Stung in the last race

The Challenge: to increase my trading bank by 5% per month.

The story so far...

Starting bank: €1,000 (beginning of May 2010)
Target for end August: €1,215.51
Today’s opening bank: €1,408.93
Today’s closing bank: €1,412.66
Today's profit: €3.73
Today's turnover: €15,709.38


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Feel a little deflated after only making a profit of €3.73 for this evening's trading as I was around forty quid ahead until the last race. In fact, I had a green book for that race of about a fiver too but then a horse was withdrawn and all bets suspended. The market reformed and I thought it would be a good idea to get in early ahead of the queue and take some positions. Bad idea!

I took some positions on both back and lay sides but all of a sudden, whoosh - the price came down really quickly and took quite a bit of my money with it. I had to get out for a loss of nearly 38 quid. While I'm disappointed to lose money so late in the day, I've learned another lesson - don't go near a market that is just re-forming.