Tuesday, 22 July 2008

Another Lesson Learned!

Daily Loss 162.74

As I mentioned in my last post, I have taken 4 afternoons off work this week to trade. As I’ve been saying recently on here, I feel like I’m trading as well as I have ever been, so it makes sense to try to capitalise on this at the moment.

Today, I traded very well and being honest, I’m in quite pleased with myself even though I am posting up yet another massive loss.

I traded 13 races today, with 12 wins and 1 loss. The fact I’m posting up a £162 loss is farcical but let’s just say that I’ve learnt another lesson today. As I’ve found this month, lessons on Betfair are proving quite costly but I’m still learning!

I can talk through how great I traded 12 races and how I was never in any trouble of losing but that would be fairly boring! Let’s look at the race where I lost…..

I was trading Auld Arty in the 3.00 at Salisbury. It was a 2 year old with decent form and was well drawn, so I guessed it could have given the fav a run for its money. Everything was going great and I was trading the fav and 2nd fav.

The 2nd fav started to drift alarmingly and I was exiting both bets for a guaranteed loss. They then showed Auld Arty on the screen and it was clearly upset, so it was drifting like a barge. I then let things settle and started to lay the fav as it shortened too much.

Everything was going OK and I laid Auld Arty as it was drifting but it started to shorten, so I had open positions on both the fav and the drifter Auld Arty. They were nearly all in the stalls and then Auld Arty backed out. The jockey popped off and it drifted wildly, so I again exited the bet but wanted to back the fav to go red on the field and green on the fav. I forgot about the Rule 4 though and to cut a long story short, I ended up losing a bloody fortune as the fav hosed home!

Overall, a £380 loss on the race and another valuable lesson learnt. All day, I didn’t get in any difficult on drifters apart from that one race and as usual, it bites me on the ass in a big way.

If I had managed to get red on the field, I would have lost about £100-£150 on the race and I’ve no complaints. When you are backing a horse that is sweating badly pre-race and you didn’t know, you need to take the loss on the chin. The fact I wanted to back the fav meant that things got worse as I forgot about the Rule 4 and I ended up losing even more when it hosed home.

Overall, a bit of a nightmare race but all in all, I really enjoyed today’s trading.

One day soon, hopefully everything will click into place and I’ll start making some profits again. At the moment, I appear to be fighting a losing battle every time I trade but I’m confident I’ll turn things around.

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