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, 2010

Confident Trading

Today was a confident day trading. It didn't feel much different to my other trading days except that I made a decision to enter, if it didn't work cut the loss or scratched for 0. Then re-evaluated and went in again. This definitely seems to be the way to do it. At the moment, I would still say I hold onto a losing position too long and  slightly more annoyingly, cut my profits before they run.  A couple of positions today had a nice move, I only let them run to about half before expecting the trend to turn and getting out. This will come with experience I am sure. My objective at the moment is to cut losses and make a profit on the day.  As I get more familiar with how the market changes, which I feel I am slowly understanding, I will be able to start setting expectations as to how much to make in a day. The idea of the target for the day has been my downfall in the past, as accepting the loss might have made me miss the target and put me into a loss-chasing mind frame.  For now, I would much rather gain confidence in cutting the loss, and quicker as this then presents many more opportunities to get back into the market with more information.

Slightly concerned that I noticed there was a premium charge on my BetFair betting history.  I would have thought that with my P&L being negative overall I wouldn't qualify for this. I will read the rules again and give a clearer indication on whether I am now paying the ghastly PC!

Tonight there are a couple of Champions League games, which I may dabble with although with Arsenal playing you can never really predict the score or how many goals will be scored.  Last nights action with Manchester United, I had been reading how Bayern Munich were going to mark Rooney out of the game. I was laughing at this when he scored, then they had the last laugh when he comes off the pitch injured!