Thursday, 31 December 2009

2009, the end of the challenge!

Well, it has come to the end of the year and my challenge. Looking back it was a hugely successful year for me on Betfair. When I started the challenge I thought realistically I could have made about 170k if I was consistent, and that was exciting. It was a challenging year at certain points, requiring high concentration levels every day. The days I was not fully 100% committed mentally, I lost money. Thankfully that didn't happen too many times. The total I made was £296,208.92. The Betfair premium charge reduced that profit by approximately 20% equalling £59,240. I haven't got the stats for the whole year but I traded roughly 4000 horse races averaging between £70 and £75 a race. I didn't realise when I started it was possible to do that but it definitely is if you reach the peaks. I know there are at least 3 other people who trade on horse racing markets that make similarly large amounts - you can see and feel them in the markets. Below that it's harder to estimate but there are probably at least a hundred who make a full-time living from trading the same markets.

As for a new challenge? Well, I will continue to set daily goals. I won't set a yearly target, because it doesn't have as much meaning for me. I like to take each day as it comes. And with regards to the blog, I will continue to post! I won't be posting as much of how much I make, but I will post the occasional P&L so you know roughly how well I'm fairing in the ever more competitive markets - especially since the markets feel as though they've contracting.

I hope you all had a great 2009, and probably by the time anyone reads this, a good new years eve. I'm looking forward to 2010, I've no idea what it will bring, but that's where the excitement lies!

Tuesday, 29 December 2009

What I've learnt (Part 2)

So carrying on from the last post, apart from learning not just about myself I've learnt how fundamentally greedy the Betfair markets can be and some people who use it, especially once the stakes being placed down go above £1000; it's easy to see once you know how the markets operate; differing levels of course. I managed to see the greed because I saw it in myself, and on my path of truth it's fairly conflicting. What still keeps me in it at the moment is a paying wage whilst giving me the opportunity to see what else is out there, and of course the undoubted naturally-born ingrained excitement that I get from the predicting, winning, and improving at something, which most of I see clearer has really brought the world to it's current state of mess in large parts, not to mention good as well, but it's getting out of control. I'm making very broad statements, but it's what I see as truth and from my new found experience, living in a reality of truth feels oh so good! On a simple level, it's like when you lie, you don't feel as good as if you simply told the truth without fear of consequences - break that down to every action you make in life and it's quite amazing how many 'lies' we give out every day in so many different ways. So anyway, when I started trading it was very innocent, with a pure aim to make a living from it. But it evolved much further to trying to be the best, which there's nothing wrong with, but it was the side-affects that became very clear through self awareness that really made me like 'wow, is that really me and is that what I need?'.

I had an awful days trading the other day losing over £1000, I was just sat here casually trading and things going wrong left right centre - it was purely my fault, if you use large amounts, you have to always be ready - ready for anything, and I simply wasn't! I'm not going to hit the £300k mark, I'll be about 4 or 5k off.

I've learnt quite a bit more, but I'm trying to keep it related to what I've learnt in relation to my trading. I'm going to get the ball rolling on my awareness development site at www.adamheathcote.com where I'll post about things I've learnt, books I've read and reviews. No advertising - I'll be doing it purely for the interest of myself and others to help bring about awareness of yourself that's hidden. I started in August with one post, but haven't actually put the foot down on it yet, but will make a start on the very first day of the new year. I'll make post every couple of weeks or so, or whenever it feels right to make a new post or topic that I'm interested in.

In my next post I'll post the changes I've seen in market dynamics, where I think the markets are going and how to spot and deal with aggressive behaviour in the market.

Thursday, 17 December 2009

What I've learnt (Part 1)

Well the markets have been far from great lately. I don't know what I'm comparing against because most days I'm more likely to say that they're poor and not great. At least they are good enough to get something out of. I've been looking forward to writing this post (and Part 2) for a while because I really feel I've learnt a lot about myself, the markets, traits and other people.

I'll start with what I've learnt about myself over this year while I've been doing the challenge. I quickly saw myself very zoned in to making as much money as possible; it was hard not to when I was getting better at trading the markets, and to a certain extent I did that. But it was always an artificial high, it was if I wasn't hitting the sweet spot every day I wouldn't be as happy as I was when I did, and I thought to myself over a long period of time.. why? Well it's mostly my way of thinking, as is the same with any perceived negative situation. So all these questions really just got me thinking what I was trying to achieve, because initially it was more and more money. But what would I do with that - buy a bigger TV, and a house? Then what? So over the last year I've really managed to unravel so much subconscious thinking that goes behind every decision made to see what really is my truth. It's really fascinated and gives me a more natural longer lasting high than, "Yes I made £500 in that race!". This is all coming from me; my story, someone else will have a different outlook. So being successful at this trading is more of a personal Outer success, where what I would much rather achieve is person Inner success. It all sounds funny talk, if I read this a year ago I'd think I was crazy!
So my lack of enthusiasm for making more money from trading has faded, it's still there and will always be there no matter what I do - I have set standards I believe I can achieve, but with awareness of my Self.

Along with my new ways of thinking and questioning my thoughts and actions, what makes the feeling so much better is keeping fit and eating/drinking healthily. I enjoy a combination of the Bikram yoga I do, which I go 2-3 times a week. The benefits are so good! You should check it out, it's the fastest growing yoga and I know why. It's extremely good for any bodily ache or pain, it's great for fitness; my heart beats as fast as when I run when I'm doing it, and after many times of doing it, it's such a great mental workout because it's so tough to keeping going for an hour and a half in the heat and do every asana to your best ability - pushing yourself every time!

I know there's more I want to write, so I'll leave it for Part 2!

*Update - just a quick message to say that those who have subscribed to Racing UK like me, will surely have had their Christmas wishes come true by their Annual Racing UK 2010 members badge coming through the post today! Sarcasm aside, it's actually quite friendly; more than Betfair have ever given me!

Wednesday, 2 December 2009

November

Another fairly quiet month in all aspects for me this month. I've really kind of taken a back seat on trading - I am not so intensely determined to make as much money as possible because I've really no need to earn more than a certain amount. It's very comfortable earning enough so as to not worry about money to live from - anything after that really is a bonus. The attitude has partly come on because of the low liquidity and poor trading opportunities out there are the moment, but also from background work on myself. I basically made a decision to get out of the spiral of wanting more, more and more of something I in essence don't need. It feels great - less stressful for sure, meaning less core work just to minimise stress from really being at the peak of my game. As a result I am more and more sitting back and getting involved in the markets when it's optimum to do so - sometimes I get carried away, but I usually spot myself when I get too intense. It is great that I have a chunk of money saved, which allows me to take this approach, and be open to new ideas that come my way. Anyway, enough contemplation of my current situation. In November I managed £16,270.96 averaging £57.29 a race, and for the full days I worked averaging about £1200 a day. It's not bad considering the laid back approach - it definitely suits me as I've been getting this usual illness I get much less - which I put it down to just being able to let all tension out of my body in whatever situation I'm in, including trading. Tension comes from being very ready to click your mouse button as quick as possible to have a competitive edge over other people - but it's probably just a bad habit developed over the years (I think most people though would tense parts of there bodies if asked to reacts very quickly to something about to happen).


Regarding my overall target I'm clearly not going to reach £350k, I'm currently on about £282k, so my target is £300k. That's £18k in December, which I should be able to do, just as long as I put a good number of full days work in.