Damage Limitation

With England's collapse putting me in an inescapable position this weekend was all about limiting the impact of the resulting £107 loss.

As is so often the case, the greyhounds came to my rescue, first yesterday with a £24 profit in the morning followed by a £46 profit from today's efforts. As a result, when the cricket result was taken from my account today, its effect doesn't seem so bad.

I am so grateful for having a fall back market that I can use to help support the bank while I experiment in other areas.

4 comments:

Balloon Jockey said...

Just stumbled across your great blog. Have just set up my own, and have added you to my Blog list.

Have not had the time yet to read all of your posts, but are there any tips you can give me on Greyhounds. You will see from my own blog, I thought there may have been some success using small stakes to learn to trade, but I ended up finding the markets far too volatile and jumpy, always getting caught on the wrong side.

Any help you can provide will be greatfully received.

Thanks

Steve said...

Think the only thing I'd suggest is you cut back stakes for any 'experiments' Alistair. You're more likely to have pitfalls trying out new strategies and need to learn the risk/reward ratios you can expect from different markets.

Using too high stakes at this time will either put you off what could turn out to be good earners from early loss or too big a win will give you false expectations of what to expect and ultimately lead to an even bigger crash.

You've obviously found a niche with trading the dog markets and it'd be worth analysing why you're doing well in those markets and looking for comparable markets on Betfair.

Alistair said...

Hi Balloon Jockey,

For tips on trading the greyhounds have a look at this post first:

Trading Greyhounds

Hi Steve,

I hear what you're saying regarding staking and in retrospect I shouldn't have used a stake of £100. However, I was happy with what I was doing. What I didn't expect was a complete England collapse in the space of an hour or so which essentially left me with no where to go.

I chose not to employ a stop loss in this instance but after losing 2 quick wickets, there was no way back for me, or England.

No matter though, I learned something new and the money is nearly all recovered so no harm done.

Thanks for popping by chaps

Alistair

Balloon Jockey said...

Hi Alistair,

Many thanks for pointing me directly to your Greyhound post.

Fab detail, and great re-assurance that I was not going mad. Cheers.

I think I will continue as you say to put the hours in and practice.

At least I was being realistic with my profits as I was getting excited about a max 25p profit on my races. As you say it all adds up over time.