Deja Vu

Today panned out remarkably similar to yesterday. Indeed, at times I thought it WAS yesterday.

The figures for the morning session were virtually identical to yesterday's. The profit was the same, within a few pence; the number of races was only one more and I had one small loss.

After lunch, things ground to a halt, just like yesterday. In two hours, I made £1.50. It wasn't until after 4:00pm that I strung a few good trades together and by 6:00pm I had amassed a quite pleasant £42.50.

Like yesterday though, I endeavoured to throw a fair chunk of that away. I lost nearly £7 in the last three races of the session and when I returned after dinner I carried on losing it until I pulled the plug before I dropped below £30.

The evening markets were particularly difficult with little or no money around - presumably because of the big football matches on tonight.

So I've stopped for the evening, some £31.52 richer having got involved in 53 races, losing 10 of them at a cost of £18.55. Again, this is far too high and is making a big dent in my profitable trades.

While I'm obviously happy to have made a profit, I'm really disappointed with this performance and the number of mistakes I'm making. Not really sure why to be honest. If I can consistently curb these mistakes, I reckon I'd be 25%-35% richer. Mind you, it would ultimately be lost to the premium charge.

I've decided, like last Wednesday, to post a screen shot of my premium charge calculation for the previous week. In fact, I think I'll do so every week for one very simple reason...

Now that the furore has died down nearly six months after its introduction, one never hears much about it. I get the impression that many people think it will not hit them. What I aim to do by showing mine every week is to bring attention to the fact that even small time traders like myself are affected.

While I spend a lot (way too much) of my time trading successfully, at £100-£150 per week I would hardly describe myself as a high roller. To any wannabe traders out there, please be aware that as soon as you start winning regularly, no matter how small, you WILL be hit by the premium charge eventually.

Once again we see that the total charges I would have paid, including commission already removed after each event, would be 23% of my gross profit.

I have half my 'allowance' left so I guess I need to start thinking of ways to reduce the likelihood of me being hit by the premium charge. The only way to do that, without drastically reducing the number of markets I enter, is to increase my losses on Betfair.

Doesn't it seem bizarre that in order to maximise our returns, we have to think about losing?


PhilipH said...

Today I had another crack at Betdaq nags, mainly on the evening racing at Kempton. I was doing OK, just breaking even or stealing a few pence (literally) as I am only trying out Betdaq Angel.

However, my touchpad is very sensitive and I seem to have placed a £1 lay on a 11 shot! And of course the darn thing WON! I lost £9.50 on the race, which will take me some time to retrieve at the rate I'm going. I was most annoyed as I didn't know I'd done this - but obviously I had. I had switched of the "confirm bet" function as it can lose a lot of time in placing a bet but I think I will have to turn it back on until I am a lot more familiar with the interface.

Cheers, Phil

Alistair said...

Hi Phil

Better to make these mistakes when using small amounts. We've all done it. Indeed, still do it!

What's important is we learn from it so that we don't repeat them. Easier said than done of course.

Good to see you are still persevering. You need to be in this lark for the long haul to make it work.