Lets steel Adam Heatcotes money
Hello!Glad to see you're getting it. We seem to be trying to do very similar things, althoug you seem far more proficient at it!I'd just like to know... when do you cut your losses? When it goes against you and the one that you thought was going to steam heavily stops and turns around? Or you let it run till the end before the off?Also, did you find it difficult today? There were some big strange bets and depending on what side they caught you you could be well in profit or well behind.All the best,Jacobo.
Hej Cobo i didnt trade today so , dindnt see the big bets, went for a zoo with my daghter.I think there is many signals as to wether you should trade out a loss or stay in for a possible steam or drift. the key factors im looking at when it goes the wrong way, is the way the money is getting matchet. exsample if i layed and the price starts to steam, i concentrate on the other horses graph trends, lets say there is 2 other horses whoms prise is also steaming, i think i would stay in for a possible drift again, but if the money is jumping in front of eachother on the favorite, and the volume is pretty high, i would trade out a loss even if 2 other horses where steaming to.But really i cant write down as to when to do what, because there are so many factors to it. i actually think its more a feeling then a system, the other factors is number of runners, type of race, number of tips, high odds or low odds, % of volume on the other runners, encrease or decrease on volume on other runners.But the one thing i never do, which i know other traders do is listen or watching to live feeds.Take care hope you make it
Nah, of course trading is never a system... as you say, everyone kind of ends developing some sort of "feeling"... which I think is nothing more than subsconsciusly analyzing lots of things.Interesting the part about the feeds... you can clearly see some comments have their impact in the prices. As with everything, it's not always the case.Another important aspect (if you don't wanna answer any of my questions just tell me!), how much time are you willing to wait before what you have thought develops? From you comments I suppose your timeframe is bigger than most traders.Have good luck, hope to keep reading good results! ;).Cheers!
Well when i open up a new market,i make a quik jugdement of the marked, off wich way i think it will go, using the graph and the volume off money traded on each horse, i then look for signs that could support my first thought off the race, if these signs come very quikly i dont hasitate backing or laying 10 mins before the start or even 15 mins.2 days ago i was trading, a race that really put my senses to the test, i dont remember which race it was, but i decided to back the faw at odds 2.48, as every think looked like it was going to steam, but out off the blue it just driftet like hell, out to 3.3, and mann i was shitting my self there, but i couldnt see any off the other horses atrack any volume or steam heavely, and i knew that the fav had 4-6 tips, so i dindt trade out. a few ´minutes later it steamed right down to 2.3 again, and i traded out with out a loss. But to ansher you quistion, i dont wait very long, because it dosent matter if i get 5 or 10 tick losses on bad trades, as i take some big wins some times, 2 days ago i made this trade 3.00 1,000.00 Back 11-Jun-10 15:59 2,000.00Ecliptic * 2.50 1,000.00 Lay -1,500.01*Average odds: On Off Back subtotal: 2,000.00Lay subtotal: -1,500.01Market subtotal: 499.99Commission @ 5%: 25.00Net Market Total: 474.99Backed at 3 layed at 2.5 for a nice profit off 474,99.But honestly, i dont now how good you are or if your even making a profit, but i think that the best thing to do is to record some rases of 5- 10 days on camtasia and just keep watcing it, thats the way i did it, i thnk i have 1000 GB of video i watch. you dont have to sit and watch it record, just use guardian to auto switch markets every 590 seconds, and then let your pc render in the night time.