I’ve decided that as a bit of a challenge and obviously a way to keep me motivated and also in a bid to keep me focused on trading Betfair using Bet Angel that I’m going to blog about it.
So the challenge is to take £500 and turn into £50,000 using Bet Angel and trading horseracing with Betfair. Bet fair is a betting exchange, and it has always interested me as a way of making extra money. I’ve been using Betfair and a number of other betting exchanges and also bookmakers to make some extra money which is the main reason why I started Blackhat Betting. This extra money has enabled me to go on holiday and generally live an okay lifestyle.
However, I’m now taking sports trading seriously as I would like to be able to give up my daily business and be trading full-time. I am lucky enough to not actually have a “proper” job. However, I’m still in an office sat in front of a computer, and I still have a lot of crap to deal with on a daily basis. So the thought of being able to make money using Betfair really doesn’t appeal to me.
So Let’s Get Started Today’s Trading
Last night I decided to trade the US Tennis Open, the men’s final and I really shouldn’t have done as it was “in play” and it was fast moving. I mean really fast moving. I quite literally have no idea what I was doing which showed in the end. I was up at one point, but that came crashing down, and I lost £4.79 in the end. Not a massive loss but a loss that should not have happened.
So with that being said I have decided I will not be trading anything other than horses for this challenge. However, that loss will come off my £500 starting bank.
The First Day of Horse Trading
I woke up fresh as a daisy after last night’s failure with the U.S. Open fresh in my mind and the first horserace not until about 2 o’clock it gave me plenty of time in the morning to get other jobs done and generally free up the afternoon.
I started today’s trading with £2 stakes, and the first three races I was in profit first race was 36p second race was 3p the third race was 44p which is not too bad. Please remember that when you’re learning to trade horses, it’s not about how much you win just that you’re not losing.
After that early wins it went pretty much downhill, I decided to increase my stakes to £7 and next three races I lost. The next race everything started to fall into place, and I finally got the hang of it for five races were saw profits from 11p to £1.17, then disaster struck with a loss of £7.01 better win of 38p and in my last race of the day, I lost £2.19.
So not the best day’s horse trading however with every trade that I lost I learned something new. So fingers crossed for tomorrow is a better day all I need to do is not lose as many.
Below you see a screenshot of my profit and loss from bet fair.
The method I was using to lose this money today was scalping and when I was winning it was textbook scalping but when I was losing it was mostly down to greed and also just rushing and not waiting for the markets to show me when I should enter and exit.
My Previous Trading Experience
I have been trading horses for a massive three months and of that three months, and I have been away for 2 of those months. I would safely say I am very very much a beginner when it comes to trading.
The Trading Software I am Using
I use to use Geeks Toy as Betfair trading software but due to lack of support and what not I decided to give Bet Angel a go. Bet Angel have a tonne of training videos on youtube and for £150 a year you get the pro version of the software and I think that is great value for money.
Have I Had Any Trading Training?
This week I go on the Peter Webb horse racing training which is why I have made a conscious effort to trade this week, so I don’t go in a total newbie. Hopefully, I am making money at the end of the days training.
I would like to be making £5 a race very quickly, and once I can do that consistently I will be on track to making Betfair trading a full-time income and with a bit of luck be a nice little addition to my earning portfolio.
I am also a sucker for a challenge so the next 12 months I will be blogging daily, and once I get my screen capture software working I will show you how I am trading. This will help me improve as a trader but will also show you guys how I am going. You may be able to guide me and show me where I am going wrong.
Anyway enjoy reading Blackhat Betting and I hope you enjoy reading the rest of the site as I go exploring new ways to take my money back from the bookies.
Please leave any comments below and I’ll do my best to answer them.