From dream to reality

Okay guys I am more than happy to inform you that today is the Day when I have finally reached my target magic level - 500€/day.
It doesn't mean I am making 500+ every day since now, but when I first started with trading I didn't think that this is possible. And now I am feeling good, satisfied with myself.

It makes me thinking about my long journey since very first touch with the Betfair and I think I could share my thoughts with you in next couple of posts. I will write something about it, I will advise you how and what you should be thinking during trading, what to do when things go wrong and what do you need to become more confident in markets. So keep an eye on my blog.

2 Feb

So far so good this year

Hello everyone,
it's been a while since my last post. I had one month pause with trading, to be exact from middle of December to middle of January. I was just relaxing and enjoying my life.

Anyway, I've been trading this week and I am more than happy with my results. I think the pause helped me and I am more confident in the markets. I have also analysed some situations which made me problems. And I think every time after hard job you have done, the good results come.
The attached screen is from the best day of this week - Thursday. It's seems that I could reach my target (€500/day) next week.

27 Jan

Is Betfair fair?

No, I don't want to discuss about Betfair as a exchange company and its monopoly in the business. I've got couple of emails lately from people who actually do trading for a longer time (months) and still are unable to make a constantly profit from it.

Trading betfair horses is very tricky in meaning that you can be in 80% of predictions right, but you didn't get matched and you miss the opportunity to earn money. Although you were right you made no profit. On the other hand, in 20% when your predictions are wrong, you will get matched surely and you lost your money. Therefore, no surprise when you are at the end of the day in red numbers. How to prevent from this kind of situation?

Firstly; you cant be greedy. When you expect a big swing you should put your money at the best available odds ASAP to get matched immediately. Don't wait to be matched, you will miss the opportunity because most of traders jump in front of you as they are probably not so greedy as you.

Secondly; if you get matched and you are still in open position expecting long swing, try to exit from it laying/backing different odds during the swing. Don't put all backed or layed money on one odd when you think the price should go, the movement wont be probably as strong as you think and you don't exit right.

And the last one; when you are wrong, even only in 20% of your entry positions, your losses can be turn into a big ones very quickly and you will end with loss, bad feeling, less confidence and so on....in the end. So cut your losses quickly. I usually allow 2-4 ticks against me, depending on market.
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It seems I can't fulfil my target (profit 500€/day) at the end of this year, because of the lack of horses races. I extend the period till the 15th Feb.

Good luck
Mark

Clean sheet

Finally I traded some races on Saturday. It was very good day, without any loss race, but I must admit I traded only first 10 races. Trading was quite easy (ideal for beginners), however I hardly took a profit from race: Horse Racing / Sthl 11th Dec : 1m Sell Stks, I went in-play and took a risk to stay in green numbers. Luck on my side and I've got my first clean sheet.

13 Dec

The lack of trading

Due to the bad weather I didn't trade anything last days. Hope it will be better at the end of this week. You can check weather prospects table here. Maybe on Thursday I will sit down for the markets or on Friday.

However, this gives me time to buy some Christmas presents, enjoy the winter, try skiing and so on..If you have family take the kids out and play for a while. Winter is not so bad!

Mark