P&L: £6.92
Average P&L: £0.58
Much more measured about my approach today and happy with the number of markets I entered. Still struggling to really make anything from swing trades. These are markets where the price moves around a lot (in a trending pattern) - I am too slow for them, when they go they move with enough pace that you have to be in before the move really. I am sure there are some really good tactics for benefitting from these type of markets but I haven't quite figured it out yet! I am happy with the last two days trading, didn't let any market go in-play and where I was trading close to the off I had take Betfair's starting price ready. Normally as soon as I click the button to take the SP it gets matched anyway!
2 comments:
Good news on the steadiness, not long now till you can buy us the pub and not just the pints!
I can see how the swings must be much harder to work with, do you have to learn to work with these markets, or can you just scalp lots?
Cheers - literally to that!
At the moment I can identify which markets are going to present swinging opportunities and which ones I can scalp. My profits so far are mainly from scalping and this would be scalable. However I think to make the decent amounts you need a full toolset and I would like to crack swing trading whilst still using a small bank.
Personally, I think it is a different mindset to that of scalping. With scalping I expect to take lots of little profits and might experience a large loss. With swing trading I would expect to take lots of small losses whilst I get my entry right and then take a few larger gains.
It might be that I have got so used to cutting my losses for scalping I am also cutting profits in swing trading.
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