Trading

Trading
someone has emailed me asking to explain on how i trade as my style is diffent
from many others and seeing as i have a spare 10minutes at work here goes.

Firstly i rarely trade on the 1st fav, sure this is where the bulk
of the money is, but for me theres nothing worse than sitting
in a queue getting matched and then sitting in a queue waiting for
the odds to go in your favour, i also find the prices to be way too
up and downy that said it can happen with just about any other
selection.

I tend to trade on the 2nd, 3rd, 4th, 5th or higher priced favourite
depending on odds, i'll have 3 of these of these open in 3 ladders
where i can monitor the odds, i'll sometime place 2 orders say a lay
£30 at 10's on selection 1 and a lay of £30 at 10.5 on selection 2
using fairbot and the smartbets function my oppoiste bets will be
fired instantly once the lay orders are matched, sometimes both lays
are matched at the same time so i have a liabilty of £300 should either
one of these win should it go into play, sometimes 1 of the back
bets is matched in which case i'll see how the other is doing then maybe
i'll scratch it for 0, or a 1 tick loss this is offset with the previous
back/lay. Of course it goes without saying that these 2 could be back bets 1st or a mixture of both it depends on how ithink the market is moving.
I usually manage to get both trades matched so that trade one
pays
lay @ 10 for £30, back at 10.50 for 28.57 profit = 1.36.
Trade 2 lay at 10.5 for £30 back at 11 for 28.64 profit = 1.30

if i can i'll repeat one or both trades to increase the profit, if things
go against me, i'll hedge to a loss sometimes as much as £5 and if time
allows i will try and trade the loss to make it smaller.

as i said this different on how others do it.

My only advice to others is try not let trades run in play, we have all
done it, i do it occassionally but i place my order in running, usually
because i am watching the race and listening to the commentry if a horse
is making mistakes and the odds are favourible i'll lay it and look
to get out as soon as possible, i use much smaller stakes and again if it
looks like improving i'll take a small loss, i only do this for races over
1.5miles, cannot be done for 5f races :)

Other advice pre race trade 12 minutes before the off and try and close positions
before the start of the race, either watch the race or listen to timeform radio
a lot can be cleamed from these, that way you will know when the race is almost
ready to run.

another question i am asked, "could you do it full time?" i dont think i could
in order to give up work i'd need to be clearing £95 a day 7 days a week to match
my salary or £133 aday Everyday with out fail, i know some guys are pulling £1000's
a day i'd imagine thier banks are rather large,so can actually move odds forcing markets up or down, that said i'd love to give it a go so should i ever win the lottery or be made reduntant then maybe i could :)

i hope this helps some of you, as i useless at explaining things

Ron