paulhickman

hi all,

Just an update. I have noticed a new pop up on my betfair app the interested in premium charges button. Well I wasn't interested until now but I found out that for the first time since joining in 2012 I have no net deposits in my account. I am actually in profit and after making £1400 in 6 weeks from a £200 bank I can see this as a real way to make a part time living. 

However reading up on the premium charges I can see that these will become a problem very soon if I continue with the success that I am enjoying at the moment.

Does this mean that as soon as users become successful they move over to other exchanges as from the way I read it my tax free profits that I have earnt are pretty soon going to be taxed at up to 60% in the future. 

I was under the impression that betfair made its money from commission paid by users but obviously they like winners as long as they do not win too much.

12 Sep 2015

Well after an hour at the screens today I am £46.91 up and back have fully recovered the £157 loss I incurred through stupidity on the 10-Sep-2015.  This have been achieved again by trading only 7 horse races in the 10 minutes before the off with a bank of £300.  As my full time income brings in only £112 per day pre tax I really think that it is well within my grasps of replacing this income through Trading.

As my bank gets larger I am still finding it comfortable to place trades around the £300 mark as I am aware that as long as I stick to my exit plan in a losing trade as rigidly as I do in a winning trade overall I will be profitable.

I will stick at the screens for another hour in the hope of attaining my daily wage however the most important thing at this point is to maintain the discipline to execute the trades when the market conditions are right.

As I will be taking tomorrow off the trading and spending some all important family time it is even more important to end today on a high and look forward to starting again next week.

Thank you for reading I would really any feedback and comments that you may have.

Have a great weekend.

Paul Hickman

12-Sep-2015

After the initial 30 days of trading horses pre race I have managed to treble my £200 starting bank.  This was a milestone for me as I have now removed my initial £200 capital and my betfair trading business is now fully self financing.

The first day of month 2 did not start so well but did highlight the absolute necessity to get out of a losing trade quickly.  Unfortunately I did not take that advice and finally mental clarity returned when I was £157 in the hole and took a big loss trading the 7f maiden in Chepstow.

The lesson learnt was always use a stop loss and that the markets will go what ever direction they want not the direction I want.

From there I have spen the last 2 trading sessions regrouping and have currently recovered £150 so even though it is 2 sessions wasted I am almost back to a level platform.

The method that I use is that of 1 tick scalping where I lay at one price and then back 1 tick higher or vice versa.  I like this style of trading as it is quick, efficient and I can use my full bank as liability and turn it over many times in the 10 minutes pre race and make it increase whilst only risking a small percentage per price movement if it the market goes against my chosen direction.

Not withstanding the loss which obviously was a setback the last 2 trading sessions have shown that it is possible to make money consistently through trading and my hope is to be In A position where I can make a healthy part time income over the next 12 months. My goal is to increase my bank to £5000 and then remove any balance above that on a monthly basis.

I have now started looking at trading software to help with bet placement.

Are there any recommendations?

Hi and welcome.

You join me after my first 30 days of continuously trading horse racing pre race on Betfair.

I have been interested in sports betting for the last 3 years and have been picking up bits and pieces along the way.  I have never been any good at gambling and following tipsters and I really do not have the time for all the form study and statistics however the thought of ultra short term scalping really appeals to me as it is fast efficient and you can turn a very small betting bank over numerous times so a large initial capital is not required.

On 9th August 2015 I loaded £200 into my betfair account and decided to focus on applying all the trading tips I have learnt over the last couple of years.

As I am due to leave my current job in 5 years time my goal is to replace my income via trading so as I have the choice as to how I make money in the future and not have to keep to other people's schedule.

My results for the first month are in and I have increased my initial starting bank to over £600 by scalping horses in the 10 minutes pre race.

I have had only 2 losing days which were caused by my inability to take the loss quick enough and made the fatal mistake of leaving the trade to go in play.

My aim for this blog is to update after. Each day's trading as a journal for myself and also I hope it may be useful to any other readers who are the same point in their trading career.

Any comments would gratefully received.

Regards
Paul Hickman