2nd Day. Shouldn't have bothered!!!

Today can be summed up in one word - Disappointing! After making a profit yesterday, albeit a small one, today I lost £20.19 . Again, I didn't cut short my losses, letting them get out of control. To make matters worse, on my last race I even put £5.00 on the favourite and let it go into play to try to regain my losses. Needless to say, it never won. WHY WHY WHY do I keep doing this???

Trying to put a positive spin on things, out of the 7 markets I traded on, I made a profit on 4 of them. It's just the big losses on 2 races which wiped out 1/5 of my bank!

I really need to work on my discipline. I might try using the stop loss tool which will cut my losses, letting me concentrate on making a profit.

Below is a screenshot of my day's trading.

New Year's Day tomorrow, and hopefully a new start and a new attitude from me.
Have a great new year.

First Day's Trading

Well today was my first day of trading. I was going to wait while new year but thought 'what the hell!'. I only traded on 9 horse races and 1 football match. I was £8.00 up till a few bad results wiped out most of my profit. I still ended up £1.83 in profit but it could have been better. I can't moan though, any profit is better than none!

I learnt a few things today about my trading. I need to cut my losses quickly. On the last race I could've taken a small loss of about £1.00, but instead I let the price drift out resulting in a loss of £7.15 !!! To make matters worse, the horse ended up winning - I'd have been quids in if I'd left it alone, but that would have been gambling NOT trading.

Here is a screenshot of my daily P&L.
I know these can be faked but the people who do that are only fooling themselves really.
I'll be back tomorrow.

Hi, I'm Chris and welcome to my Betfair trading blog. Starting with a bank of £100 I will be trading it and hopefully make a nice profit/income.

I will be trading on the UK horse racing meetings, on the favourite's price, from around 10 minutes before the start of the race. Before the race starts, I will hedge my bets, creating an equal profit/loss regardless of which horse wins.

I will be trading on betfair using the BetTraderPro software. This allows me to submit bets at the click of a mouse, submit bets of less than £2.00 and automatically hedge my bets with one click of the mouse.

When trading, I will scratch or take a small loss if the price goes against me and will take the profits if the price goes in my favour. I will NOT let the bet ride if I am showing a loss at the start of the race, instead I will hedge it and carry on with the next race.

At the end of my trading day, I will put a screenshot of my profit/loss on this blog.

Wish me luck!
Chris.