Trading Journal – Using The Software And Scalping The Markets
As explained last week, I've been trading on Betfair/Exchanges since their inception. You'd think that would make me an expert, but if there's one thing I've learned over the years – there's still plenty left to learn!
I do, however, know how to make a quick few quid by scalping the right markets. That's what we're going to look at in today's article and I'll show you a few examples 🙂
I've signed up to the excellent software that I've used for years and they allow me to do every type of trading possible.
First up then, and it's the type of markets we need to be looking at.
You want a heavily backed favourite in a handicap race. Handicap races are generally bet on because we have plenty of “form” to go by and “jo public” will bet on their opinions thus forming an accurate market. (More on that next week)
Within the first show (that's the 10 minutes before the off) we're looking at what the price is, how this could fluctuate and how we can monetise those movements.
Here's a video that shows some simple scalping –
Here's the result from that video's trade –
Like I said in the video, not all trades are going to be as simple as that, but scalping on a fancied favourite, is always going to offer “ripe” pickings for people wanting to scalp!
Here's a few more screenshots of myself trading throughout the afternoon, using a scalping method –
That's just short of 20 quid for 90 minutes work. Within that time, I made a cup of tea, entertained my 4 year-old daughter for 20 minutes whilst my wife went for a run and enjoyed watching the racing, knowing that I would make a profit no matter what.
Now, it's not all as simple as that, and the day I documented my trading journal, it was all profits.
I can assure you that, losses will be made and the simplicity of the above trades will result in the market going the wrong way, BUT it's a good start and next week, we'll look at what WILL go wrong, how to cope with it and other ways to trade.
As I now have the more free time to trade and document my trading activity, next week's article will show a lot more of what is involved in trading for a living.
As always, any questions or comments, please feel free to leave them below.