So, what IS working hard all about?

[bennyboy351]

Hi guys (and gals!). I'm going through a sticky patch at the moment (it seems to be never-ending! LOL) and when reading up how folks (including Peter Webb) have made it and how they started, I keep seeing this phrase 'hard work'.

Now I've spent over 40 years working hard (vehicle mechanic don't you know! ) However, now I've reached a point in my life where I want to take it easier - hence starting to trade.

My question is this: In Trading circles, how do you define hard work and where should that hard work be focused? I mean, is it all about poring over endless pages of information regarding which Brown horse with an 11 Stone 3 & 3/4lb jockey with Blue eyes wins the most 2m4f Maiden Hurdles; or is it more data driven? What I'm getting at I suppose is, is the work put in trying to collate probability data or looking for trends etc?

Also, if you're going to use Excel etc to collate data, are there any short-cuts available to setting up a suitable spreadsheet/database?

I reckon a lot of 'Newbies' may be struggling with this 'hard work' definition and possibly the database thing too and I would appreciate some constructive replies on the subject, when Forum members have a few minutes to spare.

Many thanks in advance and kindest regards as always
George.

[marksmeets302]

Hard work is about figuring out why something is not working as intended, improving, testing and that in an endless cycle.

But it's not so hard if you enjoy it.

[LeTiss]

Good question.

When I worked for other people, I was a slacker, but at least everyone else thought I had a proper job.

Now, I work more hours than ever before, and my determination to find answers has increased beyond all recognition.

However, these days people actually see me as the slacker I was 10 years ago, as they think I just spend all day watching sport and gambling

[spreadbetting]

The 'hard work' people refer to is usually just a case of putting in the hours and concentrating on what you see. Not as easy as it sounds when your house is full of distractions but if you concentrate, take notes etc you'll start to see patterns of movements that replicate themselves time and time again that can be exploited.

I'd guess some people have databases etc but some of us trade without knowinng the name of the horse or jockey. You need to find what suits you best as there's plenty of ways to skin a cat and sometimes too much info can be more of a hinderance if they start giving conflicting signals. Try and master one thing at a time rather than being a jack of all trades.

[Dallas]

For me personally trading on the UK horses I dont study any form or collect historical data (except for analizing my own trading data to look for areas of improvement).

I think form/data trading can help or hinder you, If you have a good indepth knowledge from data or studing form relating to the sport it can assist you in your trading decisions but then there is a fine line between trading these decisions/views and trading by reacting to what the actual market is telling you especially when there is a conflict with the two - I would think there is very few people who can apply both at the same time and in the correct proportion but those that can are the next level traders.

That said as long as you can do either one well then you should be able to make a profit, I personally base all my trading decisions purely on what i see on the screens in front of me in the final few minutes before the off, but over the years will of spent 1000s of hours wacthing the activity in the markets learning how they work and understanding whats happening and why - this is never ending work as the markets are always evolving and changing.

[GoldenEggGoose]

There are plenty of trainer / jockey combinations at certain tracks and distances that have historically produced long term profits. This area is definitely worth a look if you have an interest in horse racing.

Learning how the market reacts to certain events (eg. if the favorite's price drifts then an equally opposite reaction has to occurs on the remainder of the runners) is profitable if you have a preference for analyzing raw data sets and graphs.

[bennyboy351]

Hi again guys and gals. Many thanks for the replies to my query.

So its basically down to taking copious notes, looking for something that works for me AND making sure I have a good supply of Aspirin to hand! LOL

Cheers
George.

[oliver123]

Sorry, but when you say 'work hard' I cannot get the idea of a miner or trucker out of my head. Trading on Betfair using Betangel - I use the Pro version - it's not about hard work but utilising your mistakes, to learn from them, and to make consistent profits. I started using BetAngel about eight years ago and have watched and/or listened to the races over those years. These days, because I have built up a good knowledge of horses, jockeys, trainers and race courses, I mostly dutch my bets. I also do a lot of 'sniping' - this is waiting until the obvious winner's price drops to around 1.15 to 1.10, and then place the back bet.

I have used manual betting for certain races and ladder trading. Really, it's up to one's experience and utilising one's knowledge.

Hope this helps.