Sunday 14 June 2009

A great Gamble

No trading yesterday, spent a great day in chester.
Good day today, pulled in £73.91 from 28 races, losing in 3 of them, i was also on one of the best "steamers" i have come across, i had betfair radio on and they were talking about the gamble going on a selection i had just backed at 12.00 for £30, much to my delight the more the commentors talked about the faster and lower its odds went, i put the lay in at 7.4 wish iahd held out as it went all the way down to 5.2, I hedged out for a very nice profit if only they were all like that, all my other trades were for small stakes of £20/30 depending on odds, i may increase these to £25/40 again depending on odds.

I am very pleased with my disipline at the moment, i hedge out for profit or loss as soon as both sides are matched, then look to continue, so if i place a lay in at 9.0 and a back in at 9.2/4 i hedge this loss, then look to trade again it may increase the loss or it may cut out the loss either way i have a daily "acceptable loss" of £25, if that is breached i stop.

i have taken this from another blog and it is good advice.

"Control the losses and the profits will take care of themselves"


cheers
Ron

5 comments:

  1. another great result, Ron. Just a quick question. Why hedge after each individual trade instead of just once at the off or whenever you feel is the right time? Cheers

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  2. hi Ron

    good blog
    would you like to exchange links?

    trader1
    http://preracetrader1.blogspot.com/

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  3. Hi Paul,
    I cant really answer as to why i hedge straight away after each trade, but in the past i have actually forgotten to hedge infact i have closed market and won nothing, i suppose it steems from there :)

    Trader1 i have added your blog to my lists, i have actually read yours in the past.

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  4. Hi Ron

    Thanks for a great blog; some good advice today. I will certainly take it on board. After 41 successful trading days in a row I had a bad day yesterday (Sunday). So today is "Day One" of the next run. Your comments are just what I need to focus again.
    Regards
    Phil

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  5. thanks Ron

    I will also add yours

    trader1

    ReplyDelete