So last week I reviewed Caan Berrys pre race trading guide and gave it a recommendation.
Last week the football schedule was pretty lacklustre and I decided to delve into the horse markets.
I don’t like horse racing to be honest I find it very boring however as a trader I can see that it is probably the market with the most opportunities for trading and that I should look to add it to my portfolio.
Now I have tried to trade these markets two or three times before but it had always followed a similar pattern.
Win a little lose a lot more then I’d won and say to myself “f*** these stupid markets its impossible to trade them.”
This week I approached the markets with a different mindset and some help from Caan Berrys pre race trading guide and things started to click I was making money cutting my losses earlier and starting to read the movements in the markets much more clearly.
Top 5 tips for new traders approaching the horse racing markets
1. Don’t go in to a market expecting to make money
If you go in with this mindset it will be hard to accept a red should you need to, often this will lead to a bigger red.
Go in with the mindset that you will look for the best opportunities and take advantage of them if you see them. If you can’t see them thats fine there are plenty more races to come.
2. Make notes and review your performance
Don’t rush from market to market take a step back and note down what you learnt from the last race market.
When did the big money come in? what happened to the favourite that had steamed in under 2.0 with 5 minutes still left? Was the market steady or volatile? ask yourself a few questions and write down the answers is there a pattern?
3. Remember to breathe
The horse racing markets move quick and you can get flustered, pissed off or bewildered. Its important to clear your head from time to time. Before a race or even mid race if I am struggling I will take a few deep breathes to regain my focus and slow things down.
Honestly in all of my trading/betting activities this has helped me the most. Removing the fog and retaining clear thinking throughout the day has been a huge factor in becoming a profitable trader.
4. Start Small
Sounds obvious but at this stage of your development as a trader you want to remove the stress and allow yourself to learn from the markets. It is a lot easier to keep this mindset when the losses are in pence rather then pounds.
Give yourself time don’t expect too much to soon. You might not see results straight away but don’t give up it is often just a case of persistently gaining experience combined with persistent analysis that leads to becoming a profitable trader.