Friday, 18 February 2011

A full pot


I was ON THE CRAB again today...


and with 3 smashing days on the trot, it's been my best week so far...


It's meant that I've just broken the 10k barrier in earnings from Betfair.

Now although I wouldn't have discussed my earnings from my last job with strangers on the internet, I feel in this context it is important to highlight this particular milestone. I've come a long way from humble beginnings in late 2009, and it was touch-and-go whether the dream would actually become a reality, but I've just followed in the path of many others who've decided to walk away from industry and make it on their own.

I never comment much on the psychology of trading. There is obviously a lot of phsychology involved. When I first traded using the old Racing Traders software, Bet Trader Pro 4 or something, the feeling I got when I put my first £2 stake on the ladder was a mixture of ecstasy and sheer terror! I thought "I'm doing it, I'm putting my own money into the market and I have no idea what is going to happen next!". Then you overcome the terror, increase your stakes and move on. I still get scared at £10 a tick. One day I won't be, I'm sure. I think we're all naive in everything we do, no matter how "experienced" we might think we are. How many times have you looked back and thought "I'd do that differently if I had the chance"?

I think every bloody Betfairian has read "Trading in the Zone" by Mark Douglas. I read a few chapters and got a bit bored. It didn't change my life, I already knew my attitude to taking risks and I don't need a book to tell me otherwise. Why do you think it's taken me this long to reach 10k? ** It's from knowing my limits, focussing on the big picture and being realistic about my ability. Some kids at school always knew how to work out those difficult equations in an instant; then there were the kids who didn't have a clue and were more interested at flicking elastic bands at your head; lastly, there were the bunch in between who also liked flicking elastic bands but knew that it was important to get the equations finished first. I always got there in the end ;)

** In fairness, most of the 10k has come in the last few months so I know I'm "growing" at a good rate now.

As I said at the start of the year, I need to try and explore other markets and find winning strategies in those too. I always have a look at the footy on a Saturday while I'm sitting here "doing the racing", even if I don't get involved. There's always cricket I suppose, but it involves having some sort of enthusiasm for it, which I don't. Same with rugby. I'm undecided about tennis. Perhaps golf would be an interesting avenue to explore, since I'm a reformed player anyway! I've made a bit on it in the past, but I think it was more luck than judgement. The thing is, it's hard to just get into a sport - it either captured your imagination in the first place, or it didn't.

There's the Eurovision to look forward to in May; I made a bit of dough on that last year and am keen to get involved again as I like watching it anyway. I've got Britain's Got Talent in my sights too. And the X-Factor of course, which will be later on in the year.

Now, where's that elastic band....

12 comments:

  1. You can buy your own Ferrero Rocher mate. Jeez!!!

    Congratulations on your milestone. Do that 10 more times and you'll be laughing.

    Well done.

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  2. Congrats Mets, you're inspiring me to get my ass in gear. Hope the expansive plans go equally as well.

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  3. Brilliant stuff Mets...an inspiration!, i've been doing ok on Tennis recentley, big chances every day on laying 1.01-1.10 especially in the womens game...seems to happen in at least 2 matches a day ;)

    Wish I knew how to profit on the horse ladders like some of you, I think I know which way the market is going then it goes the other way...are you making most pre or in race? you should give lessons, id pay! ;)

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  4. Hi Sledge

    Where've you been? I used to enjoy reading your musings. Thanks a lot for the comment. Things are coming along and I too hope to earn more than a bus driver one day ;)

    Interesting to note what you said about the tennis. Plenty of people are making money from women's tennis and I'm guessing it's because it's less predictable than the men's, and therefore more swingy? Tennis trading always seems to be a bit of a lottery to me but that's because I haven't studied it in any great depth so far.

    I find that I have good days and bad days at both pre-race and i-r trading. One is usually propping the other up but when they both fire then I'll do well. I'm still in the early stages of my i-r discovery having tried to master the pre-race game for so long. Someone has a blog out there called Adapt and Survive and I could agree more, you need to not stand still in this game.

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  5. Hi Mets, great read m8 keep it up! working full time a lot at the mo (even though im meant to be part time...but staff shortages) and I just seemed to end up in a mind warp when trading for a bit.

    Its the pre race trading of the ladders I cant get my head round, hopefully it will come!

    With the womens tennis, give it a go...especially if its players outside the top 10 and one hits low odds early on, lots of matches end up 1-6, 6-0, 1-6 or that type of thing...massive swings!

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  6. Good going Mets, always nice to hit milestones, I'm sure you'll hit plenty more as you've come such a long way probably a lot further than you actually think.

    That gradual rise to where you are stands you in good stead to continue to improve as

    a) you now know how hard you've got to work to win consistently
    b) it hasn't been an easy ride so you're aware any lapses end up costing so you'll do your best to avoid them
    c) your now consistent in your approach and aware losing races/days will occur but not overreact to them

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  7. @Sledge - cheers mate, I'll have to have a look in a bit more detail. At least women's tennis is easier on the eye than the men's ;)

    @Anon - thanks for your support and those good points, I couldn't have put it better myself.

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  8. Great post and really enjoy the blog,good luck with your journey. I think with the tennis you really need to get to know the players well and check on stats before the matches. Some players are known chokers and also known to retire if the game is going against them, something you need to try to avoid! Like all markets you need to learn where the price should be at the end of a set and at try to set stop losses in case it turns quickly. Obviously there are loads of things to considers like downsides and entry and exit points but again if you conquered the horses I am sure you can do this to. Just my thoughts and good luck.

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  9. Cheers Eddy, I've seen your impressive profits and will take your advice on good authority.

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  10. Hey Mets - forget womens tennis, get yourself down to the giant playground. MASSIVE SWINGS!

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