Trading software

Friday, January 27, 2012

Excellent book about trading

Just finishedMastering the Trade: Proven Techniques for Profiting from Intraday and Swing Trading Setups
by John F. Carter and I have to say that it’s been the best book on trading I’ve read so far. 

Peter Brown recommended it on the trading course I did so I got myself a copy and started reading it slowly. It’s the type of book that you’d want to make notes and take your time with however, not really bedtime reading. 

The great thing about this book is that the author is a daytrader himself. I’ve read loads of book on trading where you get the feeling that the author doesn’t actually trade all that much. 

Another big big plus is that he shares about half a dozen strategies that he actually uses himself to trade. Call them ‘setups’ or ‘systems’ if you will, but surprisingly, very few books actually discuss actual strategies and when to place the trades. Another good thing is that he discusses exit strategies too – a lot of books talk about how to enter the trade but assume the reader will know when to get out.  Most of this book is based on American Indices and some FOREX and are quite specific to the set-up he uses and the platform he uses - but if you are fairly knowledgeable about trading, you will be able to adapt them to suit your needs. He gives plenty of examples and screenshots showing his trades. 

He also deals with psychology and how to avoid being eaten by the sharks. It’s not a book for beginners though and a good working knowledge of trading would be required. 

I’ve highlighted loads of quotes and strategies so now I’m going to get to work adapting them to my needs and adding some ideas I got from the book to my portfolio.  All in all, an excellent book – highly recommended.
I’ve just started Trading In The Zone yesterday and so far, it’s very good. It’s by Mark Douglas – I read his earlier book, The Disciplined Trader, which I found quite good. 

Anyhow, I’m off to Norway later today with some friends – we are visiting an old friend who married a girl over there and moved there. Looks like it will be freezing!  Don’t care about the cold though, I’m really looking forward to a nice few days away and a bit of craic with the lads – despite the fact that it’s about 12 quid for a pint! I was in Norway with the missus last year and really enjoyed it. Flying to Oslo and spending a night there, and then it’s down to Grimstad.


Grimstad, Norway:

Saturday, January 21, 2012

Good and bad, but mostly good

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Well, the bad news is that the form study thingy is still going through a rocky patch - getting a load of horses go very short in-running only to get beaten which is making me think harder about some sort of laying off strategy. I'll keep plugging away with small bits of cash and record everything along the way though.

The good news is that I had another very good day for my newspaper column including an 8/1 winner Tatenen. The tissue price of 25/1 when I wrote the article yesterday morning was way off but he opened high enough before some big-ish on-course gambles pushed his price into 8s.

Well chuffed with that - it's my mam's 65th birthday this weekend so it's good to get a couple of bob up for that.

Thanks Tatenen!

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Saturday, January 14, 2012

A good day

Had a nice couple of winners in my Irish Independent column today which was pleasing:

The main bet of the day, Marodima, went in at 3.37 while The each-way selection, Moleskin, went in at 5.51.

While it's great to get a few winners, silly me forgot to proof them. Doh!  so that means I'm still behind with the proofing website due to the recent poor run.

Had Menorah in a double with Spurs to win HT/FT. I thought the Tottenham bet was the banker of the day but they let me down.

Still, it was a decent day of work overall.

Friday, January 13, 2012

A bad streak - or the end of a lucky one?

Still doing the form study but it has taken a bit of a dive lately which is annoying. When you are losing money, confidence dips and you can't help wondering if my previous good results were somewhat lucky and maybe this is the norm.

But deep down I don't think so and reckon it will turn around. There's certainly nothing happening that can't be expected now and then based on my strike rate.

I had a few reasonable priced bets get beat by very narrow margins but that's part of the game. 

But it's bloody typical - I decided to start proofing my bets to a website and as soon as I did, I hit the bad streak. Lady luck can be an arsehole when she wants to be!

I'm down to €225 profit to a €10 stake - the high before Christmas was €316 (mid December).

Anyhow, I'll keep plugging away - I've three bets for today so I'll see how that goes:

Don't take those as tips by the way! This is still very much a work in progress.

As of today, the stats are:

Bets: 138
Wins: 68
Strike rate: 49%
ROI: 16.25%
Average Betfair SP: 3.09
Longest sequence of winners in a row: 7
Longest sequence of losers in a row: 5
Profit to a €10 stake at Betfair SP (assuming commission is 5%): €225.90

Below is a chart which tracks my progress to date. 

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Wednesday, January 11, 2012

Beaten at 1/100

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Had a bet on a horse yesterday, Westlin' Winds in the 2.10 at Leicester as part of my form study work.

The gelding went off quite short in the end at 1/2 and hit the floor price of 1/100 in-running but was beaten by a neck.

This can be extremely frustrating and I've often toyed with the idea of laying off all my bets in-running around 1.05 or something, simply to avoid this situation - although I suspect in the long term, laying them off blindly wouldn't make sense.

That said, I've been recording how low each of my losing bets trades in-running and I have a few figures to play with. I must admit, I haven't found much of a way to make much money in-running yet but I'll continue to work on some ideas.

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Tuesday, January 3, 2012

Goals 2012

I’m not really one for New Year Resolutions to be honest but I guess January is always a good time to plan ahead for the year and set some goals. I’m not one for wishy washy ‘follow your dreams’ waffle but I do think it helps to set realistic goals and targets to help fulfil ones potential. I just came across some quotes by a chap called Charles C. Noble - I can’t really find out much about him but he was a good man for the quotes about goal setting. Thought this one was good and can be applied particularly to trading/betting, which is full of short-term disappointments. 

“You must have long-range goals to keep you from being frustrated by short-range failures.”

Another one I liked was from a guy called Jim Rohn:

“Motivation is what gets you started. Habit is what keeps you going.” 

The above is very true of what I do with trading and betting – especially since I’ve started getting up at six every morning. The long term view keeps me motivated but you definitely need to get into a habit. 
 Another one I liked from Robert Puller:
““Good habits, once established are just as hard to break as are bad habits”

OK, OK, I’m going to town here on the oul motivational quotes but let me throw in one more from the one and only Aristotle:

“We are what we repeatedly do. Excellence, then, is not an act, but a habit.”

Probably a bit naff, but there’s some good food for thought there.  For 2012, I’ve set up a number of targets and have a few things I want to achieve.  I’ll briefly list them here as it will be interesting to review them this time next year if nothing else! 

Financial trading
Learn, learn, learn. I want to continue to learn and read as much as possible. I also want to be getting up every morning to trade from 6.30 to 8.30am and have a set routine. I’m still finding my feet in this regard but repetition breeds familiarity. To make any money, you need to know your product inside out so there’s no point in doing things half arsed here and there. Routine is key. I won’t set any money goals (just yet) as I really want to concentrate on becoming a good trader rather than someone who is trying to make money. 

Betfair trading
I’m pretty disappointed with the amount of trading I got done in 2011 on Betfair. It was partly due to work commitments but I also concentrated on other stuff such as my evening course in trading. I think I need to set myself some times where I trade on Betfair, no matter what. I don’t feel too tuned in to the markets right now and that’s off putting. I need to get back in the game. I need to sit down and look at money, time and a few other things come up with some sort of plan.

I showed a small profit for my Indo column in 2011 and I’d like to build on that and continue with the writing work which I love doing. Hopefully the profit in 2012 will be a fair bit bigger. The form study has been going well so I want to keep that up and give it a lash with some decent money. By the end of the year, I want to be earning a decent sum from the form study work.  I’d also like to get my site up and running again properly and hopefully pull in a small few quid from that again. 

Health & Fitness
I did pretty good on this front in 2011 so I want to kick on a bit more in 2012. I want to go for a decent run at least three times a week and also do a workout at least three times a week. That’s six fitness sessions per week which would be pretty decent as I’m doing 4 – 5 at the moment. No drinking on school nights is another one as I want to get up at six each morning to trade.

I’ve loads of ideas for a book of short stories jotted down. If I write at least one chapter of it, it will be a start. I've also some bits and pieces together for a non-fiction book. I might look at that again too.

I’d love to pass my test – I’ve only got the car a month so how realistic that is I don’t know but I’m going to keep learning as much as I can and hopefully, I can pass the test by the end of the year. 

Won’t go in to too much detail on a public website but I’ve set some goals regarding finance and I want to be able to help out the missus with a project she’s working on. By the end of the year, I want to be clear of certain debts and have money for a certain goal. 

Not sure what I’ll do yet, but I’d like to do another evening course – possibly something to do with economics or maybe another sort of trading course. 

Want to make that extra effort to get a bit of time with my daughter when I come home from work, before she goes to bed. The computer will have to wait on me. Want to read with her as much as possible. Also want to get a few nights out with the missus – it’s something we don’t do half as much as we should 

Spent a bomb on travel in 2011 going away numerous times so this year will have to be cut back a bit unfortunately. I’ve a weekend booked with the lads to see a mate in Norway this month and I’d also like to go on a family sun holiday for a week or so in the summer, perhaps with some friends as I did in 2011. Other than that, if I get a weekend away with herself somewhere, I’ll be happy. Paris is always good but I’ll see how the finances are around Arc weekend. 

Out of all of those, the priority is to become a better trader and I’ll be disappointed with myself if I don’t stick to my early morning routine. 

Actually, I reckon it would be a good idea to revisit this in six months and review/update on progress. 

 “A journey of a thousand miles begins with a single step” (Confucius).

Sunday, January 1, 2012

Happy New Year

Sorry for the lack of posting lately, wanted to spend as much time as possible with the family over the Christmas before we get back to normal next week.

Had a nice peaceful Christmas - my daughter wanted a camera of Santa Claus which was a nice gift as she is quite creative.

Racing wise, I didn't do too well at Leopardstown although I had a couple of good days out and enjoyed some time with friends which is important to me as I've had a busy year .

There's a few days left of the Christmas season so I'm going to enjoy what little time I have off before easing back into things next week.

I'm not really one for making resolutions but there are a few things I want to accomplish in 2012 and I think I'll post them up over the next few days.

Anyhow, Happy Christmas/New Year to all and best of luck with your betting. As my old man used to say;

May the blessings of Jesus hop off ye.