Forgot to do this at the end of the month but to be honest, there’s not a lot to report as I hardly got to trade much at all in November. As mentioned before, I took a hit of nearly 240 quid through carelessness on one particular day so that has put a big dent in the bank. Here’s how things stand:
November opening bank: €2,143.70
November closing bank: €1960.24
November profit/loss: -€183.46
As mentioned, my target for each month will be 5% of the bank.
5% of November’s closing bank is €98.01.
So the target for the end of the month is to get the overall bank to €2058.25. Despite the weather early this month, I think this is a very achievable target as I have a nice bit of time off over the Christmas and hope to get a good bit of trading done. Normally I head to Leopardstown on St Stephens’ Day but I’m seriously considering staying at home for a good deal of the Leopardstown festival so I can take in some busy meetings in the UK and trade. That said, my mates are already suggesting at least one day out on the lash so I’m sure I’ll be up there at some stage!
While I’m pretty disappointed with November, I feel good about December and time away from the project has given me time to think and read more about discipline and strategy. I’ve a bit of work on during this week but all going to plan, I’ll be trading again for Cheltenham on Saturday – fingers crossed this bad weather goes away soon.
On a side note, I see that it has been announced in today’s budget that all online betting in Ireland will be taxed at 1%, including the exchanges. I’m guessing that the bookies will absorb the tax like they do in the shops but how it will work on Betfair remains to be seen. Will the tax be on the net bet (similar to Betfair commission)? Because if they tax both back and lay bets as separate entities, that puts another spread between the prices for traders. Maybe Betfair will somehow absorb it? We’ll wait and see…
Ludlow (Weds)
18 hours ago
Posts
i have a question,wayne.i came across your strategy of scalping horse racing on a site.i tried it and thought it worked fairly well until i entered a market which all of a sudden became very volatile.i lost all my profit i had made in my 1st day of scalping.(i'm into football)the question is how do you know which markets will become volatile?didn't know this was the biggest problem with scalping until i read volatile markets are the thing one would want to avoid when scalping horse racing.
ReplyDeleteI can't say I know anything about football trading to be honest. It's takes plenty of time watching the markets to get a feel for which races may be volatile but GENERALLY speaking, I've found that:
ReplyDeleteHigh liquidity - steady
High quality race - steady
Small field - volatile
Large field, short favourite - volatile
Large field, weak favourite - steady
This is very general though so you'd have to make your own notes as you watch the markets.
thanks for the info,wayne.gonna try your strategy again
ReplyDelete