Money Management for the Challenge

There was a guy Steve that did the 1% challenge before so that he could have a very special day for his bride. He wanted to pay for the wedding with the proceeds of trading on Betfair. Started with 98 pounds on 6th march ended up with 874.76 on the 30th April. He started with numbering the bets but must have got fed up with that, as on the last page of the forum thread there are no numbers there. His stated aim was to get the betting bank to £500. He seemed to do pretty well with that challenge. Just looked at the results from May 2007 to October 2007 and it is not so impressive with £408 being the running total.

There is another fella called Richard Wildman going for a 100 to 100,000 challenge and he is having a go at coding his own betting software also. I have got very fond of BinarySoft during this weekend though so I don’t think I will follow that example. Especially now that I have BinarySoft working on my Mac.

I am still waiting for the cash to hit the betting balance from the bank, but I think that tomorrow will be the day. Then I have to think about the money management. Steve mentioned above took money out of the betting bank in Betfair to keep a steady amount in there. I think withdrawals like that are easier if living in the UK. For me it would take a few days to move money out and cost me to move money in also. So I will perhaps think about money movement of that sort in larger chunks and not too often.

So I am still in the ready for the off mode with trading but I have had a good weekend of trading though. The account is now up to 26 Euro from something like 15 Euro before the weekend. I traded mostly on football matches in the under 2.5 goals markets but this morning I had a quick go with an American football game just to try it out. Going by how it all worked and the size of the trades I think I will be able to hit the targets much easier and safer when I have a larger bank to work with.

In terms of money management a good strategy would be to work to double my money first. So then I could take out the original amount and do whatever else with it and then I will be effectively totally risk free with the money that is still left in there. I might do that and I might not, still thinking about it.

With the unders 2.5 I plan to use stakes large enough in the games I plan to do for the day that will let me trade a small number of price movements. I think it will be good to take the number for the daily target, divide it by the number of games I will trade on that day and the set the tick amount in BinarySoft BDI that I can be greened up in the first 5 minutes of the game.