Sunday, 13 July 2008

Rehabilitation continues...

Daily Profit £63.44

Just a quick post as I’m away to have dinner. I traded 20 races this afternoon with 15 wins, 3 losses and 2 break-even races.

When I looked at the racing today, I wasn’t that keen on it so I was trading my riskfree bets in quite early and pre-race in many races. As it turned out, I selected 6 winners in 19 races and I’m a bit annoyed with myself as I calculate it cost me about £200 in missed profits.

Overall, that means I have made a profit of over £350 for the last 3 days of trading and I’m really happy with this. I’ve come a long way since Friday to be honest as I had zero confidence on Friday when I was trading. At the moment, I feel very confident again.

In the past 40 races I’ve traded, I’ve had 31 wins, 3 losses 6 break-even races with a profit of over £650. If that doesn’t give me some confidence, nothing will!

I’m back at work this week and I can probably do with a few days away from Betfair as I have really worked hard this weekend.

Thanks again for all the recent comments and I’ve taken on board everything that has been said. Hopefully I’ll start to reap the benefits going forward…..

5 comments:

Iranian Giraffe said...

Nice one mate,

what a difference a few days/week makes!!!

Mike

Steve said...

Graeme,

Well done a great weekend of trading. You appear to have risen from the dead, so it's a remarkable turnaround.

I can't believe you can go from losing a couple of hundred last weekend to winning it all back this weekend!

The P&L is prety impressive from today and it's clear that you need to try to cut out these large losses that keep happening from time to time. One you manage this, you'll be back to earning some nice profits again.

Enjoy your few days rest.

Steve

Graeme Dand said...

Hi Mike. Cheers for the comment.

One thing I have realised recently is that confidence is the number one factor in the success of my trading. When I’m confident, I read races correctly, trade the correct horses, trade them very well and in most cases, can make a profit on a race.

When I’m low on confidence, I read the race wrongly, trade the wrong horse, trade it badly and in most cases make a loss on the race and in some cases, this loss can be huge!

As long as I remain confident, I’ll be fine I think!

Graeme

lol Steve. Risen from the dead is maybe a slight overstatement but you are not far off the mark. I met my stop loss on Saturday afternoon and I was nearly £700 down for the month. If I stopped then, I wouldn’t have come back from this and a break for a few months would have been on the cards.

Now, I’m break-even for the month and I can’t wait to get trading again. I’m going to deliberately reign myself back though and I’m not trading until Saturday now as I don’t want to trade when I’m feeling so confident if you know what I mean!

There is a thin line between trading very well with my strategy and trading recklessly and I’ve strayed across the line this month and it’s got me in a fair bit of trouble. I can now do with a little period of consolidation before trying to push on again this month.

Cheers for the comment.

Graeme

Anonymous said...

Well done Graeme, level on the month now doesn't seem so bad!

Nick

Graeme Dand said...

Nick,

If someone had told me that I’d be back to break-even for the month when I was pulling my hair out on Saturday, I would have grabbed it with both hands mate!

When I look back on this month, I’m sure I’ll put it down as a great learning experience for me and hopefully, I’ll learn lots from it.

I can’t wait to start next month now to be honest but I still have a couple of weekends of trading opportunities left, so I’ll try to get back into profit for this month before I look too far forward!

Cheers,

Graeme