From noob to..... somewhere?
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So, I've not been as active here as I've wanted to be since signing up a week or two ago. Work commitments, and preparing for a house move that has been delayed since before lockdown, have combined to keep me off the internet a bit more than usual.
Finally, I have five minutes free to sit down and start this. To summarise my journey so far, I started using the exchange a few weeks ago now. I began with £100 as I wanted to test a lot of stuff out, and find out what would work for me before moving up. I remember something in one of Ryan's videos along the lines of, "if you can't manage a £100 bankroll correctly, you certainly won't be able to manage a much larger one".
So, first goal has been proving I can manage that effectively. I am currently sat at £162.17.
Things I know I need to work on:-
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Bankroll management. Bankroll management. Bankroll management. I often stake too aggressively, or at least, have done in the past when betting, and admittedly a little so far while trading. I'm working on that. A few times I've opened up a liability for 10-15% of my bank on a single trade. That said, for the past three days (a greater achievement for me than it sounds!) I've managed to stick to the plan and not over-staked on anything. It's a start.
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Exit points. I'm still figuring out the best way to maximise profit on my trades. I'm often quick to take the profit as soon as I see a goal fly in on certain trades, where it might be better to reduce my liability but still leave myself potential for greater profit. I think in part this is down to the bankroll management mentioned before. Where I have a liability that is larger than it should be, I feel under pressure to get it wrapped up quickly and get out so I'm not losing that larger amount.
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Planning. I have started getting something resembling a plan together each day, but it's still not as solid as it could be. I do still have odd moments where I just look at the in plays and consider a match that might not have been on my plan at all, and do some very quick, brief research into it and jump in. I'm trying to stop doing that.
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Tracking! I'm dreadful for actually keeping up a spreadsheet and analysing my profit/loss in certain areas and types of trade. I'll be getting one together to start with today, and keep up daily. Will get it edited into here once I've done it.
At the moment I've been running on three types of trades, using stats from BTC as my starting point, and then delving a little deeper to nail down which matches I'm looking at each day.
- Under 2.5 match goals
- Over 1.5 match goals
- Lay the draw
I'll update later with exactly what I'm using filter wise to get my shortlists, and what other information I'm looking at and including.
Starting bank today - £162.17
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@stephen-rivers brilliant thanks for sharing!
