Betfairtrader1977's Blog

Happy with that

Posted in Uncategorized by betfairtrader1977 on May 14, 2010

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%

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A New Dawn

Posted in Uncategorized by betfairtrader1977 on May 12, 2010

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.

Staking Plan

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.

Price Range

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.

Rules

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.