It's A Good Job I Don't Drink

I don't drink, and haven't done so for many a long year, which turn out to be quite fortunate as I've barely managed to earn enough this weekend to buy a pint.

I'll keep this short as there's not much to report.

My dog trading the past three days has been abysmal. £9 on Friday, £8 on Saturday and a loss of £3.57 today. Yesterday and today, I wasn't in the mood and it showed in my trading. I've only traded in 42 races over the past two days - less than I normally would in a day. I lost in 10 of those but the losses were, generally, much larger than the profit I was making from the successful trades.

After the mess I got into on Friday with the correct score trading, I was reluctant to get involved in any such markets this weekend. I did have a punt on an over 2.5 treble yesterday which lost me £4.60. However, I got £3 of that back by laying the under 3.5 goals early in the second half of today's West Ham v Man Utd match. I got on @ 1.06 and 16 mins later traded out @ 1.10 when Ryan Giggs scored.

I did have one success this weekend. I won nearly £3 on my first foray into the wonderful world of Rugby Union. Again, I laid at low odds - Wales @ 1.24 - and traded out not long after at 1.28. Nothing spectacular but welcome none the less.

So, a staggering profit £2.18 today and an extremely poor end to what promised to be a very good week. Still, nearly £150 profit for the week, so not bad but definitely a weekend to forget I think.


Alistair said...

PhilipH asked a question which I post here. I haven't posted his complete comment as it contained his email address which I think would be inappropriate of me to make publicly available.

"I am still trying to get to grips with this Betfair type trading but not clear as to how "trading out" works. You say you won nearly £3 on the Rugby by laying Wales at 1.24 and trading out at 1.28, which presumably means you backed at 1.28 ... (sorry to sound so simple :-)) What did you ACTUALLY stake on both bets?"

I laid Wales @ 1.24 for a backers stake of £100 (liability of £24). When the odds reached 1.28 I backed Wales with a stake of £97.04.

Thus, if Wales won, I'd win £97.04 * (1.28 - 1) - £24 = £3.17 ex commission.

If Wales had lost the match, I would have won £100 - £97.04 = £2.96 ex commission.

By backing at higher odds for a specific stake then laying at lower odds for a slightly higher stake, I can guarantee a profit irrespective of the outcome.

I hope that clarifies things for you.


PhilipH said...

Many thanks Alistair.
Regards, Phil.

Stairbridgehouse said...

I think your trading mentality overtook common sense, Alistair. Watching the match ( and I'm no regular Rugby union watcher ) there was only ever one winner. I'd have only traded out by backing Scotland at about 20. PS I made £2! £105 on at 1.02!

Rob ( full time gambler )