Firedave trading Betfair with Bet Angel

Documenting my experiences with Bet Angel using BetFair. This will be used to record my progress as I take trading on full time.

Bet Angel - The most effective tool for Betfair
Mar 31, 2009

Start afresh

As you can see I started to run before perfecting the art of "walk". In a bid to continue with a) trading and b) the blog, I have put £200 into my account. This has taken the usual fee of moving money into my Betfair account! The aim is to pay this back when I am at the £1000 mark. Hopefully that will be before I need to pay off my credit card - only kidding :)

With the new bank I was trading only a portion of my bank and with a couple of evenings trading - £198 and £215 profit respectively. Overall made £115 (including my disastrous run previously) and this is looking more reliable. My bank is still relatively small compared to that of other blogs I have been reading who use £6k banks. I looked at bookmaking and dutching more on these races. With bookmaking you are only placing lays into the market (expecting the runner to lose) As such you need to get *all* of the runners matched to make sure you don't get stung. When all are matched the book needs to be over 100 percent so that the profit is on all of the runners. One thing I have found doing this is that you won't be able to green up. This might seem a strange thing to want to do but you won't always get matched at the price you want. A bit of give and take on the pricing and you will want to balance out your earnings. The reason I believe is because so far you have only placed lay bets. In BA terms, it doesn't know about any profit you've made. Greening up in this instance is a manual process using the manual bet screen. Dutching requires some idea of form even for the maiden races (although this is a lot harder) This may not be a terribly good way to continue and I should be practicing scalping and swing trading. Being burnt so hard previously prevents me from doing as much of this. I know this is bad but it is difficult to motivate. I am being given good advice from the training academy and my mentor. This at the moment does seem to point to me doing everything incorrectly (I don't like being told I am wrong!) The advice has continued past the day of training and if at all interested I would strongly suggest that you do go on a course to give you the pointers required.

The Betting Exchange Academy

Like the past couple of evenings I was trading on a market using most of bank to trade positions but didn't close out when it moved against me and take a small hit. I *hoped* (being the key word here) that the market would move back - with all signs to the opposite...I continued to let this go to in play where irrationally I thought the price may drift. In play the runner got a good start and the price shortened, as expected but I should have closed out here but didn't! Recorded record losses. There were so many mistakes made here that I don't really know what to write down to learn from. Initially I should have closed out the position. I was using my full bank to trade with so taking the full hit would wipe it out. Finally, not taking the smaller (but still sizeable) hit when everything was going against the held position.

Capital is king! You cannot trade without any capital.

Mar 30, 2009

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Tried again on evening races - a slightly larger than previous total of £56. This is with a tick size between £3-£5 using most of bank to trade. With these evening races there is half an hour between them which gives plenty of time to analyse and work out entry and exit points. I would recommend that you start on these races if you get the opportunity. Again, not very big amounts each race but over 2 hours work it adds up to a neat sum.

It has been a while since I have properly used Bet Angel and I know about its potential that I have paid for so I thought I would make the time to start to reuse Bet Angel. Using evening races to practice outside of work hours. I took an evening out to give this a go and with small trades ended up with £46 on the profit and loss sheet. Shaping up to more like a daily wage if this sort of number of hours to return can be continued. The reason this felt so good was because this was never gambling in its purest sense. This was using greening up over all runners from defined scalping and bookmaking positions. There was no occasion when this felt out of control and that may partly be down to the markets I was trading today but maybe this strategy of slowly but surely might pay off...