Day 2 of going live. I made £10.68 today trading 17 markets, with 1 loss on my £100 bank (and I only ever bet up to about £70 of it on a single market) by tweaking my system - not to be too greedy but not to be too cautious. When it goes wrong I know it will go badly wrong so I think you should make the most of your opportunities when they come.
I still wonder whether I'm just lucky and whether I can scale this up. I can't see why not. I traded both over the jumps and the all weather with equal success. But it does require a bit of nerve (waiting sometimes for the market to swing my way - which it almost invariably did. The set up is supposed to do that but I didn't expect it to do it that well!).
Easier to do this on small stakes. The bigger the stakes the greater the chance of losing your nerve.
I'll be back trading after the New Year and let everyone know how it's going.
Today's Horse Racing
We've obviously got our wires crossed and were looking at a 5% daily profit from a different prospective.ajdal wrote: ↑Wed Dec 20, 2017 3:57 pmYou are compounding, I was merely trying to demonstrate that 5% a day on a £100 bank was easily achievable and not unrealistic and encourage the poster.Derek27 wrote: ↑Wed Dec 20, 2017 3:37 pm£50 * 1.05^365 = £2,710,592,078.89 in a year !
It's not attainable and I presume the point of making a fiver a day is to grow your capital and increase your profits. Generally as you bank and stakes increase, although you make more profit your growth percentage will reduce.
I'm guessing you trade as a living, I trade for fun as a hobby. I will take leave and acquiesce that your advice that 5% a day on the posters bank size is exceptional.
If you can make £5 a day on Betfair with £100 you can probably get close to making £50 a day with £1000 (depends on the liquidity of the markets you trade on). So providing you're not taking major risks that you wouldn't do with ten times as much money, I would say 5% is very good.
But crucially, one day's results isn't enough to determine your percentage profit.
Most successful traders when they first start trading make some easy money, thinking everything's going well, and then make a complete cock-up and blow a week's profit on one market !
The path to successful trading isn't accepting that it's going to happen, but realising that it shouldn't happen and learning to limit your risk/exposure to losses. Otherwise, you could simply be on a risky strategy that's only making money to cover your losses.
Good luck, and I'm pleased to see you've got off to a good start.
The set up I used on the first day I now realise was too conservative and I adjusted it and I made more. On reflection I don't think it involves substantially more risk.
It's something I've seen Peter Webb say on a you tube video. Make the most of the edge you have. In the past he was too cautious. I think he's right.
I realise that a day or two of profit can't be extrapolated. And it's not clear that it can be scaled up. The market might not be able to take it. If that happens I think I have a way to accommodate that. I haven't used the Irish markets yet and I'm wary of doing this because I know that they have their own mechanics (in particular, they have much bigger overrounds).
I have been using practice mode for months - so much so that Betfair stopped me having access to using Betangel! Ironically, I had my eureka moment just at that time. I pleaded with them to let me have access to it again. It's this that made me finally go live and abandon practice mode, which is where I am at.
It's something I've seen Peter Webb say on a you tube video. Make the most of the edge you have. In the past he was too cautious. I think he's right.
I realise that a day or two of profit can't be extrapolated. And it's not clear that it can be scaled up. The market might not be able to take it. If that happens I think I have a way to accommodate that. I haven't used the Irish markets yet and I'm wary of doing this because I know that they have their own mechanics (in particular, they have much bigger overrounds).
I have been using practice mode for months - so much so that Betfair stopped me having access to using Betangel! Ironically, I had my eureka moment just at that time. I pleaded with them to let me have access to it again. It's this that made me finally go live and abandon practice mode, which is where I am at.
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hedgeupgreen
- Posts: 41
- Joined: Fri Dec 16, 2016 12:49 pm
Big spike down to 1.0x on 2nd fave in the 14:05 two horse race - tracksiders thought they saw fave faller?
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spreadbetting
- Posts: 3140
- Joined: Sun Jan 31, 2010 8:06 pm
They're closing the co.uk domain so I had to withdraw all my funds earlier in the week. They made it such a pain in the ass I haven't bothered opening a com account yet. God knows why they couldn't have just transferred accounts across to the com site even adding some tick box if they needed people to confirm to any extra t&c's.
