The day started off well with my first bet winning easily and I suppose at odds of 1.36 you would be expecting this but in the volatile markets of tennis this isn’t always the case. I backed Nicolas Almagro to beat Jurgen Melzer in the quater final of the Madrid Masters. Almagro was sensational today especially his back hand and it was the best I have seen him play in 18 months.
My second bet of the day was Roger Federer to beat Ernest Gulbis even though Gulbis won their last encounter a couple of weeks ago. This time round I fancied Fed to do the business and even though he had me worried when he lost the first set, he duly obliged in 3 sets at odds of 1.42
Running Total + 7.41 euro
Daily Average 1.48%
It’s been nearly a month since I have last bet on the exchanges hence the reason for no blogs. The reason why this was the case was because I blew my bank and I then abstained as I give myself a good going over and decided was there really any point in trying anymore. After looking at the situation in the cold light of day, I basically decided that I have not been giving myself a chance because I was blowing my bank in a moment of madness or in one market. Up until these moments arrive my selection process and strike rate have been ok so I thought to myself there must be some hope.
So with that in mind I have decided to give this one last go. This time though if I do fail I am determined to at least give myself a chance and not go bust straight away. I have set up some rules and a staking plan which if I can stick to, will then the worse that can happen is I go down bleeding slowly or go around in circles just coffering Betfair’s accounts with more and more commission. If one of these two reasons prove to be the case at least I will know that my selection process and my betting knowledge were not up to scratch which is better than wondering “ what if I hadn’t blown my bank on that silly twat!!! “.
An awful lot of this game is in the head and a lot to do with attitude, two area’s if I am being brutally honest have been very poor for me and these will be area’s I will be giving my upmost attention. The money won’t hit my account until Friday, so there after the bets etc will be placed and I will update sporadically during the week with a blog about my day etc and the profit and loss screenshot from Betfair will be posted every Sunday night.
There is 3 price bands which are outlined below and all stake sizes are from a starting bank of 500 euro and should be adjusted accordingly as the bank grows or shrinks.
1.01 to 1.26 – Stake size will be 3% of my bank which is 15 euro.
1.27 to 1.59 – Stake size will be 2% of my bank which is 10 euro.
1.6 And higher – Stake size will be 1% of my bank which is 5 euro.
If I am trading and the plan is to know beforehand whether I am going to trade a particular market then my stake will be 2% of my bank. I am also only going to trade my straight bets if I feel it has no chance of winning after going in play but there will be no jumping ship so to speak. The only trading allowed in these particular instances will be to reduce my red/exposure.
Work Hard and research and plan what way you are going to tackle the day’s betting.
Accept their will be losing days / bets and take them on the chin. It’s impossible to get every single bet/trade correct.
Control my emotions – don’t get despondent / dejected as it is a long process.
No betting for the sake of it, if you don’t fancy anything leave it at that.
Try to learn continuously especially on area’s that are proving to be weak or see if there were any things that could have been done better.
Today was another good day with regard to hitting my target but unfortuately I have had to withdraw some funds from my Betfair account due to a bill I had forgotten about which needs to be paid this week. Its not all bad news as I still have a balance of 223.75 euro so my masterplan will just have to kick on with this balance. These things happen in life so that is the way it is, now its done I can now get back to concentrating on the job in hand and that is to grow this bank from its very modest balance!!!!
My profit today came from Guillermo Garcia’s victory over Christopher Rochus in the tennis from Barcelona. It wasn’t looking good at one stage as GGL lost the first set 75 after being broken 3 times but managed to turn the match around to win 57,61,63.
Bank is now 223.75 euro
Well I have hit today’s target with minimum of fuss which is hopefully the way it will go everyday. This is the way I feel is my only chance of being a success , back value looking for small gains each day and then if I can do this everything should look after itself.
I backed the awesome clay monster that is Rafael Nadal today in the Monte Carlo Masters against his fellow spaniard Fernando Verdasco. It was an absolute hammering handed out again by Rafa, his tennis and some of the shots he hits on the dirt are truly breathtaking, and although he was surprisingly beaten in last year’s French Open, barring injury, we won’t see a repeat I feel. He beat Verdasco today by a scoreline of 60,61 and only lost 12 points in the first set – AWESOME!!!!
The World Snooker Championships started yesterday and this is where I picked up the rest of the day’s target. I started trading Mark Selby and Ken Doherty last night with the match finishing this afternoon, a 10 -4 victory for Mark Selby.
Tomorrow’s target is 4.06 euro from a new bank of 405.96 euro. Now time to study the options for tomorrow!!
I hope by the time you read this that I am well into my betfair journey and it is at least successful and going well. I have being a gambler, punter and trader for the last 3 years on betfair and if the truth being known not a very good one. My problems are like a lot of people in this field is that I have poor money mangement , a total lack of discipline and when things go wrong I let them get on top of me and as we all know in this game, they are not very good traits to have.
I want to try and change all these traits and make a success of Betfair and I suppose this is the main reason for the blog. I will be using the blog as my own personal record and Journal and try to learn from my faults and start to make a consistent profit on betfair. I do believe, although I am open to the fact that I may be misguided/deluded, that it is possible to profit from betfair and that I have the necessary skills to achieve this. Time will tell along with this blog I suppose whether or not I can conqueor my demons!!!!
My plan first of all is to try take the rollercoaster of emotions out of my trading. I just want to become a robot so to speak and just do what I have planned to do and not start getting involved in other markets just to satisfy some adrenaline rush or even worse boredom. My starting bank will be the principle sum of 400 euro and my aim is to never risk more than 5% of this bank, so in this case my starting point will be 20 euro. I am looking to gain 1% compounded on my bank per day and so I will only stake enough to get this target, be it over 3 markets that day or one market that day, for now that is the way I will do it and go from there.
Yes it will be a very long road, and progress is probably going to be mindnumbing and slow at first, but so be, this is the way I feel I can do it. I will update daily with a report on how I done and if I go wrong try use this blog to analyse where I can improve. I hope you enjoy my Journey and I hope it is a success.
Start Bank 400 euro – Next Target 4 euro