Thursday, 7 June 2007

The initial £100 bank

My starting bank, a couple of weeks ago, when I first discovered Bet Exchanges and Bet Fair, was £100.
I discovered bet exchanges pretty recently. My Dad, who died a couple of years ago, came across them in about 2004 and got hold of a report called something like, "How to make bets that never lose". He showed me the advert for it and I read it but racing and gambling were'nt really my thing and so I pretty much forgot about it.

About a month ago I was rooting around in the garage and I came across some of Dad's old papers and things and there amongst them was the report. Out of curiosity, I picked it up and skimmed through. Although I didn't fully get how Betfair worked from the screenshots, I picked up the idea behind backing and laying the same thing and making money on the difference in price. I took the report inside and read it cover to cover right there and then, much to the chagrin of my girlfriend, who had a list of jobs for me to do (he he!).

The report didn't give any real "how-to" details but it did introduce me to bet exchanges and the idea of trading, especially the concept of the free bet and "greening up".

The next step was to sign in to Betfair and have a look round. I did this and was pretty confused. Lots of boxes with rapidly changing numbers. Nope. I didn't have a clue and thought it was going to be a pretty steep learning curve. I was wrong.

I went on-line and a-googling. I searched for whatever I could about bet exchanges, bet exchange trading, betfair, etc. Eventually I found a couple of sites that were selling various systems. Being a bit of a newbie and with the information not costing much and having what looked like quite a lot of info and video clips, etc, I bought it.

What did I get for my money? Well, after reading through a few times, I finally understood how betfair worked and also learnt of the existance of "bots". I have a strong IT background and my instant reaction to the idea of bet exchanges was to write some code to help with it, but it looked like there were a few out there already, which was cool.
The system mentioned didn't seem to work very well on the markets I had available to test on (around 9pm-12pm UK time, USA Horse racing markets), but I was now hooked.

My plan was to try and work out my own system to use and to do this I was going to make minimal stakes of £2 per trade, whilst reading whatever I could. That was 2 weeks ago.

I slid down to about £70 and have since come back up again to about £90 and am now ready to start. So £90 is in the bank and it begins.

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