Thanks for the report, please remember to get your trade of the week entry in (week ending Sunday), you will be in with a good chance of winning it even if it's not the largest if you go into enough detail similar to your report above.Thought I had better report in - though I feel I might scupper my balance just by mentioning I am in the black atm. Concentrating on scalping and disciplining myself to get out quick and accept losses, in return for when I get them right jumping off the profit when the money slows down. I am at about £80 atm, though the first few days I did some really silly things, like having my whole bank in liability in-running just to make sure I didn't lose 28p . Now getting better, find I have lots of little losses and a regular supply of good trades.
Another thing I tend to do if the odds are static but loads of trades appear, as in the last few minutes before the race. I drop in my stake on one side and as soon as it is taken, drop in it the other for a 1 tick gain. Good when the trades are furious, I managed to get in about 5 at tops like that - but awful when suddenly the odds go against you.
I don't know how many hours I have put in so far but I feel I am working currently at minimum wage in a third world country. I'm driven in the hope that my tortoiselike method will win the busting hares
Have tried a little of the US Races - totally different experience, but still positive overall. I find I am fishing for odds here. I wait to see some regular trades going on and see if I can offer odds as far out of the trades as possible. If they get taken then jump back in and trade of straight away. There are two problems to face here though. One is the races may start before the counter reaches zero and then it is all over, I prefer to hedge everything out before then. The other is that the liquidity can be awful and trades sometimes stop for ages, so hedging out is sometimes a bit nerve-wracking, especially if it suspends before you get out .
No big wins yet, doubtful whether I will reach that with the techniques I am using but as I am using 10% of my bank for stakes (therefore sticking under the odds of 10) I at least find myself increasing the stakes each day I start, so instead of £5 in the beginning, I am now staking about £8. I know it's not a lot but it is satisfying to increase it .
I am glad the challenge came up, I wouldn't have gone through the hassle of setting up a separate account if it hadn't been set in the rules. Also it has forced me to get disciplined first, I can see now my wild loss chases were totally unnecessary and destructive, though believe me I still have to fight to stay in line.
One last thought, I realise now that the swearing, the inane sayings in funny accents, the singing of 'Maggie May' and other songs of tenuous connection all come with the job of trading. All this and more demonstrated in the RacingTrader videos if you need examples. I find I am doing all these things EXACTLY THE SAME whilst concentrating on trading - coming out with all sorts of stupid nonsense. I now call it the 'Todd' effect. Even creating new expletives as I go along, like Billy Connolly's 'GETIFU YA BASA' - or something similar. Any psychology students out there need a research project, I think a few Camtasia recordings of these trades will be enlightening. Not sure of what it may prove except my own apparent increasing insanity as I go through the competition this month. .
I've done it again - 'War and Peace' in a post - I meant to just say 'Hi guys I'm at about £80 - still going'....