Today's Horse Racing
Consty, you could try reducing your position by say one third when the price has moved x% in your favour. That way you still have the bulk of your position working for you if the move continues, but if the price reverts to where you started, you're still in profit.
Marc - try dripping the stake out progressively.
ie. say you have £300 in and it's moved 4 ticks - Reduce your liability by £100 or £50 and another £50 a tick further down. You get the idea.
What this effectively does is move your scratch position to give more room. You can always go back in again. You'll see I do this often towards the end of a trade.
Knowing when to exit is harder than the entry point.
MG
ie. say you have £300 in and it's moved 4 ticks - Reduce your liability by £100 or £50 and another £50 a tick further down. You get the idea.
What this effectively does is move your scratch position to give more room. You can always go back in again. You'll see I do this often towards the end of a trade.
Knowing when to exit is harder than the entry point.
MG
I don't think there is much else you could have done today. Several times there were attempts to manipulate the market into believing a steam or drift was going to happen. Quite often they were false and they just reversed. The market in general felt very false today.Not sure how I can improve that either as it seems to just be a reversal from a couple of big lumps as opposed to anything progressive.
If you look at the card it was mainly made up of maidens, sellers, NHF and mainly low quality classed races. I am starting to think the answer is to just not participate or get involved very late. I can't be sure, but I bet a lot of experienced traders just avoided today's card.
