wee update

Just thought id write an update about how things were going, since my visit from Dave, Its opened my mind up more about what goes on in the ten minutes before the race and Ive been trying to work out when and who comes into the market at what times and trying to spot repeat trends happening and keeping records of the information I am gathering.

When I spot a trend I am putting a trade in, but until my confidence builds I am using £2 stakes, the good news is that I am beggining to see much clearer trends and when I load up a race I am trying to predict before hand what price a favourite will settle at, which Is giving me more confidence to get my entry points right!

So for so good and I am getting in right about half the time!


So for now I am happy to sit and watch and be more selective about my trading until my confidence grows further! will update again soon

Day with Dave

Well I thoughtI should write up a review of my day with Dave.

Its not going to be too long winded but more a quick overview of what we went through.

The day was really tailored to suit me and any question I aksed was ansered in double quick time with a live example/demo of what I aksed.

Anyone who traded on friday would have noticed that that markets were very very stable, good liquidity and good quality races, so there werent many swing trading opportunities to be had, which was good because my main problem was scalping believe it or not.

To start with we went in depth about course grades, and race grades and what to expect at different course and types of race classes in relation to liquidity and what punters were likely to do, we also covered form and how to read a race a properlly and anticiptate what to expect and what opporinioties to look for in every type of race, I now buy a racing post every day - Its alot easier to look at than using the web site and I can now load up a race and have a plan in place ready to put into action and even more so what to do if it does not happen.

We then covered the timing of entry and exits points and I can clearky see money coming in and out and in again and the market settling down which has helped me with my entry and exit points, we covered the betfair graphs and how to use them and read them properyl and also the bet angel ladders and scalping tools and how to read and use them properly, and then I watched dave trade for about half the day and in the latter part I traded whilst dave watched over me, the big thing that I noticed is that I now have more confidence in stable markets to leave orders in longer and wait for my order to be filled instead of backing out of the order for the loss!

All in all it was well worth it and I would highly reccomend it to anyone!

Let myself down badly

Sice starting this blog I have really honed my discipline in and was getting so much better this weel and even doubled my bank, but today my discipline level slipped and I sinned badly, so badly I could cry like a big baby - I let a trade go in play and have wiped my bank, so I am back to sqaure one, I cant believe i went so long without doing it and now this, It makes you feel so low when it happens, I wonder why I done it again after so long, I dont know if every trader goes through this and its a case of every time you do it you get stronger? to a point where you absolutely wil not do it again, or is it just me??? anyone reading that has any useful tips or anything else to say feel free to let me know! I am away to sit in the naughy corner and beat myself up.

Not only has it made me extremley pissed off, but its knocked my confidence - Anyone reading this who is trying to learn to trade please please please do not let a trade go in play, you might get away with it a couple of times, but it will come back and bite you, and steal your bank - Guaranteed.

The strange thing about this was I was greened up for £3.92 and I got greedy and tried to get some more out of the market and bang the price shot away and I could not accept the huge loss I was facing, its concerning because I have been taking losses in the chin lately and accept that you cant get away from them, but the sheer speed this price shot away left me like a rabbit in the headlights waiting to be run over and run over I was! big time!

More consistency

Friday Sat and Sun update:

Friday and Saturday I felt it was hard not to make money, and there were some decent swings and price movements, overall in the last 7 days I have doubled my bank and have not had a losing day until yesterday! Sunday was awful I felt there was hardly and liquidity and not much price movements and I sustained a £3 loss for the day, the first losing day I have had for about 2.5 weeks!

But overall the bank is up and I am getting small consistent wins so generally happy with progress!

good but room for improvement

Today at the start if the day I felt I could not put a finger wrong and it was hard not to make money, but as the day wore on it got harder and harder I felt, dont know if the liquidity was drying up a bit, anyway

I alos noticed today on certain races huge back bets coming in and send ing the pirce steaming in, which took me from a green up to a red up! certainly made me more cautious!

I returned a few quid using 50p tick sizes and after being away for a few days I think thats ok! I was on course for 10% return on my bank today, but came in just under! so more of the same the next few days please!

Personal Mentoring

Its fair to say that you can never know enough, especially when it comes to trading, I am now in the position where I have stopped losing money and making small daily returns, On friday the 15th May I am having dave raybould from betangel round at my house for a days personal mentoring, this is not the first time I have met dave as I had a day with him last summer also, but this time I am so much more hungry and equipped to get the best out of dave for the day than i was last year, I am so looking forward to it!

If you have not met Dave, or had the pleasure of dealing with him I suggest you look into it with him for a days mentoring, I actually organoised things the wrong way round, you see I had personal mentoring from dave before I went on the Peter Webb Course and i all honesty when i first met dave last summer for the day I really did not have much of a clue about what I was doing, so this time round I know I will get lots out of it as I have have been on the course and have been trading for a few months!

Here is the link to the site for anyone interested!

http://www.bettingexchangeacademy.com/mentoring.php

I have not traded againt this week and wont be back in my seat until tommorrow, as I had personal commitiments that have kept me away from the desk, but after tommorrow thats me hopefully with no interuptions for the foreseable future!

Thought id upload a screen shot from the last 2 days p n l, its not been easy and a made a few schoolboy errors, and today I found really tough, the money seemed to dissapear very quickly today which made trading hard!, but I still managed to nick a few quid here and there!

good resource and update

Its been a while since I actually sat down and not only wrote on the blog but traded.

I have had a busy week with my mother moving house and my Cab needing a lot of work to pass its strict certificate of compliance (taxi MOT) which has meant going to body shops, auto electricians and council yards - on top of that I have not been sleeping so getting all my chores done in the morning meant I was coming back really tired and I never trade when I am tired, but all the work is out the way and I can now focus on trading again!

I was readin other blogs and the bet angel forum and I wanted to read a few books in my spare time that other bloggers and forum users suggested and short of spending a a lot of money to purchase these books I remember reading the paper during the week regrading class lawsuits against google in that they were publishing books on there google books site withougt prior permission, given that google are now worth £100 billion I think this was no drop on the ocean for them and they have agreed in principle a royaltee structure for authors and publishing houses whos work is on the google books site, so this morning I set about look for a coup0le of titles and easily found them:

here is a link to the search for anyone not used it before:

http://books.google.com/

and I looked for trading in the zone, and it came up straight away:

http://books.google.co.uk/books?id=olUUEfY31ZkC&pg=PP1&dq=trading+in+the+zone#PPA1,M1

A book on political betting with lots of reference to betfair:

http://books.google.co.uk/books?id=qZ_wNXtdNAwC&pg=PA54&dq=trading+betfair#PPA3,M1

The science of financail market trading:

http://books.google.co.uk/books?id=8UwF4fYBhb0C&printsec=frontcover&dq=financial+trading#PPP1,M1


Anyway, thought this would be a useful post if anyone does not already know about it, equally if anyone is aware of other sites like google books post a comment and let me know.


Thanks
Paul


All tthere in black and white a freely available to read on your pc/notebook/tablet at your leisure!