I traded a few horse races using small stakes. I've upped my stakes from £2.00 to £3.50 - around 10% of my bank. I'm definately becoming more confident in trading the horses and I'm not slow to take a small loss when the market goes against me. Anyway, I was 30p up on the horses.
I picked out 5 football matches to trade on the under/over 2.5 goals market. I use slightly bigger stakes on this - £10. After backing, I then stagger my lay bets, 2 ticks apart.
This method worked in 4 out of 5 matches, but an early goal in the Kilmarnock v Ayr game left me about £2 in the red. I managed to scalp a few ticks gere and there but the liquidity wasn't the best and the market was very jumpy, taking too long for my liking to gat matched.
I managed to get my loss down to £1.33 in that match and decided to leave it before I did my usual trick of backing just before a goal.
Even though I was £1.33 down in one game, the other games and my winnings from the horses meant I was only down by 13p. A loss of only 0.34%. I'm quite sure a few months ago, I would have tried chasing my loss and would have probably lost more.
Here is my betfair P&L.
Tomorrow is another day. My 3% target is £1.11
2 comments:
Hi Chris,
It's good to see you have started a blog like myself (http://sportsbettingforfun.blogspot.com).
I just wanted to know your thoughts on why you are using so small stakes. I understand it is for practice but one of the main issues I have with trading is producing the profits when the figures do mean something.
When there is real money involved your thought process changes and i think only with practice at higher stakes can you start to really learn about trading.
What are your thoughts on this?
Hi Rick,
First of all, Thanks for your comments. I appreciate your feedback.
I can see where you're coming from regarding my small stakes. The main problem I have is my discipline e.g. not taking a small loss and letting my horse racing trades go in-play, and I have been stung once too often.
I started this blog just before New Year and lost my entire bank of £107 on one bad day.
I was advised in a forum to start with a small bank, using small stakes. When I scalp the horses, my stake is 10% of my bank. When I bet on the football, I use slightly bigger stakes.
As my bank increases, so do my stakes and hopefully, my profit.
I've tried using bigger stakes in the past but I was putting a large portion of my bank at risk and ended up losing it.
I'm trying to get into the mindset where the amount I win doesn't matter, whether it's 3% of a £40 bank or 3% of a £4000 bank.
Does this sound like a good idea?
I've had a look at your blog too. I wish you luck in making £10,000 from a £50 bank. You're definately making excellent progress.
Chris.
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