Beginning Of The End?

For some time now, I've maintained a minimum of £2K in my Betfair account. I'm been trying to build that up so that I could trade multiple events simultaneously with decent stake sizes.

Having got myself to just under £3K at the turn of the year, I promptly threw away over £800 over a series of mad trades in the cricket and in-running horse markets. Losses that I've struggled to recover from over the subsequent six months. The bank has continued to slowly edge downwards, and recently dropped below the £2K mark.

With this continuing decline, I've decided to change plans and remove £1000 from the account.

Ever since I started with £10 back in Feb 2008, I maintained the rule that I would never again put money in any betting account. Once it has gone, that's it. The end of my trading/gambling career. That rule still applies, so with £930 still in my account, is this the beginning of the end, or the start of a fightback?

Clearly my trading needs to improve. I've made some terrible errors of judgement in recent months and the all important mindset has been all over the place. By lowering the money available to me, I'm hopeful of getting back on track. Only time will tell.


PhilipH said...

Is it a case of "hard come, easy go" Ali? Maybe you should withdraw another monkey to be on the safe side. It's been a long hard slog trading and one has to ask: "Is the reward great enough for the time expended?"
Whatever, good luck from now on.
Cheers, Phil

MF said...

I've always found having more than needed in the account is usually a hinderance rather than help.

Usually leads to silly mistakes and a couldn't care attitude due to losses having little effect on your 'bank'. It's a lot easier to maintain that 'look after the pennies....' mentality when every loss counts.

By all means add to the bank if you're going to use it but it's pointless have additional unneccessary funds for the sake of it.

Good luck with the new approach, Al.

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