Learn't something new whilst trading tonight:

The amount of back and lay trades must be accounted for, due to BTP software not calculating your true market position. You must remember where you were in your last trade; If you have completed a back trade, you must complete it by laying off at lower odds, reducing the indicated profit amount while retaining your account balance before the start of trading.

If the price moves against you, you must cut your loss or scratch the trade or back or lay taking a small loss. With the prices moving swiftly, it is easy to panick and lose track of your market position.

Made another crucial, but glad I'm trading low stakes mistake before ending my day's trading. Somehow managed to get caught up in the excitement of the trading game, and stupidly positioned myself in a race, basing my position on the NSW Tote. I have to get out of that habit. I'll quite looking at this website.

I prices where extremely volitile for this race and managed to creep $2.00 up, higher than the Tote price, ending up around the $6.00 mark. I thought I'd try and out maneuver the market, positioning myself above the Tote price. Guess what, the market moved higher when I placed my back bet. I had 30 seconds before the start of the race and had to lay back at higher odds. Luckily, my horse didn't win the race, and I broke even.

At this stage, I can't imagine trading the UK horse races, trading 400.00 pound bets; I would most likely die of a heart attack.

I shall persist; this is the task and career choice I have set myself. I endevour to be actively trading the UK Horse Racing markets by April 2006.

Oh yeah. Forgot to mention, tonights profit was AUD$3.72 based on AUD$6.00 back and lay trades. Not bad, since I only started a few days ago.