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 10, 2010


P&L: £73.54
Average P&L: £5.66

Today still felt a little erratic and I was much more cautious. Overall I would say the markets were more stable than yesterday but there were some I just couldn't read. I am hoping that I will learn over time how to read the majority of markets but at the moment some just stump me.  I am really happy with my £73 today, but I do feel I was lucky a couple of times and the day could've turned out completely differently. At the moment with my slightly raised stakes I would be expecting £30 + or - £20.  So today's result is far above what I would expect. The reason I felt it was lucky was because I was in the middle of a trade and the whole market turned round and left me stranded. I've been in this position many times before and as a trader it is something you get used to (I'm sure at this point I'm meant to say something along the lines that as you get better you learn how not to get into these positions!) however, I still feel like you can end up in these positions no matter how good you are. What I did next was close my position and then start again. At this point I was a long way from making a profit, in reality I was going to take a -£20 after greening. After taking this new point of view I actually ended up with a £20 profit after greening. The reason I felt this was lucky is because in effect, I turned round a loss into a profit. The market could've shot off again and left me in real problems.

At the moment, I am trying to figure out how much is market reading, how much is weight of money indicators, and how much is luck. I often get better results when I leave money on the edge of price ranges in a speculative fashion, but this too has gone against me in the past. Tomorrow will bring some answers as I expect the P&L to return to where I am expecting. However, I'm slightly concerned my raising of stakes may have been premature.