This video has been a long time coming, and I do apologise to everyone for that has been waiting to hear my progress and also just genuinely see that I have not blown my bank.
Everyone seems to have their own trading style and going “in play seems” to be the way that I like to trade and as someone said in an email to me there are lots of ways to mine gold.
Anyway, I have been away with a few other projects and generally just taking a breather from a bit of a roller coaster ride that was going “in play.”
The first taste of going “in play” was my first 3 figure day trading horses on BetFair and that really just sparked an idea off and the following day I refined it a bit and made £867.41 and man did it feel good.
The following day I did the same and made £516, and that also felt good not exactly £800 but was all done in a couple of hours.
I went on a bit like this for a bit, and all is good, but I was fully aware that a loss was going to come and when it did it was going to hurt my bank. Well, I took out £2500 or around that figure from my bank and left around £500 in my Betfair account and traded that up to about £800 odd then I had a massive fail and a complete stupid moment and I lost £312, and then the next race made the same mistake again…
From that moment my mind was a mess, and I was just gambling, and so I decided to take a breather and a step back and see what I was doing wrong and how I could refine my strategy.
This is when I went away and got side tracked but the whole time I was away I was thinking about how I could improve my edge on Betfair and last week I decided to re-open Betfair and Bet Angel and see what I could do.
I was back to using £2 lay stakes and seeing what I could do… the first day I had a loser but got out quick and only lost £26 and for the last few days I have finished the day up with a profit, and I am still looking at tweaking it further.
I really think that trading horses in play has legs and there is a good strategy somewhere that does work. The trouble is the losses can be massive but if you can control them then it should work very well, and I am certain that if I tweak a few things, then it will work.
Mind set is a massive issue, and I mean a massive issue, and the worst thing for me was when I told my wife how well I was doing. Yes, she had some idea I was doing ok by me dancing about, but she used to a few pounds profit and when I told her and showed her she really did start to get carried away by it all.
When I say carried away I mean really carried away, she was looking at giving up work, and trading cars in and buying a bigger house and yes all those are on the cards but to see her so happy and also be in a position to leave her high-paying job was a motivator but the pressure was huge and I mean massive.
I was drinking two litres of water an hour, and sweating, and I was struggling to sleep because I was worried about the next days trading and that is not good.
Anyway, this weeks is all about trading small stakes to test out my strategy and see if it is possible and if at the end of the day it can be profitable. If I can make it work, then I would be happy.
Trading Betfair is not about how much money you make or lose its about how much you don’t lose and I only really aim for £100 a day, and I am happy as this is about where I would like… But trading Betfair is about being consistent, there is no point trading and winning £1k today and losing it tomorrow I would rather consistently win £20 a day.
Anyway, I hope you enjoy the video, and I hope you are enjoying reading about my journey. I think I am a bit off my £50K challenge but this is all about the leg work, and if I get it right £50K will be nothing.