Thursday, 3 September 2009
The Beginning to Now
My name is Sam Wilson, I opened a Betfair account in December 2005. My Mum had asked me to put a bet on the X-Factor and after visiting a price comparison site I discovered Betfair. I was intrigued about the betting exchange concept and after a good 3 months of researching sports arbitrage and trading I threw myself into the pit and it turned out to be a life changing decision.
I went full time in May 06 and started recording my results a month later. My first year was amazing, I was extremely motivated and would trade 6-7 days a week doing lots of evening racing in the summer. My second year was equally good profit wise but disappointing in the fact that i didn't top my first years figures. I did take more time off and hardly touched the evening cards, I put it down to this initially but really I should of looked deeper. Motivation and drive were becoming an issue and year three's total profit showed. I wanted to hit new levels but was way too impatient and not focused enough. Big mistakes and not being able to adapt to the key meetings lowered confidence and motivation.
Looking back now have no regrets on how i traded in my third year, It didnt feel like it at the time but it was definitely my biggest learning curve. I have actually now come to realize that my inability to make more money was because of my trading style, I had peaked as a scalper and my methods had to change, hence the title“Adapt and Survive”! its something you'll hear traders say when your losing your edge..! dont get me wrong i was still making a decent living working very little hours but eventually i would of burnt out.
Im hoping now that im ready to push on and recent results have boosted my confidence in my trading.
I will also be trading football inplay as much as i can this season to try and add another string to the bow.
This blog is for me to keep focused, set targets and try to help out anyone whos trying to crack betting exchange trading.
Thanks for reading and good luck!