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
Aug 13, 2009

Day 14 & 15

The last couple of days haven't been great and have been fairly demoralizing. I have tried to take the positives from it and I feel I have learnt about the size of markets. During the day traders are putting large sums of money and if a £1000 is put in as a scalp by another trader it doesn't matter to them if the whole thing isn't taken as long as some of it from both sides is taken, and the excess is dumped as the market moves. This puts pressure on the small time traders. During the evening the markets tend to be a little more fluid and I believe are a better learning ground for small stakes. It is possible to fill gaps as well. As I near the end of this intensive learning experience about bet angel I feel good in that I can spend the next year trading evening races whilst working a daytime job. As the stakes increase it begins to be more needy to use the bigger markets diring the day so that the bets can be matched.

Yesterday was so bad I traded about 10 races and made a profit in one so I needed to stop. Today I had a pretty awesome strike rate but my losses were too big so what I need to learn is when to cut losses. That is my main aim over the next couple of months in order to start making money through trading.