So we've had 3 successful trades from 3 selections to give us a perfect start to this trading project. For 2 of the selections we had to go in-play to get our trade but in one of them we were fortunate enough to have the price drop to our required lay off price prior to the off.
As a trader this is the perfect situation because we've made our profit without having to hold the risk of the race going in play. As soon as the starting stalls open thousands of variables impact on how each horse's price will trade and whilst we can make our best guess as to what will happen it doesn't always go according to plan.
For this reason if we can take our money off the table before the race goes off then we should. It's risk free money.
So to take advantage of these risk free situations when they arrive lets introduce a rule which says if we can take a 30% profit pre race then we should trade out.
To clarify our normal profit is 50% ie back for 2 points and lay for 3 points to make 1 point profit all round. So we're making a 50% return on our investment of 2 points.
From now on I will be recording results so that if a 30% profit presents itself then we will take it. However if the 30% profit does not become available pre race then we will stick with our target of a 50%, 1 point profit. With all selections from now on I'll post a 30% profit pre race lay off price and also a 50% lay off price incase we have to go in-play.
The reason for going for the larger profit if we have to go in play is because we are taking on more risk, if we are taking on more risk then we should be rewarded for doing so.
I've got some good selections lined up for tomorrow (sunday) to hopefully keep the good run going. 3 points profit is a great start, lets see where this can take us!