Saturday, 7 August 2010

Best week so far


This trading week (Sat-Fri) has been splendid, boosted greatly by last Saturday's large haul.

I'd like to make a minimum of £30 each day which would amount to a respectable return each month if I traded 7 days a week (which I invariably do at the moment). I've far exceeded £30 on four days this week which is pleasing and definitely a habit I want to get into.

I must admit that yesterday and today have been very hard going with only a small profit yielded but I'm learning to sit tight on what I perceive to be 'hard' days and preserve the bank. If I can profit on the 'good' days and play safe on the 'hard' days then I should be ok.

2 comments:

  1. Nice going Mets,

    Do you think having the larger bank and drawing down any profit at the end of the day helps. My main problem seems to be trying to build from a small amount. This goes against my impatient nature and i lose my discipline whereas having something tangible at the end of each day must make the process a little easier to deal with.

    Just a thought, keep up the good work.

    Lewy.

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  2. Cheers Lewy.

    I know what you mean, I'm not very patient either but I'm trying to get better at it. I'm always looking at the big picture these days.

    Withdrawing whatever profit there is at the end of each day serves a number of purposes: 1) better in my account that Betfair's earning them interest 2) watching the profit drip-feed into my account is quite gratifying 3) withdrawing everyday ring-fences those earnings from some sort of bank-wiping catastrophe!

    The other reason I do it is because I got into this habit of trying to reach £1100, then £1200 etc which I found really off-putting; psychologically, it's easier for me to pull away from an amount than claw towards one.

    I built up the bank from about £300 and think it is a very worthwhile thing to do if you can hang on in there; it teaches you a lot of discipline. You could then say "once I reach x amount then everything after that is mine".

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