So after a work induced summer sabbatical, I plan on starting to trade on the Betfair exchange again.
My work has gone better than I could have hoped for over the last 6 months, but now it’s entering the off season. This means I should have a bit more time to resume my trading.
My Trading Plan
I’m a believer in the idea that you have to have a trading plan when trading so I thought I’d share mine. The reason for this is, to make sure I stick to it! I always feel I have to try harder if I write it down and share it here.
Horse Races, Study Time
Any day I’m going to trade I plan to spend some time prior to trading watching race replays and working my way through all the training videos in the Back For Profit (B4P) trading academy.
I’ve watched them all, several times, over the last couple of years but I know I’m going to be rusty. I know it is crucially important to drill the discipline into my brain again.
I will also watch the race course guide videos in the B4P Telegram room for any track I plan to trade that day. If I don’t have time to study on any day then I will not be trading. This is to make sure I do it.
I can’t stress enough how important I think study time is. Those who get a few race reading skills and then just trade, trade and trade some more, without ever working on their skills will just plateau and cease to improve.
I will trade with reduced stakes. I plan on using a £50 liability and limiting myself to just entering once per race. I suspect this will be the toughest thing to stick to.
When I was trading in February and March I was using a £200 liability so I may well get tempted to click more than once, especially if I see a Favourite breathing through its arse with a circuit to go.
Since the penny dropped with B4P I have always been pretty disciplined. When it comes to trading In-running horse races, I’m fairly certain that 99% of losers do so because they over trade.
So with my ring rustiness, I plan on being even more selective than usual.
I’m still going to have a lot of work to do, so I will be limiting myself to an hour and a half each day I trade. I won’t be able to trade at all some days, but that’s fine.
Races I will/won’t Trade
I will not be trading on the flat on any race less than 1 mile, and will try to just do hurdles/fences if possible.
I will be prioritising races on Racing TV. (RTV)
The Betfair videos for SKY races are still shite. Some days/tracks are better than others on Sky but unless they look good I won’t be doing them.
Reviewing Trading Performance
Assuming it doesn’t slow down my PC performance (occasionally it does) I plan to try and record every race I watch. Before anyone asks I use the free version of Bandicam.
The free version only allows you to record for 10 mins but that is plenty as most races are over in less than half that.
My main issue with recording is often either A) I forget to switch the video recording on or B) forget to switch it off after the race!
Re-watching races you have/haven’t traded with the price movements is a great way to improve.
So educational to see when re-watching that you maybe shouldn’t have entered at all, or should have closed the trade at some point or entered earlier etc.
I only do this for my benefit and I don’t plan on sharing any of them publicly.
On days I don’t trade, I will watch the race replays of any races that Andrew (B4P owner) or Denise Dennison have reviewed in the Telegram group.
Denise doesn’t do it every day but sometimes she puts her thoughts on any particularly interesting race in the room for the new members. I know I’m not new but, every day is a school day.
She’s just a member like anyone else in the group, but she has a very analytical mind and can clearly explain her thought process. So I find them very worthwhile.
Andrews videos are always brilliant and I watch every single one of them, without fail. Sometimes new members type in the telegram room that they traded a race and weren’t sure about the trade.
Even if he wasn’t trading at the time, he gets the race replay up and shows the video while voicing over with his thought process.
Suggested Post to Read: About 9 months ago, Denise wrote a report on her how her trading has developed since joining B4P, and you can read it here.
Since My Last Update
I’ve hardly traded at all through the summer but you can see my excel spreadsheet below showing May – September.
If you want to read my update from the end of April here it is.
So, I am trying to slowly ease my way back into trading. I’m really looking forward to it.
GL with your trading and stay green!