On the face of it, tonight’s profit may not look that impressive to some readers. I’ve won much more at other times but I doubt I’ve traded much better.
The one thing I’ve realised recently is that for my trading strategy to work, I need to be fully confident. A few weeks ago when I was going through a bad patch, my confidence was low and I was trading the wrong horses in every race. Now, my confidence is as high as it has ever been and I’m making this game look easy!
Tonight, I didn’t have a single winner all night and being honest, most horses ran poorly. If I was greening up tonight, I would have won more than my profit above. With my strategy though, I need to take the good times with the bad times and when the bad times still create a nice profit, I can’t complain!
I traded for 2 hours and looked at 9 races. I had 5 profits, 2 losses and 2 break-even races.
I think the key to my success tonight was limiting my two losses. I read 2 races wrong and both horses drifted wildly. I managed to exit both trades for a small loss before the race had started and it made me feel great!
I only staked more than £100 in one race tonight and that was when I had my £5 loss, so it’s a return of about 65% on my trading bank which is cool.
If I can get through this month without any mishaps, I’ll have a decent size trading bank again and I’ll have my confidence fully restored. I’ll then be able to get back to using slightly higher stakes and we’ll see what happens from there. I don’t regret reducing my Betfair balance last month as I felt it was the right thing to do and so far, it hasn’t affected my profit levels by much, so I was probably right!
Thanks for all the kind comments recently. They are much appreciated.
On the kind advice of Nick and Matt, I’ve actually just purchased a couple of books. The books are, Fooled by Randomness and Reminiscences of a Stock Operator. I’ll hopefully get some time to read them over the next few weeks.
Lastly, without turning this blog into the 'Andrew Appreciation Society', Andrew has got off to a flying start this month and had another large win tonight thanks to picking out Downhiller and trading it all day for a massive riskfree bet. The horse won at 12/1, so it was a nice spot. We are both in great form at the moment and everything we pick is getting backed pre-race, so let’s hope it continues……