Silly Way To End The Month

Today's Results:
Horse Racing... 0.8% profit. New bank... £856.56

Once again, I found I was suffering from the same problems I was having over the weekend. I was finding it difficult to spot any runners on the move (if that's not a contradiction in terms). When I did, I was too late to benefit or there was little money behind to lend support. I battled on for an hour then, rather than waste another day getting frustrated, I decided to change tact.

With 15 mins between races, there was ample time for me to visit the win markets until the betting became too frenetic for my liking. I'd then change to the place markets and try and make some cash there as well. Actually, the point of the exercise was not necessarily to make money, but to try and get a feel for the win markets.

I have no idea how you people manage. An absolute nightmare. I just do not like the way the win markets behave. I was on edge all the time, finding it impossible to separate the noise from the trend. I tried both manually trading my opening and closing positions as well as use the facilities in BinarySoft BDI. Unfortunately the software is lacking in this regard, but I won't go into details here. Perhaps another day.

Irrespective of which method I used, my trading was all over the place. I got involved in 13 win markets today, winning 5 for £6.62. Unfortunately, I also lost £20.74 in 6 losing races! I was only trying to win a tick, but found the reading of the markets virtually impossible.

It was interesting though as this loss didn't bother me. Indeed, it affected the way I was trading the place markets as well and, come the last hour, I was trading with such carefree abandon that I was making some ridiculous errors of judgment. Earlier in the evening, despite my losses in the win markets, I'd got myself nearly £20 in profit thanks to the one decent trade I had all day. I threw most of that away in the last hour.

So I end up with only 0.8% added to the bank, for the second time in three days! While that is disappointing, it really wasn't the main point of today's experimentation.

Based on what I saw today, I won't be venturing into the pre-race win markets any time soon. I'm currently comfortably making £100 - £150 per week in the place markets and that's good enough for me. I never envisaged doing this full-time and always intended it to be a hobby to earn a few extra pounds. The fact that it has exceeded my wildest dreams is a bonus.

This month has seen me earn £515.73, the vast majority of it in the place markets. To say that I'm delighted with this is an understatement. That sort of monthly income would make a difference to me, so long may it continue.

Assuming I can continue with this performance, hitting the £1000 mark should happen in the next fortnight at which point I intend to take stock and review what I want to do in terms of my trading and this blog.

The blog has served a vital role in helping me maintain my discipline and for that reason alone, I intend to continue with it. Rather than simply detail my daily results, I want to expand it in some way which will be beneficial to both me as well as the handful of visitors that are kind enough to read my ramblings. What form that will take, I have no idea. So stay tuned for no change at all! LOL!

6 comments:

Anthony said...

Well done Alistair, You're doing brilliantly. You've made far more profit than I did when I first started. At the rate you're earning it obviously equates to £6k per year. Even if it just goes towards holidays you know you can go where you like!
Smiles all round as this was my biggest trading month with £2,589.60. Hope you don't mind my posting it but it's very pleasing for me and a bit of a carrot for you.
Keep up the good work.

Alistair said...

Cheers Anthony and congratulations on a cracking result for June. I've a fair way to go to reach those sorts of levels!

But, yes, I'd be delighted with £6K tax free per year, so more of the same from me please.

Graeme Dand said...

Hi Ali.

Great to see you are continuing with the blog mate. I enjoy reading your daily ramblings and I’ve learnt a few things from you if I’m honest. I really respect your determination and discipline and I’m trying to get more of that into my trading and I’m getting there slowly!

I agree that you’re not suited to trading the win markets with your current style. As you say, the place markets are very easy to read and the potential movements are quite simple to follow but you are always going to be restricted due to the liquidity issues and the fact odds don’t move by that much anyway.

I don’t think you should just forget about the win markets just yet!

Obviously, I don’t know how you trade at all as you haven’t discussed it much on the blog. 2 things for you to consider though. How does the win market on BF affect the place market and how does the betting ring affect the place markets?

I think you should continue with your current strategy as it works very well and it basically earns you a nice little tax free income every month. However, you should always be thinking about improving your trading and trying to find an ‘edge’!

The more I trade on Betfair, the more I see things that I’d like to try out and the more confident I am that I can find an ‘edge’ that other traders don’t have.

At the moment, I’m spending lots of time with oddschecker and Betfair open and studying relationships and movements whilst at the same time trading with my normal strategy.

I think the place markets have lots of opportunities to exploit mate if I’m honest and with a few months experience behind you, now’s the time you should be looking at new things.

In this game, if you stand still, I think you may get overtaken!

I have some of my own ideas I can share with you if you are interested but I’d rather do it in emails!

Graeme

Alistair said...

Hi Graeme, thanks for the feedback. Much appreciated.

I haven't fully given up on the win markets. I'll revisit them periodically over the coming months. I'm very wary though of spending too much time on them at the expense of the place markets. I need to find a sensible compromise that will allow time to learn the win markets while continuing to make money in the place markets.

I'd be delighted to discuss any ideas that you may have. You already have my email address I believe. If not, my MSN contact details are on the right.

Cheers

Graeme Dand said...

Ali,

I'm away to Alton Towers for a few days mate but I'll drop you a note this weekend hopefully.

I've been doing a fair bit of additonal work recently looking at reactions in Betfair from Oddschecker movements and I'm guessing that you can maybe tap into this in the place markets also.

I don't fully understand the relationship between the Betfair Win and Place markets yet, so you can maybe help me understand that also.

For example, if I knew a horse was going to be backed from 10 to 8 on BF win market, I could probably gamble more on the place market I guess (less variance on there) but I'm guessing I'd have liquidity issues trying to get £100 on a 3 shot to place with 20 minutes to the off?

I'm heading off, so good luck with your trading!

Graeme

Alistair said...

Cheers Graeme, I look forward to hearing from you.

I've not spent much time analysing the relationship between win and place markets. Intuitively, if there is a link there, it may not be as strong as one might think. For example, a drifting favourite in the win market may well still be regarded as a strong candidate for a place. Something I need to consider I guess.

Enjoy your time at Alton Towers.

Alistair