Monday, 28 April 2008

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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18 comments:

LuisGarcia said...

Congrats on hitting the target Mark.
I reduced my hours nearly 5 years ago when my youngest started school. I've never had any regrets and recommend it to everyone. Enjoy your winnings and your new free time... but spend plenty of both on your wife and kid, they are worth more than any bank.

james said...

hi mate,

just wondering about your profits? are the final figures a level green or do you still keep some liability on the other outcome? also do you go into a particular game with set rules of which trades your going to do and are just waiting for the right time to go in? or do you wait and see how the game is going before deciding which trade you will execute?

thanks in advance

Anonymous said...

sum up life...we work 2 pay off mortgage... lifes 2 short you have 2 enjoy it. u have a wonderful family. take the risk coz u sure gd at risk taking on betfair.. gavin

Anthony said...

Yes congratulations Mark on the milestone

Mark Iverson said...

Hi luisgarcia,

Thanks for the best wishes. I'm hoping things go well so it's really nice to know you've had no regrets since taking the plunge.

Keeping my life balanced is very important to me so I'll be sure to spend time with the family too.

All the best,

Mark

Mark Iverson said...

Hi James,

Thanks for leaving a comment.

In reply to your questions:

1) I try to level my profits (green-up) and level my losses whenever I trade. With sport anything can happen so I prefer to know where I stand and in-turn keep my emotions under control.

2)I have a long list of trading rules and always do a bit of homework before sitting in front of the computer but you can't be too rigid. Being flexible and having the ability to change your mindset when needed I feel are essential - otherwise it's hard to let go of preconceived ideas and you end up losing money.

All the best,

Mark

Mark Iverson said...

Hi Gavin,

Yep you're right. I lost my mother to Cancer 6 years ago and ever since my outlook on life has changed. We should live for the moment and not worry too much about the future....if you're going to back something it may as well be yourself.

All the best,

Mark

Mark Iverson said...

Thanks for the best wishes Anthony - they're much appreciated.

All the best,

Mark

james said...

cheers mark,

thanks for your answer, just a novice at trading really and after all the bits of advice i can.

good luck

Anonymous said...

Good Luck Mark. :-).

The Gambler. :-).

Mark Iverson said...

Thanks John.

All the best,

Mark

Richard said...

Its always so easy to take the "safe" option and stick with the way things are, but then you miss out on everything else. Like one of the previous commenters said, most people just live day to day to pay the mortgage. Any chance to escape that, grab it!
Enjoy the time with your family and take your trading to the next level. All the very best

Rich

Mark Iverson said...

Hi Rich,

I hope things are going well with your treatment.

Thanks for the support - I suppose only time will tell if this is the right move.

All the best,

Mark

The Betfair Loser said...

fantastic Mark!

I'm sure your life will be much richer to be able to spend more time with your family..and I'm sure a couple of daytime hours on Betfair on the occasional day will more than make up your wages!!

All the best

the BFL

Mark Iverson said...

Thanks BFL,

I really hope so!

We shall see....

All the best,

Mark

ARMLESS DRAGON said...

Happy Birthday...... BIVVY.....!!

leonthefixer said...

Hi Mate,

First of all well done! You have had some good results there. Also well done on reducing your hours at work! I say life is for living not living to work. I personnaly think I made a great decision leaving my job and giving trading a go full time. If I hadn't I like most people would spend the rest of my life saying what if, at least I can now spend it saying I did!

My recent day off to catch up with friends made me realise how much better life can be made by trading for a living instead of the daily 9 til 5 routine. So well done again and thanks for all your support and comments on my blog.

Leonthefixer

Mark Iverson said...

Hi Leon,

Thanks for the kind comments.

I totally agree mate - life is too short to waste and if an opportunity presents itself then it needs to be grabbed with both hands.

You seem to have the controlled the transistion on becoming a full time trader very well - I hope I'm able to juggle the emotions just as well.

All the best,

Mark