It pays to be patient

Today's profit/loss: +£9.64

Today was quite a successful trading day. I set out with a target of making £20 from about 30 races but was determined not to rush any trade and just make sensible decisions.

My strike rate today was a fantastic 70.79% from 39 markets traded, including a tennis match that went horribly wrong losing me just -£1.24 (as I do not know the tennis rules!) and I also made a loss of -£5.29 where I tried to use a £50 stake to see how hard it was to put it through the market and try to get a 1 tick profit. It bit me in the arse and I had to close out for a nasty loss.

However using the £50 stake I was prepared I could lose big and I basically accepted the loss before I put the trade in - but oh well, its worth the experience hopefully for things to come!!

Some statistics for today:

Average profit/loss per race: +31p

Strike rate: 70.79%

Number of market wins: 28

Total wins amounted to: +£23.32

Number of market losses: 11

Total losses amounted to: -£11.27 (including the -5.29 mentioned above)

Average winning trade amount: +£83p

Average losing trade amount: -£1.02

I think for my journey so far those stats are quite respectable but for instance the 'average losing trade amount' needs to be smaller than the 'average winning trade amount' but I just need to figure out when to cut my losses quicker for that.

Also today I traded for around 6 hours which got to me and I think fatigue was creeping in. The majority of my losses were later on in the day and I was losing focus and interest at that point. This is something again that I think can only be learnt/developed over time and with more experience so I will not let it bother me for now - I will just have to take it easy.

My stakes were still generally £10 despite the odd £20 flutter and that £50 stake I tried to use. I think I am better off sticking with £10 stakes for a bit longer until I am cutting my losses quicker and see some more profit in the bank before I try and get more out of the markets.

There is still plenty more available to take from the markets without needing to increase my stakes just yet so I will focus on that before risking any more money.

It has been a good day for experience and I think being patient was key to my profit today. The profits were not as big as my previous days but at least my strike rate was good that shows potential.