At this point i really didn't understand it that much but the horse prices were usually better than the bookmakers prices so i didn't complain.
A few months later I found out that my friend who's called Jack had started to work on this program for himself on a part-time basic and was interested to no more. I went round to his house and sat watching him put money in on one side of a ladder and taking it out on the other making free money! Now this was 4 years ago when this was to most people an unknown! I had a little bit of knowledge in the field so was more than interested. I watching my friend countless days trying to learn more about how this was possible.. I understood the idea of backing a horse but laying was new to me.. But soon got it.
Around 18months later it become obvious Jack was doing well out of trading, he had gone full time and was moving away to London. I had not actually gone any further with trading myself because my career at the time was going well even though i was still watching my friend work as often as i could.
I stayed in contact with jack while he was away and at this point got a betfair rapid to try things out! I tried out with minimum stakes at first on weekends for a few hours as a hobby losing most of the time but enjoying the thrill of the market.
To cut a long story short now my career was in property development working for my parents and at this point was booming so trading had to take a backseat until the back end of 2008 but then the recession really hit and in November 08 I bought betangel and really starting thinking about trading as a job.
Firstly I decided to go travelling for a few months round South-East Asia to get a few things out of the system. When i got back to England end of march nothing had really changed.. I was working for my parent very little on a freelance basis meaning I had lots of time on my hands to knuckle down trading.
I stuck to low stakes pre-race trading the horse as Jack was doing and it was really hard to get any sort of flow going in the right direction and for a good few months was fighting with myself for most of the time seeing thing but not acting quickly enough and chasing things down to only get court out at the bottom or top of a move. Then chasing the loss and losing more by gambling in-running. At this time the losses where small so not damaging but i think it went on for a few months and the loss started to add up.. Looking at it I think I was way too active and eager and actually doing to much was what was costing me because a lot of the time i was getting on moves in good positions and reading things well but getting back in way to soon after making a profitable move and the obvious one not getting out quickly enough when in a losing position.
Where it properly gets started!
I've now been trading around 8months on a pretty much full time basis. Jack gave me the chance to come work alongside him at his home in Madrid where he's just moved in exchange for me helping him get his stuff (computers etc) from England to Spain. I stayed with him between April and August living with him for most of it bar taking the odd trip back to England to do my freelance work. This was an amazing opportunity for me to see a successful trader working the markets and sent me on leaps and bounds in the right direction. Teaching me what he had learned over the years about keeping focused and making sure your in the right mind frame to trade to start with. Not upping the stakes to soon and having a structured increase as to how you are doing, not as to what you want to earn making sure you don't get any shocks along the way.
Since I've been in Spain 'I've upped my stakes twice, when i got here i was still trading with £5 and £10 stakes working off £100 bank. I changed it first to £10's and £20's, felt that out for 2-3months or so with some losses along the way but still nothing i couldn't deal with, then as the profits kept building the bank i upped it again to £25's and £50's which is where i still am now working off a £250 bank. Anything above this at this time i send home at the end of the week. I'd say for me this is the first mark where i can say I'm making enough to survive.
Obviously I'm not saying Jacks given me a recipe to print money but its definitely given me much more of a laid back approach to the markets and made me look away from the figures and look at the much bigger picture. Also the way he's helped me get round losses is key! I've not gone to far away from Jack just yet though as I have also moved out to Madrid and will not be leaving here anytime soon other than for Christmas as trading has started to pay the way in the last couple of months and I've found a lady to entertain me. Plus the weathers much better isn't so why would I!
Starting from now i will try to post as often as i can with P&L
Here is todays and an average days Profit and Loss off my £250 bank.
