Monday, 17 September 2007

What is this blog about?

It's probably a bit late in coming, but I thought I write a post about what this blog is meant to be about and why it is called what it is.

I first heard about Betfair and the idea of bet exchange trading from my father. He was always interested in anything new and interesting around the area of value betting, etc. He told me the idea behind Betfair over the phone one day, after he had read through a booklet about bet exchanges. I listened and found it interesting but it didn't really appeal. A year or so later, my father sadly passed away and I discovered the booklet as I was helping sort through his books. I read it on the spot and wanted to know more. I had dabbled with horse racing years gone by and the idea of being about to lay appealed. I googled the internet, hungry for info. It was here that I discovered the story of Adam Todd from Racing Traders (you can read his story on their site). He had started with a bank of £200 and turned it into £100,000 in a few years. I was inspired! I also found the blog of the betfair trader who was trying to pay for his wedding through trading on the betting exchanges (and has done. Well done man). The story of going from £200 to £100,000 was where I got the blog title (not too original, but it was the original inspiration). I thought, if these guys can do, why not have a crack at it, so I am. Okay, I'm a long way off and I don't pretend to be anywhere near the standard of these guys, in fact I put my hands up and say I have a hell of a lot to learn, but I'm enjoying the journey and this is where I write about it.

The thing that I find really interesting about the whole trading thing, is the psychology behind it. Trading brings out the full range of character traits and flaws. Prices move on emotions such as greed and fear. We unwittingly employ unconscious responses to potential loss. This stuff fascinates me and is an area that I like to post about. I have a background in NLP and hypnosis, which I feel ties in pretty well with this stuff.

So, that's about it. I've got a long way to go and I'm up for the challenge and am enjoying the game.

5 comments:

Pete Nordsted said...

I agree Richard the whole psychology is an area I find extremely interesting. I find the following blog an extremely interesting read and I can also recommend the two books he has published.

http://www.traderfeed.blogspot.com/

By the way don’t you just trade mechanically or do you sit in front of a computer and do it. Or are you like the majority of us and still looking for the perfect trading plan.

Keep up the good work on your very entertaining blog

Pete Nordsted

tapper said...

Hi Richard

Great Blog. Now could you please hypnotise me into not making rash trades! I'm feeeeling verry sleepy! Keep it up!

Anonymous said...

Hi Richard,

Thanks for the mention, that 200 quid I started with wasn't even mine, I borrowed it off my dad cos I'd just returned home from travelling and was flat broke! I also found out about betfair from my dad.

Thanks mate, good blog

Adam Todd

Richard said...

Pete,
Thanks for your comments. I've checked out the blog you mentioned and will definitely be going back. I am also a regular to your site.

Tapper,
...and you're back in the room. Anything else I can help with?

Adam,
Thanks for the comment. Since reading your comment, I've had another look at the trading videos you put together and posted a link to them on the blog. They're bloody good and I hope you do some more soon.

Regards all,

Richard

Anonymous said...

Hi Richard,

I tried to find contact info via your blog but I was unsuccessful, so I thought it would be appropriate to contact you here. Apologies if it is not.

First of all, nice story about your introduction to Betfair, and good luck on your journey to £100,000 I think you'll need it! :)


Just thought I would message you as I would appreciate your honest opinion on a free to play horse racing tipping competition GG.com have recently finished creating.

It is called Tipzone: (http://www.gg.com/tipzone/)

I was wondering if you would be willing to review Tipzone within your blog, as you seem to appreciate sport/betting in general, with that in-mind hopefully you like Tipzone.

We believe Tipzone to be a unique tipping game within the horse racing genre, and wish to gauge the opinions of sport lovers such as yourself. If you think something does not work or you have an idea to improve it, we’re are all ears, as constructive criticism and the feedback of users is exactly what we are after.

Either way, thanks for your time and good luck with your blog.

Regards,
David Ackerman