Dripping taps indeed

A good analogy with the dripping tap, as one day surely it would fill the bucket and be able to reap the rewards of being a successful trader, gambling, bettor, sports investor  or what ever you want to call yourself, anyway the post I am referring to came from 'Patient Speculation blog' and well worth a read. Carrying the same theme my bucket is still far from full and is now up to the £16 mark.

Betfair racing trading - £200 Swing trade

A bit more than a double dip

Since my last post, where I had £25, yesterday I dropped further down to £10.22 and then I decided to call it a day, recovered a little bit today to £12.26 but not along from anything worthwhile yet, I have made a spreadsheet today to try and focus on what I could achieve 'LONG-TERM' as I need to get out the mindset of thinking what I could make or earn today/tomorrow or this week, I seem to have lost my way in regards that I haven't forgotten that the little bits soon add up and will make something good- ONE DAY

Where to go from here

I had previously said that wasn't going to update my blog until my balance was over £100, its a shame to say it but I haven't quiet managed it .....yet at the moment my trading account is £25.30 even though its been considerably higher and a lot lower than that as well since my last post about my trading account balance, either I am not cut out for it or and this is my preferable answer I am expecting too much of myself with such a small bank, I am therefore lowering my expectations and I am going think in my mind that I will be happy with whatever daily return I get, as long as its positive as the first rule of trading should be to not lose, I will have another read of Mastering Betfair: How to make serious money trading betting exchanges by Pete Nordsted to try and inspire myself, and will follow that up with a couple of psychology books to try and find my focus again, I didn't trade today and yesterday was a loser so I am going to take tomorrow off as well and will try and ease myself back into a positive daily return (is that being over confident- who knows) anyway that's a question for another day. Just a note about this post from Cassini at Green all over, saying that anyone serious about sports trading should be able to make £60 a day, well here's to hoping for that. Thanks

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Patience Greed Discipline and Determination

Patience

The quality of being patient,  as the bearing of provocation,annoyance, misfortune, or pain, without complaint, loss oftemper, irritation, or the like.


Greed

Excessive or rapacious desire, especially for wealth or possessions.

Discipline

Training to act in accordance with rules; drill: militarydiscipline.

Determination

The act of coming to a decision or of fixing or settling a purpose.

Just a few of the qualities required to make it as a sports trader.

pl collection.wmv

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Taking a back seat

This blog is going to lack in updates for few weeks as I don't have the enthusiasm to write about trading when my daily return is less than £2, so once my trading account reaches the £100 mark I will resume blogging.
I will still post anything trading related but it wont be about my trading bank that's all.

Just to make you aware I am not on the receiving end to a bad loss or anything, just wanted to let you know.

Lack of updates

Sorry for the lack of updates I have been focussing my efforts on finding a new job, so at the moment trading has taken a back seat, I may try and do a few afternoons this week, good luck to any one trading on betfair- it appears you may need it- if they do a planned upgrade at the busiest time of the day

Oasis - Supersonic

When the goings good

Even though I didn't start trading today until about 3 o'clock I have made quite a good amount of profit and up to now I have traded 14 races with a profit of £3.31, I even traded a race from UAE and made a bit, there was now liquidity in the market but I didn't have an trouble getting my small stakes matched nor did it upset the market when I put a back bet in, I suppose you can trade any market if you just put your mind to it.

Last night I even made 22p any score on Birmingham and Everton, I backed the 1-1 on about 39mins for a speculative £2 @ 4.8 and layed it at HT @ 4.3 and greened up the profit, obviously I could of let it ride and I would of made £1 instead but I didn't know that was going to be the final score, oh well at least it was a bit of extra profit for the day.

Still trading

I know its been a while, since my last update, well where am I now, the 1900 races on Betfair has just gone off and I have decided to call it a day for today, following a slightly unimpressive weekend trading I have made good progress for the long road ahead, Trading account now stands at an impressive £31.33, still reckon I can be up to £100 by the end of the month, if and when I get there I am going to start subscribing to centaurs daily trader, two reasons, one is to give me a bit extra profit and second is to open myself to other sports to see how they are traded and where to go next, as I don't see myself ever going to set the world alight by horse race trading alone, in other words try and add a least one more string to my bow.

On another point I especially like the new blog that I seen, its- http://quizknight.typepad.com/bettingmillionaire/ and goes by the name of who wants to be a betting millionaire, going through even money bets to get to a million starting at £2, any way good luck him

Weekend trading round up

This weekend I have managed to trade a total of nine races and made £1.28 profit, rather poor attempt at trading for the weekend as they are normally the busiest days especially with regards the horse racing, but the thing is for me is balancing family time with trading time and when I am only pulling in 10p or so per race I just cannot justify sitting down at the pc all afternoon while the kids are off school, so maybe I will have to factor Saturdays out of the trading equation for the time being, until the amounts per race become more worthwhile. Still at least my trading account balance is going in the right direction.

Well you learn something new everyday, and this IS a new one

Yesterday and the day before I was placing lay bets and scaling out for a few pence at a time on each race, don't think I made any more than I normally would of, but today I have been scratching my head as my Betfair trading balance and my records didn't match, so I trawled through the account statement on betfair and I was charged 70p for making more than 1000 bets per hour, something I won't be doing again, but at least I solved my mystery as I couldn't decide if I had been hacked or not, but surely not for 70p LOL, as for today I more than recovered the charge and still made a healthy profit a lot of races tomorrow and hoping for a good profit going back into my trading account.

Unexpected bonus in my trading account

At the end of the day today the power in my house tripped off, I reset it and by the time I had re-booted the PC I had £1.88 extra in my trading account, I know it could have been a whole lot worse and I could of ended up with nothing at the end of a days trading, but I will count myself lucky-this time. Of the other thirteen races I managed to chip away at the 7.5% I was aiming for by consistently bringing home the small profits and not really worrying about whether I could make my 'target' but I suppose that's a good thing as in just going along and nothing focussing on the end product until I have stopped for the day. So the balance of my trading account stands a lot closer to £20 and I am happy with that.

Where am I up to from the last few days trading

I thought I should bring the blog up to date as I didn't update yesterday, I am picking up the profits nicely, race after race, not making a fortune but still growing the bank, but it ain't half frustrating when my current bank is only 10% of what it was at its highest last month, but I am not going to get there by getting greedy and trying to rush thing as I will end back at square one, I find trading in the wrong frame of mind where you go inplay or take unnecessary risks a bit like snakes and ladders as in you throw threes sixes and then land on a snake and then the cycle starts again, so yeah defiantly learning to be patient and knowing when to trade or not.

 I am currently still trading today but as there are thirty minutes between the evening races I thought it best I get a blog post written, profit for last few days is £3.44 and may still add a bit more yet, although it won't be much as I think I may just finish and hopefully watch Man City get a beating, maybe just maybe the odds are wrong and the Villa can pull off win.

Keep it green