Wednesday, 18 June 2008

Confidence is returning...

Daily Profit £49.83

I managed to get 10 minutes to trade the final 2 races tonight.

I put £20 win on a horse in each race, watched it shorten by 4 points to get me riskfree at the off and then laid off in running as both ran prominently.

I thought I’d won £40 this afternoon by laying Bankable to place for a £20 liability on Betfair Mobile but I’d actually laid it for a £20 stake. I’ll need to be more careful as this was the first time I’d laid a horse on my mobile phone. This error cost me £20 which is slightly annoying but it’s still a profit.

Overall, a near £50 profit for 10 minutes work is nice and gives me a bit of confidence again. I deliberately reduced my stakes tonight to £20 wins and I made a nice profit, so it shows that you don’t need a large bank to make a nice profit.

I’ll hopefully get some time tomorrow night to trade a few races.

Good luck with your trading.


Iranian Giraffe said...

Hi m8,

Nicely done the last few days, reading your blog is always a good read especially with the way you trade it's much different to most traders that I know or read about but your knowledge of the horses makes it work for you ( I only wish like you I knew what price a horse should be in each race because I honestly have no idea).
I think you made the right decision in taking your bank size down, like you said having £500 on a horse @ 40 is a little bit on the crazy side.
Hopefully my internet speed will be upto at least .5meg in the next few days instead of the current .1 meg I'm getting due to workmen outside knocking the power off every half hour which made the automated BT system think that my line was unsatble, so I can once again continue my very slow but steady way to profit.


Graeme Dand said...

Hi Mike.

Cheers for the comment mate. Sorry to hear about your internet issues. When I first started trading, I had an internet speed of only 0.2 Meg and it killed me trying to trade.

I spent hours on the phone to Sky (my ISP) engineers to get it fixed and one day, they managed to do something to my line and suddenly I was getting speeds of 1.6Meg which was great.

As you may be aware, I stopped using Bet Angel Pro (I still have about 9 months subscription to it!) and I’ve started just using the Betfair interface. I find this has helped me lots as it is much easier to put in orders a few ticks away from the current price as well as allowing me to study the movements in the market.

I was never a fan of using the ladder interface in BA Pro as it didn’t allow me to study the movements of the whole market. Also, I couldn’t see how much money has already been traded at each price as this helps inform me of what I believe the ceiling price should be on horses I want to back.

In the near future, I’ll try to describe on the blog how I trade a race as it’s nothing special and doesn’t involve any great skill or a great knowledge of horses. It just involves a bit of nerve and a bit of common sense really and I’m sure that anyone can do it.

In summary, I don’t think you need a fast internet connection to make money from trading and I don’t even think you need BA Pro if I’m honest.

Good luck with your trading.