Challenge 400

Challenge: £400 Bank, 3 Days, What Could Go Wrong?

Posted on Posted in A Geeks Toy Pro, Betfair, Challenges

A lot probably. But we will see…

I’ve answered it over and over. But the main questions in trading always centre around the same thing:

  • How much can be made?
  • What amount can you start with?
  • Realistically, how fast can you make money trading?

Given we’re entering a slightly duller period than usual. Let’s see!

Why Do It?

To answer the above points for a start. But to not only answer them, show it can be done realistically.

Also I think with various sites and twitter accounts you see bouncing around now, realistic expectations and reality of winning as a trader, pre-race, has slipped to the side. It’s all about consistency, doing the right thing and consistently picking up some profit. Not a roller-coaster ride, taking excessive risk and thrill-seeking.

When I started out, I completed a challenge thread on the GeeksToy ForumsDiscipline and avoiding the urges to over-trade or over-stake (sometimes through boredom) were the objective. For this it’ll be much the same.

I think half the battle of using a smaller bank is just the fact you won’t have big wins, race on race. Which inevitably leads to over-trading and over-staking, I’m sure many can relate!

Challenge Criteria:

So what’s the deal? I’ll be starting off with a tiny bankroll (just £400), so the objective is to manage risk as much as possible. Keeping small and consistent gains while limiting potential losses.

It’s quite likely that most results will be a couple of pounds at a time. Exactly as I suggest new traders begin.

Starting Bank: £400
Time Period: 3 Days (Wednesday to Friday)
Objective: Profit, hopefully. 30-45% bank increase maybe?

I haven’t used such a small bank for a long time, so I’ll need to make sure I don’t get sucked into over-staking for the size of bank. In most cases I suspect I’ll be using stakes of £10 – £75, maybe a little more when the time is right.

The main problem I foresee will be the amount of unmatched lay money I can have in the market at any one time. £400 exposure doesn’t amount to a lot at prices over 4.0. I won’t be able to leave so many bets lying around as I might usually.

Why £400?

It’s a reasonable amount that others would start with. When asked, I often say around this mark is enough to make some money. If you cant make money with a £400 bank, a £4,000 or £40,000 isn’t going to be any extra help. It’s just going to hurt more when you lose.

To the majority, having much more than a few hundred quid to play around (available to blow) is just unrealistic. There are also some myths around you can’t make money with a small bank, lets clear them up!

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Why 3 Days?

At first I thought I’d just do it for a day, but then results could just be luck. Three days seems to be long enough to expel the luck of variance, but not quite so long that I become completely bored with it… maybe I will anyway, who knows. It just seems about right for a mini-challenge.

What this is not about:

  • Unrealistic expectations – I like to keep it real. Too many expect monster wins off a small bank on day one, it’s rarely how it works.
  • Swinging my dick – Consistency is key, and should be the main aim for any new trader. Excitement is a fools game.
  • Showing earnings – The ex-wife and a couple of others would love that I’m sure. Not happening.

Green On, Go!

Not much else to say, other than check back for updates on the blog!

Ohh and a quick snapshot of me emptying my account prior to the start….

Withdrawl

Related: Previous 21 Day Challenge

*Disclaimer: While this challenge may show what is possible, it does not mean others will achieve the same results.

Update:

Challenge complete!

You can now see each days challenge posts here:

Day 1 Challenge Results Here

Day 2 Challenge Results Here

Day 3 Challenge Results Here

24 thoughts on “Challenge: £400 Bank, 3 Days, What Could Go Wrong?

    1. Profit seems to be the one focus of everyone! Understandably, but the real key to succeeding is focusing on the process and doing what’s right. I’ll post up today’s result tomorrow but the main focus is always not-losing.

    1. Sure, I’ll reserve those kind of stakes for no-brainer positions if they arise. Today I think the most I used was around £50 in one hit.

      1. Hi caan.

        Sounds like a great challenge. Most newbies including me would start with a similar bank so can’t wait to see how a pro gets on. GL

      1. Hi Caan you’ll be glad to know I am already a Video Pack customer. I am in the process of eliminating my big losses. I have learnt a lot from your videos and I am very consistent in my trading I just run into a few big losses now and again.

  1. WHAT?! only 30 to 40% increase hopefully?
    I am learning pre race since summer (using Caans video pack).
    and I am trading with 300GBP bank and expecting some 80 per day with that.
    because I ve been trading inplay for years making some 80 per day with 300 bank.
    I guess I should really lower my expectations then with pre race profits 😀

    1. While that’s possible, it’s not always going to be the case every day. Expectations and targets are usually negative by nature but felt I had to say something like that posting this up. Nothing like putting your head on the chopping block in front of so many people too!

      As your bank grows there’s that bit less pressure. If you only have 300 to start, by the end of the week it shouldn’t be 300, making things a bit easier.

        1. No, that’d be daft. With other no doubt trying to jump infront of orders, spoof against me etc etc. I recall someone tried it years back and it turned into carnage. Everyone trying to nick a few quid off the back of someone else.

  2. Good luck Caan. It can be done week-upon-week, but one mistake with such a small bank can be disastrous if you’re trying to turnover lots of money to keep ticking over. Will by interesting to see how someone like you goes.

  3. Hi cann , bought your racing guide last year and due to your advice making nice steady profits over £400 per month ! And I only have a £300 trading bank but hoping to keep up my bank and stakes gradually and have read your blog great info and I’ve put a challenge to beat your profits of over £700 in your early days it’s a big challenge on twitter from 25th sept to 25th oct just doing it part time ! But hopefully can get to your level one day ! Keep up the posts cann brill stuff

  4. This has been great. I’ve had the video pack for a while and about half way through it. Messed about a bit but, after this, saw there’s more potential than I imagined with a smaller bank. I set up in training mode in Geeks, did about 10 races and only one loss of £4.04. End profit was £47.00. I know it’s easier in training mode but I’m now going to practice as much as I can because it suddenly seems possible.

    Thanks for doing this Caan, it’s inspired me to dig in and make this work.

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