rarrar

Ok so I'm new to this and one of my biggest weaknesses is knowing what price to take on a horse. Should I take an early price because I think that the horse will shorten up prior to the off OR should I wait until the last minute just incase the price drifts and I don't want to risk taking a price that's below the SP?

The answer to this is not concrete, I will make a decision based on what I think is right, if the horse is over priced I'll take the early price but if I'm not sure I'll usually wait until just before the off before placing my back bet. The thing is that I cannot make the right decision all the time, markets move on information and not all the players in the market are privy to the same information. Something can happen in the paddock or the stables that someone has seen & reacted to which will drive the price lower or higher. To account for this I've established a rule for my self when I've backed a horse & the price starts to drift substantially.

I've selected my horse to trade on based on all the information available to me so I still believe that the horse will shorten up in running, but I'm only expecting
my horses odds to fall by around 1/3rd from the SP or the price I've taken (which ever is higher). So if the price drifts more than a few points higher than the price I've taken I will look to exit this trade for no profit & no loss, ie get out for the price I've taken & move on.

In betting there are no such things as missed opportunities. There is always another horse, another race where a trading opportunity is available. The way to make money in this business is to minimise your losses. This minimisation of losses will help preserve my edge and by having a hard & fast rule to stick to when a horse I pick inevitably drifts it takes away any judgment calls for me to make in the "heat of battle" under the pressure of a market that's going crazy in the minutes before the off.

Cliffnotes: If the price drifts - Abandon our 1pt profit target & look to exit for break-even