Wednesday, 31 December 2008

The Challenge

Here comes 2009! I'm very excited about it; I think it will bring some diversity for me in all areas of my life.

Okay so the challenge:

I know some other blogs have gone from a relatively small bank of about £1,000, but personally I prefer a larger bank to make the most of opportunities when they are thrown at me. So I will start with quite a large bank of £6,000. This done not mean I am constantly making trades of £6,000, it means that when (if) the opportunity arises where I can use all of it confidently then I will. I agree with Peter Webb on his blog that it's easier to make a higher percentage return on smaller banks, because smaller sized trades are much more easily absorbed in the markets and therefore you can always utilise the whole of your trading bank, plus it can get quite messy when using bigger stakes because of net stakes lying around. So most of the time I will only require a substantially less amount than £6,000, but again, it's there if I need it.

I will be using the software Bet Angel on Betfair (and hopefully Betdaq soon) to do all my trading with. It is very reliable, efficient and easy to use. Reliability is so important since when I'm risking large amounts of money I want to know the software I'm using will still be running smoothly when I exit any trade.

I will edit this post tomorrow because there's a few more things I want to add, I've got to go now, going to Oceanas in Kingston for New Years, I've never been to a club before on New Years; I like doing something different every year. Happy New Year everyone!


Steve from Chester said...

Hi, Adam,
I have been following your blog since day 3, having stumbled across it whilst following "Pinsticker" on his superb effort to 100k! (I raise a glass to you sir,on this new years eve, bloody well done!)
I have recently attended "The" Course with GOD,(sorry Peter)and incidentally was sitting next to PAUL from Glasgow(Hi Paul) who blogged you on the 5/12/08. I,m looking forward to taking on my own challenge in the new year to shadow your achievements on a pro rata basis. However, eventhough I,m a bit squiffy as I write,(it is New Years Eve)I would like to take this opportunity to be the 1st to wish you every success with this challenge for the forthcomming year! All the best....

leonthefixer said...

Good Luck with your Challenge - I am confident you will achieve it and look forward to reading your posts!

Have a good 2009!

Adam Heathcote said...

Cheers Steve and leon, all the best in your personal challenges as well!

leonthefixer said...

Hi mate- you said you were going to be adding some more stuff to this post???

Adam Heathcote said...

Hey leon, yeah I know.. I still feel like there's more to add but can't think what! Hopefully soon I'll realise what's missing and top up the post a bit more!