Scalping or trading
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Yasmingrace
- Posts: 39
- Joined: Tue Sep 27, 2016 4:43 pm
Generally, would it be better to scalp/trade one horse in a race or trade more than one. Myself I find if I do more than one I'm sometimes left with unmatched trades before the off and the scramble to get matched before it's too late. Any advice appreciated.
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Yasmingrace
- Posts: 39
- Joined: Tue Sep 27, 2016 4:43 pm
Thanks for reply Dallas. I find I'm losing more if I have unmatched trades at the off because I tend to try and retrieve the situation. I probably should take a loss and get out but that feels counter productive.
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SeaHorseRacing
- Posts: 2896
- Joined: Fri May 20, 2016 7:06 pm
My trading results got better when I stopped trading more then one runner at the same time.
If your to stand any chance pre-race trading you HAVE to green up at the off and if that means taking a loss so beit, taking it in play will only lead to one eventual outcome.Yasmingrace wrote: ↑Tue Mar 21, 2017 10:52 amThanks for reply Dallas. I find I'm losing more if I have unmatched trades at the off because I tend to try and retrieve the situation. I probably should take a loss and get out but that feels counter productive.
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Yasmingrace
- Posts: 39
- Joined: Tue Sep 27, 2016 4:43 pm
Thanks seahorseracing and Dallas for your replies. I think i'm going to have to gain more discipline.
Simple and solid advice from both.
One thing I might add, is that when you go in-running it is very difficult to gauge your max loss. It is challenging enough in pre-race conditions to execute trades at your desired exit points with unpredictable market impact and slippage to account for. But at least you can establish a range for your stop loss. Whereas your stop loss range, in in-running immediately converts to X to -100%. So while it is always going to be counter-intuitive to take a guaranteed 5-20% loss (or however bleak the situation becomes) pre-race than to risk your entire stake in the hope of merely breaking even or eking out a small gain, it is definitely NOT counter-productive in the scheme of things long term.
You may also want to explore constructing brief outlines of what you're going to do before every race. For instance, if A occurs, I shall do this, if B does this I'll do that, if neither happens I will do nothing. So pretty much make all your actions into if/then statements. By having a more defined trading plan, you may find yourself naturally trading less runners, as you're anticipating rather than reacting. Hope that makes sense
One thing I might add, is that when you go in-running it is very difficult to gauge your max loss. It is challenging enough in pre-race conditions to execute trades at your desired exit points with unpredictable market impact and slippage to account for. But at least you can establish a range for your stop loss. Whereas your stop loss range, in in-running immediately converts to X to -100%. So while it is always going to be counter-intuitive to take a guaranteed 5-20% loss (or however bleak the situation becomes) pre-race than to risk your entire stake in the hope of merely breaking even or eking out a small gain, it is definitely NOT counter-productive in the scheme of things long term.
You may also want to explore constructing brief outlines of what you're going to do before every race. For instance, if A occurs, I shall do this, if B does this I'll do that, if neither happens I will do nothing. So pretty much make all your actions into if/then statements. By having a more defined trading plan, you may find yourself naturally trading less runners, as you're anticipating rather than reacting. Hope that makes sense
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Yasmingrace
- Posts: 39
- Joined: Tue Sep 27, 2016 4:43 pm
Thanks for the advice ec0n0mist. I must admit sometimes when I trade in running I think it's because I have a trade left open and the market has drifted in the wrong direction. I'm hoping the market may drift back up. Your idea of having a plan of action is a good one. at present I'm just doing scalping and using 1 tick or 2 at most, but I still end up with one unmatched placement. I also struggle to find the best entry point, even looking at the graphs. I'll keep at it. Thanks for the advice.