After setting up a blog on MySpace, I realised that it was a bit rubbish as you have to be signed in to make comments and my PC seemed to run slowly when I was posting/previewing blogs so I've moved here. My previous blog entry here is an archive of all my old blog entries from my MySpace blog.
If you can't be bothered to read all of the stuff from the MySpace blog here is a bit of an update.
On Boxing Day I was introduced to trading on betfair by Mark (see his site here), who trades on a number of different sports. As he had made quite a lot of money off it I decided that I fancied a piece of it and began looking into ways for beginners to get into trading. I don't own Sky in my flat and can't be bothered with watching hours of sport just for the sake of trading (never been very interested in horse racing anyway). So I decided to trade on soccer, which I would probably be watching/listening to anyway.
My tactics are simple. I choose my match, and lay the draw before it starts (I know some might say its better to wait for 5 minutes for the odds to drop, but I don't want to end up ruing a missed opportunity because of an early goal) and then wait for a goal, and then bet on the draw, after the odds have increased. After a mishap on the Chelsea-Villa game which ended 0-0 I now also put a small bet on the no score draw to cover any losses.
As a rule I won't trade past 60 mins, but have stopped trading before and after that point depending on how I feel about the game.
After my first weekend of placing small bets and getting comfortable with Betfair I began trading 'properly'.
This was about 3 weeks ago now, and so far I am £260.70 in profit. This is despite a number of mishaps (not covering myself on the previously mentioned Chelsea-Villa game and messing up a bet by losing concentration while using BetAngel) but you only learn from experience. Some good results have given me a nice bank to trade with, and so I hope this blog will be showing a lot more green in future.
I know some people might say this isn't proper trading because I'm not trading on a constantly fluctuating market like horse racing or American football, but its working for me so far and I'm happy with the way its going. A number of televised FA Cup games coming up this weekend so I'll post then once I've traded on them.
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