Goals

[PeterLe]

morning
I was reading a thread on here about commission percentages and wondered what goals people set themselves (I'd never thought about tracking this metric before)

Personally I want to set some goals around pre race trading and I'm thinking about:

* How many races can I trade without a losing race (what's your record?!)
* how many days without a losing day ( anyone done a month or even a year yet!!)

* Highest green fig on a single race

Partially to see how my trading is going and partially for fun.
Can anyone add to the list above?

Thanks
Peter

PS Last year I set some targets on my auto trading which included a 1.01 lay and a 1000 to 1 back and got both which was immensely pleasing when I got them!

[Iron]

Hi Peter

I'm not sure aiming to go x number of races without a loss is a good idea, as loss aversion and profitable trading don't always go hand in hand!

Why not aim to double your bank over a particular timeframe?

Jeff

morning
I was reading a thread on here about commission percentages and wondered what goals people set themselves (I'd never thought about tracking this metric before)

Personally I want to set some goals around pre race trading and I'm thinking about:

* How many races can I trade without a losing race (what's your record?!)
* how many days without a losing day ( anyone done a month or even a year yet!!)

* Highest green fig on a single race

Partially to see how my trading is going and partially for fun.
Can anyone add to the list above?

Thanks
Peter

PS Last year I set some targets on my auto trading which included a 1.01 lay and a 1000 to 1 back and got both which was immensely pleasing when I got them!

[PeterLe]

Thanks Jeff,
I'm not sure that would be a good metric for me? (I'll have a bigish bank to start with as I will need that behind me if and when I need to lay at highish odds). Plus it also depends on how much you 'consider' to be in your bank..you may have £10K sitting in there but only ever use a say £2K of it? For eg see an extract from a post below by BA.
I think Return on Turnover would be a good metric (Think an average is circa 0.15 % from memory ie what Adam achieved (Will check it out later- got to get the bloody leafs off the lawn before the racing starts!!)...and average per race( I know there are circa 800 races in the summer months,realistically I could trade say 400 - 500, so that would given me an idea how much I could make pre race trading)..

This is the extract I mentioned above;-

I went to Betfair visited the 'my account' area and downloaded my 'bet history' for yesterday. I totalled up all the stakes in the J column on the spreadsheet. This totalled £236,000. I made £652 net yesterday so my return on turnover before commission was just short of 0.30%.

However, you could also look at it a different way. My net exposure in the market never breached £2000 yesterday so I could have traded with only £2k in my account and still returned £652 which would have been a 32% return on my bank. I prefer the former measure though.

[Iron]

Hi Peter

I'm not sure return on turnover is a good metric, as it doesn't necessarily have anything to do with how successful you are.

I once spoke to an extremely successful trader who has a higher return on investment than Adam. The trader theorized that, whereas he often waits for the market to come back to him when it goes against him, Adam was scratching a lot of his trades. Therefore, the difference in ROI didn't necessarily mean that Adam was doing anything wrong. It was just that Adam had a different style to the other trader.

Do you have Bet Angel set up so that you make x pounds per point? If so, why not aim to increase the number of points you get per day?

Jeff

I think Return on Turnover would be a good metric (Think an average is circa 0.017 % from memory ie waht Adam achieved (Will check it out later- got to get the bloody leafs off the lawn before the racing starts!!).

[Euler]

I think return on turnover is a good metric because it will tell you how effective you are trading. I keep an eye on this figure as it gives me a good idea of what is going on at a core level. It varies a fair bit depending on what markets are around but over all it will give you a steer on whether things are getting better or worse at a core level. A few years ago it slipped yoy so I tweaked a few things and have been climbing since.

[PeterLe]

I think return on turnover is a good metric because it will tell you how effective you are trading. I keep an eye on this figure as it gives me a good idea of what is going on at a core level. It varies a fair bit depending on what markets are around but over all it will give you a steer on whether things are getting better or worse at a core level. A few years ago it slipped yoy so I tweaked a few things and have been climbing since.

Peter
Ive just been searching on the forum for return on turnover figures..this is an old post...
can you remind me what a good trader should aim for?
I seem to recall that 0.13% to 0.17% is a good target (?)
..and do you use the greened up figure or the profit made on the individual selection to use in your calculation?
Thanks
regards
Peter

[PeterLe]

hi
I've found the blog entry now thanks:-

http://www.betangel.com/blog_wp/2009/09 ... -turnover/

..it might a better question now to ask whether you have maintained or grown the percentage?

thanks
Peter