My trading goal for now, is baby steps.Meaning get back to showing a profit over 7 days then 30 days and then 3 months, I had started well and got to £2 profit then it went to £19 for the week but things headed south with a couple of bad decisions.
I actually gambled and layed a couple of faves to try and get my money back and I know this is a massive no no as it turns me from a would be trader into a disastrous gambler.
So what I am doing wrong is going in play on the wrong types of races, not having enough knowledge of why I'm entering the market, my method so far has been to pick a horse usually the fav and either lay or back depending on weight of money and then hopefully scalp a couple of ticks to green up.
If the prices head in the wrong direction I have made the mistake of keeping the trade and trying to green up in play instead of having an exit strategy and accepting a smaller loss.
I'm using to big a stake in comparison to the bank I currently have.
So I have bought Caan Berry's Trading guide and have had a quick scan and I can see what I am trying to do is a million miles away from what he does hence why he is successful. My intention is to make this work so I will have to adapt his principles he lays out in the guide.
Some initial thoughts learn more about horse racing, look into online racing channel streams or maybe inest in paid subscriptions, Set up a work station instead of sitting on my couch trying to trade. hook up a wired connection instead of using wifi, do not get distracted, no answering the door, phone or browing websites while trading... Writing this has made me realise my trading is a disaster waiting to happen..
So I have to read the guide fully, plus the old Dave Walton manual I bought some years back, Read the daily trading coach as recommended by Trader Dave over at 200kin1yearbetfairtrading.blogspot.co.uk/
...
Anyway these are my initial thoughts at the moment
So what I am doing wrong is going in play on the wrong types of races, not having enough knowledge of why I'm entering the market, my method so far has been to pick a horse usually the fav and either lay or back depending on weight of money and then hopefully scalp a couple of ticks to green up.
If the prices head in the wrong direction I have made the mistake of keeping the trade and trying to green up in play instead of having an exit strategy and accepting a smaller loss.
I'm using to big a stake in comparison to the bank I currently have.
So I have bought Caan Berry's Trading guide and have had a quick scan and I can see what I am trying to do is a million miles away from what he does hence why he is successful. My intention is to make this work so I will have to adapt his principles he lays out in the guide.
Some initial thoughts learn more about horse racing, look into online racing channel streams or maybe inest in paid subscriptions, Set up a work station instead of sitting on my couch trying to trade. hook up a wired connection instead of using wifi, do not get distracted, no answering the door, phone or browing websites while trading... Writing this has made me realise my trading is a disaster waiting to happen..
So I have to read the guide fully, plus the old Dave Walton manual I bought some years back, Read the daily trading coach as recommended by Trader Dave over at 200kin1yearbetfairtrading.blogspot.co.uk/
...
Anyway these are my initial thoughts at the moment
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