My Journey, day by day

[Dallas]

This week this might not happen - I'm seriously considering NOT trading cheltenham and just observing. (it might be difficult lol)

I've been watching Peter's video's on the festival and I don't really understand how you can trade a market that doesn't move much. It seems you need to be trading a grand a time to make it worthwhile and I just don't want to do that at this point in my journey.

Any advice here would be appreciated.

With small stakes, Cheltenham will soon become very boring for you and you'll likely end up losing just through trying to force yourself into doing something.

If you are going to trade it I'd recommend using Betdaq (software is free) as you'll get matched a lot quicker.

Alternatively, you could just look at the support cards, there is usually still some good action on these with quite a few good opportunities, they tend to benefit from some overspill of festival money even with most of the big hitter focusing heavily on Cheltenham

[Derek27]

Hi OS,

As it's the season of good will for racing fans, I just thought I'd apologise for having a bash at you a few days ago. If you do decide to trade Cheltenham it will take a lot of patience - the market does move, it just doesn't happen quickly.

Good luck,

Derek

[Original-Soultrader]

Cheers Derek, appreciated.

Dalls, is the betdaq betangel a paid for add-on?

[Dallas]

Cheers Derek, appreciated.

Dalls, is the betdaq betangel a paid for add-on?

No its completely free separate piece of software, you just need to download and install
https://www.betangel.com/download/?prod ... ngelBetdaq

If you do give it a go make sure sign up for the Cheltenham promo
viewtopic.php?f=16&t=15992

[Original-Soultrader]

Tuesday then - lost 11 quid on the first at chelt - got in but couldnt get out so i let it go in play hoping the fav would drop a couple of ticks to break even - whatever! mistake.

rest of the day i just watched chelt and traded the other meetings until 4:20pm when the entire street had a 3 hour power cut. I do have a UPS but it only manages around 15 minutes on my pc.

so that was that.

think i'm gonna leave chelt to the big players and the punters and just trade the other events. at least i didn't log a losing day.

results logged below

[BrianS]

Thanks for the post.
How do you set auto stake to counter tick size on higher odds?
As I am a beginner too and just trading favourites but want the tick size to match the odds and am using 10 quid for below 3.0
Thanks

[ShaunWhite]

Tuesday then - lost 11 quid on the first at chelt - got in but couldnt get out so i let it go in play

Couldn't get out? At Cheltenham? Maybe you just chose not to?

I agree with Derek, the markets move but maybe just not so fast or so far, but that reduced volatility means you can go bigger with the same risk you're used to. Swings and roundabouts.

[ShaunWhite]

Thanks for the post.
How do you set auto stake to counter tick size on higher odds?
As I am a beginner too and just trading favourites but want the tick size to match the odds and am using 10 quid for below 3.0
Thanks

The closest approximation would be using 'by liability' staking but be careful when short odds on.

[Original-Soultrader]

Couldn't get out? At Cheltenham? Maybe you just chose not to?


Sorry Shaun. Change to "couldnt get out at a profit"

[BrianS]

Thanks for the post.
How do you set auto stake to counter tick size on higher odds?
As I am a beginner too and just trading favourites but want the tick size to match the odds and am using 10 quid for below 3.0
Thanks

The closest approximation would be using 'by liability' staking but be careful when short odds on.

Thanks Shaun. Will try Practice mode for that

[ShaunWhite]

Couldn't get out? At Cheltenham? Maybe you just chose not to?

Sorry Shaun. Change to "couldnt get out at a profit"

Much as I defend you right to the thread if it serves you well blah blah blah, I'm not convinced it's a good idea for the actual P&Ls. The anicdotes are fair enough. But, being new I think you should be trying all sorts of things, learning by failing can be as valuable as sticking to a plan sometimes as I'm sure you know.

So if you want to see what 'in running' is like, have a go, but plan to have a go rather than it just happening. If so, you might have done better if you'd known if your horse was a front runner or a hold up job for instance. And if you lose, no big deal, refine and try again or move on. I think you might agree though that not having even seen a race until a week ago, your race reading skills might have been weak point

Even then, there's no harm in 'playing' with a few quid because you never know what you might see that inspires you or might make you consider automation for instance. I've said before about how different these markets are from fx, another is that there's many many more ways to trade them, try a few and don't worry about justifying every penny on here.

[Original-Soultrader]

I get you shaun, i really do.

just bear in mind i first joined this forum close to a year ago - i did play a lot with all sorts, dutching, in play etc before deciding to take it a little more seriously. I don't feel under pressure to 'perform' because i'm posting the p&l but i do understand where you are coming from.

Today was really an anomaly, I was in for a tenner and it was the first race at cheltenham so i thought sod it, i'll have a gamble - it was the favorite so i thought it had a fair chance. The bet actually had a lay on at 2's to get out but it never went down even a tick.

I feel at home looking for the swing trade and that's where most of my efforts lie.

Tomorrow will be thin for me, got an MRI scan at noon but should be back around 3pm after some lunch. this shows my whole attitude - in the past when trading forex i was stuck to screens like 12 hrs a day - that isn't for me anymore, truth is i can take it or leave it. to me it's the best attitude because if you NEED to trade then it's almost like it's scared money - and we all know what scared money does

I am getting to a point now where when I look at a market I often just think "I have no idea" and just skip to the next one so i guess something is happening. The 'edge' I thought i had last week is not as clear cut as i thought it was but it does have some merit to it which helps with selections.

I do appreciate the post and the meaning behind it. If i get to the point where I feel I HAVE to post my P&L then i'll just stop. In fact let's just stop right now. No more P&L posts for a while until i start to scale up, pretty pointless anyway because they are all the same at the moment. Maybe just for when I hit milestones.

[ShaunWhite]

Fair enough, was just an idea. I didn't realise you'd already been round that loop.
All the best for tomorrow, if you're nhs that noon scan could be closer to 3pm.

[Original-Soultrader]

Actually in Derby they're pretty bloody good. I can't fault any of the treatment or service i've had at all.

i don't think there is an nhs problem, i think there's an A&E problem. The media always look for the worst things to report - as an ex radio guy i'm well aware how it works.