Wednesday, 13 May 2009

Old challenge completed

Today marks the day where I completed my older challenge of £150,000. This does not include premium charge, which would bring the total to £120,000. Looking at those figures now, I can't quite believe I've already achieved what I initially set out to make over the course of the year! I'm 4 and a 1/2 months in, with about 6 and a 1/2 months of trading left, given I take about 1 month off to holidays. I guess maybe I should raise the bar a bit higher to 300!, but I don't want to look too far ahead; I like taking it day by day.

I had a good day yesterday and managed to keep another clean sheet, I think it's my second or third clean sheet of the year. Days like yesterday really help me towards my target, and keeping confidence high. I think if I were to break down the percentage of day's I was confident this year to those where I wasn't, I'd say 90-95% of the time I am confident of my abilities. I haven't been trading the evening racing as of yet, apart from once or twice. I don't like to drain my brain by trading for 7 hours, I think trading about 3 and a 1/2 hours keeps me staying fresh for the rest of the stay and even fresher for the following day's trading. Plus the liquidity at the moment is about half of that from the afternoon's meetings - I think. But by all means, if you're learning to trade, get involved in as many markets as you can, it's the best way to learn. There is plenty of money that can still be made from evening racing alone.

P&L from yesterday's trading:

25 comments:

fuzzer54 said...

Well done on achieving your first target Adam - just think how much you could make if you were really passionate about it.

£30,000 in Premium Charges though - ouch. It's time Betfair made you a director!

John said...

Well done Adam - amazing result!!!!

Anonymous said...

Adam,

Fantastic stuff, well done.

Really enjoy your blog, and find it a continuous source of inspiration.

Keep it up, and all the best for the next part of the challenge.

Matt

Anonymous said...

Your P&L shows how good you actually are, I mean there is some really large amounts in there and not one loss! Inspirational!

I felt it was a really hard day and really struggle to get money from the larger money markets, in fact I’m only making from the evening meetings!

Anonymous said...

Hi Adam,
Just wondering if you reply to all emails you get? I sent you one a few days ago and not recieved a reply.

Anyway, well done on another ridiculously successful trading day!

busurmanin said...

Congratulations!
Great result.

Anonymous said...

I find your results still staggering.....

One question, as the markets consist of backers, layers, and other traders, and no one can possibly predict the market direction, how often do you find yourself cutting your losses would you say....?

Also do you ever get into the situation of leaving losing trades in the market hoping they come back, or cut your losses quickly?

thanks

donfede said...

Congratulations. You were 300% more effective that you thought you would be in the beginning of 2009.

you said: " But by all means, if you're learning to trade, get involved in as many markets as you can, it's the best way to learn".

What do you mean by "many markets"? Do you mean many markets within horseracing alone or getting involved in other sports like tennis, soccer, etc?

Is is better to master just one sport, but within different markets in the same sport?

Anonymous said...

hello Adam and congratulations on conquering Everest...now on to K2. Do you use the Betfair charts when trading. What is the best way to utilise them,do you think, as all it does it tell you what has happened, not what is going to happen. Thanks and best, Al

Anonymous said...

Hi Adam,
Great blog and great results,keep it up.
Do you mind me asking how much would you normally commit to a trade at the entry point? I remember you saying you work with an active bank of 6k,is this still the case?Would you commit 10% of the bank or 50% etc at the point you go in.
Would be a great help if you could explain.Keep up the good work mate.

Marc Owen Banks said...

Congratulations on reaching the inital set target Adam, its quite a remarkable feat.

Inspired by your blog and the reading of it through the first quarter of the year i have spent a month researching Bet Angel trading and all aspects of its functionailty and have been testing a few angles for the past month or so. I traded last week for the first time using minimum stakes, and whilst i have hada couple of bad days through lack of discipline after not cutting out a loss and hedging on going in running only to wipe out,i have set myself a more moderate target of £50,000 on a much longer timeline, with a starting bank of £50, usign £10 trades on a 5 day "working week" with individual, daily and weekly trade targets with seperate 80% success and stop loss contingencies. Incremental trade stakes will be used based on succes of banking but overshooting those banks to keep the target realistic as i progress.I hope to return to report reaching my first incremental target by Mid June when i can step to level 2

Good luck with the continuation with your challenge

Francis Leavey said...

Congratulations Adam! No doubt there is an immense feeling of satisfaction at having achieved your target so early in the year!

cheers

Fran

Anonymous said...

Hi Adam congratulations on a great blog and some great numbers, do this for a year or two more and you could probably start the course and the book!

Remember to a certain extent the numbers are relative, what you are making for the effort put in to some is alot but to others it may not be much at all.

Dont forget to invest a bit in property and gold and enjoy some to, perhaps a holiday, memories are harder to lose.

I dont trade by the way.

Dr.Sato said...

Nice work man.. Keep going :)))

systemagician said...

hi adam, nice to see you doing very well, would be very nice to see a post on entry and exit positions that you use for trading, am sure this would g down very well with all that read your blog. something you should consider

Anonymous said...

Hi adam,congrats on hitting your target.i have a couple of questions and would be very grateful if you could answer them. 1. Having gained a quality support or resistance point where do you place your stop loss? 2.do you make use of the live betting shows,and if so,where do you get them? 3.how do you assess when in a trade the price will / is likely to reverse? Thanks in advance for answering adam.

Brian, bhall84@gmail.com said...

Hi Adam, congrats on getting past 150k again. I was wondering what kind of hardware setup you have for trading, I remember seeing you mention it a long time ago somewhere but can't find it. I got a new fast internet connection so was thinking of rebuilding my pc again to try trading. The Betfair trading courses in Ireland always get booked out superfast so I'm watching the betangel and bettrader videos to see what I can pick up for now.
Regards,
Brian.

Anonymous said...

Hi, Adam!
Congratulations on completing the challenge!
I would like to ask you about the live video from the horse races. Are you using the same company that provides video services to the bookmakers (SIS Tv)? No prices were given on their website but I am sure they are prohibitive for the average person (I think I saw £10000 per year mentioned on a forum). So which live video service do you use and how much does it cost?
Thanks a lot.

Anonymous said...

Hi Adam,

Can you provide Dave Raybould's contact details? The academy are 'restructuring' their training and are currently not offering 1-2-1.

Thanks a lot
Miln

tony said...

HELLO M8
Just found your blog, it really kicks ass. Ive been trading four 4 years now with no luck.In some blogs people always point out how crusial it is to watch the pre race on tv, is this true, and if it it is, how do i get fast pictures, i live in denmark and we dont have bbc or other sportschannals. i read somewhere about something called SIS raw feed, is it this i have to use?

Betting Exchange Trader said...

Hi Adam,
this is not really for posting - but I wondered if you would like to swap links with my new exchange blog. www.betting-exchanges.com

Since you have a degree in computer science - could you tell me how to get my comments working!? I have tried everything - displays but links to same content...weird. Maybe you could send me the relevant comments code from your template. I can be emailed on bettingexchanges@gmail.com

thanks
Dan

Betting Exchange Trader said...

Hi Adam - sorry if this is repeat - cnnection playing up - this is not for posting on your site - just wanted to ask you if you would like to Blog Roll / Link with me?

My blog site is at www.betting-exchanges.com and I will of course post a link back to you in similar home page position.

I have a few short blogs up already.

Off to buy more chickens!

my email: bettingexchanges@gmail.com
let me know
regards
Dan

Anonymous said...

g Congratulations Adam, well done mate, and well done on refocusing your efforta on your next target. Adam are there any general trading books, you could recomend, or some good psycology books particularly on focus you could recommend.

regards Tama.

Dave Angel said...

Fast pictures.... The SIS at home service is available for approx £6800 + VAT per year. This is basically a faster version of At the Races so courses like Cheltenham, Newmarket to name a couple are not covered. It's the same with ATR and RUK and the "fast" equivalent of RUK is called TurfTV and you must be a bookmaker to have this feed.

BBC and C4 via terrestrial (non-satellite) are as fast as you can get without being at the course.

Adam Heathcote said...

Hi fuzzer54, to be fair, Betfair care a hell of a lot more about their bigger gambling customers as they would pay £30k in commission over probably a few weeks to a month! They would probably care more about the liquidity I bring to the market rather than the amount of money I pay.

Cheers John, Matt and busurmanin!

Anonymous, to be fair, every day is far from like that one I posted!

Hi Anonymous2, I do try to reply to most of the emails I get, I'm just about to go through 2 weeks of emails...!

Hi Anonymous3, I probably cut my losses about, I'd say, 15-20% of the time. I frequently leave trades in the market hoping that they come back, that's why sometimes I'll have a massive loss!

Hi donfede, thanks. I was that day!... but not every day unfortunately! What I meant by many markets were markets purely for horse racing only. For example me having traded on thousands of horse races does not make me good at all at trading any other sport - maybe just familiarity with a few things.
...It's best to master whatever makes you the most money!

I do use the Betfair charts when I trade - I find them useful. Knowing what has happened can be a great indicator about what is going to happen.

Hi Anonymous4, the amount I commit varies depending on what the market's like at that time - but I would say I guess an average of about £1000. I have more than £6k in my bank now; I keep it there for the larger meetings when they come around - but I seldom ever use more than £10k. What I commit at the point of entry varies dramatically on how confident I am feeling about my decisions etc. - there are a lot of variables that go on in my head.

Hi Marc, all the best and good luck with your challenge!

Hi Fran - if I'm honest most of the time I don't feel a sense of satisfaction - I think that's why I'm driven to just keep trying harder and do better.

Hi Anonymous5, thanks for your comments! Not too sure what I would fill a book out for trading would be what most people are looking for, and that is a 'technique' that makes them lots of money!

Thanks Dr. Sato.

Hi systemmagician, thanks. My next post will be on entry and exit points - thanks for giving me the idea to post about it.

Hi Anonymous6, I don't use a stop loss. What live betting shows do you mean? I don't use anything other than the TV channels and what's shown on my Bet Angel screen! I assess a reverse in price movement based on sometimes what has happened in the history of the price, weight of money, price bands and intuition.

Hi Brian, I made a post a couple of months ago about my setup.

Hi Anonymous7, I'm not using an SIS feed. There is no need for it on pre-race trading. I have Sky Sports, which includes At The Races, and the Setanta package which covers the Racing UK channel.

Hi Miln, sure, Dave's email address is dave@daveraybould.co.uk

Hi Tony, it is true that watching the racing on TV is beneficial and will help make you profit (occasionally). I doubt the best choice is an SIS feed, maybe find somewhere online to view them? - I'm not sure of any.

Hi Dan, I need to reconsider the links I am putting up on my blog, I might start putting a proper blog listing up - in which case I'll add your's on there.

Hi Tama, I'll update my link list for recommended reading on my blog with some new links and materials.

Cheers Dave!