Tuesday 18th May 2021

So, first race of the day was an absolute mess. Boomshalaa in the 15.05 at Wolverhampton threw the jockey and ran off backwards around the track. I decided to lay this on the ladder thinking the price would have to go out. The price did go out but ultimately the horse was pulled from the race. So the small profit I made will have been null and void. Expecting the market to adjust in favour of the second favourite Alphonse Karr, I backed him on the ladder expecting the price to steam. What actually happened was when the ladders readjusted, the price did indeed come in but so did the price where my loss met profit. That, in fact, went lower than the price the horse was trading at. That left me in around £6 loss. The third favourite was heading towards a crossover at 6s and had previously been trading at over 30s so I closed my trade on ladder one and layed ladder 2. I managed to recoup my losses and made a few pence. But I have no idea of the mechanics of what happened. I was trying to be clever, but in future, I will stay out of the market when such instances arise. At least until I understand more about how the market works in such instances.

Then I had a car crash in the 15.40 also at Wolverhampton. I made what I thought was a good trade backing ladder two. All the signals seemed to be there. But it went against me. Because I thought I was seeing a good trade developing I didn’t cut my losses when I should have and ended up losing £5.91. It’s so painful when that happens because then you have a mountain to climb just to break even in the next few trades. Not to mention you should trade each race in isolation, not trying to chase losses. Psychology is so important in this business and a trade like that can just knock the rest of your day off. I suppose that’s half the battle. Learning how to control your emotions and keep your head on straight. Not to mention cutting your losses short so you don’t end up in that situation in the first place. I wouldn’t care, I did exactly the same thing in the 16:10 at Wolverhampton for another £6.41 loss. Nough said, I had a terrible day today.