Betfair Trading

Betfair Trading, my Saturday afternoon

OK so today I decided to film on and off throughout the day as a way of charting my progress with my Betfair Trading. Saturday is often a good day to trade on the exchange as there is more “Liquidity” in the market as the “Standard” punters (I hate calling them mug punters) are in the pub, phone in hand backing the ITV races etc.

I’m very new to this and I’m still learning a lot as I go along. The video is started and paused briefly throughout the afternoon so you effectivley see my results over the entire afternoon in one 5 min video.

It’s just to show each race that I traded, and I summarize my thoughts on the day for you at the end of the video. To see the software I use you can visit their website here. Geeks Toy

Summary of the Days Trading

Overall I was very pleased with the day. I’m still a newbie at this and I’m still making mistakes but thankfully I’ve stopped some of my bigger leaks, like going “in-play”. On the video you’ll also notice I don’t have a bet at all on some races.

When I first starting trading on the “Betfair Exchange” I found it so exciting that I wanted to back/lay two flies up the wall.

Some days when the racing was finished I’d be backing/laying greyhound racing with so little liquidity in them it was a joke.

My worst days trading so far and hopefully ever was on the 11th February just over a month and a half ago. It was caused because I wanted to carry on trading after the UK races had been cancelled due to the Equine Flu problems. Sadly I lost £227.34 on the day due to a French horse race and some piss poor Greyhound race, where I got caught in play on both having layed them and they both won.

Lesson Learnt

When you don’t want something to win you’d be surprised just how often they do! Long term that £227 lesson was probably money well spent. I’ve never traded a greyhound race or any low liquidity foreign horse race since.

So it is taking me sometime but slowly and surely I’m clawing back those losses.

I fully intend to chart my progress as I continue my quest for Exchange trading riches! So please make sure you check my blog for future updates.

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