Friday, 19 September 2014

Increased Liability

After waking up feeling quite refreshed I decided to increase stakes this afternoon. It was time to start scaling up. Sod's law kicked in and I lost £23 on the first race but a nice £46 green got me back in front and I managed to grind out a few more quid before I had to get ready for work. Really happy with the progress thus far. There will be some better content coming on the blog so stay tuned.

Richard


Thursday, 18 September 2014

Another Repeat

Same again this afternoon, another £20+ day. Today was the most satisfying of all as I had a -£12 and -£5 in there but stayed calm and came out on top. What is also encouraging is the fact that I missed a few races due to family stuff so it could have been more. As things stand I'm over £200 profit for the month which is way ahead of where I thought I'd be at this stage. All being well I will be able to trade Friday and Saturday afternoon too. It's all positive,

Richard


Wednesday, 17 September 2014

Tues & Wed

This really is just a profit and loss blog at the moment and I must apologise for that. Working all night and trading all afternoon doesn't leave much time for writing this blog!

Here is the last 2 days efforts,


More of the same please...

Richard

Monday, 15 September 2014

Monday

One mistake today cost me about £8 and a bit of chaos and distraction in the trading office caused me to miss a good opportunity but other than that it went ok. Work is killing me at the moment. I'm physically and mentally drained. Something tells me deep down that I should give the trading a miss this week but I know for sure I won't. To be selective and protect the bank at all costs will be this weeks objectives.

Here are Monday's results


Need a good sleep today to recharge. Will post up any activity either later on today or tomorrow morning again.

Richard

Sunday, 14 September 2014

Quick Update

This is going to be short as work beckons tonight. Today was my first bit of trading since Wednesday but I only had two hours due to family commitments. I will post the profit and leave it at that for now. This will be the format all week because I'm working 6 night shifts (gulp!).


Cheers for now,

Richard

Wednesday, 10 September 2014

Thursday 10th September

Today went very well again. I only traded for the first hour as I had to do a spot of shopping this afternoon much to my dismay. Along with going to the dentists, shopping is one of my least favourite pastimes, but today it was just unavoidable. It wasn't that bad and I still got back in time to trade a few evening races at Kempton. This making money lark is very addictive!

The trouble now is I'm at work for 11 straight 12 hour shifts so I won't be trading much at all. This is extremely hard to handle as I feel I'm getting there but now I have an enforced break. I'm worried that when I do get the chance next week I will be tired and eager to catch up on lost time. This could be a recipe for disaster so I will need to be aware of my mental state the next time I sit down at the laptop.

I'll leave you with the p and l from today.

Richard


Tuesday, 9 September 2014

Long Overdue Update

It's been nearly a week since my last blog post. I've been very busy with work, family, and trading. The usual stuff but I've also been doing some research online looking at a few new angles that could be possible future edges. Things are going well and I feel I've had a bit of a breakthrough today. One of the things that has held me back in the past is the fear of losing. After a few months of trading I've come to realise that you are never going to win a decent amount of money if you don't risk much. The bank is there for a reason so I've started to use it. Having the odd £5 or £10 loss isn't the end of the world as long as your making more on your winning trades. So this has been my new approach and today I had a record day with £78 profit. This doesn't tell the whole story as I've had a few losing days earlier on. Below is the full profit and loss from Betfair detailing my trading since last Tuesday so we are back up to date.



Once again I'm probably going to have a few days off due to work commitments and other stuff so I'm not sure when I'll be trading again or blogging again. Until next time, keep it green!

Richard

Tuesday, 2 September 2014

A Bit Of Studying

Last night I stayed up until 1.30 am. Partly to see if there were any late transfers on deadline day and partly to study the Caan Berry videos on trading that I purchased a couple of months ago. The first few times I watched them I have to admit I didn't fully understand why he did some of the things he did but this time it all started to make a bit more sense. This morning I did more of the same to try and ready myself for the afternoons racing. It must have done some good as I had one of my better days. The only downside was throwing away £7 in the last three races of the night. Not to worry, still happy with the £16 profit. Here is the Betfair p and l.



The good news is I'll be studying some more this evening and tomorrow lunchtime for the afternoons racing again. The bad news is I'm at work for the next four nights including tomorrow so that could be the end of the trading for a few days. The rest will freshen me up and prevent over trading so I'll just have to hit the books and do some more studying instead.

Last week I suggested laying Man Utd for a top 4 spot at 2.28 if I remember correctly. The idea behind the trade was that if they beat Burnley the price would stay the same and if they drew or even lost the price would jump out quite a few ticks. Well they drew 0-0 and were available to back at 2.50 for a while until yesterday. Due to their new striker Falcao, the price has now shot back in to 2.18. It's amazing how these prices move drastically between games. They may have found a goal scorer but their defensive frailties still remain and this price looks way too small IMO. For the same reasons as before I suggest a lay at 2.20 with very little downside. Good luck if your in the markets.

Richard

Monday, 1 September 2014

The Grand National

The title of today's blog relates to the roller coaster ride I've had trading and not the race at Aintree. I feel like I've been back to Blackpool pleasure beach today as the trading has been a day of big ups and downs. An early £9 loss put me on the back foot early on in the afternoon and it was a bit of a struggle with a positive trade usually followed by a negative one. That been said I thoroughly enjoyed the challenge and some of the things I've battled with and struggled with over the past few months seemed to be under control today. For once I kept my head together after the losing trades. I kept stakes the same and just carried on trading without emotion and managed to turn what could have been a losing day into a profitable one. I kept the in play trades to a minimum and concentrated on the prerace stuff. Although I did struggle in certain situations I did rather well in others. I'm fully aware this is going to take time but I do feel I'm making progress. The key to my success today was cutting out of trades early. As soon as they went against me I got out, well nearly every time, hence the -£9. There were three trades I bailed out of way too early. It's so tempting to take the green as it seems when you let them go they reverse and you end up with nothing, or worse. These three trades cost me nearly £20 so it could have been so much better. I'm waiting for the day when everything comes together and goes to plan and I'm sure I'll have a £30-£50 day. I'll have to settle for the £7 today.



I've set out some goals for September although at this stage they are a bit vague. I should be able to get something more set in stone over the next few days. Just briefly here's what I've got so far;

1) Continue to read 'The Daily Trading Coach'.
2) Reread the Caan Berry trading manual
3) Watch the Caan Berry videos, and the Its a Mug's blog videos on You tube.
4) Start taking notes whilst trading.
5) Keep trading whist learning at the same time.

There are a few situations that keep arising and I'm starting to recognise patterns and how to profit from them but there just aren't enough yet and that's what I need to work on. That must be one of things that the top traders can do. They have seen thousands of races and must notice patterns in most races and can profit from them. That is where I am trying to get to, and with plenty of hard work and study I'm determined to get there.

Richard

Saturday, 30 August 2014

Saturday 30th August

Finally a full day trading. It went okay again. I made plenty of mistakes but didn't hang about too long when it went against me. I'm finding it very frustrating at the moment. Although I ended up in profit I felt I was struggling to make any headway all afternoon. The old one step forward and one step back. Nobody said it was going to be easy so I'll keep plugging away. There is some studying required still so that I understand the markets more and how prices react with one another. I have plenty of ideas just need to start developing them and see what comes of it.

The racing finished very early tonight and it is a sign that winter is nearly upon us and the racing is lower quality and only four hours a day. Roll on spring...

Richard