Not Counting Chickens

Since Last Post P/L: £754.56
Monthly P/L: £2300.25

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Please believe when I say "I know the rest of the year won't be this good!". The IPL has continued to be the vehicle behind my trading good fortune and it will be tough to say goodbye to it when the tournament ends on the 1st June. I don't want to tempt fate but in my opinion it's lived up to the hype with the fans and players all buying into the concept. In short, it's had it all and the hilarious scenes when the ground staff were trying to hold down the covers at the Kolkata v Chennai game yesterday had me crying with laughter - where else can you find entertainment like that?!?

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Everything must come to an end but a quick look at the calendar for June illustrates that it's not all doom and gloom as our own Twenty20 Cup swash buckles it's way into action. There won't be as many games and the weather can always get in the way but it always attracts a lot of interest so I'm hopeful I'll be able to keep up my good form.

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Here's a list of my recent results:
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Cricket
Mumbai v Kolkata : £69.85
Rajasthan v Bangalore : £230.69
Kolkata v Chennai : £130.74
Deccan v Mumbai : £260.36
Bangalore v Delhi : £62.92
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Elsewhere, the Gambling Commission have published their consultation paper into In-Play betting. As all of my punting these days is conducted during whilst an event is taking place, any changes to UK legislation regarding this topic could seriously affect my ability to make profits. Should I be worried?
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Have a read for yourself by clicking here.
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Before you start to take a view, remember that in line with the Gambling Act 2005, the regulatory system has three objectives:
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1. To prevent gambling from being a source of crime or disorder, being associated with crime or disorder or being used to support crime.
2. To ensure that gambling is conducted in a fair and open way.
3. To protect children and other vulnerable persons from being harmed or exploited by gambling.
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Okay, so now that's clear what does it mean? Basically the paper sets out to investigate the issues behind in-play gambling that could be seen to go against the 3 objectives stated above. It highlights the issues separately but the main concerns seem to revolve around the involvement of organised crime playing a part in match fixing and ensuring that punters are aware that they may not be playing on a level field.
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What do I mean by the second comment? Well, from reading the report it appears that the commission are already very much aware that the use of betting software (bots, trading applications etc.) is becoming ever more popular and that individuals are doing whatever they can to source quicker feeds to live events. To me there doesn't appear to be a problem with either of these points (surely it's up to the punter to safeguard themselves as much as possible and accept the risk before placing a bet?) but I suppose they'll be asking the likes of Betfair to do more to make people aware that televised events can be delayed and that others are viewing the data in a different format.
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It'll be interesting to see what comes of this - my only wish being that a common sense approach is taken.
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P.S - As a footnote it's worth remembering that in 2006 thousands of Americans played online poker. Following the introduction of the Unlawful Internet Gambling Enforcement Act there's not so many of them around these days.
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Whilst The Sun Shines...

Since Last Post P/L: £742.88

Monthly P/L: £1545.69

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My part time hours have now kicked in and I'm starting to wonder why I didn't make the switch sooner :-) Take today for example.

• 8am - Got up and went to the gym (I joined on Friday - healthy body makes for a healthy mind and all that).
• 11am - Took Caden around to his Nan's as he's staying there tonight.
• 12pm - Decided it'd be nice for myself and Nic to go to Alfred's in Pontypridd for a spot of lunch - it's very good.
• 2pm - Got back home and had a nap.
• 3pm - Woke up to trade the cricket.
• 6pm - Hung up the mouse and knocked off the computer.

Sounds great eh? Seriously though, despite having a great couple of weeks I realise that the trading life cycle never travels in a smooth line so it's important I keep my feet on the ground and just keep plugging away. You'll see from my latest trading results that practically all of my involvement has centered on the Indian Premier League and as you may know, this tournament will come to an end at the beginning of June. But that's okay. It's good to rotate as 'sticking' to just the one format of one sport can become a little restrictive. Have a larger portfolio of events to fall back on is a sound move as not many sports are available to trade all year round. This isn't to say I think specialising isn't the best approach, I believe it is, but having some variety is also a great way of uncluttering the mind in an attempt to stay sharp providing you can still make money.

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Here's a breakdown of what I've been up to since my last update:

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Cricket

Rajasthan v Deccan : £38.18

Chennai v Punjab : £102.07

Deccan v Kolkata : £159.14

Rajasthan v Delhi : £466.54

Punjab v Bangalore : £55.65

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Rugby Union

Gloucester v Bath : £0.95

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Golf

The Players Championship : £1.39

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So it's back to work tomorrow and I know it may seem a bit strange to say but I'm quite looking forward to it! Three days on and four days off seems the right balance to me and it'll be nice to catchup with everyone in the office.

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Whether I'll still be saying this come tomorrow night remains to be seen!

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Sweet Dreams Are Made Of These

Since Last Post P/L: £802.81
Monthly P/L: £802.81

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Okay, if you want to blog interactively then listen to this clip in another window.

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I celebrated my 31st birthday on the weekend by going out for a meal to the Armless Dragon in Cardiff with Nicola and a few friends. The meal was ordinary, the service appalling but with good company we enjoyed the night. One things for sure though - I'm not as young as I used to be. Once upon a time I could guzzle gallons of lager and hardly feel a thing but after the equivalent of 6 or 7 pints I was ready for bed. How things have changed!

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As usual I was spoilt rotten and one of the many presents I received was the book 'The Way Of The Warrior Trader' by Richard D. McCall. Despite only being half way through I can't put the bloody thing down! I remember it being recommended by a fellow blogger and after having a quick preview on Amazon discovered it touched on an outlook similar to mine and I haven't been disappointed. Only time will tell if the lessons pay dividends but I already feel much more content than I was 3 or 4 weeks ago. Controlling emotions and the psychological aspect of trading is so important so anything I can pick up that will help with this difficult topic has to be a step in the right direction.

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Moving on....my full results for the week are:

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Darts

Wade v Part : £28.94

Van Barneveld v Jenkins : £58.15

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Cricket

Bangalore v Deccan : £172.63

Mumbai v Delhi : £289.16

Bangalore v Punjab : £253.93

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There's no prizes for guessing that I'm over the moon with the way things have gone over the last few days. It seemed almost every trade I made went the right way and it got so ridiculous at one point that I was £350 up in the Bangalore v Punjab match within 4 minutes of the first innings! I'd got involved just before the fall of 2 quick Bangalore wickets and the rest they say is history (although you'll notice I did squander a £100 of this profit during the remainder of the match). After such a great start, it would seem May promises so much, but I've been down this path before. Acting with caution is the key but if I can continue to take small steps each day then who knows where I'll finish up.

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The Deal

Since Last Post P/L: £530.66

Monthly P/L: £1326.94

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It seems like a lifetime ago but way back in this post I mentioned that I wouldn't look to make any withdrawals from my Betfair account until I'd accumulated a £10,000 trading bank. As I've now reached this total it's time to take stock and I can't let myself forget how important it's been to have Nicola's support along the way. Without her patience and understanding that I wasn't a drop kick who liked to gamble I wouldn't have been able to make it this far. The hours I've spent glued to the computer whilst she's been alone downstairs have always been accompanied by my shrieks that "I was doing this for us" but I'm not sure she 100% believed me. With this in mind it should therefore not surprise me that she now wants proof. I've hit the long awaited milestone and now she's very keen to cash in her chips and remind me of the deal that we made when I first started this trading odyssey - a monthly % of my winnings!

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What could I do? What woman in their right mind would let their other half gamble as a hobby!?! I was desperate and in a moment of weakness agreed that I would withdraw 50% of any future winnings for our joint use after hitting the target. Naturally, now that I've managed the feat my instinct has been to horde my stash and to renegotiate.

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It wasn't easy - she's a tough nut to crack is Nic - but I'm very pleased to say that we've now mutually agreed to reduce this figure to 20% under the guise that "I need money to make money". I believe this to be the truth but my suggestion of luxury villas and diamond bracelets may have sweetened the deal in my favour.

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Oh bugger....I've gone and done it again....!!!

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My full results for this week have been:

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Darts

Manley v Lewis : £16.73

Mardle v Taylor : £18.15

Van Barneveld v Wade : £29.05

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Motor Sport

Spanish Grand Prix : £0.63

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Cricket

Chennai v Kolkata : £223.69

Bangalore v Rajasthan : £360.37

Punjab v Delhi : £430.10

Mumbai v Deccan : £172.64

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Rugby Union

London Irish v Toulouse : £41.86

Saracens v Munster : £77.40

Heineken Cup - Outright Winner : £11.00

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Some nice big green figures in there but I'm not too happy about some of the large red ones. My cricket trading has been good but I should have been able to control my losses much better so this is something I'm going to have to work on during the course of May.

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Switching subjects - If you've been reading my blog for a while you'll know that until now I've traded part time due to having a full time career. Well, things are changing. My employer has given me the option to reduce my working hours and after a little deliberation (it really wasn't much!) I've decided to try and address the work/life balance. From next week I'll be working 3 days a week (Tuesday, Wednesday & Thursday) and hopefully spending the rest of my time either with my family or on Betfair. We're in the fortunate position where we should still have enough to pay the bills so this seems just too good an opportunity to pass up. I may be making a mistake but at certain times in life a door will open and you've just got to walk on through it.

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Start Of Something Big

Since Last Post P/L: £268.53
Monthly P/L: £796.28
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Some events come along and you know that things won't be the same again. Just as the Premier League has transformed the popularity of Darts in recent years, so to will the Indian Premier League transform the game of cricket. It's inevitable. You only had to tune in to the start of the tournament over the weekend to see that Twenty20 cricket is here to stay and that it has much more appeal to the average Joe Bloggs than the traditional Test Match or mundane 50 over equivalent. Why? That's a simple question to answer - it's just so much more exciting!
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The Kolkata Knight Riders versus the Deccan Chargers match on Sunday was a perfect example. A dodgy pitch, top players struggling to make runs and floodlight failure all added to the drama - in short, it had it all! Below is a snapshot of Kolkata's price throughout the game with the green line their price before the start and the blue line indicating their price at the change of innings. Look at the swings! I know it's a coined phrase but this was a "traders dream". Opinions seemed to change following each ball bowled, the market was filled with money and the atmosphere at the grounds electric - fantastic stuff!


So the taste buds have been stimulated and I can't wait for the weekend. On Thursday, Darts will be the appetiser but I've already got my eyes on what promises to be another great Saturday & Sunday. With four IPL games in two days we really are being spoilt.
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Here's a list of my latest results:
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Rugby Union
Bath v Leicester : £61.87
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Darts
Jenkins v Mardle : £1.06
Manley v Wade : £11.97
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Cricket
Punjab v Chennai : £66.78
Delhi v Rajasthan : £64.40
Kolkata v Deccan : £265.31
Mumbai v Bangalore : £59.50
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