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

What not to do

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.