Betfairtrader1977's Blog

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.

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2 Responses

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  1. jens said, on May 13, 2010 at 11:25 am

    Hi!

    I’m at the same level as you are and Im trying to learn som betfairtrading with small stakes.

    What sports do you concentrate on and what are the maintactics?

    Back-lay, lay-back? what markets?

    /J

    • betfairtrader1977 said, on May 13, 2010 at 12:02 pm

      Hi Jens, thanks very much for the comment. My main sport will be tennis and football with American football when it starts up. I have no tatics set in stone, my plan is to back or lay where I think its value to do so. With regard trading I am only going to trade matches where I have decided to trade before I enter the market, for example, If I think the will be many swings in the market I will get involved. Otherwise the only trading I am doing is to reduce my red If I feel a market isn’t going to go my way. Trading can be so easy building up small gains and then boom you find yourself in real trouble. I also want to learn as I go along and feel that your approach with small stakes is the best way. You can only learn by getting involved and like everything gaining experience. Have you got a blog? Good luck with your quest and let me know how you are getting on.


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