Today's Horse Racing

[puntinrolls]

Fairly straightforward one, short priced fav coming and no opposition to it in the market.

2nd fav I think was priced around 4 and wasn't doing anything, 3rd fav was on a slight drift so it was a nice set up.

Got on at 2.70, came steadily in then crashed through 2.50 so added to the position and it didn't look back, was very little resistance to it. One of those a day can make it all worthwhile.

I don't use use stops at all, its just a matter of framing the risk against potential reward. I didn't expect it to come in that far especially in such a short space of time but you know that it can happen every now and then especially in weak markets.

Ha, this ties in nicely with a vid I watched today with Peter suggesting newbies(me) to look for steamers, he also mentioned the non support for 2nd and 3rd also.
How did you manage your exit? did you let it ride to near off time? or slowing drip it out?
Is 2.5 a natural support/resistant level?
Thanks

[Trader Pat]

Fairly straightforward one, short priced fav coming and no opposition to it in the market.

2nd fav I think was priced around 4 and wasn't doing anything, 3rd fav was on a slight drift so it was a nice set up.

Got on at 2.70, came steadily in then crashed through 2.50 so added to the position and it didn't look back, was very little resistance to it. One of those a day can make it all worthwhile.

I don't use use stops at all, its just a matter of framing the risk against potential reward. I didn't expect it to come in that far especially in such a short space of time but you know that it can happen every now and then especially in weak markets.

Nice execution, wish I could do that!

With practice you can, you just have to buy yourself enough time in the market to see the patterns.

Its different for everyone but how I did that was to reduce stakes down to a level where I wasn't worried if the market moved against me. Then it was a matter of increasing stakes to make it worthwhile.

[Trader Pat]

Fairly straightforward one, short priced fav coming and no opposition to it in the market.

2nd fav I think was priced around 4 and wasn't doing anything, 3rd fav was on a slight drift so it was a nice set up.

Got on at 2.70, came steadily in then crashed through 2.50 so added to the position and it didn't look back, was very little resistance to it. One of those a day can make it all worthwhile.

I don't use use stops at all, its just a matter of framing the risk against potential reward. I didn't expect it to come in that far especially in such a short space of time but you know that it can happen every now and then especially in weak markets.

Ha, this ties in nicely with a vid I watched today with Peter suggesting newbies(me) to look for steamers, he also mentioned the non support for 2nd and 3rd also.
How did you manage your exit? did you let it ride to near off time? or slowing drip it out?
Is 2.5 a natural support/resistant level?
Thanks

2.5 can be a mini resistance point but in this case it just broke right through.

I slowly dripped out the exits and was hoping for a bit of a bounce at 2 but just before they jumped off the price crashed into 1.93ish so I gave a little bit of it back.

[goat68]

Fairly straightforward one, short priced fav coming and no opposition to it in the market.

2nd fav I think was priced around 4 and wasn't doing anything, 3rd fav was on a slight drift so it was a nice set up.

Got on at 2.70, came steadily in then crashed through 2.50 so added to the position and it didn't look back, was very little resistance to it. One of those a day can make it all worthwhile.

I don't use use stops at all, its just a matter of framing the risk against potential reward. I didn't expect it to come in that far especially in such a short space of time but you know that it can happen every now and then especially in weak markets.

Nice execution, wish I could do that!

With practice you can, you just have to buy yourself enough time in the market to see the patterns.

Its different for everyone but how I did that was to reduce stakes down to a level where I wasn't worried if the market moved against me. Then it was a matter of increasing stakes to make it worthwhile.

What you say rings very true with what I've read that to trade manually successfully you need several years worth of experience in the market so that you can sublimely spot minor patterns that you unconsciously have seen before....
That's a hard thing to take as a newbie...

[iambic_pentameter]

Nice execution, wish I could do that!

With practice you can, you just have to buy yourself enough time in the market to see the patterns.

Its different for everyone but how I did that was to reduce stakes down to a level where I wasn't worried if the market moved against me. Then it was a matter of increasing stakes to make it worthwhile.

What you say rings very true with what I've read that to trade manually successfully you need several years worth of experience in the market so that you can sublimely spot minor patterns that you unconsciously have seen before....
That's a hard thing to take as a newbie...

If I decide I want to be a barrister, it would take me 5 - 8 years to qualify and then more time to get to the stage where I was consistently earning good money.

Trading is no different.

Iambic

[jimibt]

With practice you can, you just have to buy yourself enough time in the market to see the patterns.

Its different for everyone but how I did that was to reduce stakes down to a level where I wasn't worried if the market moved against me. Then it was a matter of increasing stakes to make it worthwhile.

What you say rings very true with what I've read that to trade manually successfully you need several years worth of experience in the market so that you can sublimely spot minor patterns that you unconsciously have seen before....
That's a hard thing to take as a newbie...

If I decide I want to be a barrister, it would take me 5 - 8 years to qualify and then more time to get to the stage where I was consistently earning good money.

Trading is no different.

Iambic

i was going to respond using the n00b driver analogy. i recall that when i 1st started driving, literally every interaction was overthought and over exageratted (mirror, signal, manouvere etc). it came to the point that i viewed the whole driving malarkie as a big conspiracy of sorts :d.

experience and famialirity of the markets is pretty similar and opposed me in pretty much the same way when I 1st got involved 5-6 years ago,

time m'lad!!

[kashiwazaki]

Trying automation first time today

Two things happened already since the 12.05 Wincanton

First: simple Free Bet on Fav bot did not submit any bets in that 12.05 - Any idea why it didn't fire bets into the market?

Second: I am getting a confirmation pop up for Lays using the Cross Over Point scalping bot

Can I switch off those bet confirmation pop ups?


Many thanks

[Dallas]

Trying automation first time today

Two things happened already since the 12.05 Wincanton

First: simple Free Bet on Fav bot did not submit any bets in that 12.05 - Any idea why it didn't fire bets into the market?

Second: I am getting a confirmation pop up for Lays using the Cross Over Point scalping bot

Can I switch off those bet confirmation pop ups?


Many thanks

To turn the bet confirmation message off
viewtopic.php?f=47&t=12880

[Trader724]

What you say rings very true with what I've read that to trade manually successfully you need several years worth of experience in the market so that you can sublimely spot minor patterns that you unconsciously have seen before....
That's a hard thing to take as a newbie...

How long it takes to become profitable depends on the methodology you have in creating a strategy, the tactics you use also matter, there are small things that if you do them properly they give you certain advantages, and how you cope psychologically with the stress involved. I managed to become profitable after three months trading manually on a 6.5% commission, I didn't know anything about the markets before and I honestly can't say I worked too hard or very smart until I saw with my own eyes that it can be done and It is relatively simple to make some money but this is only the first step towards becoming a professional. Regarding manual versus automatic trading, I can say that automatic trading helps you a lot on the execution side and manual trading does not require years of experience to become profitable but it depends on your inclinations and it is very possible that you will never succeed either manually or automatic if you don't do the right things. You don't have to lose hope if you have already lost some time without seeing any success, it means that what you are doing is not good and you have to approach things from a different perspective.

[smallplayer]

Fairly straightforward one, short priced fav coming and no opposition to it in the market.

2nd fav I think was priced around 4 and wasn't doing anything, 3rd fav was on a slight drift so it was a nice set up.

Got on at 2.70, came steadily in then crashed through 2.50 so added to the position and it didn't look back, was very little resistance to it. One of those a day can make it all worthwhile.

I don't use use stops at all, its just a matter of framing the risk against potential reward. I didn't expect it to come in that far especially in such a short space of time but you know that it can happen every now and then especially in weak markets.

Is that how your typical day would go Pat. lots of small wins and small losses that cancel each other out, but one or two largish wins that make the profit?

[goat68]

What you say rings very true with what I've read that to trade manually successfully you need several years worth of experience in the market so that you can sublimely spot minor patterns that you unconsciously have seen before....
That's a hard thing to take as a newbie...

How long it takes to become profitable depends on the methodology you have in creating a strategy, the tactics you use also matter, there are small things that if you do them properly they give you certain advantages, and how you cope psychologically with the stress involved. I managed to become profitable after three months trading manually on a 6.5% commission, I didn't know anything about the markets before and I honestly can't say I worked too hard or very smart until I saw with my own eyes that it can be done and It is relatively simple to make some money but this is only the first step towards becoming a professional. Regarding manual versus automatic trading, I can say that automatic trading helps you a lot on the execution side and manual trading does not require years of experience to become profitable but it depends on your inclinations and it is very possible that you will never succeed either manually or automatic if you don't do the right things. You don't have to lose hope if you have already lost some time without seeing any success, it means that what you are doing is not good and you have to approach things from a different perspective.

So I think the key bit you mention here is the 'small things that give you an advantage', ie.your edge over the crowd.
Take Trader Pat's example from yesterday, so he got in at 2.7 based on weak looking fav2&3, sounds simple but what Trader Pat is not mentioning is those smaller things...those small indications that give him an edge, and he's obviously not going to tell us.
My mistake was adopting that sort of strategy which is what comes across from a lot of Peter's videos as well, just looking at charts and ladders and saying that's weak and drifting, and that, but the fav looks strong, looks like backing activity,
back it!!
I just fail to work out what these small edges are........?

[goat68]

Newc 13:45 George Ridsdale
Steamer or not?

[goat68]

Hmmm, would appear not

[goat68]

Or maybe it is...
(I feel like I've heard this rhyme from Peter's videos !)

[smallplayer]

Newc 13:45 George Ridsdale
Steamer or not?

The steamers and drifters are the easy ones afaic. it's the ones that go nowhere that can get you in bother.