Due to working throughout the day my opportunities for trading on horse racing are somewhat limited, so basically what I am attempting to do is set up a few trades on favorites prior to leaving in the morning and hopefully coming home to a decent green.
Now I fully understand that this sort of thing is not a one size fits all process and market selection will be critical
During the last few weeks looking back at both my profitable and non-profitable trades it seems my market selection is decent, the issue I'm having is my entry/exit points and the emotions these can involve affecting my decision making. So my next step is experimenting with automation, at this point I shall say I will be testing extensively in practice mode and if successful moving into low stakes with a separate bank.
What i have so far, this may be completely wrong! Also timescales and tick sizes may change depending on testing results.
1st rule
Place back bet, Arm one hour out until one minute out
Trigger one time in position 1 (favoritism)
Place at best market price for 10% of bank
Offset bet with greening and trailing stop; offset 6, stop trigger and place 3, fill or kill 300, batches 1
The market is NOT in-play
Unmatched bets on selection = 0
2nd rule
Green all selections, arm 30 seconds out until start time
Trigger 3 times, 10 second rearm
My thought process being that this will allow me to gain up to 6 ticks during the last hour then green and exit. I have tried to build in some bank management by using a 10% stake, an obvious stop loss at 3 ticks as well as trialing to potentially minimize any losses. The green all selections is there to close the trade and make sure any stake doesn't go in-play.
Have I missed anything? Have I got in completely wrong? As I say I will be extremely grateful for any feedback.
P.S. I am attempting to hone my skills by manually trading tennis in the meantime as it suits my schedule better; however this is another learning curve as I have less experience with the sport as well as the markets.
Thank you again for any comments/criticism they are greatly appreciated.