PDC wrote: ↑Sat Jun 29, 2019 5:17 am
mcgoo wrote: ↑Sat Jun 29, 2019 4:34 am
I layd the 2nd fav as it looked to me to be on a drift...it moved against me by 3 ticks immediately. I hung in and managed to get out with one tick loss. I backed the fav and it shifted by 2 or 3 ticks and kept going so I bailed.
I think perhaps you chaps are just good at it
. I pick a direction and boom it moves 4 ticks the other way in seconds
..every single time it feels like..Even cross overs seem to hold no favour.It hasn't changed in years. I use $20 stakes and generally lose 70-90% of my scalping attempts.If I hadn't seen it myself I wouldn't have believed it.I seem to be (wrong) psychic
I look for ranges and more for trends now and that got me to break even.
Here are some thoughts on your post, bit slow replying as was having a break and then trying to reply between races:
You laid the 2nd fav and it shortened, so you then went and backed the fav. Think about that....they are the most likely linked runners, like a see saw if one goes down the other will (tend) go up. You tried to push down on both sides of the see saw and it snapped (you lost on both sides).
The 2nd fav shortened a bit as the fav was drifting. Your initial call was wrong, you should have been looking therefore for the fav to drift not shorten as well.
You are scalping, not swing trading, so when you call it wrong you need to be bailing your position quickly, not holding on hoping for it to come back. Bail, re-assess and go again. While you are waiting for the market to comeback you could be missing out on scalps. You called it wrong, get out, don't care about your ego being hurt because you called it wrong, it happens.
Don't pick a direction, let the market pick it for you. Sit and watch it and see what happens then fire. Or pop in some small stake orders and get a feel for it before putting in your proper sized orders.
Why are you using $20 stakes if you lose so much when scalping? All you are doing is making your losses bigger than they need to be and that will hurt and affect your mindset which will make you think more negatively about it going into the next and surprise surprise you lose again as you are going in expecting to lose.
Record your screen for the rest of Rosehill and watch it back when you have time, watch races multiple times until you understand what is happening and why.
Hope some of that helps, any other questions feel free to ask either here or on PM.
..surprise surprise -50c down for the day after 20 markets..break-even shuffle 1.2.3 1.2.3 