I wrote this article for goarticles.com
When I started trading on betfair it looked so easy, so easy that I want big returns straight away and I started making money and subsequently losing it nearly instantly through greed, I have been through many boom and bust cycles with my betting bankroll . So I decided that the only way I was ever going to crack it, was to breakdown the amount I would like to make per month, per day and finally per race. At the moment I am still in bankroll building mode and I am compounding the daily interest on my bank to help it grow quicker.
I set myself a target of 5% increase in my betting bank per day and typically with twenty one races per day this breaks down to a figure of just under 0.24% of my total bank. 0.24% does not seem like an incredible amount and really it isn't, its quite achievable within one or two scalp trades( a scalp trade is a lay bet followed quickly by a back bet or vice versa)and finally a further lay bet to equalise the profit over every horse so I win no matter what the result, all of this is before the race starts and normally within the last ten minutes before it starts.
Now one thing to make you aware of is that I know nothing about horse racing, I know the terms used - distance, form, going and handicap etc. but don't know how there are used and the best bit is I don't need to, because all we are looking for is a gap in the market and being able to sport which direction the odds are moving- whether they are going out (drifting) or coming in (steaming).
This is a technique I use daily and I am slowly being able to see a return for my efforts and soon hope to be able to withdraw a portion of the daily profits and also allow my bankroll to increase daily, I am forecasting my bank to grow to around £5000 by the end of 2011, come and follow me my sports trading journey