Plodding Along

Starting my Mentorship program has changed the way I am thinking about my blog and what sort of videos and articles I write. It’s got me thinking about my “target audience” i.e my readers, and what they want to watch and read. Obviously that old saying “You can’t please all or the people all of the time” holds true. However, although it’s great to watch a video where I catch a big swing and make a decent amount, the reality is that just does not happen every race. Simply because swings like that do not exists in every race, and I don’t always catch them if the do. I think what is more of value – from a purely educational point of view. (My blog is about educating you to help you make money – not to entertain, although iI certainly try to achieve both. If I succeed I will certainly gain more followers.) On that note, if you like my work please share it and tweet about it. If on the other hand you reckon it’s shite – just keep that to yourself 🙂

One of the mistakes you can fall into is bandwagon trading. You see a big swing and think to yourself “I’m ‘avin some of that”. You get on and almost immediately the swing reverses and you lose money. We have all done this at one time or another. If it keeps happening to you, you need to rethink your entry position more carefully. My mantra is “If you miss the start, wait for the bounce”. Moves do not go on forever. It’s like going to a rock concert as they are just coming on for the encore. In this video there is certainly some of that. What is painful is sitting there thinking, “this move cannot go on forever, I am making a good choice sitting this out!” and it does. But in the long term this will save you money trust me. Like I always say – Trading in hindsight is really easy. It’s a little different when it’s your money disappearing.

So with all that in mind, my aim now is to make a series of videos that show the less spectacular side of trading. Just relatively low stakes and what I call “low risk” trades. Always under control, nearly always in profit from the very start and using some understanding of how a market reacts to build a position and consistently take money from the markets.

This one is a real “plodder” not a great deal is happening. The market is competitive with pressure on the Favourite from several runners. Nothing is steaming spectacularly and nothing is really drifting either. The range the Fav is trading in is really defined and very tight. So I use this as a platform to show you how you can build a tidy position with reasonably low stakes and very little risk. These are the types of trades I am drilling my mentorship group with over the past few days, with some great results. The power of the set up we have enables me to share my insight and advice in real time.

Huge wins in every race would be fantastic, but the way you make money is to have real consistency, win modest amounts regularly with your losses few and always under control.

I posted a new page yesterday that discusses the phases of a market – Read it HERE

Just to say also, that my dates for the trading and Mentorship program in June has now sold out. There are a few places left for July 28th if you are interested. You can read about that HERE

As always I welcome your comments and questions.

 

 

 

10 thoughts on “Plodding Along

  1. Well mate for someone who, by his own admittance, is no good at scalping you made a cracking job of that and made it look like a walk in the park. I found last weekend that when I was trading some apparently quite static markets for a scalp there would suddenly be a jump or fall in the odds of 4 to 6 ticks, very unexpected (to me at least) and always in the wrong bloody direction………..I’m going to watch that video again now because I forgot to look out for the basics i.e. the type it was and the amount of money matched.

    Nick

    • Hey Nick,
      If you want to achieve “safe” scalping. I guess if you look for what you perceive to be a swing opportunity, and use that as a base for scalping. As long as you get matched first on the safe side, you have an instant buffer (albeit minimal) if it goes against you. I use all the same principles I would for a swing trade – if it does swing then even better. The reality is that not every market has a big swing. I’ll do drilling you on this on Monday 🙂 cheers MG

  2. hi steve,
    loved that, balls of steel, springs to mind, but i now know its just having confidence in your own ability and knowledge of how the market works. i would like to think i would have traded that market in a similar way, whereas 6 months ago i wouldnt have touched it. i now have to work 3 hours to make what you made in 1 trade, but it is a means to hopefully an end. i had a good weekend trading and most of the trades were just small profits % wise of my stakes, i still find myself exiting the swings far too early and have a complete inability to add to the trades, still i am sure this will come in time, and i am far to cautious when scalping, again a slight lack in confidence, but a profit is a profit, and im finding controlling losses easier.
    i tried talking to my mate at work about trading, with a view to getting him to take a look at your blog, but i might as well have been talking to an alien, as far as hes concerned, its still gambling. keep smiling i for one really appreciate what you are doing. i cant wait for june 23rd, if for nothing else, just to meet like minded people. thanks for all you do, me and im sure all your regular followers really appreciate all the work you put into this blog.
    thankyou again
    peter

    • Trading is 90% confidence. Confidence comes in may forms. You mood, your skill level previous results….the list goes on. I am “confident” after our time together yours will be at a higher level for sure.
      I smiled at your comment about you workmate. Life is a gamble. I used to think I had a secure “job for life”. No such thing now- anywhere. My income is just as safe as anyones else nowadays. The days where you could leave school and park yourself in a job for 40 years are well gone. my friends are the same, some thing I am a shady bastard who sits in the bookies all afternoon, the rest think I am like James Bond. The truth is i sit in a dark room in my underpants, a cross between Homer Simpson and Onslow. 🙂 Thanks for you comment Peter – Cheers Steve

  3. hi mugs you say at the start of this your video your safety point is 3.55 can you explain why is it because if it breaks through this point it will keep going and not bounce back should a newbie like me pick my exit point and put an automatic stop loss so i cant change my mind if things go tits up .u also say near the end of the video that you are confident of getting matched on both sides how you know this cheers thanks for your help PH

    • Stats wise most horses do do not breakout of the range they trade within. Now what constitutes a range is a little open to interpretation. But in general the more volume that is matched, the more defined the range is. So at the start of the video the defined part of the range is 3.55 to 3.75(?) – Although the less defined range goes on up to maybe 4.4. So as there is pressure from other runners that is stopping the fav moving in, there is a chance it may drift. The safe place exists because of 2 factors. first, it has to move through the more defined volume – which is harder than the less defined. and secondly if then needs to breakout of the range it’s in. When I say “safe” you need to understand there is “safe” and there is “safe”. If I put my wallet in a safe deposit box when I was on holiday it would be very safe. If I hid it in the sock drawer it would be safeish. If I left it on the bed and left the door open it wouldn’t be safe at all. This is better than the sock drawer, but not a safe deposit box. 🙂
      Do not even contemplate a stop loss. It will more than likely be triggered and then bounce straight back, mark your safe exit – give it an extra tick and then just close manually.
      I was confident of getting matched because I was judging where my money was in the queue and watching how the money was being filled. F*** me I am turning into Rain Man 🙂 Cheers MG

  4. the bang off my runners when iam on holidays in 40 degrees heat my wallet safer in them than any safety deposit book lol cheers for your quick reply and great explanation PH

  5. SORRY MUGS I KNOW YOU NOT POSTING ANY MORE EARLY MORNING TRADE VID JUST WONDERING IS THEIR ANY ONE OR TWO OFF YOUR OLD VID I SHOULD LOOK AT THAT COULD STEER ME IN THE RIGHT DIRECTION AS I WOULD LIKE TO TRY SOME OF THESE TRADES AND IS THEIR ANY PARTICULAR TIME TO DO THESE TRADES.SORRY NOT SHOUTING AT YOU JUST LEFT MY CASPS LOCK ONIAM TO BAD AT TYPING TO START AGAIN LOL CHEERS AND THANKS AGAIN FOR YOUR HELP

    • Alan, There are snippets of good info in all of them to be honest. I tend to wait for Hugh Taylors selections to go live before I get involved, as he changes the shape of the race if you are in already. So around 10:00- 10:15 is the slot I start at – Cheers Steve

  6. Hi ,Steve
    I’m going through some of your videos and nobody mentioned what was pretty obvious .
    You are saying that the second and fourth fav. are positive (strong) to your lay bet on 1.fav -but it is still favourite with certain trading range -so in this layout the 3.fav must be a victim and as we is going up pretty nice .
    Thank you for your effort and so many videos ,Steve .

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