Saturday, Oct. 25, 2014

Chris P

Traders InterviewsCan you tell me about your background in Horse Racing and using the Betting Exchanges?

About 10 years ago I fell into the trap of sending my hard-earned money to some Tipster telling me that it really was possible to make money from betting on Horse Racing. Even though he failed, it didn’t stop me from being mesmerised by the next (and the next, and the next…) glossy mailshot to come through the door promising the same.

I discovered the Internet 6 years ago and was delighted to discover that I didn’t have to trudge down to the bookies anymore; I could now put my feet up and lose my hard-earned money with a nice cup of tea and a choccy biscuit. Fantastic. I found Betfair about 2 years ago but it took me 6 months to actually walk through its door as I thought it *must* be complicated to use. How wrong I was.

Would you describe yourself as a Betting Exchange Trader or a Punter?

I would describe myself as a Punter. I’ve looked at trading and found it to be too time consuming. I’m not too sure if I would like to stare at a screen all day even if I was making a profit. I no longer subscribe to tipsters as I paid a handsome price for a place betting system one year ago and it’s wonderfully consistent. It does require patience. The returns to level stakes are impressive; but change that to 10% of bank staking and impressive becomes WOW. I’ve actually paper traded with it for an entire year, and I’m completely confident that this will replace my current job 18 months from now.

Over the time you have been betting, would you say you have won more than you lost?

I think back and tell myself that I broke even. I spend a little longer thinking back and know that I’m kidding myself. :o)

Do you use any Betting Bots and which ones would you advise using?

I’ve read about them but have yet to try any. I think that’s mainly due to my poor ageing computer. I’ve had it a long time now and it surprises me every day that it manages to (just about) cope with the ever-increasing load I throw at it. I’d feel uneasy using a Bot knowing that a crash could be imminent, leaving me exposed. Maybe when I upgrade I’ll take a look. Emotion can be the difference between success and failure at this game; so I can see Betting Bots popularity increasing without a doubt.

What is the most costly lesson you have ever made when either betting or trading?

I remember it well. It was only a few months ago. My betting bank was at £500. I think I was having an off day and just had this foolish idea that I could almost double that amount if I jumped on a favourite in-running. The horse was Iris’s Gift. The race was almost over. IG was in front. The price was 1.87. Easy-Peasy-Lemon-Squeezy. No sooner had I confirmed the bet then 1.87 changed to 1000 faster than you could say “You’ve-got-to-be-kidding-me-you-really-have-got-to-be-kidding-me!!”
It may sound crazy but I needed that to happen. To finally get it in to my head that there is no such thing as a dead cert. Never. Horses can fall, Jockeys can fall off.

What would you say to anyone who is just starting to bet or trade?

Find a pair of trousers that has really deep pockets and dig deep for PATIENCE. What I mean by that is; when you’re sitting in front of your computer and finding it difficult to stop yourself from placing real money then make sure you’ve got your hands in those pockets – right up to the elbows would be good – so that if you do decide to pounce on the mouse and place a bet then those few seconds that it takes to free your hands will give you time to come to your senses.

Paper trade first / use a demo account. If you just HAVE to jump right in with real money then there’s something wrong. If you have say a £1000 bank then don’t feel that you can or should use £100 stakes. Use £10 or even £5 stakes and build up slowly. Making a £50 loss on day 1 doesn’t look so bad when you started with £1000. Looking at your balance and seeing £500 staring back at you is sickening and difficult to recover from when you’re starting out.

Have you followed any Horse Racing Tipsters in the past and what did you think of them?

*shudders at the memories*
Colin Davies back in 2000. Awful. I’m still receiving mailshots from him now; still using that same photo where he’s stood in front of his Rolls with the number plate that he paid a frightening amount of money for. I’m sure he’s much better now. :o)

Reg Edwards who was the “Patent King”. The results in his flyer were impressive but oh-my-goodness-me-I-can’t-believe-it-someone-fetch-me-a-glass-of-water… as soon as I signed up the results were truly awful. I think he’s changed his name to Steve Edwards now. I received a letter from him advertising his new service. Needless to say his first “well prepared” each-way patent failed miserably. He used to record his messages himself, but now I think it’s a woman. Strange?

The most recent was The Watchman. Verrrry odd. He advertised his free trial in the Racing Post. Typical. I just caught the last 5 days of it (had been running for a month I think) and it was absolutely fantastic. I eagerly joined up and… it was all downhill from there.

I’ve just remembered another tipster that changed his name every 6 months but still continued to record his own messages. Bizarre. Hi Paul… John… Martin… if you’re watching. I always imagine him having a note stuck to his bathroom mirror reminding him who he is.

I paid a hefty amount for The Brimardon System (now hugely successful, if the ads in the Racing Post are anything to go by) many years ago, which also had the tips recorded on a phone line. I remember receiving some kind of software. Needless to say, it produced loser after loser. I’m so glad they manged to turn things around. No really, I am *hearty laugh*

Do you have any further information or help you could give someone who has been betting or trading for a while or is just starting out?

Ending a day with a profit, no matter how small, is always preferable to making a profit and then thinking “It’s my lucky day, I can’t lose!” and turning it into a loss.
Don’t let emotion rule your head. Easy enough to say, I know! Treat your betting like a business.  Don’t chase losses; there’s always tomorrow.

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