Although I made a profit today, it was quite stressful and I'm disappointed with myself over two races in particular which I chased my losses in-running. In the last at bath, I left €300 exposed before I snapped out of it and reddened up the book for a loss of €71. It was a stupid thing to do and could have ruined some great recent days.
It's weird but losses seem harder to take for me after I've had a great day. This is something I'm going to have to think about more and work on.
I got lucky in the last race of the day but to be honest, I'm not happy about that either! The bumper at Naas went off early. This is just not acceptable. The market went into dissarray and I had some open positions. I think people panicked a little and exited their positions. I waited about ten seconds and then greened up for sixty quid. While I made money in that race, it was just lucky money really and I cant see how these things are allowed to happen in Ireland.
On a positive note, the horse that won, Raise The Beat, is trained by Colm Murphy and owned by one of the the Winning Ways syndicates.
I part own a horse with these (as yet unraced) so I'm delight for the lads with their win and it's good to see Colm get some good winners lately.
The other positive is that the bank is now over double what it was at the start which is well ahead of target.
A good day on paper but in my heart, I know I was lucky and I'm disappointed with my indiscipline. I also over traded a little, taking positions just to get some action rather than waiting until conditions were ideal. So a weird day really that I'm not entirely happy about, despite the profit made.
The Challenge: to increase my trading bank by 5% per month.
The story so far...
Starting bank: €1,000 (beginning of May 2010)
Target for end October: €1,340.10
Today’s opening bank: €1960.24 Today’s closing bank: €2,017.30
Today's profit/loss: +€57.06 Today's turnover: €78,496.73
WAYNE Bailey was born in Dublin where he still lives with daughter. A librarian by profession, Wayne has always had a passion for betting and trading and has spent various periods throughout his life as a professional gambler. In 2007, he graduated from University College Dublin with a degree in social science and information studies and four years later, he completed a diploma in financial trading from the Irish Institute of Financial Trading. More recently, he studied psychology and the behaviour of the human mind. Wayne is a regular contributor to various newspapers and websites in the UK and Ireland, and he currently pens the Betting Ring column which enjoys a large dedicated following every Saturday in Ireland’s largest selling newspaper The Irish Independent. Wayne's book 'Sports Trading on Betfair' was published in 2014. Email: firstname.lastname@example.org