Betfair Trading

Trading Update Oct 2019

For anyone who doesn’t know, I started trading in January 2019 and have lost money every month since, some months a considerable amount. At the end of April, I switched to trading in-running instead of pre-race and liked it immediately. I could see the potential and was convinced I could do well at it. It isn’t easy and although I learnt the techniques involved quite quickly, turning the technique into a skill takes time and practise. You also need discipline in spades.

Even though I still kept on losing when I switched to in-running, my losses have been reducing steadily month on month as I’ve ironed out mistakes and slightly adapted the techniques I was shown to suit my own style.

I was hopeful that October would be my first profitable month but sadly I just missed out. This was because during the second week of October I lost the plot and a chunk of money in a short period, so I was up against it.

Also towards the end of the month I pushed a little too hard to try and get back into the green for the month and that resulted in days where I made some bad/costly decisions that meant on a day where I could actually have made decent profits I didn’t.

Take today for instance I had two big losses £22.43 and £23.40 on short flat races where I was just trying to make trades that were never going to work. I still made just over £20 on the day but I’d have made way over £60 if I’d just taken my hand off the mouse.

The image below shows my last 6 days trading for the month and the overall total of minus -£56.

Obviously losing £56 on the month isn’t great but the way I prefer to look at it is I’ve traded over 680 races in-running during October and I’ve learnt an awful lot. That education has cost me £56, which is less than £2 a day.

I believe my trading education is worth a lot more than that in the long run.

New Start November

It would be easy for me to carry on as exactly as I am because I’m totally convinced that I can make a profit throughout November with my current trading method. However, that’s not what I’m going to do.

I’m attending another training course at the start of the month where I hope to learn some new techniques for trading. I believe that trading like most things in life isn’t easy and it can only be mastered by people who are prepared to work hard and constantly look to improve.

I’ll update again in about a months’ time with how I’m progressing.

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