January Trading Update

Trading has been fairly quiet for me in January, as christmas expenses and a couple of late night losing streaks in the casino have limited my bankroll.

But having failed with all of my other new years resolutions already, I have decided that this is the year that I start taking my football trading seriously.

My targets are fairly modest to start with, I am looking for a profit of c. £100 a month - just enough to finance a decent summer holiday for me and my 5 year old daughter.

In January, I have managed to accumulate a profit of £112.20, which would have been nearer £200 had I not dabbled in other sports.

Horses, Dogs, American Football and Golf have all been losers for me. So come February payday there will be no more speculative trades on things I know little about.

I have set myself 5 golden rules in pursuit of profits

My first golden rule is to trade exclusively on Football and ensure that nearly all of my bets are on the exchanges (no more phone betting with bookies after a few pints n the pub!)

Rule number 2 is to be more selective. Getting involved in every live match is great fun, but there is little future in this approach. The term 'no bet' has to enter my thoughts for the first time!

Rule 3 is the pursuit of small regular profits. As I am aiming for £100 per month, I don't need to win the whole amount on day1. Loads of times I have been sitting on an all green position and then decided to get involved in other markets looking to boost profits only to fail spectacularly.

Rule 4 is to improve my staking strategy and bankroll management. There is some great advice in this area from other successful traders like the brilliant Betfair Trader (http://www.thebetfairtrader@blogspot.com/) . In the past I have been totally erratic in this area, risking my whole bankroll on certain events, or withdrawing winnings to finance other expenses.

I will cover rule 4 in more detail in the coming weeks, once I have found a strategy the suits my trading style. Suffice it to say I will be keeping invested and hoping to see my bankroll grow.

My final rule is to maintain a record of all trades on this blog. The aim is to post as much as possible before the event, there is nothing like a bit of humiliation when it all goes wrong to focus your mind on when and what to trade on.

Hopefully some of the advice is worth following, but my profit & loss figures will probably be the best indicator of that.

In addition to my trading updates, I will continue to post my musings on anything football related.

Comments and feedback are most welcome and if you would like a link to your website added, just let me know.