I finally traded a few races today, 3 to be precise. My last horse race trading was last Saturday. As the title of this blog says I am very happy at the moment that I am a part time trader. I take my hat off to any traders that will have managed to keep their discipline during this very difficult week. For me it has been good going back to work knowing that I have a steady income that will pay the bills at the end of the month.
My ultimate aim would be to be good enough to trade full time but at the moment i think this is some way off. I need to work on my discipline (although this has been much better recently) and I need to find areas apart from Horse Racing that I can trade.
My 3 races that I did trade were good I made a combined profit of £15 on the first 2 then scratched that last race. Although during the last race I noticed something about my trading that probably cost me a little profit. I had entered an initial trade that had gone against me by about 2 ticks. I was confident it would come back up to my price so left the scratch trade in the market. It soon became clear to me that the price has stabilised 2 ticks below my back bet. Rather than closing my position and enter several prices either side of the market I just waited for the price to come back to my price which it did just before the off. Now if I had gone with my instinct and closed the trade and then traded around the stable price I would have made some profit from the race however my pride not wanting to take a loss undoubtedly cost me money. I think this is one of the hardest things about trading is admitting you got it wrong by closing a trade. Although it is not admitting you got it wrong because it is impossible to get every trade right, it is basically accepting that trade didn't work out but you know others will go in your favour sooner rather than later.
Lastly if you are reading this blog expecting great profits then you may be disappointed! Although I do hope that this changes. This blog will hopefully show you that it is possible to make some money but at the moment it won't be hundreds of pounds a day or even a week.