20/10/2022
The fundamental mistake that I made when having another look at the markets was that I immediately adopted the same old routine that I was using back in the day. Now, things have moved on and the opportunities that were previously available have gradually became less lucrative over time, eventually leading to my decision to knock the trading on the head.
The single most important factor of being a successful trader is finding that angle or edge that then allows you to make a consistent profit. As I traded a few races using my old redundant 'techniques' I began to notice an obvious opportunity that arose time and time again in many of the races that I was trading. Funnily enough it was an observation that I had noted thousands of times previously whilst pretty much trading every single horse race every day of the year for a few years! However, to take advantage of this apparent opportunity required that I change the way in which I trade each race and most importantly that I need to become a lot less risk adverse. Pretty much all of my profits to date have been based on being risk adverse, having as many winning trades as possible while at the same time keeping losing trades to a bare minimum. Unfortunately, this is what led to me being fucked by the Premium Charge!
When you are looking for that elusive edge it makes sense to keep your stakes to a minimum as you test different strategies. There's nothing worse than jumping in and doing your bollox early doors! So, I set my stakes to something like £3 a click and set about trying to make some sort of consistent profit using a consistent strategy. Here's my initial results:
September 1st - 7th
So, I ended up trading in 55 races over a 7-day period and won £22.44. Now that might seem like a total waste of time, but in fact it was time well spent. The more that I traded the more potential opportunities I could see!
The main challenge was now to become less risk adverse and to trade in more races as I was still missing opportunities by being too cautious. As I'm still on the 40% premium charge I need to turnover much more in order to negate the weekly charges. For instance, the way to win a premium charge free £100 a week is to win £800 and lose £700. By doing this you've already paid the 40% in commission 😀
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