Hi Peter
I'm looking forward to reading and following the above blog..great idea. I knocked up a quick spreadsheet last night to see the potential of this and where you cold be in 30 days..amazing (are you selling shares in the 30 day pot! ha!)...(If anyone's in any doubt do a search on einstein - 8th wonder of the world!)
...Anyway, wanted to ask; why are you only compounding the profits on a daily basis and not after each race? Surely the latter would be better and just this change in itself could have a marked effect in the P/L??
Thanks
Peter
PS would love to have a crack at this myself but wont have chance to unfortunately due to work commitments during the day.However, why not stage a competition amongst your members to see what the average trader out there could achieve?? Its certainly got me thinking what can be achieved with a tenner!...
Ten Pound Trader..
Thanks, I just wanted to demonstrate that even on tiny stakes and tiny profits it's possible to get to bigger amounts fairly quickly. It's a very low risk way of building to higher totals.
I could up the stake after each race to get it to ramp up even quicker but it's too messy when trying to use two accounts at the same time.
I could up the stake after each race to get it to ramp up even quicker but it's too messy when trying to use two accounts at the same time.
In theory you could go from £10 to significant amounts but things change fairly quickly once you start using bigger stakes. It's not as easy as being at a lower level so I would have to take the account on full time as it were. That fact aside, it's tricky to keep focus on one session let alone two.
Still lets see where we go from here!
Still lets see where we go from here!
The reason for setting up the bank at £100 and the initial stake at £10 was so I could trade at odds up to 10. I can lay £10 @ 10. I tend to use as much money in my account as possible when I trade. I know some consider this risky but it's very rare that I would run into trouble that I am happy at this level using as much as possible.
I really should set up my own alias on here rather than nicking the support one!
I really should set up my own alias on here rather than nicking the support one!
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andyfuller
- Posts: 4619
- Joined: Wed Mar 25, 2009 12:23 pm
Good luck on your challenge Peter, will be keeping upto date via. your blog. I would have to agree though a Bet Angel -Peter account would be a great idea as no one knows who is really answering questions, be it support or yourself.Bet Angel wrote:I really should set up my own alias on here rather than nicking the support one!
I think my question wasn't too clear, Peter.
I was wondering if you would increase your normal stake in the same way daily, as with the ten pound trader stake.
i.e. When using a larger bank/stake combination would you manage your stake in the same way?
Tx,
I was wondering if you would increase your normal stake in the same way daily, as with the ten pound trader stake.
i.e. When using a larger bank/stake combination would you manage your stake in the same way?
Tx,
Re : Stake increments, the problem I have after years in the market is I can't put through as much as I would like. So my day to day trading revolves around trying to put the maximum stake I can at the best time. I have to vary my stake from race to race. Some of the weaker days it's really tough to put through any decent amounts of money.
I kept on running up bloody data charges which were ruining the whole idea of the experiment. I'm pretty confident I have got around this now so he will be back soon. I've been in test mode for a couple of weeks to make sure I don't have the same problem again.
Please be wary everyone. Started with a bank of 100. Trading with 10 pounds. Started with a few winning ticks (a few pence seems easy doesn't it). Then Betfair done a price reduction a horse withdrew at the start and it was applied retrospectively - after being up a few pence was down 30 pounds - yes thats correct a whooping 33% of my starting bank. Imagine trading at larger bank sizes and Betfair has the power to do this - seems like the odds are against us. (Never mind that it does not happen that frequently - there's no point trading for a 1000 winning ticks and then lossing 33% of your bank.)