Daily Loss £22.89
Well, if Paul Mckenna can sell books teaching people how to lose pounds, then I could be on my way to writing a best-seller!
5 days of trading on horse-racing, 5 losses.
Being honest, today was not about trading. I actually did Ok trading and I'm slowly starting to get the hang of this. My problems again concerned my Dutching.
I gambled on 19 races today, and only won on 7. As I've said previously, I can't expect to make a profit when my strike rate is this low. In reality, I did pretty well to only lose the amount I did as I was playing with very small stakes, so it could have been much, much worse. I actually had 8 straight losses which is quite an achievement. The average odds of these 8 bets came to around 6/4, so it's quite a poor run.
The only thing that gives me a bit of encouragement was that I was slightly unlucky in one of the races. I managed to create a riskfree bet on a horse which returned around £50 (was 20/1) but it finished 2nd. I did lay off a little part of the bet in running for a small profit on the race but if that had managed to win, I would have made a decent profit on the day.
Clearly, my confidence at the moment is at an all time low with regards to picking winners through Dutching, so I'll maybe have a break from Dutching tomorrow.
I still feel I can make decent returns from Dutching but it's just not happening for me at the moment. I can't pick a winner.
I'll look to try to trade tomorrow as it's lower risk and I'm really needing to try to get a profit to get me some confidence.
I made the decision to start off with very small stakes for The Experiment and it's probably proving a good decision. If I had been playing with the sort of stakes I ultimately want to, I would have bust my £1,000 bank on the first day as 8 straight losses at 6/4 would wipe me out no matter which staking plan I was using!
I'm starting to chuckle to myself about how bad this horse-racing gambling is going, so things can only get better.
Bring on this week's golf......