Monday, 9 March 2009

Cheltenham Festival

Well Cheltenham's coming up, starting tomorrow, and I am excited like everyone else that surrounds the horse racing world. I don't know why I am excited; last year I found it really hard, I was frustrated at trying to figure out what to do - but by the end of it I was wanting more because I felt I was close to really making the most out of the highly liquid markets and reasonably limited price movements. If you find it hard going - try changing your style. So for example, in the highly liquid races, when you see a gap in the prices, for example 2.94 - 2.98 - 2.96 is missing, if you figure out which side of the book is going to fill up, (either back or lay side) then get in there first so your at the front of the queue and get matched the quickest, then place your other trade on the other side. Or dutching/bookmaking, I tried that on the Cheltenham races last year and it works much better because of the limited price movement. There are plenty of method's you can use - most of the time you just need balls of steel.

I'm cruising along okay with regards to the challenge, I've managed to make ~£5,000 from Wednesday so I'm now a third of the way to my target. At this pace I should be finished mid-August, but I haven't really taken any holiday off yet. I've worked 50 days this year so far. I'm considering new separate challenges for myself - such as seriously cutting back on the chocolates and deserts I eat (I eat a lot of them!) - as well as going alcohol free except occassions. I've become more aware of how the alcohol affects me for a few days afterwards - and I reckon giving up will help me stay much more mentally balanced. I've noticed this because I've currently set myself only a maximum of 2 drinks in one night when I'm out, and the change has been noticeable. Achieving a pure form of concentration while trading - imagine that; that's pretty much what I'm aiming for.
I've also found a great habit - instead of reading sitting still at home, I now read while I sit on the bike at the gym - how about that for productivity! It actually helps me concentrate better on the reading the fact that I'm cycling at the same time for some reason.

Good luck trading on the festival; hopefully we'll all be saying one of my favourite sayings - "Come on all the horses!"


Rotteborp said...

Today I've lost and I think that 90% of stupid errors I've made ceased by unfocused mind.

I want to relax but it's not easy. Now my problem is I am not sure I can make money. I am sure that I can trading without losing.

Adam please tell me when you finally understood that you can consistenly make money on horses?

That's my stats for about week of trading:

Anonymous said...

I had an absolute thumper of a day. I bet Adam has as well as we both had the same teacher.