Is the morning ritual of connecting to Timeform radio - I'm not too sure they mean to play this as live audio "Connecting, Searching, Framed..." but it does announce to me that there are 7 minutes to the first race of the card!
Today I was going to make my decisions based primarily off the Weight of Money (WoM). The graphing you get with Betfair will show you the price that has been already matched at, the idea of WoM is that it shows you what is waiting to be matched. If there is equal money on both the back and lay side then the WoM would be at 50% suggesting that the price has temporarily stabilised. For this indicator to be of benefit you have to be watching it when there is a decent amount of money being matched as well as sufficient volume already gone through the market to make it less jumpy.
Just going back through today's races the ones I had marked down as being potential scalpers ended up being pretty firm swing trades. Today was definitely for the swing trader but the ones that I had marked as scalping did often return to their previous price. The swing trader would've been able to make a fair bit out of today whereas I took the small, quick scalps where I saw an opportunity.
Todays performance was ok - I ended up positive overall. The first couple of races on the card were promising although I did take a small loss on these I could see that a couple of big moves happened and for once I wasn't on the wrong side of them but I was just watching! The rest of the day felt good overall as well, I saw plenty of opportunities but was not use to this indicator as to when it was worth acting on it. Towards the end of the day I was understanding the movements much better and would like to do another day just with this to try a few more little subtleties out.
Looking at my statistics for the day, my turnover had fallen to £2,366 and a pretty poor strike rate of 53%. I think with a bit more confidence on this indicator I would enter a bit more often and be ready to cut the loss early as there do seem to be a lot of frequent false moves. Overall a positive day in terms of profit and experience (I know my heart rate didn't take off as it has in the past!)
I will try and introduce a few topics about the background of trading in between my daily logs. I will do this either weekly or bi-weekly to give a little further understanding into what I am doing, how I am doing it and whether there are any better ways to approach things.
On a slightly different topic, I do try and go for a run first thing before trading, and I wasn't quite feeling up to par - throughout the day I did feel shortness of breath and I now have quite a bad headache. This is mainly for me to remember what I was feeling on each day as I realise this is a little boring to read!
On a leaving note - What is a bumper?I've heard the term previously many times but was always far too busy to look it up. This is basically a National Hunt flat race that novice jockeys would learn their trade on. The name apparently coming from how they bump up and down in the saddle rather than looking smooth and staying solid. Even the bumpers you will seasoned pros in now though but the name is still around!
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