Never trade market you don`t undersand

[petardo]

Yesterday I made mistake by trading market that I don`t understand. I did this mistake second time.I traded horses just to choose long track with long odds to be sure if the market get aggainst me it will move up easy during the race. The horse was pre traded from somewhere 15 to 7.8 I got him twice layed and backed ,but last time I had him lay 11.5 and when the odds fall down to 8 and come back to 11.5 I didn`t close.Was waiting for one tick.Got partly matchced but than the odds moved aggainst me to 7.8. The horse won 3 miles race by start to finish in first position.At the and the jockey said that the horse was perfectly ready for the track. Now I undestand why the odds fall so massive just few minutes before start. If you understand market and have good background informations than trade otherwise don`t. I understand football and tenis and will never aggain trade the horses.
Never trade market you don`t undersand.

[Alpha322]

Sorry to hear that, i think its not about knowing the market/sport, its about understanding risk IMHO. I think inplay running on horse racing is not a great idea, the risk is to high, you might aswell do conventional betting. I only do it say at the big Chelteham meetings on the quality favourite horses and for a percentage window because of the amount of money being matched pre race. Football is ok in play, you have no other choice, but its more of a controlled risk and you have 90 mins to controk that risk coupled with dicipline. Trading is after all about managing risk

[petardo]

I trade football only pre KO.Never go in-play. I know the risk on the horse race.That`s why I keep the bankroll management on it.I losted what I was ready to loose ,but nothing more.If I got the information about the horse that I got on the end of the race on the start,I would back him.I was watching the races the day before and on the long tracks won the horses matched in play over 50:1.I was expecting the odds move ,but the horse took lead on 3 mile race from start to the end.I never see that before. Funy is that the horse I traded before was round 15. I close pre and he won as well ,but the odds in-play was round 100 I think. I have seen won horse 1000:1 in-play two days ago as well.There is no point to trade the horse for me because the lack of the informations.

[burnpark]

Sorry to hear about the loss but the other poster is right it is about management of your money. I have stopped trading pre-race on horses as I just cant get it right and I dont think I ever will (Peter is incredible at what he does) but I do trade in running and what I do is look for horses that either lead and then trade out in the race or horses that are up with the pace and travel well. But I have learnt if it looks like the trade is not working out .............GET OUT.

[Euler]

There are many times I have blundered into a new market only to get my butt kicked. I look at it as an entry cost to the market, a paid for lesson.

I'll only use a max of £100 on anything new now as I can afford to lose that but it still registers on the wallyometer.

[Predicton]

Never trade market you don`t undersand.

Could be a slippery slope.

Trouble is :-

a. how would anybody get started

and

b. I'd have had to give in ages ago and missed all the fun

cheers, P

[freddy]

Everyone has to trade markets they do not understand to begin with or no one would ever learn.

[petardo]

Anybody can started paper trading first. I have been gambling not trading.

[freddy]

Well yes, never gamble on a market you do not understand then

[petardo]

Trading on market you don`t understand and don`t have good informations is gambling