Tuesday, 13 January 2009

An average day

An average result, but not an average start. I stupidly lost £265.50 in one of the Thurles races, it was bad trade after bad trade. I think it was due to losing nearly a hundred in the race before. So that set me down over £250 and thought if I keep this up it will be my first losing day of the year. So I snapped myself back in to full concentration mode for the rest of the day and profited in 14 out of the 16 remaining races I traded on, losing only £43.

It seems like the timing of my posts have left me in last place for mentioning about the program on the BBC called Million Dollar Traders. It's about eight ordinary people from different backgrounds going through an intense two week training to see if they can cut it to run their own hedge fund and make money from being given a millions dollars. It was fascinating to watch. I think the scouser will come through and do well, he seems the most intuitive, but intuition alone won't make you succeed so we'll have to see! But the old man is terrible, I mean, getting confused with his own position and doubling up on his position instead of exiting his trade?!?! Mind boggling! Michael Baker as most of you probably know from reading his blog has gone into this sector and I wish him all the best. The life of a horse race trader seems relatively short lived from what I have gathered, except Peter Webb of course, who has been at it from the year 2000; that's great tenacity. Peter in his blog says that successful traders simply outgrow the exchanges; I can see the same thing happening to me unless I diversify and reduce my solitary confinement (I can see in a couple of years that it might start affecting me). But for now, I'm fine. The buzz of earning the amounts I do has only just started to fade away, so you could say I'm still on a high. My trading performances have also begun to plateau, which I don't like. I always like to push myself and achieve something better. Then again, I don't think there is too much room to improve anyway. I've always been fascinated with the financial markets, but not taken a dive into the financial trading yet because I feel some sort of guidance is best since the markets are much more complex, where as becoming a horse race trader is much simpler; there are no macroeconomic dynamics to learn. I have to say, watching the program definitely got me sitting in my seat with excitement thinking about the possibility of becoming a futures trader, especially since analytical skills and emotional skills I can imagine are very transferable between the two.


Anonymous said...

greetings Adam. I saw Heathcote won again over the festive break. Hope you had something on him!
I am a specific question about your nice green up (I assume it was a green up, right?) on the Southwell 15.00 today. I was shaking my computer screen trying to squeeze a tick or two from this market, which was tough to judge with all the horses priced in the 5s and 6s range. How do yuo play these sorts of markets when there is no real favourite. Do you scalp with fairly big ticks or is there some other magic. I think I made 25p on that one after twenty minutes sweating it out. Prey tell. Thanks a million and I think you'd be a natural in the City. Best, Bernard

Dave said...

Great stuff again Adam, really enjoying the blog.

A quick question, when you first started trading on Betfair what was your starting bank?

Thanks, and keep up the great work.


Adam Heathcote said...

Hi Bernard, Heathcote ran again? I totally missed out on that! I always green up. If there is no real favourite I will usually jump on the horse with the most liquidity or the horse I will has the most potential for movement. Which ever can make me the most money!

Hi Dave, Cheers for enjoying the blog! It makes it worthwhile knowing people enjoy it. I started out with about £50. Maybe £100, I can't quite remember!