Trading Horse racing : Trading What I see !?

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Euler
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Thu Aug 13, 2020 9:23 pm

Sounds like you are turning a corner.

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beermonsterman
Posts: 22
Joined: Sun Dec 25, 2016 2:47 pm

Fri Aug 14, 2020 8:20 pm

I've worn that T shirt more than once
Goat heading to the bust bank lobby sorry to say
take it easy Goat them numbers spell disaster my friend lower stakes to save the heart ache

goat68
Posts: 154
Joined: Tue Jun 30, 2020 3:53 pm

Sat Aug 15, 2020 8:11 pm

Another rough ride of a day! 9 wins & 5 losses, again those losses wipsaw'd me to larger losses than I should have, net +£4 for the day! seems a lot of work for £4 ! I need to get out of losing trades earlier, but some of my wins are when it goes against me then comes right back, so it's hard to know when to cut it, until it suddenly drops -£20 in the bat of an eyelid!! I guess my entries need to be better, but not sure how!

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ShaunWhite
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Sat Aug 15, 2020 9:13 pm

goat68 wrote:
Sat Aug 15, 2020 8:11 pm
Another rough ride of a day! 9 wins & 5 losses, again those losses wipsaw'd me to larger losses than I should have, net +£4 for the day! seems a lot of work for £4 ! I need to get out of losing trades earlier, but some of my wins are when it goes against me then comes right back, so it's hard to know when to cut it, until it suddenly drops -£20 in the bat of an eyelid!! I guess my entries need to be better, but not sure how!
If you're seeing some that "suddenly drops -£20 in the bat of an eyelid" then they should be balanced by those that do the opposite unless you're good at picking just those (which would be a good thing). From your posts you seem a bit fixated on strike rate, counting winners vs losers. That's likely to be making you snatch at small profits to clock up a win, but perhaps your losers are even the right size but your wins are too small? There's a human tendancy to dwell on the loses rather than to analyse the wins and that's fed by this 'eliminate the losers' ethos, when infact maximising the wins is equally important. Rather than strike rate, simply measure avg win & avg loss, it really doesn't matter if your strike rate is 10% or 90% (to a degreee).

And the same with £4.....measure your performace another way, maybe % of avg stake or % of turnover or something, using a cash amount is likely to make you target cash amounts on the ladder. I don't know what you're staking but if you've managed even 4% on the total of all your back stakes it's been a decent days work. Scaling isn't linear but when you start putting a grand through each market that 4% return on stakes would be a very comfortable living.

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Euler
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Sat Aug 15, 2020 9:17 pm

goat68 wrote:
Sat Aug 15, 2020 8:11 pm
Another rough ride of a day! 9 wins & 5 losses, again those losses wipsaw'd me to larger losses than I should have, net +£4 for the day! seems a lot of work for £4 ! I need to get out of losing trades earlier, but some of my wins are when it goes against me then comes right back, so it's hard to know when to cut it, until it suddenly drops -£20 in the bat of an eyelid!! I guess my entries need to be better, but not sure how!
Lots of heavy backing around today, that was the theme of the day. Well, some of that was triggered by laying on a specific runner, but you have to be looking for something the laying was quite heavy so it was sending lots of prices in. Hope that makes sense?!?

goat68
Posts: 154
Joined: Tue Jun 30, 2020 3:53 pm

Sun Aug 16, 2020 6:05 pm

A good day, made a couple of adjustments to strategy.
8 Wins, 2 Losses : Net = +£48.50
Avg Win = +£9.30
Avg Loss = -£12.94

I'm convinced if I keep applying all the "tips" PW suggests in his Videos I will be heading in the right direction... :)

Trader Pat
Posts: 755
Joined: Tue Oct 25, 2016 12:50 pm

Sun Aug 16, 2020 7:17 pm

goat68 wrote:
Sun Aug 16, 2020 6:05 pm
A good day, made a couple of adjustments to strategy.
8 Wins, 2 Losses : Net = +£48.50
Avg Win = +£9.30
Avg Loss = -£12.94

I'm convinced if I keep applying all the "tips" PW suggests in his Videos I will be heading in the right direction... :)
You should consider recording your trades and viewing them back. Its amazing all the signals you miss when in the middle of a trade.

goat68
Posts: 154
Joined: Tue Jun 30, 2020 3:53 pm

Sun Aug 16, 2020 7:26 pm

Trader Pat wrote:
Sun Aug 16, 2020 7:17 pm
goat68 wrote:
Sun Aug 16, 2020 6:05 pm
A good day, made a couple of adjustments to strategy.
8 Wins, 2 Losses : Net = +£48.50
Avg Win = +£9.30
Avg Loss = -£12.94

I'm convinced if I keep applying all the "tips" PW suggests in his Videos I will be heading in the right direction... :)
You should consider recording your trades and viewing them back. Its amazing all the signals you miss when in the middle of a trade.
Will do, thanks for the tip Pat

jamesg46
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Mon Aug 17, 2020 12:48 am

https://youtu.be/AApxtkGaeWc

Random post but I feel it's relative.

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Kai
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Mon Aug 17, 2020 11:02 am

goat68 wrote:
Sun Aug 16, 2020 6:05 pm
I'm convinced if I keep applying all the "tips" PW suggests in his Videos I will be heading in the right direction... :)
Easier said than done! If you could apply only a handful of those tips it should be relatively smooth sailing. :)

Btw speaking of concrete tips, I can try and throw one of mine if it helps. If you're using this thread as a daily trading diary of sorts I would maybe suggest a very simple process of finding and highlighting your biggest mistake for that day and then trying not to repeat it the next day, and so on, simply getting in the habit of finding just one mistake per day can do wonders for your trading after a few weeks. The idea here is obviously to start working from the biggest mistakes and work your way down, if you cut those out then it's much easier to progress, and if you don't know where to find them just have a look at your biggest losses.

Ideally I'd suggest to do the same with the patterns, if you try your hardest to identify one "pattern" per day, and then try to confirm it the next one if possible and so on, that is infinitely more complex but not a bad habit either.

The above process more or less is how I work in general, if you do it right then in a couple of weeks time your trading approach and performance will be light-years ahead of your old one! Like Pat suggested above, imho you can get a lot more out of carefully analyzing one day's worth of trading than mindlessly trading for several months without any analysis in your work.

But those are good results for such an early stage, you can progress fast with decent stake sizes since baby stakes just delay facing the inevitable. Best of luck.

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