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.
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About Me
- firedave
- Hello! I'm David and have embarked on a new plan to trade for a living - I like a challenge! Since graduating in 2004, I've been working as an IT Consultant and am now hoping to put those skills into use and develop my trading capabilities. Looking forward to the journey...
4 comments:
It looks like you're doing well with a larger bank. I guess in the long term it's better to choose strategies that are focused on preventing big losses?
Hi Anonymous! It is generally preached that you need to prevent big losses and the small gains will start to add up. Looking at other peoples blogs where they make an average of over £100 per race, I would have thought they would be risking a lot higher amounts. If you can be consistent and maintain your capital then you're on to a winner. Start small and make it count! I keep falling into the category of needing to learn not to make the big losses!
Hello firedave,
Thanks for leaving a comment on my blog, I shall add a link to your blog this evening. Your evening racing results are very impressive. At the moment I am using £1 tick sizes and making an average of £7.22 an evening. I am only able to trade the races from 7 o'clock onwards, as I don't get home from work till 6:40. Hopefully it won't be too long before I feel comfortable trading £5 tick sizes and begin to see worthwile returns. I haven't used the dutching facility on bet angel yet, would you consider it a worthwile function?
Cheers
Hi Jace, hope you're enjoying the read!
I have to trade evenings as I work full time also. It is frustrating as you don't get to see as many markets as you need to to understand the movements of money. To be honest, I regret going up to £5 tick size when I did. Really feel comfortable with how the market moves before increasing the tick size - the act of placing bigger stakes also influences the market so be sure to allow for this when you increase your tick size.
I haven't got round to posting about dutching in full. At the moment I have only lightly touched on this. There is definitely a place for using this facility and understanding how it works is very worthwhile. I won't be using this on its own anymore as you get lured into incorrect habits. Trading is the idea of small losses, small gains and big gains. NEVER big losses (or you're not getting out right). Using dutching has a habit of leaving large liabilities on the more unlikely candidates - this is still risk. I've said I won't use dutching in isolation, if I had scalped the market, or got a few books successfully taken up I would look at dutching to improve profits.
I'll pop a link to your blog as I am glad there are other traders in a similar position - want to trade but already work! Don't know if you have thought much about making the jump?!
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