Tuesday, 7 February 2012

Record Keeping

I've been reading many great blogs over the past week that have covered record keeping in trading, the general consensus is that they are a crucial part of trading if you are serious about being successful.

I am probably guilty of not keeping accurate records of my trading and when I aren't doing that, I fear that I'm not looking at the true picture of my trading progress. For example I could be accused of forgetting the losses as they are not presented in black and white through not keeping said records.

I am looking for a bit of advice on what sort of records you feel relevant to be analysing? Also the best way to export them from Betfair?

 A few years ago, a fellow blogger Robbie Chicago (hope your OK mate) who wrote an honest and excellent blog about pre race trading sent me a spreadsheet he used to track his progress. To be honest I never really used it fully but it did look very thorough and impressive.

I will dig this out tonight and start to track all my business on Betair, even though I have a loose idea of the bottom line! I feel it needs more accurate investigation so will have to get into the habit of keeping good records. This also helps with discipline I would imagine??

Anyway, not a lot happening on the horses this week with the blasted weather, I see another 2 meetings have been cancelled for tomorrow. This will give me a chance to explore how and what I'm going to record in my trading and how to fully make use of what It's telling me.

If anyone has any advice? Please leave me a comment, it would be great to here other peoples opinions on the subject.

5 comments:

  1. james,

    i record every singles trade/bet i make and note the following:

    date settled, sport, event, tournament/league, market (match odds or overs etc) and p/l

    from that raw data you can then compile any comparisons by month/week/sport/etc etc.

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  2. Hi,

    Thanks for your comment. Yes I will probably try and get something knocked up in excel (not my strong point)!! I need to learn how to rcord turnver and strike rate etc... In an excel sheet from the Betfair data?

    Thanks again

    James

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  3. This comment has been removed by the author.

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    Replies
    1. Sorry, Didn't see the part about not intended for publishing!!

      James

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  4. Hi James, I think it's essential you review your results at least occasionally otherwise you could be kidding yourself. Even traders who know they're raking in long-term big profits should benefit from seeing +ve / -ve patterns in their trading and tweaking things.

    The thing is that it's so easy to check results now with the downloadable spreadsheet from Betfair and Betdaq you don't have to do it manually either, so long as you have a copy of Excel.

    If you want to be able to see all your trading history clearly laid out, sorted by sport and many other factors, then check out my spreadsheet:
    http://betfairtradingmindgames.blogspot.com/2011/04/results-summary-v2-spreadsheet-is-here.html
    I know it's a plug, but you asked!

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