How Horse Racing kills my profit... 10k in 11 days.

[tricola]

Thats my first year on horse Racing as I was looking for other profits, as other disciplines started to strugle even more. It turned out to be disaster.
I had -6500 this year before this month on Horse Racing so now Im -16500 this year on Horse Racing. It looks like Im very welcome there.

Did i say 10 days?

[mklim_irlpl]

I like trading sports, where you can predict the next move
of a human player. Ok so, tennis for two and basketball.

I'm trying to take advantage of big lays, created by the fear.

[tricola]

At the moment Im devasted what Ive done, but I will manage to go forward as I always done.

[LeTiss]

I suffered some severe Horse Racing beatings too, but eventually discovered where I had snippets of success -
a) I used to do better on small fields (perhaps that's because as a trader that predominately only deals on sport, I could read markets with 2-4 runners easier through experience)
b) I found on Group 1 races the sheer volume of money waiting meant that prices moved slower - this in turn made them easier to read
c) Early morning markets - they are easier to dip in & out without getting smashed for 10 ticks
d) Races with a very short priced favourite were easier to read (Once again, due to me being a sports trader, I was used to dealing with these kind of markets)

I then just traded the races with the above criteria, and I started making money. But, it's still just a small percentage of what I actually earn

For some reason, I've just never been able to read everyday Horse Racing markets when there's only 15 minutes to the off, so you're not alone

[Euler]

At the moment Im devasted what Ive done, but I will manage to go forward as I always done.

Some outsized -ve's in there, how did they occur?

[steven1976]

Is this -16500, a lot of money to you tricola? You mention other sports were a disaster so I presume loses over the year are even more.

Maybe trading isn't for you if that's the case as you must have gambling at heart? Be a good idea to take a few days off as well maybe after a big loss like that which has hurt?

[scottydog]

I am fairly new here and you may not think my advice is any good, but what I would recommend is learn to manage your risk.

With those sort of losses you have shown you should be putting £100,000's in the market per click if you were trading at random to occur losses like that.

It's clear your profitable on some sports, manage your risk and your money. Start with a base amount, don't add more risk to a losing position. When the trade looks really strong add more. Like I said, I don't actually have much trading experience but I have a very high understanding of gambling and your probably quite good at trading horse racing even though you think your not , you just cannot manage your money. Don't take it personally, but if your willing to lose £10,0000 in 11 days it is very clear you cannot manage your risk or your money! Maybe you can afford to lose that sort of money but remember, to be a successful trader or gambler, all money has to have the same meaning but you should respect it.

Do everything you have just done again, but see if you can do it at £2 stakes?
Look at your results, just because your in a position and your losing £1,000 right now that doesn't mean your going to lose long term.
When someone makes a bad decision, every decision after gets worse. Accepted losses because if you look at your results you will know that it doesn't matter long term you will win.

Do some research on money. Use google etc. Learn how money works, why we need it, where it has come from.

I don't mean to sound patronising and your probably thinking who is this jerk? I've been trading 2 months and I've profited everyday bar 1 for the last 4 weeks.
Even if you trade every market possible, manage your risk.
Then you can really see what's going wrong.


I really wish you the best of luck

Scott

[tricola]

Maybe trading isn't for you ?

Show me how you performing over the year, and I see if I like your trading on Horses?
I come back to you, when my money are back with me - it will take time, but I will show you them here

[oscar123]

I notice that your biggest losses come on the last race of the day each day, almost as if you are trying to smash your way out of trouble on the last race after trading steady the rest of the day.

On the 11th you lost 1978.74 on the last race, 2269.34 and 1314.46 on the last two races on the 10th, and 3900.81 on the last race on the 9th.

There is £9.5k right there, so without the chasing on the last races to get out of trouble, you are more or less level on the three days.


I think the temptation to try and smash your way out of trouble on horse racing is there more than on any other sports, especially as there is a race going off more or less every 10 minutes these days.

Im not judging by the way, ive done that plenty of times myself, i have had plenty of similar looking p and l's to that too.

The worst thing is the times you do it and get away with it, only makes you more likely to try and do it again in the future. It always catches up with you in the end.

[scottydog]

This was on a quite evening at Kempton last week. My bankroll at the time was around £30.00GBR.

Look at the return on investment. I only had £30.00 to play with. I have been trading less then 2 months. It can be done.

...Manage your risk.

[steven1976]

Maybe trading isn't for you ?

Show me how you performing over the year, and I see if I like your trading on Horses?
I come back to you, when my money are back with me - it will take time, but I will show you them here

You sound bitter, I was trying to offer up some advice. Chuck 10k in today and chase it for all I care. It's obviously losses from chasing as I can relate to it speaking from experience.

[tricola]

Being honest with you. Yous screenshot is a joke. 4 hours of work for 5?
I come back with real money.

[Naffman]

I think you're trading very well Scott, doing it the proper way.

[scottydog]

Being honest with you. Yous screenshot is a joke. 4 hours of work for 5?
I come back with real money.

But that is exactly your problem, and your too naive to even see it. You need a reality check.

I will give it to you.

Tricola you are living in denial, you have a complete lack of understanding of yourself, your own personality and mindset. I have NOT come on here to insult you, I have gone out of my way to help you. With the little knowledge I have.
The point of the matter and the screen shot was to show you the return on investment. £4 from £30 in one evening trading, Is an excellent return. That is over 10% investment on my intial bankroll. Lets look at your return on investment. Its in the big fat minuses.
YOU are the problem, not your trading.

I have not said I am better then you and I have not told you what to do, I was given you some guidance. The whole point of my post was to tell you that I have no real trading experience. There are probably 1,000s people on this forum who can trade better then me. The reason I have made excellent progress is because I have managed my risk and my money.

I could only afford to lose £20.00 so that is what my bankroll started at. I managed my money. My risk- I could lose £20.00, my gains are basically infinity to some point.

Your risk- Is every penny you have to your name- Your giains- A big fat lose at the end of the day- You have no gains at all.

I understand losing money is frustrating, and I can understand alot of the reason for the way your posts are written.

Everyone here that bothered to write to you was looking out for you.

Dont abuse it.

So far you are 100% going to fail.
Your a failure. Face the fact.

Only you can fix. Prove us wrong.

[george]

whats the point of ur post really ? u been harsh to other forum members, as i can see u dont accept any advice