Today's Horse Racing

[redtra]

This evenings racing is a lot more steady than the afternoons...not as frantic.

[Postie23]

Hi guys I'm all new to this trading game I had a little play on Saturday on the free betdaq download I had a few profits but eventually lost £20 pound I m getting the hang of it but want all you experienced or whoever to put me in the right direction regarding books to read to learn whilst I'm at home I'm hoping in time to get on the course but would like some reading content to help me learn how to look and learn the markets and everything else .
Also I've seen how successful peter webb has been is it a good thing to get into is there money to be made if you learn properly, is it very time consuming I'm a postman as my job so have afternoons to hopefully make some money. Do you need a big bank to start off with.
Any help guys would be appreciated
Thanks

[kroni]

good tactic on the last 2 races seemed to be wait for the mad bomber to drop his bombs on the favourite so the price goes ridiculously short then lay wait afew minutes and green up. If only it was that simple all the time.

[switesh]

Switesh - What are you planning to do to turn things around?

I've tried to (and still do) minimize any conscious and glaring bad habits / mistakes. I keep a list of 'my big mistakes' in front of my desk and on my phone.

I'll post a video of some examples from yesterday's havoc for me. But yesterday was one good example where I tried to join in the trend early (noticing that gambles were occurring on fav's on almost every race). If I didn't get matched early as soon as previous race finished and within 3-5 ticks of LTP then I avoided chasing it any further.

I wasn't doing too bad (apart from a few tolerable loses) until the 7:05 Sell Stks at Wind.
After everyone had their party backing the fav down to 2.5's. I waited until the drift began (it was a bit bumpy) but the overall change in direction was clear. So I put three Out the Money lay orders around 2.8 to 2.7's (5 to 10 ticks below current price). I wasn't expecting them to get matched because there was good money trading well above my orders, but I kept them there to catch smaller spikes or even late spikes that benefit from having orders OTM orders in both direction (for e.g. 'the late layer' sort of scenario). But at post-time a 20k back hit the market and crashed the price to 2.5 from around 3 (a good 25 ticks in one go). So I had 3 times my liability called in for a -$40 red.

I certainly couldn't foresee that. 5 day's PL up in flames in 5 seconds.

I thought a lot about this trade all night and even at work today.

It was a big loss, but was it really a mistake?

[Golfer]

Was it a mistake, it depends....over a 1000 trades does that tactic have a positive expectancy?

Does the bomber increase/decrease this edge? On more volatile days do you decrease stake or increase the distance of what you think is safe? Mentally is it worth buying the risk on days like this with your style of trading?

[L.o.S]

Switesh, I'm obviously nowhere near as experienced as many on here but what has worked for me is simply not laying the favourite as you normally would if it is trending. The logic being a single bomb will wipe a lot of profits (my last two have been lost to a few bombs before I adapted). What has worked for me is establishing an early back position, adding to the position if a bomb arrives as the person drags the money down, then cutting out when the money disappears.

In that circumstance when you see the last of it getting matched it's a bit safer to lay, if it's likely to drift, but even then I'm uncomfortable being exposed for long since the next bomb is just around the corner!

And I used to leave money behind me in the market but what you're describing happened to me too, and I had a risk 3-4x what I could normally tolerate at my level just now and naturally instantly cut out regardless of what the market is doing.

I watched your video and saw your reasoning on staking, but is it possible you might be going too large?

[mcfc1981]

i find it strange how some people dont like bomber, i think he offers the most stress free days going. wheather u like him or not must depend on your trading style, 9 out of 10 times u can leave backs and lays in the market and u will be green come the off time.

[redtra]

Hi euler, what would you say about todays racing for the small stake trader...any thoughts would be appreciated!

[steven1976]

My advice would be if you don't have a clue why you are entering money, forget it. "The market" will move against you short term prerace without a doubt. If you are happy for that to happen and later gain a better bigger position then do it. The market is rubbish, it will match against your initial position on horses so take care.

Last night I was trading 40mins out on the first race and the so called "bomber" decided to put 30k in the market against my 7 quid positions. There was nothing on the back or much on the lay side so this so called random gambler decided . It was also the same the day before 60mins out which I caught on video but as I don't use better angel now because of issues I would gladly tell Peter about in private or on here if he wanted me to.

In financial markets it's.called."flash trades" I believe.

[Euler]

Hi euler, what would you say about todays racing for the small stake trader...any thoughts would be appreciated!

Looks OK, in the earilier Ascot races more opportunity than the later. Warwick looks OK.

[redtra]

thanks euler, im doing ok on warwick and ripon but ascot ...the market moves so slow i am not bothering with it.

[L.o.S]

Normally I'm very against upping stakes but it seems to have worked with Ascot so far, takes so long to get matched that I feel a bit more confident in my ability to put through successful scalps and scratch, it's almost like slow motion.

Is that confidence misplaced or do others do the same?

[Alpha322]

i find it strange how some people dont like bomber, i think he offers the most stress free days going. wheather u like him or not must depend on your trading style, 9 out of 10 times u can leave backs and lays in the market and u will be green come the off time.

IMHO i find relying on the bomber is lazy trading, you are relying on sombody else to produce you a winning position rather than you read the market and make your own judgement. Sometimes people have been caught on the wrong side of this guy and have been blown out of the water with a bigger loss than they expected. I force prices sometimes only if i think my judgement of the market is correct, but i will never follow a trend the bomber creates because his created it for himself, when you follow it the tide will correct itself with the crowd and eat you with it

[trader1978]

I'm finding trading awful this week, I'm finding all meetings around Ascot very poor and difficult to read compared to a normal week. Is this just me or is this a similar experience to anyone else? Looking forward to getting back to normality next week

[Euler]

It's normal for a big meeting to suck activity away from the smaller stuff. Both can seem very different to each other. Ascot is a 'marmite' meeting