to move before it happens.

[Green Park]

If you follow the herd you will never do better than them.

[rpadrela]

When you look at the number of races there is in a day, making 2€ from each is all it's necessary to achieve the 50€/day target.

At first, looks easy, isn't it ? But then one tries and fails.

[willooo]

Gambling/trading 101 - Do the opposite of what everybody else does. Don't follow the crowd.

Mostly when a trend becomes obvious you're too late.

You want to look for plays that have the most reward for the least risk (a big barrier to prevent price going against you and a vacuum into which prices can move for you).

Don't get despondent if you have bad days. This game can have high variance depending what strategies you use.

Good luck

[Zenyatta]

Some races are a lot harder than others. I'm good at the swing trades where there are big clear long-term price shifts. Unfortunately many races don't have good swing trades, and those races are where I'm still getting into trouble.

[sportinwest]

Some races are a lot harder than others. I'm good at the swing trades where there are big clear long-term price shifts. Unfortunately many races don't have good swing trades, and those races are where I'm still getting into trouble.

How can you tell if the price shift is long-term or short-term ??

[rpadrela]

If you want to be good at mathemathics, you buy some good books and study them.

If you want to be good at poker, you buy some good poker books and study them and play a lot.

If you want to be good at horse racing trading, what do you do ?

[Zenyatta]

If you want to be good at horse racing trading, what do you do ?

People have had to work hard for their profits, so they aren't going to give away their secrets. No way around it, we have to learn for ourselves.

Really, I find that to enter a trade successfully, you have to have start with some 'inside info' about at least one selection in the race (either form-based knowledge about at least one horse or some technical trading indicator which provides a clue about which way the price is going). Once you have this info as a starting point for one of the selections, this gives clues for trading on other selections as well (e.g., if the price of one thing shortens, something else has to lengthen). But without this starting point you are basically just pissing into the wind.

The pre-race horse racing trading is very tough going, I've been dabbling in it for a few months and I'm really only starting to get a clue now.

[rpadrela]

This is how it's done. Ignore Soccer

I bet I won't be able to repeat it tomorrow, I'm way too inconsistent.

http://img820.imageshack.us/img820/3558/plp1.png

http://img375.imageshack.us/img375/6782/plp2.png

[seaspaniel]

If you want to be good at mathemathics, you buy some good books and study them.

If you want to be good at poker, you buy some good poker books and study them and play a lot.

If you want to be good at horse racing trading, what do you do ?

You go on the Betangel course, learn how to swing trade, scalp, and place out of the money and when to use each Strategy plus a shed load of other stuff.

However I'm not sure you need to study books to be good at Mathematics. All 4 of my children are A* Maths and haven't read a Mathematics book in their life. they've been taught techniques and given problems to solve though.

As for Poker the WSOP winner a few years back was almost a beginner, not convinced he read up much. I suspect to be good at poker all you need to do is to listen to some records. (Know when to hold em/Know when to fold em!)

I suspect its one of these "skills" that has a lot of folklore attached to it, but comes down to a few basics executed exceptionally well.

[rpadrela]

I'd love to go to Peter's course but I'm not from the UK so it would cost me a ton of money and I'm sure it won't do any miracles to my trading capabilities, I might learn a few things but that's all.