Friday, 22 May 2009

Update

Apologies.. its been a while since I last updated. I was aiming to reply to everyones' comments before I made my next post - I'll reply to them over the next couple of days. I've also been really busy doing all sorts of stuff; my interest in so many activities definitely keeps me busy. Some new activities I've been doing include Ultimate Frisbee, which I first tried out at University, and now play occasionally in the park with an organised group. I think one of the best things that has come about making all this money from trading has just allowed me to be open to new activities and ways of thinking, especially with being your own boss and working 4 hours a day; although I used to trade practically 7 days a week and on every evening race meeting when I was learning the ropes. I remember my now friend ex-girlfriend wasn't very happy when I was so adamant to trade every day and every race! I'm so glad I'm slightly more relaxed about taking time off by prioritising better. It also reminds me of my Dad back at home when I used to just trade that 'extra one race' just before dinner while it was getting cold on the table - if I lost money on it I'd get it in the ear about coming down to dinner when you're told - but if you won lots, it's happy days!

Trading for me has quietened down this week, what I mean is the markets have been more rational and consistent, without the price jumping here and there from a massive order hitting the market. I didn't handle it all very well, being stressed out with annoying problems was hitting my confidence. I don't know whether it's just me but I think maybe as soon as something irrational happens, it changes your way of thinking so dramatically. It's also amazing how thoughts can manifest in your head and change your perception of the markets and your ability to trade successfully; for example if you were to start looking for a specific price movement, or order that you might be expecting to hit the market, or even a particular person you have a feeling is doing something (if only Betfair listed the names and addresses of all money in the market, so you knew exactly what each person was doing!), your senses for figuring out what's going on in the market as a whole, I think, are dramatically reduced, and you start making poor decisions because you are becoming detached from what's going on in the bigger picture. I do this frequently and it's amazing how much it affects my trading - I hope I've explained it okay.

I had one awful race today, I was scalping and literally every scalp was a losing scalp, if ever there was a time of how to be 'out of the zone', that was it! I did about 10 losing trades in a row - I just couldn't believe it. It would have been a perfect example of what not to do. Apart from losing a good few hundred there I managed to tip just over £2k profit for today - I should have done better because I was well in tune with the movements that were going on today.

My next post will be on entry and exit points; a short guide of when to enter and exit the market as a trader, while trying to make as much money as possible!

8 comments:

Leigh said...

Steaming ahead as ever Adam, which is great to hear.

I had my best trade yet today which i am very chuffed about and felt i had to share with someone lol....23 ticks :-D...more nxt week please (fingers crossed lol)

Cheers

Leigh

Anonymous said...

Hi Adam

Great Blog and best of luck to you.

Just wondering if you set a target per trade ie number of ticks or a certain amount of profit?

I currently have a target of 2/3 ticks and only trade once there is £100k matched on the race - would you recommend this for a beginner?

Many Thanks

Sergio

Anonymous said...

hej adam, read your blog regarly. im really looking MUCH foreward to read you post on entry and ext points

Jeff Waters said...

Next time the market is irrational and inconsistent, spare a thought for those of us who have to work with irrational and inconsistent people every day! :)

Jeff

Adam Heathcote said...

Hi Leigh, well done is getting 23 ticks! - that's pretty good!

Hi Sergio, I don't set a number of ticks to be made, more so a profit of about £100. I think 2/3 ticks is a good target - only trading on races about £100k matched is up to personal preference I think.

Anonymous said...

hello adam have enjoyed reading your blog since january to be honest its given me hope there's a way of profiting from horse racing i have been gambling on horses for 27 years now and have lost everything 5 bedroom house family and recently my car. i so want to start having a go at trading and rebuild my life if possible... how much money do you think i need to start? and how easy is it to get a place on the peter webb course? thanks and good luck

Anonymous said...

Hi Adam,
Well done on doing so well. Just a quick query. Do you adjust your trading style for the type of race you are trading, e.g maiden races can fly through suppot / resistance points due to lack of form and stable money etc, whereas handicap markets tend to see good reistance points. Just wondered if you do this. Thanks, Steve

Adam Heathcote said...

Hi Anonymous, I recommend starting with only £50-100. Regarding Peter's course, I have no idea how hard it is to get on, but from what I've heard, it's not 'easy'.

Hi Steve, I do adjust my trading style for each race, but this is only based on how I feel the market is behaving; only 10% of the time do I include the race type in my judgement of that.