Another week is in the books on my journey to $2k and even though I didn’t make the biggest profits this week, at least I’m heading in the right direction! My biggest victory this week was surpassing the 2,000 trade mark, which means I’m averaging over 220 trades a week. Other than hitting that milestone, there isn’t much else to report on, so I’ll take you through a few things I’ve learnt this week.
As you can see through my statistics, if I’d been using a flat staking strategy (e.g. placing $10 on every trade) I would be losing money. This shows the importance of using a successful staking strategy such as the Kelly Criterion. As the Trademate Sports software works out what stake you should place on each trade, the biggest decision you’ll face is what percentage to use. In this article, you’ll see that our most experienced traders average a 29% Kelly Criterion, and all of them are profiting. Trademate recommends 30% Kelly Criterion, which is what I’ve been using, as it is a lot less riskier than anything higher.
One of my biggest regrets since starting my journey was how I allocated my bankroll amongst my bookmakers. Stupidly, I deposited all of my bankroll into betting accounts when I started, leaving nothing in reserve. On multiple occasions this has left me in a bad situation. For example, I didn’t have the funds to top-up my William Hill account when it hit $0, also, I’ve had to forego many trades with BetVictor as my account has hit $0 during the weekends when I’ve had lots of open trades with them. If I had my time over again I would’ve followed this article more closely and left ⅖ of my bankroll in reserve.
Below are some screenshots of my biggest edge and biggest win, along with my biggest negative edge and biggest losing trade respectively.
Check out my Week 0 video, showing how I got set up with my Trademate and betting accounts here!
Check out how I went in Week 1- 8 in My Value Betting Journey here.
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