July Summary

I'm going to keep this as short as possible because, quite frankly, I'm really in a foul mood after what I did this evening.

Trading this afternoon was pretty steady and come dinner time I'd got myself up to £21 profit. Nothing spectacular, but given my typical daily returns for much of July, I was happy with this.

I settled down for the evening session with the first at Musselburgh - and threw £16 of that away. Absolutely disgusted with myself, I switched the computer off and went for a walk.

Unfortunately, my little jaunt in the summer rain has done nothing to clear my mood, so I've decided not to resume for this evening and preserve what little profit I had made.

So, how to summarise July?

Three words I think amply describe my feeling for this month: MUST DO BETTER!

Having earned more than £500 in June, I had great hopes for July, but today's performance has been all too typical of my trading this month. Yes, of course there has been some highlights such as reaching £1000 and posting my best ever daily result - but these have been few and far between.

Since breaking through the £1K barrier I've only managed to win a total of £134.45. That's an average of less than £8/day and even then, that's only thanks to that great result of £78 last Friday. My daily average over the whole month is under £11. Hardly meeting the minimum wage is it?

Quite honestly, I'd be better off getting a part time job. At least I'd get out the house and meet people instead of being locked away like a hermit.

Some time ago, I said I'd be delighted to win £100/week. Clearly, July has failed on that score as well.

A general malaise descended on my trading earlier in the month which I haven't been able to shake off. It has permeated my trading so completely, that I can honestly say I have not enjoyed it. I've come a long way since I started in February, but I feel now that I'm continually treading water and not moving forward. What's annoying me the most is I have no idea what has caused me to suddenly grind to a halt. It's all very frustrating.

I've got another week of trading to go, then I'll be taking a break. Hopefully then I'll be able to get my head in gear and see where I go from here. As far as this month goes, I'm glad to see the back of it.

5 comments:

Anonymous said...

Alistair,
Just a thought......I am taking a rest from all of this for a week or two whilst I attend to, (I suppose) more important things which I realise I have let slip because I have been spending too much time with Bet Angel on the screen! I have been thinking about it too much also and I mustn't become adicted!
I had great plans of having two or three grand in my betfair account and to skim off a good income at the end of each month but it ain't worked.
Think about where you were when you started this project and where you are now. You turned £10 into £1000 over a short(ish) period. I mentioned to you before, this to me is an 'inspiration.' Are you (and maybe me) better at creating something from nothing than generating an income from a capital sum? Maybe it has something to do with motivation? Think.....if you reduced your bank down to (say) £100 and enjoyed or invested your substantial profit, how long with your skills would it take you to get that up to £1,000 again? A couple of months? The precise figures maybe don't matter that much but you could do that maybe six times a year?? That would be £5,400 annual profit. You could maybe take £200 up to £2,000 six times a year for £10,800 annual profit. You could go beyond that but as we know the sky isn't the limit. Too much of your money in here leads to difficulties in getting matched at the prices you need.
When I return I am going to do this. £10 is not enough to start with (particularly for 'book arbitrage.)I'm starting with £100. I have wasted too much money going in with large sums and then not respecting my own money. I am going to set myself a challenge. I will also then find out if I truly can succeed at this like you can. When (if) I get there I will take the bank down to £100 and set off again. I find that maintaining a large bank somehow brings a malaise!
Do you think I have a point here? Please let me know!
Dave.

Alistair said...

Hi Dave and thanks very much for your comments.

As usual, my post came across more pessimistic than I intended. My fault for writing it while still angry with myself for making such a silly mistake at Musselburgh last night. I'm in a better mood this morning.

I don't think the size of my bank is an issue. Although I have £1000 in my Betfair account, I limit each trade to around 10% of that. It is true however that sometimes I have difficulty getting that 10% matched in the place markets. But then, that has more to do with me entering at the wrong time or the wrong place than anything else. My point is, I'm by no means the biggest fish in the sea as far as those markets are concerned.

My main problem in the place markets is that when I make a mistake, it can bite me badly. I lost £16 yesterday, because I went in with my normal amount to take a sum smaller than mine. I then let what was leftover of my stake sitting in the market way longer than I normally would. It was grabbed and my side of the market collapsed. I misread the market and paid the price and as it wiped 75% of my gains yesterday, it set me off.

That said, the salient point I glean from your comment is one of motivation, or lack thereof. Looking back over the past 2-3 weeks, the general malaise I have felt may very well have been one of a lessened motivation. I certainly felt at times that I was going through the motions and I haven't really been enjoying my trading.

At some stage in the future, assuming I want to continue in trading the horse markets, I will have to invest in a Bet Angel subscription - even though BinarySoft BDI is still working. Whilst I am getting to grips with BA, it makes sense to learn the win markets. To that end, I will be starting again. Probably with £25 rather than £10.

I'll be reviewing where I want to go when I take a break. I've got the British Superbikes and the British Touring Cars on back-to-back weekends at Knockhill and hopefully a little camping trip with my daughter in-between. So lots of time to figure out the next step in my trading career. I'll obviously post my thoughts once I have them clear in my head.

Thanks again for a very useful comment as it has got me thinking about other things. Good luck with your trading when you get back from your break.

Alistair

Anthony said...

Some good points there guys.
I feel it's necessary to point out that very rarely is a trader happy with what they've got (hence my questions to Pinsticker), which for some inspires them to study very deeply what they're doing. For others it demotivates. I'm lazy, I try to earn more by not doing any more!
Alistair, you've made £1,000 from nothing in a fairly short time. I expect you didn't believe you would when you started this lark. It took me 2 years to make anything substantial because I kept throwing away any profits I did earn.
I think it's time for you to move to the win markets; that should be your new motivation. With the liquidity in those you should not lose £16 from a £100 trade very often. In my opinion, during this week, before you have a week off, you should delve into them. You're not happy with the profits you're making now so what have you got to lose?
Good luck mate and keep posting.

Mind Games said...

I also experienced a tailing-off of profits once I had reached a good level.

I imported all my trades in Excel and looked at a chart and found that in the last month there had been a distinct increase in the volatility of my results. Because I was still making an overall profit, albeit a smaller one than usual, I hadn't noticed.

I didn't realise it at the time, but looking at it now I think this happened because I was bored. I find trading boring after long periods of 6 days a week, whereas lobbing my whole bank on a 5 furlong in-running trade was a huge adrenaline rush!

Maybe it is nothing, but I have noticed in a few of your posts that your refer to your £1000 profit as a "barrier". Maybe you are bored because you have achieved your target which not long ago perhaps seemed quite unlikely. Maybe you should set a new target/challenge?

I like that your target was an overall amount without a timescale attached. I used to have a daily target and I think that is why I started taking undue risks when the day was going slowly.

Another thing for me was that at the start I was amazed when I could make £5 or £10 race after race. Later, when I was taking more risks it was partly because I thought I "deserved" the £5 or £10 because I had done it so many times before. The hard thing about this game is that you're only as good as your last trade!

Hope your break enables you to work out a new way forward.

All the best.

Alistair said...

Hi Anthony and Mind Games.

Sorry for taking a while to respond to your comments.

A: The issue of entering the win markets is one of the many things I need to consider when I take my break. I must confess, I'm very apprehensive of venturing there anytime soon given my experience of them in the past. I'm going to have to completely relearn new strategies and forget what I've learned in the place markets.

Because of this, I do not think it sensible to develop a strategy using software that at some point is going to stop working. More importantly, software that works so differently to what I'll ultimately be buying, namely Bet Angel. It makes sense to me to do this after my break.

MG: I agree with you that I may have become bored and generally less focussed. Whether that boredom has come about because I've not been doing so well or vice versa, I do not know.

I know I have referred to the £1K mark as a 'barrier' in the past but I didn't actually set a target when I started out, as I had no idea how good, bad or indifferent I'd be at this. Certainly, my previous experience of trading would point more towards failure rather than success. So the £1000 was a significant milestone to achieve.

I mentioned to Leon on MSN yesterday that before reaching that point, throughout June and the end of May, I was regularly posting £30+ daily profits. It was unusual to have anything less than £20. Since reaching £1K 3 weeks ago, apart from a £35 and a £79, I haven't posted anything above £12 and I have no idea why, hence my frustration.

Anyway, thanks again for your comments. The feedback of visitors has proved invaluable as I try to get through this prolonged slow patch.

Alistair