I am going to try and record my ramblings on here as I trade the horses. I am using £5 stakes to start off with. The first day did not start well. A maiden stakes race went against me very rapidly and I did not hedge out. Instead I let it go in play and I lost a decent chunk of money. I need to start focussing on protecting my bank, not on how much I can make. If you execute trades correctly that should take care of itself.
Anyway I managed to clear my head and traded well for a good few races. Then I had a small lose later in the day, although I should of hedged out quicker but my reactions were too slow. Then at the end of the day when a trade went against me again I let it go in-play. This time I got away with it.
Lesson for day 1:- DO NOT LET TRADES GO IN-PLAY, TAKE THE LOSS AND MOVE ON.
Day 2 was a lot better, I was more focussed, maybe it was because I got up early went for a run and had my lunch before I sat down to trade. I did not go into play once and only had one lose. Overall, alot better. Just need to keep that going.
Happy Trading Folks