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The journey begins.....!

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  • The journey begins.....!

    I've never really wrote a blog before, but I am hoping if I can log my progress, thoughts, and concerns then maybe others can offer some advice along the way. I also thought this would be the ideal place rather then somewhere on the tinterweb! I see others post profit and loss, and I most likely will also do that when I make a profit.

    My plan was to start small 2% of my starting bank, with £2 trades. £100 in Betfair.

    Prior to this day I've been watching every possible video you could find on scalping. I'd read 'Make money from spots betting' by Laurence Stanley, and a book called Sports trading on Betfair, by Wayne Bailey. I hadn't put anything into action. Until today.

    The first thing that hit me when loading up Geeks was the amount of money, stacked on the odds. I couldn't believe the volume. With this in mind, I exited Geeks and went onto google, thinking in the back of my mind ' there must be a horse racing event on' low behold there wasn't. I was just gobsmacked by the volume of money traded on the horses. Having only been in a bookies once, this is a whole new world to me. I went back in and put in my first trade, almost like magic the price drifted, and when I say drifted it moved so dam fast!!! I was looking at a £56 loss.

    I'm not gonna lie my heart sank. I was like a rabbit, stuck in the road. I was thinking I'm nearly wiped out before I begin. I then thought it's ok I'll cancel out and take the small figure on the top left, but could I work out how to get out of it nope! All I could do was think if I don't match the bet, as close to its odds then I'm looking at a £50+ loss, as it will go into play. It took a minute but I managed to bet someway off, and minize the damage to around £8 give or take. For the next hour or so I couldn't do anything, I was just so dam worried the same thing would happen again. I did manage to get back my composure and trade a few times, not sure how I did it, but I got the balance back to £95.40. Truth be told, I think something must have gone into play and won!

    Rather than spiral out of control, I exited Geeks and quite frankly feel quite pissed off with myself. I thought I knew what I was doing, or had a rough idea. But I felt like an amateur, a noob, some idiot try to make a few pennies, when he had no chance. I came away and read a little on Google, and reconfirmed to myself that this isn't meant to be easy, and I know the pro's make it look that way on you tube, but I have to remind myself they started at the bottom once.

    One bit of advice that did stick with me, is if the market isn't going your way don't keep pouring money in, come away and have some time out. So for now I am going to go and cut the grass. Plans for later is purchase some more reading material, Pre race trading guide, by Caan looks hopeful, and maybe try again tomorrow :-)

    Any thoughts, opinions, advice from anyone is appreciated. I'll post again tomorrow, after day2. Hoepfully some one will have read this by then :-)

  • #2
    Last night, I purchased Caan's Pre Race training guide. I realised what I had read before, just didn't even take into account all the external variables that influenced a market. Any newbie, starting out, I'd recommend grabbing this! Easily worth the £39 if not more. I read it twice last night, made notes all over it. Read it again this morning and again made notes. Instead of jumping into the market today I've recorded 9 races , so I can watch them and see how certain influences sometimes causes prices to drift etc. I've already started to see some patterns which is awesome.

    I've got lots to learn, and lot to digest but eventually I'll get there :-). Memorizing the keep points of resistance, has been my goal today, and they are almost burnt into memory. Still I'm moving forward which is great. I don't have Sky but I've got Virgin media, and I'm thinking that maybe this is a good excuse for me to justify getting Sky, especially if it shows the horse racing. I don't like not being able to see what is going on, and I don't want to miss anything which could set off a trend.

    Rest of the evening plans more studying :-)


    • #3
      Just thought I'd quickly update this, so anyone else new could see I've not vanished.

      I've been trading whenever I can , only pre-horse racing. It's been a journey and a quite difficult one at best. I've not made vast amounts of money, nor have I lost a lot yet. I want to learn to be consistent before I increase it, and grow the bank. Hence I've kept with the low amounts.

      I have gone from £2 to £5 but only because I want the live Betfair feed, before the off.

      My life is all about trading at the moment, and I don't seem to do anything else. I'm a firm believer in that successful people all have different traits, but the one consistent thing they do is not give up. If I am not at work I am trading, and when I'm at work it's all I think about. I'm not sure I can read anymore about it, as I've read nearly everything I can find.

      I still don't have a defined strategy, and edge so to speak. I have snippets of information, that help me sometimes gauge where the market is going, but nothing which I could consider defined or tuned to any level of accuracy.

      I'll try to update this blog a bit more, as I think it is important for others starting out to see it isn't an instant gold mine of cash for a few clicks of their mouse. I've even emailed Caan last night, asking for a 1 to 1, as I'm sure he could teach me some great stuff. Crazy really, as he probably has an inbox full of requests, so not sure why I did that. Maybe frustration that some people just seem to be so dam good at this game, and I need some advice.

      Anyhow that's it for me today, maybe update a more positive post later in the week.


      • #4
        Hi original........You sound exactly like me....i started last year with £2 stakes and watched andread evrything i could find....still nearly a year later im not making consistant execution is good but not having an edge that tells me 95% the way the price will go is whats failing me....all top traders have that edge so ive read.......i only do it part time, probably 10- 20 races a week, i make money doing ew arbing with an arbing tool i have...Anyway keep me posted how youre doing


        • #5
          Thanks for the mention

          How are you getting on since the start of your journey ?
          Edges are ten-a-penny, execution is everything

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