Hello all,
How has everyone been finding the markets since the new Premium Charge plans were announced? Personally, I feel like there has been a bit of a change, although I’m not entirely sure why.
Today was a little difficult to squeeze out any decent trades. On the whole, it felt thin and choppy, with a lot of pushing and pulling between big stakes. The only solid races seemed to be the Channel 4 ones, at least in comparison to the last couple of weeks. You can drive yourself mad trying to work it out, because you can never be certain.
That said, the result wasn’t bad at all. It shows it is possible to stay consistent in rough markets, although the figures don’t tell the full story. Several times I was on a decent result only for it to drop to a couple of quid right at the end. I shouldn’t complain though, because taking 35 out of 38 is well above average in terms of strike rate. The numbers just don’t show the frustration.
A few times I had to force myself to sit back and watch. It worked, because I avoided getting into trouble with those “maybe” trades. Managing potential risk is obviously the most important thing, and using smaller stakes seemed sensible with the markets flying around so much.
It still feels hard to remind myself it was a success, because the temptation is to think about what I could have made. On the positive side, it shows you don’t need massive stakes to have a decent day. Thinking like that definitely leaves me hungry for more.
I might have a go on Betdaq soon with the PC situation. In theory it shouldn’t be much different, although some traders on the forums suggest otherwise. Thinner markets usually bring bigger or quicker moves compared to markets with better trading liquidity. The only real difference is for people using larger stakes than I currently do. The mental side might be more challenging too. Still, having more strings to the bow can only be a good thing.
With most races being fairly thin at the moment, it might be a smart time to focus on improving longer-term trading. Would be interesting to hear what approach others prefer.
Keep it green.
4 thoughts on “35 of 38 Races! Happy Days… Consistency Is King!”
Well done, don’t get caught up worrying about your strike rate, it’s much more important to ensure your losses are small rather than the number of losing markets small.
You seem to be doing fine with keeping losses to a minimum as it is, so don’t try to maintain a high strike rate as you’ll only end up taking risks to keep it high. It won’t be long before you start racking in a few £50 wins at the rate you’re going just keep your eye on the ball and you’ll do fine.
Hi Caan, interesting to read your comments about the markets seeming more choppy. You’re not the first to have said that although more time is needed to see if that will be permanent. If you fancy a links exchange mine is http://my-betfair-trading-journal.blogspot.com/. I have added your already. Good luck with it all.
Hi guys, sure JS i thought i had already added yours but seems not, ill add it sure. Hi Anon, thanks for the posative encouragement! i hope your right at times i get frustrated as i cant seem to go past the 30-40 threshold too often, your completely right about the strike rate stuff too as i already found out one day last week lol. Thanks again
Don’t get frustrated you’re not passing that threshold too often, with 200 odd races a week a £40 win is only adding another 20p to the average per race. You’re much better off trying to get that 20p extra per race as it’s much easier, might not be as exciting but you’ll find it’s much more sustainable.
Plenty of traders think they need to be matching the pnl’s posted by other traders but the reality is they’ll generally only post up their good days, I’ve yet to see any of them post up anything other than a day or race certainly not a 3 month pnl 🙂
If you can hit that £173 a few days a week you’ll do OK and can only improve, consistency is the key to making at living trading not big wins.