Evolving Surroundings… Keeping With Them!

Keeping with the times…

After just over two years of trading on Betfair, I’ve reached a point where I’m doing quite well.

For those who have been following my journey for a longer term, you’re aware it hasn’t been a smooth ride. In fact, it’s been more like navigating a road riddled with potholes!

So, what’s been the key change, especially over this past year?

Well, as I’ve mentioned before, it’s been both nothing and a lot. Yes, a bit of a contradiction, but then again, that’s trading in a nutshell.

Inspired by the Adapt and Survive blog by Sam Wilson, I’ve quickly learned how to leverage my various edges. Knowing how to apply them, or more crucially, when not to, has been a game-changer. For instance, you can’t approach a Monday afternoon race in the same manner you would the Cheltenham Gold Cup. Doing so would likely result in losses as significant as any gains you might make, if not more so!

Applying the same strategy consistently can wreak havoc on your mental state. For a long time, this was a challenge for me. I would become frustrated when a substantial win in one race was followed by a loss in the next, despite using the same approach.

In the long run, this strategy doesn’t work for the majority of edges I’ve found. While there may be exceptions, the saying goes, “There’s more than one way to skin a cat.”

Not adapting to the market likely accounts for nearly all mentality-related issues in trading. It’s human nature to desire continuous growth and improvement, but in the markets, this mindset can lead to mistakes. For this reason, I’m already preparing for the shift from evening racing to winter racing.

Last year, I experienced a bit of a slump, similar to when I first started around November, if memory serves. I struggled for a long time, wondering why I couldn’t replicate the success of previous months. It’s a bit disheartening, as I feel I may have already peaked this year, partly due to the markets’ capacity for what I do… unless I find another strategy, that is.

Ascot was a highlight for me, with the biggest week of my trading life, making over £200 on one race and £398 on another when the infamous “bomber” turned up!

Looking ahead, Glorious Goodwood next week should yield a healthy return. Unfortunately, I won’t have as much capital to trade with as I’d hoped, due to writing off my car a few weeks back and needing to buy another. However, I shouldn’t complain; trading this year has afforded me many luxuries, including a fairly new car.

Saturday

I gave trading a go today and found it quite frustrating, to be honest. I was hit with a £50 loss early on, which really aggravated me and caused me to miss out on some good opportunities. The market felt unusually thin for a Saturday, probably due to Goodwood happening next week. Nonetheless, considering it was just a few hours of trading, it could have been worse.

In my next post, I’ll let you know what I thought of Goodwood’s markets… stay lucky!

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