Wednesday, 23 April 2008

Impending return to work and the £1,000 mark...

I've decided to return to full-time work from the 1st of May. This is probably not too surprising given how my trading went but it's slightly unfortunate that it has coincided with my best return I've had over the last 2 months from the racing!

The Experiment will obviously continue and I'll continue my new strategy of doing an analysis of certain types of races and betting in these races. Obviously, I'll be at work every day so I'm not able to bet on Betfair or trade pre-race but I'll start making more use of the Betfair SP function which I have never used before. I may try to bet the evening before but I don't want to miss out on winners because I've asked for too high a price, so this is slightly risky.

Returning to work makes sense for me as I'm no longer scalping now before races, so all I'm doing every afternoon is doing form analysis or trying to generate riskfree bets on horses I want to back.

Obviously, using the BF Starting Price means I lose a bit of margin and increase the risk greatly as I won't get any riskfree bets but it all comes down to one thing.....

How much better am I at these races than Betfair Layers?

So far, if this was a boxing match, the fight would have been stopped by now as I'm kicking their ass, so I don't see it as an issue if I'm honest.

I will still be able to generate riskfree bets at weekends and in the evenings, so I'll do OK. I'll probably get far more selective with the horses I back as I don't want to be trying to back 10 horses every day. I'll probably limit it to 2 or 3 races a day I analyse. Obviously, I'll need to try to set aside some time at nights to analyse races but I also have my lunch hour at work to look at the form. If I find a horse at lunchtime, I can back it on Betfair on my mobile phone!

When I logged into my Betfair account there, I noticed my balance is now £974.05. If someone had said to me 6 weeks ago that I would be approaching the £1,000 profit mark after 7 weeks, I would have laughed at them! (I've actually won more than that due to last Friday's win but I'm not counting that!)

I think my first target has to be to get up to the £1,000 mark as soon as possible and then keep setting myself little targets. Since I'm not trading now, I don't really need a £1,000 bank on Betfair but I'm happy to keep it in there as it keeps it separate from my own bank account. I've never really had a betting bank before and I quite like the fact it's not my own money I'm gambling with anymore, so it takes the pressure off a bit!


Anonymous said...

Well done mate you seemed to have turned a corner in your Betfair experience and found you speciality! Well done on the £1,000 - you did it a lot quicker than me! :-)

I hope the next £1,000 isn't to far away either!

Well done and keep it up - glad to see you doing well!


Alistair said...

Excellent stuff Graeme. It's clear your new approach is not only working, but has relieved the pressure you seemed to be under when scalping.

Good luck for it's continued success.