This shows the struggle it has been in recent times; markets that I have done well on in the past are showing negative results. Looking back to last year, I was up around 5k+ on Football and 3k+ on Tennis, and this year both are in the minus figures. This is because I am touching markets I would never have had to in the past in order to try and get to something more workable.
Overall, it's been less about trading and more about risk taking, and those who gamble will rarely win long term. This is something I need to change asap or have that small run of luck in order to get there, but at the moment it's not coming easily.
Despite a bad year, I thought I'd post a screen-shot of my profit & loss on Betfair since I started using the site in 2007 - although it's not the easiest to read through the premium charge portal. Can anyone make sense of it? Thanks.
It's getting a bit like Groundhog Day now, but I might as well keep the updates coming. Like I say, the same old story - using a small bank size and it's having an impact on how well I could do. The rest of this year is pretty much damage limitation now or trying to get a big enough bank size ready for the start of next year because getting over 1k is not going to come the easy way. I think March is the last time my Betfair account saw that much which is quite disappointing, considering how well I did in 2010, but you live and learn by your mistakes.
One bit of luck I did have was, I saw one of those 'one off' £5 free promotions Victor Chandler sometimes offer, so I did what I don't usually do and stray away from Betfair. So I opened an account, got the free £5 bet and placed a 7 match accumulator not really expecting anything to happen. Well it just so happens it won (£68.80) thanks to Aguero's last minute goal for Man City against Villarreal. Nothing to write home about, but it came in handy. I withdrew it all straight away of course and called it a day on Victor Chandler.
I don't use normal online bookmakers such as William Hill, Ladbrokes or Victor Chandler as I feel there is only one place your money will go more often than not, and that's to the bookmaker itself. The odds they all offer are very poor compared to a betting exchange such as Betfair - where you are betting against other people, and your chances of making it pay long term is actually possible because of having the option to 'trade out' of your bet.
My plan now is to somehow acquire the bank size I need, and once I do, trade as I did last year. Whether that happens in the next week, or the next few months, I'm not sure, but the sooner the better. Ready for next year is probably realistic at this stage, but you never know.
18th Sept-18th Oct 2011:(including the Victor Chandler win)
It's a forced break because I am fighting a losing cause, and can't get hold of the bank I need in order to relieve the pressure and make it work. All I am getting is people looking on seeing loss after loss and getting the wrong impression because of it. The reality is, last year when I was successful as any person who does this full-time will tell you, I had access to a big betting/trading bank that helps them build their funds gradually with no pressure. I've not had over £1,000 in my Betfair bank March now, and before that mid-January during the Australian Open. That's twice this year. And it's no coincidence why I find myself in this position.
Last year when I made in the region of £27,000 my bank size never went below £2,000 for 7+ months from February 2010 to around September. It was at around £13,000 at it's highest in June in fact. It only started to go downhill at the bank-end of September during the US Open (funnily enough when I came home from New York as well).
I am still confident of making it pay big (I am still £14,000+ in profit lifetime on Betfair), but waiting here week after week playing with numerous "last chance" small banks is not working and it's getting me deeper into trouble.
It's been an up and down last 30 days, and a very frustrating one. I've never really had the betting bank-size I used when I was making the kind of numbers you see below (from April 2010), which is my fault as I have been asking the same questions for too long now, when getting a job for a few months would have given me a bank size of 1-2k+ to get going again.
When I was making the likes of above (if you look at the very earlier entries of this blog) I never had any outsides debts and from memory was using around 5k and building gradually through trading - there were rarely any gambles involved. I've just made so many mistakes in the past few months and one of them was playing with a number of small banks and trying to get to 1k+ the fast way, which was not the way to go in hindsight. Another has been waiting for someone to step forward with a couple of grand based on what you can see in the earlier entries of this blog, but there were no takers and in the process I've gone into big debt. Which I only blame myself for.
I'm at the stage now where I need to ask myself questions, and think about how I can go about this realistically as it is having a negative impact on real matters which is not a good thing.
Not good viewing, but was caused by problems in April, May and June due to a combination of issues outside of Betfair and a small bank-size. I won't go into great detail about what happened because you can read back and basically see, but I am expecting things to turn round for the better in the coming months now my situation has changed.
I'm hesitant to keep updating this in truth because it does not feel right, especially in the difficult times in which we live in. Win or lose it seems a bit tacky and might come across as boastful - but I've started so I will probably continue for a bit. Maybe in future I will start giving more updates on the sports I bet on as opposed to just a straight profit and loss screen-shot. Just to show this isn't guess-work, or a '2 flies on a wall' job. Perhaps when I'm back on track and playing with a the bank size I aim for. In the mean-time, I hope continue to build things gradually.
This shows the extent of the damage really - the numbers I mean. The losing has gone on far too long, especially if this is your only form of income, like it is with me.
You're probably bored of hearing this as well, but I could have resolved this ages ago, if only I had the bank size to do so, but this is partially my fault. I'm not blaming anyone. It's just been a dodgy couple of months outside of using Betfair. On the other hand, I know it can change quite quickly so hopefully things start going in the right direction from now on.
Basically I've been trying to get out of a difficult situation the hard way, by trying to gamble my way to a workable bank size and it's not worked. It's made things a lot worse in fact. Once I get a stable base to work from, I can resume where I was months ago by trading as opposed to gambling and taking big risks, but it's just not happening at the moment. Common-sense says I get a temporary job to raise the funds I need in order to get going again, but like I say, I've tried to do things the difficult way which is definitely not the right thing to do.
I'm 100% certain it will change, but I'm no longer sure when anymore. If I had £500+ to work with now, it would change tomorrow, but unfortunately money does not grow on trees and I need to look at ways of getting the bank I need, especially with zero backing as well.