With a little “down time” I thought I would share with you my thoughts about how I deal with these days where Racing is badly affected by abandoned meetings.
I often hear comments like “I just want to make £5 a race” or “£100 a day”. I think this timescale is ridiculous and adds pressure to your trading. On a 30 race day, your target of £150 is under severe pressure if after 20 races you are not “on target” or even down for the day. This will affect your decision-making process for the rest of the day, make no mistake.
I always look at the “Big Picture” – This Big Picture extends beyond even Months and into Quarters. How many Companies do you see publishing their results on a weekly basis? Sure, it’s always a good idea to keep track of exactly where you are in the short term. But this is for information purposes only.
When I first started trading I diversified quickly, finding a way to make money from a market, then moving on to something else. Nowadays i trade pretty much exclusively on Pre-race markets. But having what could be called a “portfolio” of different markets to trade is smart if you are relying on your trading.
- Always look at the bigger picture
- Create a Portfolio of strategies on different sports
- Accept that there are quiet periods in whatever is your main Sport you trade. – The Tennis boys have been quiet lately
- Use the quiet periods to be productive, either finding new sports to trade or have a productive time with your loved ones. Did you know there is a baby boom within trading circles every October 🙂