Sunday, 22 March 2009

My journey to being a horse racing trader - Part 1

My journey into trading on horse racing markets started at Exeter University where I studied Computer Science. I never really enjoyed the subject as much as I think you should of an area that you intend on studying for three years. But anyway, I was in my second year and one of my friends said he's got a way of making some free money, so like anyone, he had my instant attention! As most of you probably know already, it involves signing up to numerous online bookmakers, inlcuding Betfair, to profit from the free bets they offer by backing all outcomes of an event proportionately so that you end up profitting a high percentage of the free bet's offered (most of which only offerered after your first bet of similar value). So anyway, I went along with this and made a few hundred pounds; only downside being that all my details were with nearly every single bookmaker in the country! But being a student that didn't really matter. So that's when I signed up to Betfair; I had no idea that trading on horse racing even existed.

So now that I had used up all of the bookmaker's, I felt disappointed that it had to end there, and began googling more ways of making money. This is when I found a service (which has now been taken down), where they offered 'trading' tips for in-play football and in-play horse racing. It was a subscription paid service that I was willing to pay. It was my first real insight into trading, yet I still didn't fully understand it. I also signed up to a horse racing tipster called "1st for Racing", which actually went really well when I joined - but eventually it went downhill and lost nearly all of the profit I had made.

At the end of my second year I had to choose a project for my final year dissertation. It was over the summer where I somehow came across that Betfair offered historical data on horse racing, so I thought, how about I try and use this data to predict the racing. I was interested in football, and thought, how about football then? - but realised that it had been done several times by student's from previous projects, so reverted back to horse racing.

After doing some research, I wanted to get some bonus points under my belt and found that Betfair did an 'Academy' which was designed to teach people how to explain and demonstrate Betfair. I went there with about a £1,000 in my account (most of which came from the horse racing tipster) and didn't really have a clue, evening though I had been using Betfair. I remember one of the question's asked to everyone was, 'what do the numbers beneath the odds represent?' - I honestly had no idea, and everyone in the room already knew! Anyway, that's where I met Scott Ferguson (his blog), who was the field education manager at Betfair at the time. During the day, the group was recommended to Peter Webb's academy if we were interested in some of the stuff that we had been discussing, so I scribbled the Bet Angel name down!

To be continued..


Anonymous said...

That's a very similar story to mine apart from the university, I was working. I went to that betfair acadamy day as well, the only thing I didn't do is Peters course, I am making about £100 a day (to your £1000!) average from trading do you think I will benefit from this course even though i'm experienced? i'm not so sure.

Anonymous said...

Adam, Are you going to post your totals for Cheltenham?

luco said...

H Adam,

Congratulations !

Can you put a video of a live trading day please ?

Anonymous said...

Hi Adam,

Can you put a live video trading day in your blog please ?


jace said...

Hello Adam,

Was just wondering your thoughts on "the power of now" by Eckhart Tolle, as i see you haved move on to another of his.

Be well


Anthony said...

Dave Walton introduced me to trading. I bought his manual because he gave an address which was only down the road from me. Looking back he taught me a great deal about it. He had a very profitable trading tipping service called 'The Trading Post' for which, if it was poor for a month, he wouldn't charge you. Good man!

Adam Heathcote said...

Hi Anonymous, I think anyone who goes on the course will benefit from it - it's just full of a lot of great material that is all good to know.

Hi Anonymous2, I won't be posting my specific Cheltenham totals, but they are in the overall total.

Hi luco, there are plenty of trading videos already out there, including by the best there is, Peter Webb on his website and YouTube channel.

Hi Jace, I thought the Power of Now was an exceptional book and really empowering if you learn to apply it. I have only just started his new one, but no doubt I will be satisfied by the end of it!

Dave Walton was a great man! It's a shame he's disappeared - was it because of some investment scheme that went up shit creek?

Anthony said...

I'm glad you feel the same way about Dave Walton. He was incredibly attentive and would always answer every question in depth. I think he had a partner originally (Paul?). I believe they had a disagreement and split. If I remember correctly, the partner took the mailing list and sold it onto someone else. Dirty money-grabbing tricks! I think Dave set up the first live sports-trading room.

Anonymous said...

Sorry to hear you failed miserably at your challenge.