Challenge #1 (BUST)
Challenge #1 Start Date: 23rd March 2016 So today is the first of my 7 Day Trading Challenge. I am feeling pretty confident already. In the past I have deposited into Betfair and hit the markets straight
Start Date: 23rd March 2016
So today is the first of my 7 Day Trading Challenge. I am feeling pretty confident already. In the past I have deposited into Betfair and hit the markets straight away. I have just done that again now. However before I placed any trades, I stopped myself immediately and reminded myself the reasons for doing this. I must first prepare and research which markets I am going to trade, rather than my usual quick-fire check of Betfair‘s shoddy stats window.
There seem to be quite a few decent games that I can trade with today from Football to tennis.
The first trade was on a Romanian League match between Ramnicu Valcea and Soimii Pancota. I thought this was a safe bet and although it payed off, it certainly had me sweating a little. The stats pre-match had both teams more or less level. So when 77th minute hit and Pancota had received their second red card, I thought I was onto a winner.
As soon as the market became suspended from the incident, I immediately went in on the trade. Foolishly I put the whole lot on. I was sure this was a certain. However I need to remember that nothing is a certain and the whole reason for doing this challenge is to remove myself from that situation and look after the bank whatever the amount.
After 5 mins, I could have cashed out for £1.40 which is still a ROI of 28%. But I was sure. In hindsight I should have took the return there and there. But I didn’t. So when 90 mins hit and there was still no goal, I pretty much wrote the trade off. Then it hit… A GOAL!
Now the ROI is at a steady 133%. But that was a gamble. I must work on protecting the bank after the next trade. If I use the next trade with the full profit then I should hopefully double the bank from there and then I can begin to play it cautiously.
The next game to tackle is Giana Erminio V Albinoleffe. The Italian match had some strong stats pre-match. At HT it was 0-0, with all stats showing goals O0.5 @ 85%. I got on at half time at odds of 1.5 and decided to put in half my stake then and drip the rest @ 2, 2.5 & 3. I’m using all the profit from the first trade here as I thought I need to build the initial startup bank. Will this go against me? Only time will tell.
It has been pretty slow. 68 minutes in and not a lot to report apart from the second drip being taken @ 2. The stats show a 90% chance of Albinoleffe conceding a goal so I’m not too worried just yet. 70 minutes in and the next drip is taken @ 3. Pace beginning to pick up now, albeit very slowly, with stats suggestig main progression will be from 80+ mins for the home team to take foot. 77 minutes and the final drip has been taken. 80 minute mark reached and still no goal. Panic has begun to settle in and doubt begins to take shape within my mind.
I’m checking the stats like they will shine some new light onto the situation. So much so that I have not been checking Betfair. I flip the screen and Albinoleffe have received a red card. The home team are strong around this time. My mood begins to lift, albeit only slightly.
93 minutes hit and the full time whistle is called.
Lessons learnt = Zero.
Repeat after me: “I must protect the bank.”