Racing Video Preview: 24th April

I am having 3 trades today

3:40 Catterick:  Alta Litea LAY @1.31 my stop loss is 1.24 Out 1.34 for a small profit

4:45 Catterick: Bright Applause 6.4 stop loss 8 INTO 4.9 for a profit of £30

5:35 Perth:  Pigeon Island 6.4 stop loss 8 Hit Stop loss for a £20 loss

Preview video

7 thoughts on “Racing Video Preview: 24th April

  1. Hi, just a query on your stop loss of 20%, how many of your trades have reached a 10% loss and then retraced to a profit ? From an idiot’s point of view (mine) 20% seems pretty high, and if it does retrace from even 15% it needs to move a hell of a long way just to get back to a scratch. Not questioning your methodology as I am in awe of your prowess, but 20% seems high.

    • You need a 20% stop due to the ebb and flow of the market, especially in “gappy” and poor liquidity markets. Otherwise you will be closing too many good trades at a loss. I don’t always wait for the Stop loss is the momentum has changed and this is obvious. You need to assess then market and see what else is being backed since you placed the bet. The stop loss I use is based on my experience. Try different percentages yourself and see how you get on. The shorter the price the tighter you can go. For example. When I am placing my bets that I send out in the inside track. I might have £3k plus on these. As a consequence and the nature of very short prices and a slow moving market I can set my stop loss at 4 or 5 ticks max. You don’t need to lose 20% to know the trade has gone wrong.
      However, if you are backing at 8 in a market like the morning markets a 20% SL works ok. Hope that explains my thinking : MG

  2. Hi Steve, Thanks again for the uploads – full of loads of useful info! Quick question (or two) regarding horse racing – do you trade every race in the afternoon, or just the select few? I am a newbie when it comes to horses, and often think that i need to trade every race, but am soon learning that some are not trade-able (certainly for a newbie).

    • Hi Mike. I don’t trade every race. Ladder trading for me ends at 4 as a max for backing unless exceptional circumstances – lower for laying. Feeling you need to trade every race is THE classic beginners mistake. As your skill level rises so will your ability to attempt complex markets. Like I always say…..”Why make it hard for yourself”? MG

      • Your comment about max 4’s fits perfectly with my mistake – i have made some good decisions and trades, only to make a hash of it when the fave is at 5’s and several others at 6’s…….I will be more selective from now…..thanks again…….

        • Mike, The key to this is the range and tick size. If you imagine a horse at 2.5 that moves 5 ticks out. You have £100 on. This will cost you £3.85. The range it is trading within may be 15 – 20 ticks wide. There is lots of room for error.
          Now apply the same principle to 6.2. The same stake and the same odds move (5 ticks) has cost you £13.89. The trading range on a horse of 6 may only be realistically 5 ticks at best. Once it breaks out of that the potential for damage is much worse and harder to control.
          I am not saying it cannot be done, it can. But the skill required to control it is a much higher level. When I say skill, I mean understanding the market. Getting regularly spanked on these types of trades also destroys your confidence to attempt the easier trades. Confidence is EVERYTHING in this game. It’s the thing I struggle with more than anything myself. MG

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