Early Days But Promising Progress

Ahhh, Saturdays. I never know whether to trade them or not as they are so variable. My greyhound trading this morning was a case in point. Just over an hour to barely earn £2.

Saturday afternoons are generally set aside for match betting the Bet365 Ch4 4/1+ horse racing offers. As I've mentioned in previous posts, I'm beginning to question the wisdom of doing these as my premium charge is taking a hit way out of proportion to the profit I'm making. If only I could find some winners, but I seem to be particularly poor at doing so.

Laying them off on another exchange is the obvious answer. I had a quick look on Betdaq and the odds are comparable with Betfair so this should be feasible.

However, as mentioned in my last post, I'm coming to the conclusion that trading these offers might be a better option. With this in mind I took the decision to investigate this further using the longer term techniques I've been developing thanks to my experience with the Bet365 offers.

Using my 'Back to Basics' bank, which, at the start of play today stood at £57.97, I set about not only the Bet365 offer races, but any other race I could fit in. My results are plain to see below.


The only black mark in there was borne out of frustration. My selection process didn't flag up anything of much interest and, having just scratched the previous two races, I tried to force a trade. How on earth I was expecting my 50 odd quid to force a trade I don't know, but there you go. Within a short space of time, I was £13 down, though I managed to reduce the deficit to £7.47 thanks to another runner.

Despite this, I'm delighted to have increased my little bank by another 48% in one sitting.

By trying to take a longer term view, paying closer attention to what the market has done in the past, how the Betfair price relates to the price at bookies and so on, is providing me with a more relaxed trading style. I am finding that I'm not panicking when the market moves 1-2 ticks against me (unlike when I'm scalping). Instead, I'm waiting, happy that my assessment of things will bring it back again.

Long may it continue.

2 comments:

PhilipH said...

Congratulations Alistair; the screenshot was quite impressive!

I think your quote: " I am finding that I'm not panicking when the market moves 1-2 ticks against me (unlike when I'm scalping). Instead, I'm waiting, happy that my assessment of things will bring it back again." is instructive and sensible. I am a complete novice at this game but have already found that panicking when my bet IMMEDIATELY turns against me is the wrong attitude. So often I have found that 15 or so seconds later the tide turns yet again, & in my favour.

As corporal Jones would say: "Don't panic, don't panic"; be patient (but stay alert) and protect your stake by taking a small loss if necessary. How small a loss? Aye, there's the rub.

Alistair said...

Hi Phil,

Good to hear you're still struggling along.

I think it can take some time to learn to 'hold back' for a little while. Things can happen so fast in the pre-race horse markets that one often thinks it necessary to react just as quickly. More often than not, pausing a few seconds is a better course of action.

I didn't have quite such a good day today, but then, I'm learning something new and if I'm profiting in the process so much the better.

Alistair