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Newbie's 3rd month

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zitlor

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I thought I'd submit a blog to support this site and to create a record for myself of how much, if any, progress I make.

I'd originally planned to trade footy but by chance saw a video on horse racing in May 2019. It looked fascinating so I placed my first ever real trade on the horses on June 1st followed by greyhounds a couple of weeks later. I quickly quit the hounds as the market jumped up and down so much it gave me palpitations 🙂.

For the first 2 months I did the large majority of my trading in practice mode as I was so bad. I could have closed my eyes, pressed the button and easily done better. Not even being able to do as well as random probability was disheartening but I persevered and something changed in early August. I focused on low liquidity horses and started braking even. 

Here's the first half of August. 

 

Aug1.thumb.png.4651417fdc9305572c26a4e4866f17e0.png

 

Bolstered by my new found success (of only losing 74p) I decided to try the hounds again. 

Here's how I'd gotten on by the end of August.

 

Aug2.thumb.png.52728d2a4cffb8dde0422d68087e1814.png

 

I'd made a whopping 314 pennies. A first step on the road to my 250k Betfair fortune. I decided to treat myself and spend all my winnings at once on (half) a glass of beer 😀.

Joking aside I was delighted to reach break even as it allowed me to escape practice mode and play for real money albeit tiny amounts. 

 

Newbie to Newbie Tips

If you want to record your trading I've found the free program Flashback Express to be great. Avidemux is a good free video editor. 

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You've learnt in 3 months what took me 5 yrs: Learning not to lose longer-term.

Next step for you here is to increase your selectivity. Analyse your successful trades and also your worst trades and start getting rid of all the naff entries. I can't say for certain as I haven't seen your trading style but on small stakes you should be doing much better in the gh mkts as people give away a lot more value with their fivers and tenners than they do with bigger stakes.

Try to prioritise entries which are safer but less likely to get matched. On the bets that get matched you can keep a real right stop if it goes wrong most of the time and if it's starts randomly working in your direction you can hold it. You'll get fantastic risk / reward and a few of those trades is better than 1000 breakeven trades for a fraction of the effort.

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Many thanks @eightbo for the great advice. I've been trying to reduce the biggest losses but haven't looked at all at trying to get the safer but less likely bets matched. I'll look closely at the market from tomorrow to see if I can find opportunities to put your advice into practice. 

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