Well that's three weeks on the trot where I have a total of less than £1k. I should have done the greyhounds last week and that may have pushed me over that target but even then it feels like I am scraping around a bit to find some decent trades. I don't feel the markets have been particulary favourable recently but curiously I don't think my bank size has helped. I have been trying to use more money in the market and it just isn't working for me. Trying to get larget amounts filled just doesn't seem to work. When I put larger amounts in my strike rate is falling and I am just not getting the same number of succesfull trades through the market. Therefore I am going to draw down on my bank and start using smaller stakes again. Sounds odds but I think this may get me back into the zone I was in when I started. I am thinking of halving my bank. Here's hoping for a bigger week this week.
12 comments:
you seem to be doing very well with your racing, may be you should just continue what you are doing, £900 a week, and £20k for a quarter of a year, tax free, is fantastic.
you have mentioned greyhound racing, and by some of your screenshots you make a little money with that too, can you give info on any strategy you are implementing for the dogs?
how do you trade the dogs when there is barely 5k traded per race?
"may be you should just continue what you are doing"
I will do, but I will just change the way I am doing it. I thought a bigger bank would be useful but it's not proving so.
"how do you trade the dogs when there is barely 5k traded per race?"
I don't, I stick to the televised races, I haven't found a strategy for BAGS meetings. I'm sure I will eventually, but the volume needs to be higher to make it worthwhile. I'm still toying with Greyhound racing at the moment.
I find that with the larger stakes it can be a bit difficult to always get filled. I have been inspired by your blog and have decided to set up my own http://mortgagejob-betfair.blogspot.com/. Although I am only part time I think I wouldn't trade very well if my entire income depended on it.
Good luck with paying off the mortgage. I was inspired by someone else to do this challenge, but he is in a different league from me. I have met some really brilliant traders and that gave me hope that I could do something. I am pretty sure if you keep things simple and straightforward you can do ok. Better to start part time as well as trading isn't for everybody and going full time adds immense pressure onto your shoulders. Good luck.
It is my understanding that income gained from gambling is not subject to income tax.
Is Trading regarded as Gambling? How have you managed the Inland Revenue? Are you registered with them to be exempt from Income Tax? If yes, how did you do this?
Hi, do you trade Grand National? I find it is really hard to trade and it messes up the other races for the day, I think I will be taking the next 2 days off.
It's a gambling market and therefore the vast majority of people lose money. It wouldn't make sense to tax the winners else you would need to give relief to losers which wouldn't make any sense. Everybody is different though so you need to check with a professional advisor.
"do you trade Grand National?"
I doubt if I will trade the grand national. Last year all the Aintree races were late so that really mucked up the entire day.
Hi,you mentioned that you were inspired to do this challenge from a trader who is in a different league to you.Do you just mean in financial terms (or how!)and can you tell us what the very best are likely to earn?also you said you have met some really brilliant traders and was wondering was it purely their financial success or their attitude,ability to deal with trading stresses etc.. that would have you class them as brilliant.Best of luck with the goal as well.I have the same one (100k)and am at about 17K,so fingers xcrossed!
"Do you just mean in financial terms"
Yes, the real professionals are a league apart from things that you see generally published. Not fair to quote exact figures but I've seen them do more in a day than I can do in a week. I think it takes a number of things to get to that level.
That said I don't really consider my totals to be outstanding. When you look at how much money is in the market, my net profit margin is tiny compared to the amount of money that flows through the market and the same when you consider how much you need to put through to get it. But I think this also creates problems. If you put tons of money through the market and make a small % you get good figures. Lose a small % and you get terrible ones. It's a very fine line.
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