Thursday, 3 April 2008

Better than a loss......

Daily Profit £5.42

Traded on 16 races, winning on 8, losing on 5 and break-even on 3. My largest win was £9.50 and my largest loss was £8.40.

Overall, another disappointing day and I'm really struggling to get things going with the horse-racing trading.

I think part of the problem with trying to employ a lower risk strategy is that I'm stopping my losses to a great extent which is a huge improvement on my trading from last month. However, I'm then not letting my winnings run and I'm being far too risk averse and banking profits too early.

I think I need to find the happy medium between my wild trading of last month and my lower risk trading this month. If I could just find the correct strategy, I'll be much happier.

As I said last week, I've decreased my stakes considerably for the timebeing as I'm low on confidence and just trying to get back to basics and make some profits. Obviously, the clock is ticking with regards to trading the horses as I can't afford to play a low risk low return strategy every day as I'd be much better off at work!

I'm still hoping that I'll turn things around and I'm slowly getting my confidence back but I'll be looking to increase my trading stakes as soon as possible to allow me to get back to trying to make a decent return.

I'll post up my golf bets later along with the strategy I'm looking to employ this week.

1 comment:

Alistair said...

Hi Graeme,

It's a difficult balancing act to get right - when to take profit and when to let it run.

I'm suffering from the same problem where I'm taking my profit too early and missing out on quite a few ticks worth of profit.

Still, as long as the profit is coming that's the main thing. I just need to have the courage of my convictions sometimes.