Sunday, 25 May 2008

If only I had more time......

Daily Profit £239.41

As you have probably guessed by my lack of blog updates, I haven’t had many opportunities to trade in the past week.

I’ve been busy at work, so I really have been short of time. However, I have tried to not get too frustrated as I know I have a decent trading strategy now and all I need is time to implement it on Betfair.

I did manage to trade yesterday and today but I was really annoyed about yesterday, so I was determined to have another go today so that I would have something good to write on my blog tonight!

Well, at the start of today, my target was to start trying to win small amounts from each race. One huge problem with my trading strategy is that I tend to only win large amounts or very small amounts. When I get a winner, I win a good amount but in most races, I only end up breaking even.

Today, I decided to trade in a large chunk of my riskfree bets in order to guarantee a win in many races. I managed to trade 20 races, winning in 16, break even in 2 and losing in 2 races.

Here is my P&L for today:














As you will have seen, I managed to pick 5 winners today which resulted in around £200 of profit in 5 races. I think the key thing for me though is that in the races I didn’t pick the winner, I still managed to make a small profit and that is what I haven’t been doing recently. I've started to realise that lots of small wins make up to a nice amount at the end of the day!

I did suffer a £53.04 loss which I’ve no complaints about. I backed a horse which doubled in price and then ran appallingly, so I can’t complain about the loss. I think my first bet was about £100 at 8, it drifted to 14 and I ended up with about £400 win on it. I then laid a large part off for a large red on the field and a green on my fancy. However, it never traded below 10 and none of my lays got matched, so it was a £53 loss on the race.

Importantly, I didn’t let this affect me too much and I continued to employ my same strategy. I then got quite cautious and only won about £16 in 5 races before I went on a nice run at the end of the day and won £150 in 5 races with 2 nice winners included in there.

Overall, a highly satisfying day and it makes up for my performance yesterday.

Yesterday, I traded in 12 races, winning £30 in the first race. I then lost 6 out of the remaining 11 races which was an unbelievable bad run and overall, I ended up £48 down on the day. I broke-even in 5 races also. Overall, a £192 profit this weekend which is nice and was needed!

I think the most annoying thing from my point of view is the fact that I am not getting enough time to implement my strategy. When I do get the time to look at races and find winners, I find trading very easy and as my results have shown, I can make a decent amount even with my very limited trading skills.

I’ve been reading a few other blogs recently and it’s good to see that traders are making some nice sums from trading pre-race. As I’ve said before on here, I’ve not got anything against scalping but it’s just not for me. I actually quite enjoy implementing my strategy now and when it works like today, the results can be fantastic.

I would love the opportunity to pit myself against decent traders on a full-time basis as I’m sure that my trading strategy with my form knowledge would mean I could easily look to earn around £1,000+ a month full-time but unfortunately, I had my chance at trading 4 afternoons a week and I didn’t do well enough!

One thing I would say though is that I have a much more well thought out trading strategy now than I had when I was trading each afternoon, so I don’t think my trading efforts back then are a good indication of how well I’d do on Betfair now.

Hopefully, if I can keep building my Betfair bank, I will definitely think about trying to go part-time at work in the future again but I’d need to be convinced that I can make it worthwhile. Time will tell……

4 comments:

Anonymous said...

Well done on the weekend mate - I was starting to think the blog had been finished with with no updates all week!

I still managed to beat you on Saturday :-) Two on the trot now! And I wasn't even able to trade!

Shame you smashed me on Sunday! This damn internet problem is killing me and looks like an end to it is no where in sight.

Well done on a great weekend!

Leonthefixer.

Anonymous said...

Graeme,

I too thought you had packed the blog in. I understand though that it must be difficult to update the blog when you aren't trading.

Well done on yesterday's result. I found the markets very difficult to read unlike you it appears and I would be keen to understand how you manage to win such large amounts on some races.

What size of stakes are you using and do you let all of your trades go inplay?

Steve

Anonymous said...

I have only really been reading your blog for the past month Graeme but you are obviously a very talented trader on the horseracing.

If you can make £200 in one day, you can surely make enough to trade fulltime don't you think.

Have you any thoughts about going full-time?

Thomas

free betting said...

thats a cracking profit that. if i had the time and discipline maybe i could get near it but i definatly lack the discipline lol