General discussion : My Journey, day by day

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Original-Soultrader
Posts: 67
Joined: Mon Mar 27, 2017 12:19 am

Sat Mar 03, 2018 6:16 pm

Today's results then, not gonna trade the rest of chelmsford, going out tonight for a beer and going to have a nap first

Image

3 losers for the day nicely controlled. I could have made more but then this isn't about top and bottom picking. We used to have a saying in forex - "man who picks bottoms have stinky fingers"

Today i've been using a scaling in and out approach - i still have an issue when price jumps in my direction in finding it difficult to add at current price, but what i am doing is adding a few ticks away if price retraces.

A lot of my trades today have been lay trades and i'm much more comfortable with that now. I've been increasing stakes also, not the initial stake, just more added at the same amount - highest today was £40 and i often take some out fairly quickly to change my average entry - in one race i think i was in and out around 6 times. - i got a good entry on the 2nd fav in the last race i traded at around 4's - out several times and finally out at 5.3 - kinda pissed on that one because she went up to 7's so i left a lot on the table there. still, a profit is a profit

34 wins vs 10 losses for the week - avg win £1.03 avg loss £1.23 - win / loss ratio 77.2% - total won on horses £22.82

it aint gonna burn the bank at Monte Carlo but it's a start :)

Many thanks for all your help this week folks.

Original-Soultrader
Posts: 67
Joined: Mon Mar 27, 2017 12:19 am

Mon Mar 05, 2018 4:55 pm

One thing that I have learned in the past from financial trading is that when you are angry - STOP

I'm angry today, pissed off in fact because of a mistake - it wasnt even a trading mistake of choosing the wrong trade, it was a 'finishing up' mistake. I didnt see the result till the next time i hit the refresh button which was another event down the path.

I really felt like revenge trading and every time i did that in financials it taught me a lesson NOT to - so i've done for the day.

Todays results below at which point i decided to stop
Image

So you see the loser right? It wasnt even a bad trade, in fact it won quite nicely.

The mistake was after i'd done the trading - I hit the green up button and moved onto the next race FORGETTING that I had another order in the market. I thought when you greened up that it cancelled everything that was pending - clearly not. I was trading in lumps of £15 - had two in the market - greening up placed the odd number of £13.88 which would have netted me 1.12 profit but i forgot about the other £15 order that was there

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So today my new closing routine is to hit every canc button before i move on and to ensure the safety servant is running.

Buggar :(

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ShaunWhite
Posts: 3426
Joined: Sat Sep 03, 2016 3:42 am

Mon Mar 05, 2018 7:49 pm

If you're going to get so angry and pissed off that you need to stop after making a simple genuine mistake (ie not understanding the software and being inexperienced) then you need to look at that first. Shit happens. It wouldn't be called learning if you were already the done deal.

Original-Soultrader
Posts: 67
Joined: Mon Mar 27, 2017 12:19 am

Mon Mar 05, 2018 8:44 pm

One of my flaws Shaun. I can easily (and always have) revenge trade. At least I recognise it and do something to stop it these days. The moment I get that feeling I just stop and go do something else.

Luckily i'm just about fit enough now to go play some snooker in the garage :)

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ShaunWhite
Posts: 3426
Joined: Sat Sep 03, 2016 3:42 am

Tue Mar 06, 2018 3:42 pm

You might want to check your Green Up settings to make sure everything unmatched gets cancelled.
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hmsnaveen95
Posts: 4
Joined: Tue Feb 13, 2018 9:15 am
Location: Chennai, India
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Wed Mar 07, 2018 10:19 am

Cheers Man, you came with great ideas and it risky also. I wish you to reach your desires.

Original-Soultrader
Posts: 67
Joined: Mon Mar 27, 2017 12:19 am

Wed Mar 07, 2018 5:17 pm

Yesterday I had an appointment at hospital with the chemo guy - didnt do any trading whatsoever, just went for a loooong liquid lunch with the wife.

Today started out poorly with YET ANOTHER fuck up with closing and moving to the next race. what was a small loser of around two quid went to £22 in the red. the safety servant saved me from what could have been worse.

This time I decided to stay on the horse (pun intended) and just take each race one at a time - no checking of P&L until the end of the day and as it turned out I did ok as shown below.

My style has changed significantly since I began a couple of weeks ago and I now have slightly increased stakes (£15) and will place multiples of those in the market if i'm confident with a view to scaling out. also my extra positions are no longer an averaging in (although some are) but I also take extra trades as price goes in my favor too. That's took some getting used to but i'm getting happier doing it now.

I must admit that I don't feel that i'm learning much about the different kind of races with a few exceptions - I like maidens and novices because you get larger swings (right or wrong folks?) Handicap races seem to move less and people seem to be fixed around a certain price point give or take say 6 ticks either way. The opportunities there seem smaller in comparison.

I note that NHF races are now running, is that the start of what they call the 'flat season' - sorry if the question is silly. I've not really worked out the best way to handle flat races yet so still learning there.

All in all quite a full card for me today. Any constructive comments are gratefully received

Image.

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Dallas
Posts: 8742
Joined: Sun Aug 09, 2015 10:57 pm

Wed Mar 07, 2018 5:46 pm

Original-Soultrader wrote:
Wed Mar 07, 2018 5:17 pm

I must admit that I don't feel that i'm learning much about the different kind of races with a few exceptions - I like maidens and novices because you get larger swings (right or wrong folks?) Handicap races seem to move less and people seem to be fixed around a certain price point give or take say 6 ticks either way. The opportunities there seem smaller in comparison.

I note that NHF races are now running, is that the start of what they call the 'flat season' - sorry if the question is silly. I've not really worked out the best way to handle flat races yet so still learning there.
You've hit the nail quiet well on the head there.

Novices and maidens are the most volatile races and will produce the large swings where as H'caps (because more form is known about the horse) are much steadier and will often just stay within a defined price range just as you have noticed. These type of races are still tradable but require a different approach ie, they suit scalping (nipping in and out for 1-3 ticks) rather than a longer-term swing trade.

The turf Flat season starts in April, the NHF races are just jumps horses having a go on flat, these races tend to be as volatile as maidens and novices

Ignoring your first result of the day the rest you were very consistant and it looks like you were able to put that first race cockup out of mind and just get on with it so well done and keep it up

Original-Soultrader
Posts: 67
Joined: Mon Mar 27, 2017 12:19 am

Wed Mar 07, 2018 7:06 pm

Thanks Dallas.

Must admit tho i've not seen much volatility in the nhf races i'v traded - maybe i'm studying the wrong horse too much!

Thanks again

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ShaunWhite
Posts: 3426
Joined: Sat Sep 03, 2016 3:42 am

Wed Mar 07, 2018 8:05 pm

Just take it easy this week. The week before a big meeting can be a bit ify. You'll have seen some pretty wild markets today but things should be... should be settling down soon as the liquidity picks up. Cheltenham will be an eye opener for you.

You don't need to be weighed down with info but try these links to brief descriptions of the types of horse race and horse racing grades

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