At this time I am in the crossroad, betfair horses or forex? I can't do it both full time... I must choose one and try to be best trader what I can be in one trading arena. Any mixing becomes distractions and I will get worse results than I would be trading just one arena... I made huge progress with forex scalping. I started to trade eur/usd with real money account in this month, and most importantly it seems profitable and understandable, less stressful and cleaner. I think I will leave pre race horses for a while. I am not saying I am quitting it for all time, but I need some time period to trade forex alone, and see results. If they meet my expectations and plans, probably there will not be any need to look back in the betfair trading. Time will show :)
At the moment I am fully immersed learning "price action". In financial markets and pre race horse markets I find lots of similarities with price action, it seems these rules/patterns works fine for collective market behavior and remains the same like in any other market, for example I can see these things/patterns happening: extreme test in a trend, failed breakouts, double tops/bottoms, head and shoulders, trending highs/lows, pulbacks, bull/bear flags, etc, etc ... Actually every trader who have no any idea about horse form is trading price action, they just do not have these names for patterns, and doing it more instinctively/subconsciously, than making conscious reasoning. However in the horses things happens extremely fast and lots of the time things are somehow more confusing, spoof money there, spoof money here, real money there, very big real money here, but I am too late, this one can't go down, unless fav reverses ...I believe I would be better trader only with one ladder and one price chart, doing more swing trades, however it's hard to change trading habits, and sincerely I don't see any need to change them, if I could profitable read price action in the horses, so I can do that in the forex too, what I am doing and it seems not bad at all. So it's easier to say bey bey for the pre race horses and concentrate to the more perspective trading arena where is no any "PREMIUM CHARGES" and any limits with getting matched your stakes :)
Few more things to say, I smoked my last cigarette in the December 7, at the moment it seems that any intention to have one more cigarette has gone for ever! In this week I ordered some books for further price action/trading education, hardcore three volume reading by Al Brooks "Trading Price Action Trends, Reversals, Trading Ranges" totaling 1647pages... and another one "Forex Price Action Scalping: an in-depth look into the field of professional scalping" by Bob Volman. I think I will have what to read the whole year :)
For the end of this long post some random pictures for you, what I traded real money with one pip value of 1.5EU.
That's it folks, good luck
Have you ever checked the PAS indicators which is available on BMT? I tried to apply it to the horse racing markets but so far was not very successful due to the lack of correct settings..
ReplyDeleteHi,
ReplyDeleteNo, I have not tried. I think it would be the same like any other indicators, they sometimes work and sometimes they not, the fact is that most indicators just tries to repaint price action, and ones fails in one conditions and others in another situations. All you need is to read price action alone, however you are still searching for something to show you exactly where to enter and to exit, what is probably impossible long term in trading. I highly recommend to you read some material about price action, what I mentioned in this blog. It helped me a lot! My understanding climbed to another level.