Friday, 19 March 2010

Results Round Up

A losing day to round off the festival, with all bar Tipping Legends struggling on the final day.

I'll just put up the results and leave it at that for today. Spend a bit of time over the next few days thinking about how it all went and how to play on the festival in future.

It was a very tough week punting wise, but I managed to come out on the right side of it. Whether the strategy / staking I used is the best one is debateable, but that's for another day.

I'll have a look over the weekend and see if I need to respond to any comments left. Thanks for the feedback, and roll on next year !


Friday 19 March

Portfolio Results (below).................(1083)
Personal Bets / Trades......................561

Loss on day £522




8 comments:

bog darking.......... said...

Good Morning JP

and that was the week that was, and good to see you come out on the right side.

can I post two points, purely as food for thought for your own reflections on the week.

1) day one, last race - the 2/1 fav Quevega wins and you call it a 'cracking result'. staked £415 to return profit of £345.

2) day one, backed the winner of EVERY race on the day, at some amazing prices, YET (bearing in mind you have lost circa £900 on only ONE race in the wekk) you won circa (only) £1500.

All the best.

Postmark said...

Hi JP,

Many thanks for keeping the blog rolling through the festival really enjoyed it.
I find the whole week knackering with so many bets and whereas the other 51 weeks of the year I can adopt a dispassionate approaach to winning or losing the festival brings out an emotional response. On Tuesday I was ready to quit (after what had in all honesty been a disastrous day, not good but ..) and Wednesday improved and further slight setback on Thursday before one of best days ever thanks to Bertie's Dream, Soldanito and Baby Run. Like you I think I have too many horses covered but it seems to work (somehow) each year so maybe as Cheltenham is unique and the rules we apply throughout the year can go out of the window for this special week.
Back to work next week for a rest and trying to get bets on in between calls and meetings.
Best of luck for the rest of the year with your venture. Do you find that it affects you differently now you are at this full time?

Changing days said...

Hi JP just to say thanks for all the updates this week, has been fascinating following your journey.

All the best as ever,
CD

mickk said...

Hi postmark,you make some interesting comments,i hope JP will not mind me having my say concerning your last question,i will certainly be interested in his thoughts on the subject.
When betting becomes your sole source of income it can change your perspective.For readers who may be contemplating the same step as JP and myself i hope the following will be useful.
IMO the worst mistake made by many is to be undercapitalized,often people are tempted to try professional backing because of a good run which they expect to continue,unfortunately it seldom works that way.Always consider possible worst case scenarios and be financially and mentally prepared.
Do not have unrealistic profit objectives,on my predicted turnover if i prouduce annual ROI of 10% this gives me the living i require from the game.Does not sound like much?well talk to a financial expert about making 10% legal tax free capital gain.
At the start of each year i w/d a years wages from working capital and divide this by 12 and so draw a wage every month,on good months i still draw the same amount and on losing months the same so i am still being payed for the work.
You are running your own business with very low overheads and your profits are tax free.Also working at it full time gives you the time to carefully consider any potential oppotunity.
It can be a very lonely business which is why it is good to be able to share experiences with others via the likes of this blog.Hope the above helps.

JP said...

Hi BD,

Thanks very much for your comment.

I'm still digesting my results for the festival, but I think I'm going to make changes for next year and treat the four days as a completely separate exercise from what I do for the rest of the time.

It is already unique in terms of the number of bets I have, but when you put all the services together - advising different bets, which I stake different amounts on depending on who sent them, then it becomes a bit of a mess really.

I've always bet in every single race at the festival for as long as I can remember and I don't intend changing that.

I backed the winner in 17 of the 26 races, which was only to be expected given the number of bets I had - but the staking was all over the place and needs to be better organised in future. The final return was disappointing, especially after the first two days.

I'll continue to do Paul's ante-post bets as they have served me well over the last few years, although they only broke level this time around.

For the rest of the meeting though it needs a new approach - but I've got plenty of time to think about that.

*

Hi Postmark, glad you managed to turn things around after a bad start.

It's certainly a crazy week, and it seems to take more out of me now than when I've actually been there in the past !

Enjoy a restful week at work !

I'll address your final point shortly.

*

Hi CD, thanks for that mate. Always good to hear from you and glad is going well with you and your family.

JP said...

Hi mickk,

Very interesting comment, which anyone thinking of making a go of this would do well to take on board.

As I've said previously, it does feel a bit different now I'm no longer working. As much as anything, it's because it occupies so much of my thinking time these days - but I guess that's only to be expected.

I was only working part time for the last four years anyway - and while the wage paid the bills every month, I was actually placing more than that in bets every day.

I spent a lot of time thinking about the staking plan and approach for this year, and it fits in with the money I have available.

I've tried to forecast what profit I might make this year, but it's only a best guess really. Some of the services will do well, and some will bomb - that's the nature of the game.

I constantly monitor and review things, and make changes as and when I feel they are necessary.

I'd like to achieve a ROI of around 10% over the whole portfolio this year, and if I can get anywhere near that then it will be a good year.

I have a separate bank account which I use to transfer money to and from my betting accounts, and I'm also transferring a set amount on the last day of each month as a "wage" to cover my monthly outgoings.

The way I've been making it pay over the last couple of years isn't suitable for everyone, but despite what some people think - it can be done.

It's not without it's problems though - the mindset to carry on when things are going badly wrong is not easy to achieve.

I am intending to move towards adding in more and more of my own bets and trades, as much as anything it will give me the sense that I am least in control of some of the daily ups and downs !

Anonymous said...

Hi jp as you say the psychological pressures should not be underestimated.partically during unproductive periods.I only back my own judgement the down side of this is there is nowhere to run when you get it wrong but this is part of the price you pay for achieving something which most will proclaim is not possible.
I think one of the great injustices is when people tend to belive that professional backers are work shy wasters,i work far more hours 7 days a week than i ever did when doing a proper job.
There is no easy money every pound is hard earned but i bloody love it.

mickk said...

Makes no difference but anonyomunouse at 12.49 was myself must have clicked the wrong button!