Thursday, 1 May 2008

Review of first 2 months

Since I'm returning to work tomorrow, I thought I'd give a quick update on how the first 2 months have gone.

It's been a bit of a strange month for me. I started the month trading on the horse-racing and ended the month gambling on it! I made the decision quite early in the month to stop trading as I don't think I have the necessary skills to be a great trader but I do have a good knowledge of form, so I thought I'd do better using my limited trading skills to generate riskfree bets.

Thankfully, my decision to gamble on the horse-racing has been vindicated in the 2nd half of the month and I've won far more from gambling that I would have done from trading.

Below is the cumulative profit graph for the first 2 months of The Experiment:

I think the 2 key things to take from the graph above is the fact I won £380 from the US Masters from backing Trevor Immelman and the fact I have done much better from riskfree gambling than from trading.

Looking back, I feel I would have done much better if I had employed a riskfree gambling strategy from the beginning of The Experiment instead of trying to make money from purely trading. As usual, hindsight is a great thing but I feel I made the correct decision to try to learn trading at the beginning. Without my acquired trading skills, I would not have been able to implement my betting strategy as well as I currently can.

With regards to going back to work, I feel this is the correct decision at this moment in time. I struggled with the pressure of trying to replace my lost income in the first 6 weeks of The Experiment but since I changed my betting strategy and agreed to go back to work, I have been much more successful.

My target for next month is to continue to implement my riskfree gambling strategy and to hopefully continue my current profitable run.........

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