Firedave trading Betfair with Bet Angel

Second big loss today. I up the stakes and I go from being pretty consistent to trying to close out in play. I got a little unlucky on the race today but that is exactly why you don't trade in play. The favourite had a 7 length headstart on the rest of the field at the start of the race. I closed at a very uncompetitive price. It wasn't my greatest hour.

After that race I reduced the stakes back to the £2 stakes and found that I was getting multiple turns in each race. It felt like the way I envisage trading to be. When it didn't go my way I closed out immediately and just got the turns in once there was consistency or readability back in the market. I didn't lose in a single race after the big loss but I had a strategy and I didn't freak out when the stakes got too high.

The rule I'll be playing with tomorrow is to close out when Peter Webb tells me over the recorded message so that there is no chance of it going in play and doesn't have me hope to close out without too much of a loss. Hell I can do this and a small loss I can get back but a big loss has me thinking how do I win this back. Today I was using 40p tick marks but I've decided to limit the stakes I use at the lower limits. Greening up around the 0.01 tick marks only halves at evens and stops me worrying about such large risk and can just concentrate on maximising the turns.

Today's p&l: about -£40 (can't bring myself to see the precise figure yet)